REAL ESTATE INVESTMENT
DJM | January 05, 2022
DJM, a California-based private equity real estate and development firm, today announced its acquisition of Long Beach Exchange (LBX) in partnership with PGIM Real Estate from Burnham-Ward Properties. Eastdil is credited with brokering the deal. As experts in retail, DJM will increase LBX's value through best-in-class management, leasing, marketing and placemaking. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc.
Built in 2018, Long Beach Exchange is a 246,500 square-foot, open-air lifestyle property located in Long Beach, California. Grocery-anchored LBX features a mix of best-in-class retail, fitness, daily needs and dining including Whole Foods, Handel's, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta, Nordstrom Rack, and more. LBX also boasts The Hangar, a 17,000 square-foot food hall fashioned in the style of a vintage aviation hangar that offers a range of small, artisanal food vendors and boutique retailers to Long Beach's dense office and residential population.
Although COVID undoubtedly impacted retail across all sectors, we're now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures, This rebound, which reinforces the ever-changing nature of retail, is due largely in part to the outdoor nature of our properties as well as thoughtful community programming and relevant, region-specific merchandising. Long Beach Exchange is a fantastic addition to the DJM portfolio and we look forward to shaping the property into the best version of itself."
Chad Cress, Chief Creative Officer at DJM.
With today's announcement, Long Beach Exchange joins DJM's portfolio that also includes, among other destinations, Hollywood & Highland (soon to be Ovation Hollywood) in Los Angeles, Lido Marina Village in Newport Beach, and Bella Terra in Huntington Beach. PGIM Real Estate, DJM's partner at the 853,000 square-foot outdoor shopping center Bella Terra, will join DJM as a partner at LBX.
We have seen firsthand the transformation DJM has created at Bella Terra, We are extremely pleased with the value that DJM and PGIM Real Estate were able to add to the portfolio and deliver an excellent outcome for our investors even during these unprecedented times. We are excited to continue our work together at Long Beach Exchange."
Tim Hennessey, Managing Director at PGIM Real Estate.
DJM is a private real estate equity and development firm based in Southern California. With a core strength in retail combined with mixed use asset classes, DJM creates long-term value by transforming real estate to meet the 21st century demands of consumers, retailers, and office users. DJM's focus is on placemaking- leveraging design, development, and best-in-class management to create places where people thrive. DJM is represented by a current portfolio of approximately four million square feet with an estimated total portfolio value of $2 billion.
About PGIM Real Estate
As one of the largest real estate managers in the world with $201.3 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc.
REAL ESTATE INVESTMENT
Lightning DocsTM | November 11, 2021
Applied Business Software™ ("ABS"), makers of The Mortgage Office®, leader in loan servicing and fund management software, announced today the launch of an integration with Lightning Docs™, a proprietary cloud based national loan document generation system, developed by Geraci LLP, the nationwide leader in business purpose loan documents for the private lending industry.
"The Mortgage Office® is a well-known and respected leader in the loan origination software space. Their 40+ year track record speaks for itself. We are honored they have chosen to partner with Geraci LLP to integrate with our Lightning Docs™ loan document generation system and we look forward to providing our mutual clients the most advanced technology in the private lending space allowing lenders to originate loans nationwide with peace of mind."
- Nema Daghbandan, Esq., Partner with Geraci LLP
"We are thrilled about this integration with Lighting Docs™ by Geraci LLP. We have had a long-standing relationship and a mutual respect throughout the years." He added: "This development is consistent with our vision of integrations, and the continued pursuit to provide our customers tools that simplify, enhance, and automate their entire lending operation."
- Carlos Nodarse, CEO of Applied Business Software
About Applied Business Software
Applied Business Software is a market leader and global provider of software systems and solutions to the lending industry. ABS offers a complete suite of software products designed from the ground up to specifically address the needs of those who originate and service loans. All our products are consistently rated superior in design, system interface, expandability, and ease of use. ABS is based in Long Beach, California.
About Lightning DocsTM:
Lightning Docs™ is a proprietary cloud-based loan document generation system developed in-house by the attorneys and partners at Geraci LLP. Lightning Docs permits its clients to generate business purpose loan documents nationwide at the click of a button. The system will generate any business purpose loan documents including bridge, fix and flip, ground up construction, DSCR rental, portfolio rental, etc. The documents have been used for numerous rated and unrated securitizations and are considered the industry standard for the private lending industry.
REAL ESTATE INVESTMENT
Bascom Group | December 28, 2021
The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management.
Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses."
Bascom's Senior Vice President & Principal, Jim Singleton.
Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country.
Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us."
Bascom's Senior Vice President of Operations, Tony Ferrell.
Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group.
About Leste Group
Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.