LMC Announces Start of Preleasing at Odin Apartments

prnewswire | October 01, 2020

LMC Announces Start of Preleasing at Odin Apartments
LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the start of preleasing at Odin, a contemporary mixed-use apartment community in the increasingly popular Northeast neighborhood of Minneapolis. Odin, which features 335 apartment homes and nearly 8,000 square feet of retail space, includes a 12-story high-rise and five-story midrise building in a highly walkable and bikeable downtown locale. The community is equipped with work-from-home spaces as part of plush array of common-area amenities, including a flexible lounge to cater to the ever-prominent remote worker. Odin offers virtual leasing options and will welcome its first residents in the fall.

Spotlight

While quantitative analysis is critical to prudent real estate underwriting, real estate math isn't a black‐and‐white exercise, nor is it simple formula lending. Many qualitative judgments will feed into your estimates of property cash flow, debt/service coverage ratios, and a loan to value ratio that comes from quantitative analysis. Your analysis should be completed in the context of a qualitative credit risk assessment. Doing so will avoid over‐advancing on potentially weak property cash flow streams that will in turn jeopardize repayment prospects and bank portfolio quality.

Related News

Robin Zellers, CRE, of NAI CIR Announces the Top Ten Issues Affecting Real Estate COVID-19 and Economic Renewal Lead 2020-2021 List

NAI CIR | August 20, 2020

Contact: Robin Zellers 717-761-5070 rzellers@naicir.com Lemoyne, PA – June 30, 2020: Robin Zellers, SIOR, FRICS, CRE, and President of NAI CIR, shared the current and emerging issues expected to have the most significant impact on real estate in 2020 and 2021, as identified by The Counselors of Real Estate. The COVID-19 pandemic ranked as the leading concern of the 1,000-member organization. “The change wrought by the COVID-19 crisis and its aftermath will teach us about priorities, resilience, and demand in ways that we did not dare test before,” said Zellers, a Counselor of Real Estate. “The 2020-21 Top Ten Issues are highly interrelated and are an attempt to overlay this new world onto an already changing real estate environment. In examining real estate markets, we must consider existing fragility, adaptability to new demands, and potential relevance to new markets. Demand will be defined by the extent to which this crisis leads us to abandon old habits and adopt new ones. The duration of the lockdown has been a factor, and so is the confidence with which we emerge.” Economic renewal ranked second on The Counselors’ list, with the U.S. economy showing signs of decline prior to the COVID-19 pandemic. “There were a number of statistical signals of deceleration for those willing to see them,” said Zellers. “The challenges facing the economy and the real estate industry are deep and persistent, with leisure and hospitality, retail, construction, and air travel seeing slow and partial rebounds into 2022.“ The Counselors cite that the impact of the economic lockdown on state and local tax revenues could reduce non-federal government employment levels and shelve important infrastructure projects, with such risks suggesting an unusual “W-shaped” recession. “The post-COVID-19 economy will be constrained by long-run potential GDP growth of only 1.5 – 1.6 percent. That is the ‘new normal’ for which we need to prepare,” added Zellers. Capital market risk rounded out the top three issues of concern for The Counselors, as the last four months have presented not only real time volatility of the capital markets, but also confirmed how quickly debt and equity capital liquidity can stop flowing when risk and returns are difficult to measure. “One thing we have seen since March is that volatility has spiked which makes pricing debt more challenging,” said Zellers. “Federal intervention helped to limit a complete seizing of the markets, but doesn’t necessarily mitigate the longer-term concern about defaults and loses. While pricing stability and liquidity appear to have somewhat returned, late payments and loan defaults have seen a significant increase.” The remaining issues identified by The Counselors of Real Estate are Public and Private Indebtedness, Affordable Housing, Flow of People, Space Utilization, Technology and Workflow, Infrastructure, and ESG (Environmental, Social, and Governance), respectively. “Clients of Counselors seek unbiased, objective advice on the critical factors that will impact all property sectors today, as well as those issues that may affect their decisions over the next ten years. This thought leadership initiative is an invaluable service to those clients and to the real estate industry in general.” The Top Ten Issues Affecting Real Estate is developed by The Counselors of Real Estate’s External Affairs Committee, with issues identified, debated, and voted on by the general membership. For additional information and perspective on each issue, visit https://www.cre.org/topten. About Robin Zellers, SIOR, FRICS, CRE Robin Zellers, President of NAI CIR, is a member of the Society of Industrial and Office Realtors (“SIOR”), an elected Fellow of The Royal Institution of Chartered Surveyors (“FRICS”) and an invited member of The Counselors of Real Estate (“CRE”). Zellers is the Broker of Record of NAI CIR, a Past President of the NAI Global Members Leadership Board, current member of the NAI Global Strategic Planning Committee and Past Chair of the Delaware Valley Chapter of the Counselors of Real Estate. Zellers’ clients have included the Commonwealth of PA, UPMC Pinnacle, Morgan Stanley and Cantor Fitzgerald. About The Counselors of Real Estate The Counselors of Real Estate is an international consortium of commercial property professionals from leading real estate, financial, law, valuation, and accounting and business advisory firms, as well as real property experts in academia and government. Membership is selective and extended by invitation, although commercial real estate and allied practitioners with 10 years of proven experience may apply. Among assignments large and small, Counselors have resolved the dispute between the developer of the World Trade Center and its insurers post September 11, led the privatization of U.S. Army Housing, developed a multi-billion-dollar, 10-year master plan for Philadelphia Public Schools, created and endowed the MIT Center for Real Estate, and valued both the Grand Canyon and Yale University. Counselors reside in 20 countries and U. S. territories, with only 1,000 professionals holding the CRE credential worldwide. About NAI CIR NAI CIR, based in Lemoyne, is Central Pennsylvania’s oldest and largest exclusively commercial industrial real estate full service brokerage firm. Founded in 1970, the firm is consistently ranked as the top producing commercial industrial sales and leasing firm by the Central Pennsylvania Business Journal and by Real Capital Analytics. The firm has been honored as a Philadelphia Region CoStar Power Broker for 15 consecutive years. NAI CIR is the Central Pennsylvania representative of NAI Global, an international organization of real estate professionals with connections literally all across the world. Our transaction and management professionals are among the most experienced and successful in the business, and our platform ensures that our expertise directly benefits our clients.

