Detroit Tops List of Most Affordable U.S. Cities for Middle-Class

According to a new report from Redfin, a typical family in the San Francisco area would need to nearly triple their annual income to comfortably purchase a median-priced home. In stark contrast, the typical family in Detroit earns more than twice as much as they'd need to afford a median-priced home. In San Francisco, ranked least affordable, the median household income of $92,714 falls far short of the $265,000 per year needed to afford a median-priced home, which clocks in at $1.42 million.

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Real Estate Technology

RealINSIGHT Launches New Loan Servicing and Asset Advisory Modules to Provide One Stop Shop for CRE Loans

PR Newswire | January 09, 2024

RealINSIGHT, a leading Software-as-a-Service provider for commercial real estate (CRE) lenders, investors and servicers, today announced the launch of both its RealINSIGHT Servicing Module and Asset Advisory services via its new subsidiary, RealINSIGHT Advisors LLC. The RealINSIGHT Servicing Module provides for automated collections and disbursements, a portal for seamless collaboration between lenders and borrowers, and granular detail on the accruals process for better loan management and tracking. The module is modernizing the relationship between lenders and borrowers providing unprecedented automation and transparency in the loan servicing process. The Asset Advisory offering will allow RealINSIGHT clients to make smarter decisions faster through a holistic approach that aligns with the unique characteristics of the loan lifecycle, ensuring that investors and lenders are well-informed and well-supported throughout the life of the loan. By leveraging the experience and guidance of experienced asset management professionals and thorough analysis of each property's potential, market conditions and risks, stakeholders can better make informed lending and investment decisions. RealINSIGHT Advisors will be offering a wide variety of services to support servicing, monitoring, borrower requests/consents, problem resolution and detailed reporting. Advisors will utilize the loan servicing module to guide clients through the highly detailed loan management and tracking technology, ensuring unlimited visibility into the loan data provided on the platform. "We have created a platform that is technology forward and made for the modern age, and we are excited to be launching our asset advisory service and loan servicing module. Our cutting-edge technology is designed to let RealINSIGHT customers make the most of their commercial real estate investments, increasing the potential for success and profitability in a dynamic market environment," said Dave Iannarone, CEO of RealINSIGHT and RealINSIGHT Advisors. "By integrating RealINSIGHT's state of the art technology and RealINSIGHT Advisors' asset management expertise, we are taking another tremendous step toward providing the best possible service at any part of the loan lifecycle." Available to all RealINSIGHT customers, the business-process-as-a-service will amplify existing asset management with customized recommendations, analysis and unprecedented automation. The service was first offered to RealINSIGHT customers in October. About RealINSIGHT RealINSIGHT, a software solution built by commercial real estate debt industry experts, is the only choice that commercial real estate lenders, investors, and servicers value and trust. Implemented by some of the most active lenders and largest financial service firms in the world – including its affiliate company CWCapital – RealINSIGHT provides CRE professionals with a modern cloud-based platform designed to streamline workflows and effectively deliver full lifecycle support, from loan origination, securitization and underwriting to surveillance, asset management and dispositions. RealINSIGHT is headquartered in Washington, D.C., with offices in Dallas, Texas and New York. About RealINSIGHT Advisors LLC RealINSIGHT Advisors is a commercial real estate debt asset management firm. It is a wholly owned subsidiary of RealINSIGHT specializing in delivering service via the RealINSIGHT SaaS offering.

