The Steinbridge Group, in collaboration with PNC Bank, will seek to reduce hurdles to homeownership and build generational wealth for working families.
PHILADELPHIA, June 23, 2023--(BUSINESS WIRE)--The Steinbridge Group is an impact investment firm that is expanding its real estate strategy through developing and rebuilding residences in major U.S. metros.
PNC Bank (NYSE:PNC) is one of the largest diversified financial services institutions in the United States.
Launching in Philadelphia, the program is aimed at expanding homeownership. As the preferred lender for Steinbridge Group properties in Philadelphia, PNC Bank will provide dedicated loan officers at branches to assist homebuyers in securing mortgage financing. PNC also will provide prospective homeowners with access to financial education, down payment assistance and other financial support.
"A home is 30 - 40% of the net worth of the average American family, making it their most valuable asset," said Tawan Davis, founder and CEO of the Steinbridge Group. "Decreasing homeownership contributes to a pervasive broadening of the wealth gap in the United States. We’re proud to work with PNC Bank to help close this gap for hardworking families by ensuring that they have the tools and support to find and buy quality, attainable homes. We hope to expand nationally with similar opportunities, including our active development and redevelopment pipeline of nearly $500 million."
Steinbridge Group is also working with Fierce Realty Corp, a local African American, woman-owned real estate brokerage led by Deborah Spence, who will serve as the broker and identify prospective homebuyers to participate in the program.
"Homeownership is a critical step in achieving financial wellness," said Travis Branch, executive vice president, PNC Bank. "As a national main street bank, PNC is committed to delivering capabilities that help clients achieve their financial goals. Serving as the preferred provider for these Steinbridge properties reflects that commitment and our focus on helping to strengthen the economic vitality of Philadelphia’s neighborhoods."
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About The Steinbridge Group
The Steinbridge Group is an impact investment company with an initial focus on impact through real estate. The company is currently advancing a strategy to acquire, renovate and develop homes to lease and sell to working families in major cities throughout the United States. The company is on track to invest over $1.3 billion through assembling a portfolio of several thousand SFR and BTR homes, nationwide.
The Steinbridge team includes leading professionals with global experiences across real estate and finance with billions of dollars of investing, acquisitions, asset management, construction, development and leasing experience.
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