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REAL ESTATE TECHNOLOGY

Cherre and HazardHub Form Collaboration to Integrate Geospatial Risk Data into Real Estate Data Platform

Cherre | July 23, 2021

Cherre, the leading real estate data management, and analytics platform, announced a new collaboration with HazardHub, a leading provider of comprehensive property risk data, that will enable mutual customers to connect HazardHub's property-level hazard risk data with their other core real estate data sets for more strategic risk analysis, planning, and underwriting decisions. HazardHub transforms massive amounts of geospatial digital data into simplified risk assessments, allowing stakeholders to make more informed decisions. Perils from the air (wind, hail, tornado, lightning), water (flood, coastal storm surge), earth (earthquake, brownfield, Superfund), and fire are all covered under the company's comprehensive, national coverage for hazards that destroy and damage property (wildfire and fire protection). In addition, mutual clients will be able to integrate HazardHub's more than 100 billion data points on property risk into their centralized data warehouse due to the collaboration with Cherre. Cherre integrates disparate real estate data into a single source of truth, enabling the company to instantly explore their linked data for fast and actionable insight. Cherre offers the world's largest real estate knowledge graph, allowing clients to discover granular insights, automate workflows, and create models and visualizations. About HazardHub HazardHub is your property risk insurance policy. Man-Made. Air. Fire. Water. Earth. HazardHub is the third-generation provider of property-level hazard risk databases in the United States, covering the most dangerous perils. HazardHub converts massive amounts of geospatial digital data into simple answers, providing risk scorecards that can be utilized to make real-world decisions. Our scientific team provides comprehensive and innovative national coverage for risks that destroy or damage property. HazardHub is quickly becoming the industry's go-to provider for property and risk data, with over 30,000,000 results provided to the market. About Cherre Cherre is the market leader in real estate data and analysis. We provide accurate property and market information to decision-makers, allowing them to make faster and more informed decisions. Cherre enables clients to evaluate opportunities and trends faster and more accurately by offering a unique "single source of truth" while saving millions of dollars in manual data gathering and analytics costs. Cherre was founded in 2016 and is headquartered in New York City.

