From Residents to Redevelopers

Emerging Wilmington developers receive training & mentorship with Jumpstart Wilmington training program

CONTRIBUTED BY CINNAIRE

EMBARKING ON THE JOURNEY of real estate development can be a daunting task, especially for new developers. Yet, in the northern reaches of Delaware, a renewed energy is pulsating through communities, thanks to the Jumpstart Wilmington program.

The program is modeled after the successful Jumpstart Germantown program in Philadelphia, initiated by Ken Weinstein. Cinnaire’s Jumpstart Wilmington provides aspiring developers who live in Wilmington communities and people committed to revitalizing Wilmington with the skills, knowledge, and support they need to rehabilitate key properties, one at a time.

The program follows a nine-step journey, guiding novice developers through workshops and lessons focused on topics including real estate development business management, identifying funding sources, and actively managing the construction process.

The initiative not only injects life into neighborhoods but also encourages residents to become the developers of – and take ownership of – their own communities. This comprehensive training is provided to participants at no charge.

Jumpstart Wilmington graduate, Ivey Ibrahim, found many aspects of the program to be useful to in achieving his development goals. “There is a mission-driven component when you are developing housing in your own neighborhood. You could make more money investing outside of Wilmington, but when you understand you’re not just investing in yourself, but in your community — that is the heart of the matter.”

At a time when some developers choose to only take on major projects for larger profits, there is a great need for affordable housing, leaving a window of opportunity for these individuals.

“Jumpstart Wilmington creates an opportunity to invest in small scale developers and presents a chance for local residents to actively engage in revitalizing their community,” said Dionna Sargent, vice president of community connection at Cinnaire. “But many of these individuals don’t yet have the training or connections to rehabilitate properties with great success. Jumpstart Wilmington is meant for just that, providing support so they can positively contribute to Wilmington neighborhoods and create more quality, affordable housing.” Sargent launched the Jumpstart program in Wilmington. Since its first cohort in 2020, 131 emerging developers have completed the training in 11 cohorts.

Cinnaire plays a critical role in the Jumpstart Wilmington loan program by providing financing for the acquisition and renovation of residential and commercial mixed-use properties in Wilmington neighborhoods. The loan process is similar to that of a bank, designed to help aspiring developers prepare for future funding from traditional banking institutions. The program requires loan applicants to complete an online application and attach a pro forma, comps, and construction budget.

Jumpstart Wilmington pairs graduates with a real estate professional mentor who provides both guidance and help navigating the complexities of real estate development.

Once complete and on their own, graduates can continue their educational journey through year-round programming, including Kickstart sessions and networking events. The emphasis on a lifelong connection is evident through the alumni portal, where graduates can access session recordings, podcasts, and engage in roundtable discussions. This ensures that the benefits of the program extend far beyond its formal duration, creating a community of developers who continue to learn from one another.

For more information, visit www.jumpstartwilmington.org. Applications for 2024 and 2025 cohorts will open spring/summer 2024.

Cinnaire is a nonprofit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans, and real estate development services. To learn more, visit www.cinnaire.com.