Sign In
Upcoming Event
Free Newsletter
Conifer receives capital investment from Belveron Partners
Conifer receives capital investment from Belveron Partners
Listen to this articleConifer Realty of Rochester has received a capital infusion from Belveron Partners, a privately held investment firm focused on preserving affordable and workforce housing.
Conifer ranks among the nation’s largest developers of affordable housing. The capital investment by Belveron Partners, a San Francisco-based firm, continues a trend by affordable housing developers who are looking to diversify their ownership and ensure future financial strength.
“The steps taken to bring us to this moment have followed a carefully crafted and thoughtful process,” Tim Fournier, chairman of Conifer, said in a news release. “Belveron shares Conifer’s deeply rooted values and recognized the opportunity to invest in our high-performing, full-serving operating platform to support their long-term investment strategy in the affordable housing industry.”
Fournier said the relationship with Belverson will “keenly support Conifer’s continuity and expansion plans.”
As Fournier transitions into a new role to start 2020, the investment from Belveron is the final piece in his long-term succession plan. The first moves involved the leadership team, with Joan Hoover taking over as president of the firm on July 1.
Fournier remains chairman but will focus on new markets and portfolio acquisitions.
Conifer owns and manages nearly 15,000 multifamily units across New York, New Jersey, Pennsylvania and Maryland.
“This is a platform without equal,” Paul Odland, founder and CEO of Belveron Partners, said in a news release. “Their considerable infrastructure is the perfect overlay for our joint growth in the industry.”
[email protected]/(585) 653-4020
"
