Edgemere was born at the turn of the century. Founding partner John Oster had determined that there was a need for a development firm specializing in affordable housing and working as an expert outsource for a wide range of clients. In January 2001 John and his sister-in-law Carol Oster began operations as Edgemere Development, Inc. Two years later Carol moved on and John was joined by COO & Partner Stephanie Benson and Director of Finance Sue Casey.

Edgemere’s first clients were Rochester’s YWCA and Urban League chapters; the first closing (of the YWCA’s Vermont Manor) took place in 2002.

The development process, so simple on the macro level, becomes an intricate, iterative blend of many ingredients when applied to each project. And it can take numerous years to complete. Edgemere’s work flow has reflected these facts over the last ten years as the Edgemere team has successfully financed twenty-four projects with a total development cost of nearly $200 million.

Much of the firm’s success has been due to key business partners: the law firm of Cannon Heyman Weiss, accountants Salmin Celona Wehrle Flaherty, architects Glasow-Simmons, contractor DGA Builders, preservation specialist Saralinda Hooker, housing specialist Kris Rogers, and others. Key financial partners have included Chase, M&T, Key, and First Niagara banks as well as syndicators Enterprise, NEF, Key Capital, and RBC Capital. In 2009 Edgemere entered a long-term joint venture with Home Leasing, providing development services to complement HL’s construction and management teams. Throughout, its strong working relationships with local, state, and federal agencies have been instrumental.

The company rapidly outgrew its initial offices in Rochester’s Cascade District and moved to the Harro East on Andrews Street, where it then moved from the second to the third and then the fourth floor to accommodate operations.

Edgemere’s projects have won numerous awards. Both the National Housing & Rehabilitation Association and the Preservation League of New York selected the Apartments at the Belmont for honors in 2010. In 2011, the Urban League honored the Edgemere team by awarding the company its Business Service Award.

Two factors will likely influence the course of Edgemere’s business going forward: increasing demand for affordable housing preservation, especially in the Northeast, and demand for its services out of state. Its clients will continue to come first.