Leslie White explains her role in the Bagley Development Group renovation project

Leslie White

The Bagley Development Group has launched a $75 million renovation project in downtown Detroit that is expected to bring 148 one- and two-bedroom luxury apartments to the city. BDG is a black-led development team comprised of Managing Partner Emmett Moten, Scott Allen, Larry Brinker Sr., Tom Goss, Richard Hosey, Roy Roberts, and Jim Thrower, who together have decades of development experience at Detroit.

Leslie White is a partner of the American Federation of Labor and the Congress of Industrial Organizations. The AFL-CIO helped fund the Bagley Development Group and contributed approximately $42 million to the deal.

What happened in this agreement to provide funding to the Bagley Development Group?

Detroit is such an iconic city, and we have expertise in financing and affordable housing for the workforce nationwide. I think for these agreements to work, you have to have people who have expertise in structuring the financing. So we provided the financing for a lot of the construction loan, and we’re also buying back the mortgage-backed security as part of our portfolio which is a good investment for the investors involved in our $7 billion fund. dollars.

Any deal we enter into has to be with construction because the money that goes into our fund comes from union pension funds. This not only provides them with a good investment, but also allows them to generate hours of work, which provides many collateral benefits, but it also adds to affordable housing and the workforce in their community who have it desperately needed nationwide as well as in Detroit.

Sara H. Byrd