Clipper Realty Secures $82M Refi for Brooklyn Property

Multi-Housing News | January 02, 2020

Clipper Realty Inc. has refinanced Clover House, a Class A, newly renovated luxury apartment building in Brooklyn Heights, N.Y., with an $82 million loan arranged by Walker & Dunlop Inc. The 10-year, interest-only, non-recourse secured first mortgage loan was provided by MetLife Investment Management. Walker & Dunlop’s New Jersey Capital Markets team led by Hirsch Simins and David Rosenberg was able to rate lock the transaction on the same day as application.  Clipper Realty stated in its third-quarter 2019 earnings report that the refinancing was expected to reduce annual interest expense by approximately $0.7 million and increase the company’s cash position by about $16 million. With the proceeds, the company repaid the existing loans on Clover House due May 2020 that totaled $64.7 million. The company stated all its outstanding debt is now fixed at attractive, low-interest rates.

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MARKET OUTLOOK, REAL ESTATE TECHNOLOGY

BXP Earns Top ESG Rating in 2022 GRESB Assessment

BXP | October 18, 2022

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has earned a top ESG rating in the 2022 GRESB® assessment. BXP earned an eleventh consecutive “Green Star” recognition and the highest GRESB 5-star Rating, as well as an “A” disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership. “Real estate companies, as stewards of the built environment, play an essential role in addressing the climate crisis, I am proud of this recognition and of BXP’s leadership in strategic climate action. BXP’s focus on sustainability is an important component of our premier workplace strategy and is valued by our clients, partners, employees, and communities.” -Owen Thomas, CEO of BXP BXP actively works to promote its growth and operations in a sustainable and responsible manner and is a recognized leader in green building. BXP has certified 29.4 million square feet of its current in-service portfolio at the highest LEED certification levels of Gold and Platinum. BXP has publicly announced sustainability goals and has implemented energy conservation projects and other measures in actively managed properties that have reduced greenhouse gas emissions intensity by 80% and site energy use intensity by 41% since 2008. BXP has aligned its emissions reduction targets with climate science and became the first North American office REIT to establish an emissions reduction target ambition in line with a 1.5°C trajectory, the most ambitious designation available at the time of submission under the Science Based Targets initiative. BXP remains on track to achieve carbon-neutral operations by 2025. BXP’s commitment to ESG performance management and transparency is key to our ESG program, Our focus on measurable impacts guides our decision making and investments, creating a more resilient, purposeful company,said Ben Myers, Vice President of Sustainability, BXP. The GRESB Real Estate Assessment is the investor-driven global ESG benchmark and reporting framework for real estate. The Assessment is shaped by what investors and the industry consider to be material issues in the sustainability performance of real estate investments. The methodology is consistent across different regions, investment vehicles, and property types, and aligns with international reporting frameworks. The data is self-reported by Assessment participants and subjected to a multi-layer validation process after which it is scored and benchmarked. The result is high-quality data that investors and participants can use in their investment, engagement, and decision-making processes. About BXP ESG BXP’s commitment to ESG leadership has been recognized by numerous industry groups and rankings, including BXP’s inclusion as #4 on the 2021 Forbes Green Growth 50 list and #3 on Barron’s 10 Most Sustainable U.S. REITs list. BXP was named to Newsweek’s America’s Most Responsible Companies 2022 list, ranking first in its industry with an increased ranking of 31st overall out of the 499 companies included on list. In 2022, BXP was again named an ENERGY STAR Partner of the Year – Sustained Excellence Award Winner and a Best in Building Health winner by the Center for Active Design. BXP was recently recognized as an inaugural Platinum level Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy. About BXP BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT), with more than 50 years of experience developing, owning, managing, and acquiring exceptional properties in dynamic gateway markets. As of June 30, 2022, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 53.7 million square feet and 193 properties, including 12 properties under construction/redevelopment.

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REAL ESTATE INVESTMENT

World’s First and Largest Commercial Property Online Marketplace Launches in the UK

