Accessing Capital for Real Estate Development

Summary

Earn Your Leisure: “Accessing Capital for Real Estate Development”

Hosts: Rashad Bilal & Troy Millings
Guest: Prominent Real Estate Developer
Release Date: August 5, 2026
Podcast Network: iHeartPodcasts

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Main Theme / Purpose

This episode dives deep into the challenges and strategies of accessing capital for large-scale real estate development, with a particular focus on underserved communities and Black developers. The conversation touches on scaling operations in new markets, leveraging relationships and public-private partnerships, addressing systemic inequities in capital allocation, and launching innovative crowdfunding initiatives to democratize real estate investment.

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Key Discussion Points & Insights

1. Expanding Into New Markets: Relationships and Macro Trends

Timestamps: 02:21 – 06:05

• The guest shares his journey starting in Milwaukee and scaling up to national markets (Texas, Atlanta, Houston, Birmingham).
• Key insight: Building and maintaining relationships is crucial. The guest prioritized showing up at every relevant event in each city, stating,

  “You couldn't miss me. Literally, you could not miss me. I was everywhere, everybody everywhere. So I took that same model, but now I’m doing it on a national scale.” (02:36)

• He targets markets with strong macroeconomic trends, like population growth, and often prefers “blue cities in red states” for greater landlord flexibility.
• Contrasts regulatory environments:
  • In DC, eviction processes can take months, making it unattractive for landlords.
  • In Wisconsin and Atlanta, processes are swifter and more favorable for developers.
• Quote:

  “...as a land owner that has thousands of units. I don’t want thousands of units in a place that I can’t get. People exploiting this system.” (05:10)

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2. HUD Partnerships & Scaling Public Housing Redevelopment

Timestamps: 06:05 – 11:37

• The guest describes his involvement with HUD-backed redevelopment projects, currently a finalist for similar deals in three cities.
• He explains the model: transforming low-income projects into mixed-income communities, collaborating directly with local housing authorities.
• Projected trajectory:

  “If each one is kicking out a thousand plus units...by the time I’m 42, 43, I have thousands of units under my belt that I’ve developed and really just starting to enter my prime.” (06:28)

• In these deals, terms are negotiated between developers and the housing authority—more units = more complex partnerships.
• Collaboration with established partners (Integral, for example) is key for learning and increasing project capacity, even if it requires sharing economics.

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3. Access to Capital: Realities and Roadblocks

Timestamps: 11:37 – 15:51

• The guest reflects on the current commercial real estate funding landscape:
  • If the deal is strong, “the money is going to flow” (11:53), but terms can be challenging.
  • Notes a post-George Floyd uptick in investor interest for Black developers—but this is already retracting.
• Notable quote:

  “In the wake of George Floyd there was an 18-month period, maybe even a little…I mean it’s still kind of there but it’s scaling back where they were throwing money at black developers.” (12:14)

Sources & Structures of Capital

• Many corporate “equity” commitments were routed through CDFIs (Community Development Financial Institutions) like Enterprise Community Partners.
• Programs such as Equitable Path Forward provide pre-development loans and lines of credit—critical for launching projects before traditional funding closes.
  • For developers with multiple deals, short-term capital needs can total several million dollars.
• Limitations: These are “feel good” programs with limited scalability; systemic challenges persist.

The Pension Fund Gap

• Despite significant Black, brown, and women contributors to pension funds (e.g., “[in] New York...over 50%”), less than 1% of assets are managed by diverse professionals.
• Notable quote:

  “Black people don’t manage big pension funds at all…we’re less than 1% of all of the management. Black, brown, women, less than 1% of all assets managed.” (14:10)

• The guest calls out the need to rethink governance and access at the institutional investor level.

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4. Democratizing Investment: Crowdfunding Commercial Real Estate

Timestamps: 14:55 – 15:51

• The guest announces “Reinvest,” his new crowdfunding platform using Regulation A+ (up to $75M).
• Goals: Allow non-accredited investors (e.g., his own mother) to invest in portfolios of commercial real estate, underwritten by top-tier sponsors.
• Distinction: Unlike “onesie” or single-asset deals, this platform offers portfolios co-invested and professionally managed—making institutional-grade deals accessible to all.
• Quote:

  “We’re putting together sophistication in a way that the marketplace has not seen…that’s one of the ways that I’m addressing the access to capital challenge for emerging developers that are like me and coming up behind me too.” (15:34)

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Notable Quotes & Memorable Moments