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Real Estate Investment

Pennington Partners & Co. Announces Launch of Real Estate Investment Vertical

PR Newswire | January 04, 2024

Pennington Partners & Co., a multi-family investment office that specializes in working with entrepreneurs, CEOs / founders, and their families, has announced the launch of Pennington Real Estate Partners (PREP). The new vertical will make direct investments in residential and commercial real estate across the United States, providing new and existing Pennington clients with proprietary real estate investment expertise. The new offering will focus on tax-advantaged investing including Opportunity Zones, structured equity, and senior secured lending given emerging opportunities in the existing marketplace. The launch represents an expansion of the Pennington team with the addition of Taylor Coe and Alex Rongione. Both come from distinguished careers in institutional real estate investment management, most recently at Walker & Dunlop Investment Partners, and will join the firm as Managing Directors and members of the PREP Investment Committee. As leaders of Pennington Real Estate Partners, Coe and Rongione will each be responsible for designing investment strategies, sourcing opportunities, executing business plans, and realizing investments. Additional information and bios can be found below. "Pennington Real Estate Partners opens the door to many new opportunities for our clients," noted Brian Gaister, co-founder and CEO of Pennington Partners. "We have expanded our in-house real estate investment expertise that will allow us to capitalize on investment opportunities throughout the United States. We are incredibly honored to have Taylor and Alex join us to lead this new endeavor. Both bring significant experience that will be essential in uncovering and navigating new investments." The launch of Pennington Real Estate Partners comes on the heels of notable growth and expansion for Pennington Partners. The firm closes out the year with more than 100% growth in assets under management, the launch of a new offering in private equity, and has been recognized in numerous industry accolades. "We're thrilled to be joining forces with a top-tier firm like Pennington, where we can add commercial real estate and associated structured finance to the array of opportunities available to our advisory families," added Coe and Rongione. About Taylor Coe and Alex Rongione Taylor Coe joins Pennington Real Estate Partners as a Managing Director and member of the PREP Investment Committee. Prior to joining Pennington, Taylor was on the equity investment team at Walker & Dunlop Investment Partners ("WDIP"), a middle-market real estate investment platform with over $6.1 billion of assets under management as of his time of departure. At WDIP, Taylor was responsible for closing investments with a total capitalization in excess of $1.3 billion. Taylor is also the founder of Sunshine Peak Partners, a boutique investment management firm, and is a graduate of the University of Colorado. Alex Rongione joins Pennington Real Estate Partners as a Managing Director and member of the PREP Investment Committee. Prior to joining Pennington, Alex was also on the equity investment team at Walker & Dunlop. He contributed to all aspects of the investment process including but not limited to capital raising, strategy, origination, and execution. At WDIP Alex was responsible for closing investments with a total capitalization in excess of $1.7 billion. Alex is a CFA charter holder, a NAIOP Developing Leader, and a graduate of the University of Pittsburgh. About Pennington Partners & Co. Originally founded to serve the needs of the two founding families who have built and sold companies in various industries, Pennington Partners & Co.'s mission is to elevate the lives of highly successful entrepreneurial founders and their families. We provide a breadth of investment, wealth planning, and personal financial administration solutions that were created by and for founders, CEOs, wealth creators, and multi-generational families. We partner with successful families and their advisors by providing objective advice, strategy, sophisticated investment solutions, and family office services to generate meaningfully higher efficiency while maintaining the intimacy of a single-family office. In short, our vision is to transform the landscape of financial advice for families of complex wealth, in order to deliver better outcomes.

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Real Estate Technology

RentSpree Achieves Highest Cybersecurity Compliance

PR Newswire | January 10, 2024

RentSpree, the industry's premier end-to-end rental management software provider, announced it achieved System and Organization Controls (SOC) 2 Type II compliance, demonstrating RentSpree's commitment to data security and adherence to industry-leading information security policies and practices. Acknowledged as the leading data security standard for SaaS providers, SOC 2 Type II compliance involves a rigorous process, ensuring that a company securely manages data, safeguarding both the organization and the privacy of its customers. Developed by the American Institute of Certified Public Accountants, the SOC 2 Type II audit provides a report on the examination of a company's controls related to security, availability, processing integrity, confidentiality and privacy. RentSpree's audit report was issued with a "clean" audit opinion from national audit firm Sensiba LLP. "This achievement is huge for us and was a top priority this past year as the integrity of our systems and the policies and practices we have in place to protect sensitive information is integral in today's marketplace," said Michael Lucarelli, CEO and Co-Founder, RentSpree. RentSpree offers rental software solutions such as tenant screening, online applications, document automation, e-signatures, denial and approval communications, and property landing pages. RentSpree has also added renter services capabilities including rent payment reporting. "While we've consistently prioritized the security of our platform, having this affirmation from a nationally-recognized third-party auditor adds further validation that we are implementing the necessary measures to safeguard our systems and users," said Jonathan Holland, Chief Technology Officer, RentSpree. In addition to auditor Sensiba LLP, RentSpree utilized Drata, the leading compliance automation platform, to streamline its compliance efforts and continuously monitor its security controls. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 300 of the most influential MLSs, real estate associations and brokerages to serve over two million users in the U.S. RentSpree has been ranked on Inc. 5000's fastest-growing private companies in 2022 and 2023.

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