CoStar Group | November 15, 2022

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, has launched LoopNet, the world’s largest commercial property marketplace, in the UK market. The launch marks the creation of the world’s first international commercial real estate online marketplace, allowing tenants, brokers and investors to access properties available for sale and lease across multiple countries on a single platform. Prior to its launch in the UK, LoopNet marketed exclusively US and Canadian commercial properties to an international community of buyers and tenants. The integration of tens of thousands of UK property listings into the marketplace will unlock global access to the UK commercial real estate market, worth an estimated £1.5 trillion, benefitting brokers, investors, would-be occupiers, and owners of commercial real estate. With over 11m monthly unique visitors, LoopNet will provide UK users with unprecedented exposure to potential investors and tenants, significantly broadening the reach of every listing by successfully capturing relevant local and global audiences. Used by 93% of Fortune 100 companies, LoopNet has made significant investment into Google search engine marketing (SEM) as well as other types of marketing, resulting in superior volumes of traffic to the platform and more efficient outcomes for the end-user. Prior to the launch of LoopNet, the UK market was served by Realla, a CoStar Group company and the UK’s leading dedicated commercial property marketplace, which has now been integrated into LoopNet, unlocking access to additional pools of capital, a greater number of listings and a high-quality international audience. Prior to the integration, Realla had an average of 734,000 unique monthly visitors, which will now be significantly boosted by the additional traffic generated by LoopNet, bringing the total expected LoopNet traffic to nearly 12m unique monthly users from the first day of the launch. With 88% of commercial property searches currently being initiated online as market participants aim to save time and money, LoopNet provides sophisticated technology allowing brokers, tenants and investors to conduct viewings online and benefit from up-to-date pricing and information. The transparency enabled by LoopNet benefits all users, enabling them to get first-hand insights into the market and providing a useful benchmarking tool for market participants – an essential feature for those transacting in today’s volatile market environment. “The UK-wide roll-out of LoopNet, our leading commercial real estate marketplace, is an important element of CoStar Group’s on-going strategic international expansion effort. Having built a strong relationship with our UK customer base through CoStar and Realla, we are excited to be able to offer our UK users access to the international market, which will significantly increase their visibility and reach. With overseas interest in UK commercial property on the rise due to the attractive exchange rate, the launch of LoopNet could not have been timed better, allowing thousands of UK market players to reap the benefits of global exposure. LoopNet quickly became the industry leader for commercial marketplaces in the US, and we are optimistic about its prospects in the UK, where it’s the only marketplace to provide access to such a vast global audience, directly benefitting brokers, tenants, owners, and investors.” -CoStar Group Founder and Chief Executive Officer Andy Florance About CoStar Group CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia.

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REAL ESTATE INVESTMENT

Arturo Announces Strategic Partnership with Vexcel Imaging

Arturo and Vexcel | September 12, 2022

Arturo, the proptech company that delivers intelligent analytics from individual property to portfolio, announced today that it signed Vexcel Imaging, the leader in aerial imagery data, large-format aerial cameras and photogrammetry software, to be a lead imagery provider for its solutions. As part of the agreement, Vexcel will provide Arturo with true ortho imagery, oblique imagery and digital surface models (DSMs). In addition, 'Gray Sky' imagery or imagery taken after a catastrophic event occurs will be available for use. High-fidelity property insights derived from imagery are an increasingly critical asset for property insurers who are challenged to assess and identify vulnerable property characteristics during the underwriting and quoting process, so they clearly understand their resting risk. Arturo’s partnership with Vexcel offers the unparalleled imaging capabilities modern insurance carriers seek in today’s rapidly evolving property market. It will also allow insurers to create risk and property damage mitigation strategies with their policyholders as well as faster, more accurate responses to claims after a catastrophe. “This is a hard market for insurance. Carriers are caught between gauging their risk correctly up front and contending with the reality of increasingly volatile catastrophic weather events. Property insurers are tasked more than ever to have a thorough understanding of a property’s risk while also keeping costs down, so if an event does occur they can both keep regions insurable and their customer response rapid and efficient, We spent a lot of time collaborating with Vexcel to both ensure a partnership that was beneficial to our mutual customers and provide us greater flexibility in working with our insurance clients across the policy lifecycle. We recognized that not all imagery is created equal nor all machine learning analytics which is why coupling Arturo’s AI property intelligence solutions with Vexcel’s imagery will allow insurers to stay a step ahead of natural catastrophes, so they can accurately underwrite future policies and manage future claims with ease.” -Greg Oslan, chief executive officer for Arturo After much testing and rigorous analysis, we are pleased that Arturo has standardized on our best-in-class imagery to unlock better property insights for insurers, Our focus at Vexcel is to provide consistent, accurate and high-resolution imagery to customers who need a scalable solution in multiple countries. Using its AI and ML, Arturo analyzed properties in a variety of locations and found the results they needed to understand property risk and intelligence,said Rob Agee, chief operating officer at Vexcel Imaging. Vexcel and Arturo’s collaboration will initially provide imagery for the United States and Australian markets. About Arturo Arturo combines AI and machine learning models with property images to help businesses decide with intelligence from the property to portfolio level. Across the insurance, lending, securities and real estate markets, Arturo empowers customers with on-demand, accurate property characteristics and predictive analysis to tackle the biggest property challenges with efficiency, accuracy and confidence. About Vexcel For 30 years, Vexcel’s award-winning technology has led the photogrammetry and remote sensing industry. Using its professional-grade UltraCam sensors and a dedicated fleet of aircraft, Vexcel operates the world’s largest aerial imagery and geospatial data program. Vexcel collects imagery in 25+ countries including rural and urban areas in the contiguous United States. It provides a wide variety of high-resolution products from Oblique to True Ortho, DSM to Multispectral and Property Attributes. Its cloud-based aerial data improves workflows across a variety of industries.

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