• On building relationships in multiple cities:

  “I was at every event…now I’m doing it on a national scale” (02:34)

• On strategic market selection:

  “I really like blue cities, red states because the higher level laws allow for more flexibility.” (04:02)

• On the red tape of eviction laws:

  “In DC…you can go rent an apartment, never pay your rent, and you don’t have to get out for at least seven months.” (04:15)

• On long-term vision:

  “By the time I’m 42, 43, I have thousands of units under my belt that I’ve developed and really just starting to enter my prime.” (06:31)

• On Black developer capital influx post-2020:

  “There was an 18-month period…where they were throwing money at Black developers.” (12:14)

• On the barriers to managing pension capital:

  “We’re less than 1% of all of the management. Black, brown, women…” (14:10)

• On launching a new crowdfunding platform:

  “We are putting together sophistication in a way that the marketplace has not seen.” (15:34)

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Episode Timeline (Timestamps)

• 02:21 — Navigating different markets: relationship-building, researching macroeconomic trends
• 03:40 — “Blue cities, red states”: what that means for real estate investment
• 04:02 – 06:05 — The impact of local regulations on landlord operations
• 06:05 – 07:37 — Public housing redevelopment, HUD collaborations, scaling up
• 07:13 – 11:37 — Housing authority partnerships, sharing equity with established developers
• 11:37 – 15:51 — Accessing capital, institutional bias, barriers to fund management for minority developers
• 14:55 – 15:51 — “Reinvest”: democratizing capital through crowdfunding

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Summary

This episode offers a masterclass in the business and systemic challenges facing up-and-coming real estate developers—especially those from underrepresented backgrounds. The discussion is candid about the hustle and navigation required to build a national footprint, the tactical advantages of understanding local and state policy, and the persistent barriers to capital despite recent upticks in inclusivity efforts. The guest’s vision for crowdfunding institutional-grade real estate deals marks an innovative step toward true democratization of wealth-building opportunities.

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For anyone interested in real estate investing, urban development, or the intersection of business and social equity, this episode is packed with actionable insights and forward-looking ideas.

Transcript

[Podcast Host]

This is an iHeart podcast. Guaranteed Human earners.

[Interviewer]

What's up?

[Sponsor Announcer]

Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money, now make sure it's working hard for you. Download the Empower Personal dashboard or visit empower.com, not an empower client, paid or sponsored.

Today's episode is brought to you by ChatGPT for business. As a listener of this podcast, you're looking for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use ChatGPT for business can help. ChatGPT for business gives teams a shared workspace with admin controls, permissions, and access to work and codecs. In ChatGPT, this means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more.

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[Podcast Host]

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[Interviewer]

So how are you moving into different markets? Like, what are some of the challenges with that? You started where you're from, but now you're going to Texas and you're going to. You said you're moving to Atlanta and different things like then you're doing different. Different product types as well.

[Guest - Real Estate Developer]

Yeah.

[Interviewer]

So talk about navigating that.

[Guest - Real Estate Developer]

So relationships, man, is. It's everything. I think when I was coming up in Milwaukee, one of the things that I did was just build those relationships. I was networking, I was at every event. You couldn't miss me. Literally, you could not miss me. I was everybody everywhere. So I took that same model. But now I'm doing it on a national scale. Everything in D.C. real estate based events, I'm there. I'm not there as much now because I've been, you know, head down. But I'm in those Atlanta based events, I'm in that. Houston based events, I'm in those, you know, Birmingham based events, I'm in that. So I look for the macroeconomic trends that I like. Population growth. I really like red states and blue cities because it allows for flexibility and getting out tennis that may not pay. Right. I'm not saying evict folks. That's not what I'm here for. But at the same time, places like Atlanta, Atlanta isn't as bad. Atlanta's DC let's use DC for example.

[Interviewer]

You said red state and blue city.

[Guest - Real Estate Developer]

Yes, those are places like Atlanta.

[Interviewer]

I like, like Houston, Houston, Atlanta, Houston.

[Guest - Real Estate Developer]

Georgia is now Birmingham. All blue states, red C. I mean,

[Interviewer]

I mean, traditionally Georgia is not a blue state though.

[Guest - Real Estate Developer]

No, no, I mean blue cities, red states. I may have said it the wrong way.

[Sponsor Announcer]

Birmingham would be.

[Guest - Real Estate Developer]

Yeah, Birmingham, Houston, Atlanta, Houston.

