Detroit’s First Independence Bank Partners with NY Real Estate Firm

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First Independent Bank
First Independence Bank in Detroit is partnering with New York’s Basis Investment Group. // File photo

First Independence Bank in Detroit, which focuses on delivering financial services to under-served and minority communities, has formed a new origination partnership with New York commercial real estate (CRE) debt and equity platform Basis Investment Group.

The term origination partner is a catch-all for the mix of institutions that source and review deal opportunities.

The partnership with First Independence Bank represents just the second time in the U.S. that a certified minority and woman owned CRE investment platform, a Freddie Mac Optigo seller servicer, and Fannie Mae DUS lender has teamed up with a minority depository Institution.

In 2022, Basis partnered with Genesis Bank in California, forming the first partnership of this kind. The new partnership with First Independence Bank will allow Basis to further deepen its commitment to underserved communities while providing First Independence access to additional capital and lending products which will produce more business opportunities that generate wealth.

“We are excited to partner with Basis Investment Group,” says James Dunn, COO of First Independence Bank. “Their unique brand of products along with our brand of bank products and services provides not only a complementary means to better serve each of our customers, but also an opportunity for us both to expand our reach to help existing and new customers.”

With few women and even fewer African American women holding C-suite positions in commercial real estate, Basis has the status of being one of the only diversified CRE investment platforms in the country to be founded and majority owned by an African-American woman.

“Basis and First Independence are combining forces to increase access to capital and credit for underserved communities,” says Tammy K. Jones, founder and CEO of Basis. “We are proud to partner with the only African American‐owned bank headquartered in the state of Michigan, whose goals are aligned with ours — lending in communities that are often overlooked by majority providers — and the social impact and wealth generation this access to capital creates.”

Jones founded Basis in 2009 during the height of the global recession, as she sought to create an alternative lending and investment platform focused on diversification, not just across the company’s portfolio and investments, but among team members. Basis has invested and loaned more than $1.3 billion with qualified diverse owners and operators.