We are excited to announce that our first investment commitment has come from the Smart Cooperative Investment Group (SCIG). SCIG is thrilled to be involved in the debt funding for modular housing construction projects led by Julian Ambrose and Brad Ayers. Each of these two builders represents a different part of the economic spectrum.
Brad Ayers is working to solve housing issues for former mine workers in Bluefield, West Virginia, while Julian Ambrose is focused on building affordable housing for young professionals in the Wilmington, NC, area. The stark contrast between boom cities like Wilmington and transitioning cities like Bluefield highlights a common theme: the lack of affordable housing is crippling both people’s futures and economic growth in these areas.
In the coming weeks, we expect to secure our first committed home spot through cooperation with the government in West Virginia. Concurrently, commitment letters from developers in Wilmington, NC, will solidify our position there. We anticipate completing all due diligence by mid-August, with the first completed house(s) expected before the middle of Q1 2025.