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REAL ESTATE TECHNOLOGY

RentPath announces integration with Rentgrata's innovative renter referral platform

Rentgrata | November 09, 2021

RentPath, a Redfin company, and leading marketing technology and services platform for the rental industry announced an exclusive partnership with apartment industry innovator, Rentgrata. As RentPath continues on its mission to provide the most immersive, informative and information-rich experience for apartment hunters, the integration with Rentgrata will allow its users to connect with current residents of apartment communities, directly from the property listing. This innovative feature is particularly relevant in the post-Covid era as it enables prospective renters to gain familiarity with locations, sight unseen. Rentgrata and RentPath share a commitment to giving prospective residents rich and meaningful insight on their journey to finding a new place to live. Moving to a new place is a huge decision and we are so pleased to be able help inform that decision for RentPath's millions of users by connecting them to potential new neighbors. With direct access to residents, they can ask the questions that are truly important to them. - Ben Margolit, Rentgrata's CEO and co-founder This integration is the latest in a number of exciting moves for RentPath, which was acquired by Redfin, a pioneer in the real estate industry, in early April 2021. We are thrilled to partner with Rentgrata, The social proof that comes from direct resident referrals in our listings represents the latest in a number of innovations we are introducing to provide the richest, most informative and immersive experience for our users. Getting insight into the experience of existing residents brings a powerful trust signal for potential renters. We believe this will help renters lease with confidence, and drive even better conversions for our customers. Everyone benefits. - Jon Ziglar, RentPath's CEO This addition to RentPath's rental search experience is one of several exciting innovations in recent weeks. Jon Ziglar and the RentPath team are attending National Multifamily Housing Council's OPTECH Conference in Washington DC this week and will be sharing updates with attendees. The RentPath team is located at booth #235 at the event and will be providing more information about this new partnership throughout the conference. About RentPath RentPath is the only marketing and automation platform that engages prospective residents through the entire renter journey, maximizing leads and occupancies with unparalleled ROI. Through its broad network of rental listing sites including rent.com, ApartmentGuide.com and Rentals.com, RentPath connects property owners and managers with over 10 million high-intent, in-market renters per month. In addition, the RentPath platform powers a full suite of best-in-class digital marketing solutions across search advertising, social media, email marketing, web chat, resident communication, reputation management and more. RentPath's holistic solutions simplify the rental search experience for renters while driving occupancies and efficiencies for property managers and owners. RentPath is a Redfin Company. About Rentgrata Rentgrata is the first renter insights platform that creates connections and builds community for multifamily communities. As the only messaging platform for prospective and current residents to connect and share feedback, Rentgrata facilitates real conversations, while delivering data that helps multifamily professionals better understand renter needs. By helping apartment buildings feel more like communities, Rentgrata reduces resident turnover and increases NOI, while offering residents the chance to capitalize on referral incentives and connect in new ways.

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Spotlight

While quantitative analysis is critical to prudent real estate underwriting, real estate math isn't a black‐and‐white exercise, nor is it simple formula lending. Many qualitative judgments will feed into your estimates of property cash flow, debt/service coverage ratios, and a loan to value ratio that comes from quantitative analysis. Your analysis should be completed in the context of a qualitative credit risk assessment. Doing so will avoid over‐advancing on potentially weak property cash flow streams that will in turn jeopardize repayment prospects and bank portfolio quality.