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The Menkiti Group is partnering with a national mortgage lender to launch a new company.
The D.C.-based real estate firm announced Monday it is partnering with NewRez LLC to launch a joint venture mortgage company, Mission Mortgage LLC.
Mission Mortgage will be headquartered in D.C. and led by 25-year mortgage industry veteran Tom O'Keefe. It is the 19th joint venture partnership NewRez has launched as part of its Shelter Mortgage Co. LLC portfolio.
The company will focus on residential mortgage lending to clients across D.C., Maryland and Virginia. For every loan it makes, it plans to donate to a charitable cause, with the donations focused on housing, education, youth and entrepreneurship.
The Menkiti Group, founded in 2004, has business lines in residential and commercial development, residential sales and commercial brokerage. The company describes itself as a "double bottom line company" that focuses on social impact in addition to financial success.
Last year, Menkiti launched a $100M opportunity zone fund in partnership with impact investing organization LISC. The company broke ground in January on the first phase of its MLK Gateway mixed-use project in Anacostia, and in July it landed a D.C. agency to anchor the second phase.
"We are confident this partnership will help us reach more borrowers, facilitate greater access to homeownership, drive wealth creation for those we serve, and strengthen our ability to fulfill our mission of transforming lives, careers and communities through real estate," Menkiti Group CEO Bo Menkiti said in a release.
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