*announced in Nov 2023
Robert F. Smith’s Student Freedom Initiative Announces Collaboration with the Steinbridge Group on its $100 Million Capital Commitment to Historically Black Colleges and Universities and Other Minority Serving Institutions
SFI will help Steinbridge Group to select the HBCUs and MSI institutions for its $100 million capital commitment announced in November 2023
January 24, 2024
PHILADELPHIA--(
BUSINESS WIRE)--Today, the
Steinbridge Group announced a collaboration with the
Student Freedom Initiative (SFI) on its recently-announced $100 million capital commitment to develop impact-focused real estate around Historically Black Colleges and Universities (HBCUs) and other Minority Serving Institutions (MSIs). Many HBCUs and other MSIs own underutilized land that Steinbridge Group’s capital commitment seeks to transform into economically productive uses that will support growth and empowerment of the organization.
“This collaboration with the Student Freedom Initiative will help us engage with these institutions to discuss pathways to access our $100 million capital commitment that activates their underutilized real estate and expands their economic base.”
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This partnership accelerates Steinbridge’s $100 million, privately-funded capital commitment to the nation’s HBCUs and other MSIs. This commitment will transform the underutilized real estate assets owned by these institutions and help spur economic growth while addressing critical funding disparities between these and other higher education institutions.
Attainable housing will be one of the focuses of Steinbridge’s capital commitment. Currently, many faculty, first responders, and local professionals face the high cost of housing near the institutions where they teach and work. HBCUs receive
less than 1% of the philanthropic giving of Ivy League institutions, which stunts their abilities to grow into research institutions and to impact regional economic development.
“Our nation’s HBCUs and other MSIs produce 75% of Ph.D.s, 46% of the Business Executives, 50% of the Engineers, 80% of the Federal Judges, 85% of the Doctors, and 75% of the Veterinarians in African American and minority communities,” said
Tawan Davis, Founder and CEO of the Steinbridge Group. “This collaboration with the Student Freedom Initiative will help us engage with these institutions to discuss pathways to access our $100 million capital commitment that activates their underutilized real estate and expands their economic base.”
According to
Dr. Mark Brown, President and CEO of the Student Freedom Initiative, “Many HBCU Presidents struggle with the challenge of long-term debt required to finance housing requirements that may otherwise not be readily available in their communities. This dilemma affects credit ratings, recruitment of high-quality faculty, and the entire student experience. Uniquely, the brilliance of the Steinbridge, SFI, and HBCU relationship is that the effort allows the acquisition and maintenance of the capital asset without the negative impact of long-term debt.”
Steinbridge and SFI will review interested HBCUs and MSIs based on a series of criteria and select those that will receive investments toward these development efforts. Eligibility criteria include land ownership within the community suitable for economic and community development, the capacity to execute an expansive development project, and leadership positioned to galvanize the initiative.
In the coming months, Steinbridge and SFI will review the HBCUs and other MSIs deemed eligible for funds and prepare a formal announcement of those selected to participate