[Sponsor Announcer]

Yeah, for sure.

[Interviewer]

New Orleans. Yes, stuff like that.

[Guest - Real Estate Developer]

I really like blue states. Red cities. Sorry, Blue cities, red states. Because the, the higher level laws allow for more flexibility. Like a place like DC for example. There were people that literally DC Prior to the pandemic. You can go rent an apartment, never pay your rent, and you don't have to get out for at least seven months because that's all in the process. Takes like, I know people that lived in a building I lived in that literally leased it and didn't pay rent. They just lease it out every summer so they can enjoy the rooftop. And they just burn up different people's things like, okay, your name this year we all gonna live there. Your name this year we all gonna live there.

[Interviewer]

Are there any. Are there any major cities that are run by Republicans? I don't think so. Right. Most every major city is run by Democrats. You really think about it, that's a good. Chicago, Louisiana. Houston. Miami is a Democrat. That the man's a Democrat. I don't think there's any major city that's that, that's interesting. I just thought about that. No, no major city has Dem. Has Republican control, even. Even if it's in a Republican la.

[Guest - Real Estate Developer]

Yeah. San Francisco, San Francisco, same.

[Interviewer]

Yeah.

[Guest - Real Estate Developer]

Philly, yeah. And you know, Pennsylvania goes back and forth, but those, those cities, those states that have those very like stringent laws, like a D.C. for example, I, I'm not the most fond of. Right. Like during the pandemic, there were people that literally lived for over a year just because the system. And it's like you're not paying any rent. As a land owner that has thousands of units. I don't want thousands of units in a place that I can't get. People exploiting this system. Out in Wisconsin, you get somebody, 30 days, all right, boom, you go through the process. Atlanta even quicker than that. And I'm not saying we should exploit it either. But from a business perspective, it doesn't make sense for me to be in a place where X amount of people that pay rent, especially as I'm rising, like when I get bigger, of course, maybe I could deal with some of that drop, but right now, nah, I'm focused on cities where it makes sense financially.

[Sponsor Announcer]

So you moved throughout the cities. I know the HUD is involved in the Birmingham situation. There was 370 million allocated for, for the developments. Is it a situation where you can now again go back to HUD and do the same type of proposal in a different city?

[Guest - Real Estate Developer]

Absolutely. So I have. I'm a finalist for three cities right now.

[Sponsor Announcer]

I knew it, man. I knew it.

[Guest - Real Estate Developer]

I'm a finalist for three cities right now. I got a call yesterday about one. We'll talk about the cities offline. Yeah. So the, the strategy and the game plan there is if, let's say once a year, once every other year, I can pick up one of these, Birmingham will be further along now I'm starting that. And if each one is kicking out a thousand plus units, you get three, four cities. I mean, by the time I'm 34 now, by the time I'm 42, 43, I have thousands of units under my belt that I've developed and really just starting to enter my prime.

[Sponsor Announcer]

Yeah. On your financial map, does the percentage change with the amount of units?

Right.

When you started at the 140, you had your percentage that was put in. Now you're doing 1100. But you have partners.

[Guest - Real Estate Developer]

Yes.

[Interviewer]

How does that change?

[Guest - Real Estate Developer]

Great question. Yes, it did change. So each city that you go into, their housing authority that you. So all of these are public housing redevelopment. So think of Brittany Greens, um, think Marcy projects, et cetera. We taking the projects and creating mixed income communities. Because if you think about the projects that were low density earners, what's up?

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When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride. Prices can change throughout the day depending on traffic, weather and and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check Lyft could leave you with more money to enjoy the experience. Save money, Check Lyft.

They don't realize smart people use smartphones, huh? Seeing through BS they thought was gonna slide. Download Text now cause it cuts out clownery. You can literally activate it from your couch nationwide. 5G with the same towers the other companies use. Pay what you want or not at all. You're in control. Show these ridiculous carriers we ain't paying for stupid because we're way too smart to pay them.

[Podcast Host]

Free app based talking. Actually the Text now app requires WI fi or data connection data plan sold separately 5G where available.

[Guest - Real Estate Developer]

So it's 30 acres of land with 300 units on it. That same 30 acres could do 3,000 if you really wanted to.

[Interviewer]

Right?

