Breaking barriers in real estate development, Gina Merritt has secured $310 million in funding since 2021. The principal of Northern Real Estate Urban Ventures (NREUV) stands among less than 5% of developers who are people of color.
Affordable Housing Developer’s Remarkable Journey to Success
Merritt’s path to success emerged from personal experience with affordable housing in the Bronx. The former single mother spent 20 years building projects for white enterprises before securing her own funding.
A significant breakthrough came after George Floyd’s murder in 2020. Banks, government agencies, and community development institutions began supporting Merritt’s vision. This shift enabled NREUV to raise $124 million in 2023 alone.
Expanding Affordable Housing Portfolio with Community Focus
NREUV currently manages 17 buildings across Ohio, Maryland, and Washington, D.C. The projects will create 1,200 affordable housing units with comprehensive community amenities.
The company’s success earned recognition from Inc. magazine, ranking 730th among America’s fastest-growing private companies. NREUV achieved an impressive three-year revenue growth rate of 659%.
Innovative Projects Serving Diverse Communities
Among NREUV’s groundbreaking projects is Mary’s House for Older Adults in Washington, D.C. This development provides safe housing for LGBTQ+ seniors aged 62 and older.
The company is also developing 9410 Hough in Cleveland, a $47 million redevelopment project. Opening in 2026, it will offer affordable units and comprehensive community services.
Success Tips for Black Women Entrepreneurs
Merritt emphasizes the importance of financial documentation for entrepreneurs seeking funding. “Entrepreneurs should have a clean set of books and records,” she advises.
She recommends creating a strong corporate capability statement showcasing leadership capacity. Additionally, Merritt stresses understanding your unique strengths: “Understand your superpower and lean into it.”
The developer aims to reach $1 billion in assets under management by 2034. Her newest venture, NREUV Contracting and Mechanical, has already secured $8 million in contracts.
