Boston, Massachusetts – Norfolk Capital, a lending company with more than 20 years of real estate and finance experience, has just announced a new $100 million fund for real estate investors and developers in the Greater Boston area. With this fund, Norfolk Capital is offering private loans (hard money) for real estate financing, all while maintaining its track record for secure and premium returns for its investors. The fund is aimed to help Norfolk Capital meet the growing demand from customers while providing an asset-backed investment secured by real estate to fund investors.
The Greater Boston area continues to be a strong market for private real estate lending, given the high property values, strong economy, and the number of properties in need of renovation, both downtown and in the surrounding submarkets under revival. Historically a majority of the company’s borrowers have been minorities, and this fund will enable Norfolk Capital to grow this borrower base.
“We launched this fund, not only as a business opportunity but as a way to bridge the gap for undeserved investors in the inner city”, said Patrick Targete, CEO of Norfolk Capital. “Growing up in a low-income neighborhood of Boston, it is important to me to make an impact in communities which have given me so much. As lending gets more difficult and people face challenges in these uncertain times, our hope is this fund can provide solutions and support for some of the hardest working entrepreneurs of this great city of Boston and our surrounding community.“
The fund will initially underwrite hard money term and construction loans, secured by the underlying properties, to real estate developers in the Boston and surrounding areas, as well as throughout the Eastern region of the United States. Participants in the fund will receive quarterly distributions. Norfolk is rapidly accelerating the growth of the lending business and are offering this unique opportunity for investors to partner through the first $100M Regulation D fund.
Patrick bought his first property at a young age in 1999, and went from there to revitalizing and managing some of the most forgotten properties in the region. To create more opportunities and through his own struggles finding funding as a minority developer, Patrick founded Norfolk in 2011 with a clear vision of mentoring and assisting local investors eager to expand their business and revitalize their communities.
Norfolk Capital is a minority-owned private lender serving real estate investors and developers primarily in New England. With over 24 years of experience in development, hard money, and investing ourselves, we partner with all parties involved to structure deals that work best for the project and our investors. Over the last decade, Norfolk Capital has lent over $100M with zero foreclosures, providing a safe and diversified portfolio of asset-backed investments for our investors. In addition, the company continues to give back to the community through programs such as Sportsmen Tennis, Jump, and Bottom Line.