[Guest - Real Estate Developer]

But you don't want to dense. You don't want to go that dense. But that's just an example of like the what you are going after. So because the housing authorities typically own those lands, whoever is at the housing authority, they kind of dictate the negotiation of you like the housing authority and developer in those terms the housing authority gets X percentage and then the developers gets Y percentage. And right now Integral and I are splitting that percentage but it's very favorable. Like it's pretty close to where it should be. And the way we work, they come, I'm driving but they're there every step of the way in a passenger seat. So I'm able to learn from it. In their experience they've developed, built and managed over 10,000 plus units. They've been doing this, they created the model, I'm learning from them but I'm driving the, the, the ship at the same time. So yes, I have to share in the economics. But you know, three four hundred million dollar deals a pop, I don't mind sharing. We can figure it out.

[Interviewer]

So, so about access to capital, that's something that you know Don, people, a lot of people have talked about. What is your thoughts on access to capital as far as doing a real estate development side and what's your personal experience is trying to get access to capital.

[Guest - Real Estate Developer]

The money on this commercial real estate side, like I said, the money is going to be there. If you got to deal to work, the money's going to flow at the end of the day. Now the terms for the money talked about before, that's where it gets a little tricky, I'll say in the wake of George Floyd there was a 18 month period, maybe even a little. I mean it's still kind of there but it's scaling back where they were throwing money at black developers.

[Interviewer]

Who's throwing money like BlackRock?

[Guest - Real Estate Developer]

No, that's a great question. So like the PayPal's of the world, when they was giving out all of the like, oh, I want to invest in black communities Primarily went to CDFIs, Community Development Financial institution that we talked about last time. There's some national CDFIs that govern some of those funds and they've been able to kind of distill those funds to us. So like Enterprise Community Partners, they're my equity investors on the Madison deal. They have a program called Equitable Path Forward. Their CEO just took over Fannie Mae. So that's the scale of like how big these CDFIs are. Now they're one of their presidents, Lori Chapman, she created this program based upon all of that money that was coming in from the corporations that were trying to give to black dollars. And this program is specifically created to be able to. They have lines of credit for us from an operational business perspective. They have pre development loans. So you can go out each one of these deals, you need at least a half a million, anywhere from a half a million to a million before you close. You get it all back when you finish, but you need that before you close. So when you talk about like capacity, that's one of the things too. If you have five of these deals going on at one time, you're gonna need two and a half to $5 million worth of capital just to deploy to that. Not even talking about your operations or nothing like that. So they have programs that are allowing for developers to be able to tap into those type of money that helps us grow and scale. But the flip side of it is that's all to, you know, kind of feel good money that's going to flip. But to, to Don people's point, black people don't manage big pension funds at all. Right? He. I've heard him talk about it on Yalls platform. At the end of the day, we're less than 1% of all of the management. Black, brown, women, less than 1% of all assets managed. But if in New York, for example, with black, brown and women is over 50% of what's going into that pension fund, why is it less than 1% of us managing or having access to manage those funds? What is the governance around that to say, oh, you are not capable enough to do that. That's still a really big challenge to be able to even go from someone like myself that's a developer that's established to, to get into fund management and be able to allocate to either my developments or other developers in the same way that some of these traditional majority firms are doing with no problem. So that's really a challenge that I think needs to be addressed. And I'm doing, I'm doing my job to do it. So Reinvest is a platform that I'm creating now. It's a crowdfunding platform that democratizes commercial real estate investment. My mother can't invest. Your parents can't invest unless they are accredited historically. But you've seen crowdfunding start to grow in the real estate space a little bit. So I'm doing a Regulation A plus. We can raise up 75 million. I'm going to put a portfolio of deals together and have people invest in that and backed by the best of the best in the country that are doing it. So it's secured by those funds, I mean by those firms. And we underwrite the deals, we co invest in the deals is not a. It's not like investing in a company. It's not like investing in a onesie deal. Like we are, you know, putting together sophistication in a way that the marketplace has not seen. So that's one of the ways that I'm addressing the access to capital challenge for emerging developers that are like me and coming up behind me too earnest. What's up?

[Sponsor Announcer]

Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals and more. You've worked hard for your money, now make sure it's working hard for you. Download the Empower Personal dashboard or visit empower.com not an empowered client, paid or sponsored.

Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions and access to work and codecs. In ChatGPT, this means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more.

When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates and restaurant options. So why wouldn't we compare rides personally I always check Lyft before booking a ride. Prices can change throughout the day, depending on traffic, weather and and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check Lyft could leave you with more money to enjoy the experience. Save Money Check Lyft There are exciting

[Podcast Host]

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