BROKERAGE,REAL ESTATE INVESTMENT
Real | December 12, 2022
The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced it has successfully completed its acquisition of LemonBrew Lending Corp. (“LemonBrew Lending”), a tech-enabled home loan platform.
The acquisition broadens Real’s product portfolio to include mortgage brokerage services and is a critical step in the Company’s mission to offer a seamless end-to-end home buying experience that removes pain points for both agents and their customers. Licensed as a mortgage brokerage in 20 states throughout the U.S., LemonBrew Lending provides the foundation for Real to offer consumers the ability to finance their home purchase with Real, removing the need to work with multiple service providers.
“LemonBrew Lending’s current mortgage capabilities and future lending potential, brings us one step closer to our strategy of providing consumers a frictionless home buying experience,”
- Tamir Poleg, Chairman and Chief Executive Officer of The Real Brokerage
The LemonBrew Lending team is excited to take the mortgage lending platform we have developed to the next level, and couldn't be happier that we get to do this in partnership with Real's best-in-class technology, said Samir Dedhia, Chief Executive Officer of LemonBrew Lending.
With Real’s earlier acquisition of Expetitle, a digital title and settlement company, now operating as Real Title, Real now has added mortgage and title capabilities to its growing brokerage platform in 2022.
Summary of the Acquisition
Pursuant to the terms of a share purchase agreement dated September 23, 2022 between the Company, LemonBrew Lending and LemonBrew Technologies Corp. (the “Seller”), the Company acquired 100% of the issued and outstanding equity interests of LemonBrew Lending from the Seller for an aggregate purchase price of $1,250,000 (the “Acquisition”). The purchase price was satisfied by (i) cash in the amount of $800,000 and (ii) the issuance of 351,837 common shares (the Consideration Shares) at a deemed issued price of $1.279 per share. The issued price of the Consideration Shares is equal to the product of $450,000 divided by the 5-day volume weighted average trading price of Real’s common shares on the NASDAQ immediately prior to the closing of the Acquisition.
The Consideration Shares are subject to a six-month hold in accordance with applicable securities laws and have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and are “restricted securities” within the meaning of Rule 144 of the U.S. Securities Act subject to restrictions to the effect that the Consideration Shares may not be reoffered or resold in the United States absent registration or an applicable exemption from the registration requirements.
In connection with the closing of the Acquisition, the Company entered into certain agreements with management and key employees of Lemonbrew Lending (the “Key Employee Agreements”). The Key Employment Agreements provide for certain performance-based milestone payments of $2,500,000 payable over 36 months following closing of the Acquisition, of which $2,000,000 with be payable in cash and $500,000 will be payable in restricted share units of the Company.
The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents.
BROKERAGE,REAL ESTATE INVESTMENT
Berkshire Hathaway HomeServices | December 06, 2022
Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network is pleased to announce its further expansion in the Southeastern region with the addition of Cabin & Creek Real Estate, which will now operate as Berkshire Hathaway HomeServices Cabin & Creek Real Estate.
The office will be owned by Mississippi state native Chuck Paulk who has 17 years of industry experience and expertise. Headquartered in Summit, Mississippi, the office will serve the Southwestern region of Mississippi. Since its creation Cabin & Creek Real Estate has grown; increasing its annual sales almost 10 times in less than 8 years and will now bring its success to the Berkshire Hathaway HomeServices global brand.
This is such a monumental milestone for our team, We are looking forward to growing and expanding throughout our marketplace under the Berkshire Hathaway HomeServices brand. This step in our business will allow us to better serve our clients, providing invaluable assistance from start to finish, said Paulk.
By joining the network, Berkshire Hathaway HomeServices Cabin & Creek Real Estate agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more.
The brand also provides an exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients.
“Given the demand we are seeing for homes in this area, it made sense for us to expand to better support this growing market, While the availability of country homes with land, homes in town and beyond are highly competitive, this team will be able to provide on-the-ground knowledge and provide clients with an exceptional experience throughout every part of the homebuying or selling process.”
-Christy Budnick, CEO, Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices Cabin & Creek Real Estate will have a team of agents supporting the new office who brings extensive familiarity of the Southwestern Mississippi market.
Gino Blefari, chairman of Berkshire Hathaway HomeServices, welcomed the company to the network, Berkshire Hathaway HomeServices Cabin & Creek Real Estate is a clear example of our mission. It’s important to us that we align ourselves with individuals who share the same core values, and I have no doubt that this team will carry out these ethics seamlessly.
About Berkshire Hathaway HomeServices Cabin & Creek Real Estate
Berkshire Hathaway HomeServices Cabin & Creek Real Estate is a full-service real estate agency specializing in country homes with land, homes in town, land tracts of all sizes, and the best in recreational properties. With its extensive market knowledge in commercial and residential transactions, it assists its clients in every step to guarantee a smooth and simple transition.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is a global residential real estate network with more than 50,000 real estate professionals and nearly 1,500 offices across 11 countries including, the U.S., Canada, Mexico, Europe, the Middle East, The Bahamas, and India. In 2021, the Berkshire Hathaway HomeServices global network represented more than $179.9 billion (USD) in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability, and longevity.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Thompson Thrift | November 29, 2022
Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the development of Alta25, a 264-unit Class A multifamily community in the Colorado Springs suburb of Monument. Thompson Thrift plans to welcome new residents starting in 2025.
"There is strong demand for luxury multifamily communities in this area, We expect that Alta25 will provide an appealing rental option for residents desiring the style, luxury and convenience that Thompson Thrift communities feature."
-Josh Purvis, managing partner for Thompson Thrift Residential
Located at 16218 Jackson Creek Pkwy, Alta25 will offer eight, three-story garden style buildings and 96 detached garages. The one-, two- and three-bedroom apartment homes will average 987 square feet with luxury finishes including gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options.
Luxury living will continue throughout the community with amenities such as a professionally decorated clubhouse, resort-style swimming pool, 24-hour fitness center, Amazon Package Hub, bike storage and workshop, thoughtfully designed courtyards, grilling stations, outdoor game area, an electronic firepit with seating area, a dog park, pet spa with grooming station, and more.
The site is adjacent to Monument Marketplace, which is home to over 658,000 square feet of retail and restaurants, and sits within The Village at Jackson Creek, a mixed-use project currently in development. Historic downtown Monument, less than three miles north, offers small-town charm filled with unique and locally owned boutiques, restaurants, galleries and spas.
Nearby Interstate 25 is currently being widened to six lanes, which will improve traffic flow from Colorado Springs to Denver, and further improve access to several major employers including Fort Carson, UCHealth Memorial Hospital North and Schriever Space Force Base.
Monument offers the ideal Colorado setting with views of Pikes Peak to the southwest, the Rocky Mountains to the west. Additionally, residents will enjoy an abundance of outdoor recreation, and highly rated public schools, both of which contributed to Monument being ranked as one of the best places to raise a family in Colorado.
During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.