REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Keyway | November 02, 2022
Keyway, the technology platform that radically simplifies commercial real estate transactions, today announced the closing of its first multifamily acquisition in the Dallas-Fort Worth area, the 157-unit Lakeside on Spring Valley apartment community in Richardson.
The complex has 15 buildings with one- and two-bedroom residences, with an average unit size of about 800 square feet. It also has two resort-style swimming pools and frontage on a private lake. Its location at 1000 W Spring Valley Road offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of DFW's major employment centers in Downtown Dallas, Plano, Allen, and McKinney. The Lakeside community will be rebranded after a $3 million renovation.
"We are excited to enter the Texas market with such a well-managed and well-known property. The fact that it has never traded before, coupled with the fact that the deal was transacted off market, are both a testament to how we are approaching multifamily and Texas overall. We want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market."
-Matias Recchia, Keyway co-founder and CEO
Keyway dramatically simplifies CRE transactions by reducing costs by 50% and transaction time by 90%, benefiting brokers, sellers, and buyers alike. Keyway also fills an important gap for those institutional investors not structured to handle smaller deals, while at the same time providing a predictable and efficient process for every transaction.
Keyway's platform is built to provide creative and efficient real estate solutions to both investors and to smaller operators, We're seeing tremendous product-market fit and are excited to continue transforming real estate with technology,said co-founder and COO Sebastian Wilner.
Keyway is the company dedicated to building the new CRE ecosystem. They identify opportunities and run transactions smoothly providing an uncommonly simple experience for sellers of commercial real estate. The company launched in 2021 and is headquartered in New York.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
FCPT | November 24, 2022
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Chili’s property for $2.6 million from the Seritage transaction previously announced in October 2019 and expanded in August 2020. The property is located in a strong retail corridor in Florida and is under a triple net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.
This is the last property to be acquired from the previously announced portfolio transactions with Seritage. Inclusive of today’s transaction, FCPT has acquired a total of 27 properties for $80.8 million from Seritage.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
REAL ESTATE INVESTMENT,MORTGAGE AND LENDING
AppraisalWorks | December 01, 2022
AppraisalWorks, a leading provider of real estate appraisal management technology, today announced a partnership with Mortgage Cadence that will allow lenders to consolidate multiple appraisal vendor and order management systems onto the AppraisalWorks platform – for centralized management and automation of the complete appraisal management function.
Mortgage Cadence is a comprehensive, customizable platform that is uniquely positioned to provide a complete, end-to-end loan lifecycle experience. The integration with AppraisalWorks will enable lenders to quickly select the best-fit property valuation model directly within the Mortgage Cadence platform. Lenders benefit from real-time communication, on-demand access to appraisal information, customizable workflows, greater efficiency and complete transparency throughout the appraisal process.
“Adding the AppraisalWorks solution to the Mortgage Cadence suite of partner integrations will further help lenders accelerate their appraisal modernization efforts and improve their ability to deliver faster, more accurate appraisals, This partnership furthers Mortgage Cadence’s commitment to provide access to service providers of choice for lenders on the Mortgage Cadence platform.”
-Jim Rosen, Executive Vice President of Services at Mortgage Cadence
AppraisalWorks is on a mission to modernize appraisal management. Our partnership and integration with Mortgage Cadence strengthens our commitment to delivering the visibility and control lenders need to achieve exceptional customer service, By consolidating appraisal vendor and order management on AppraisalWorks, lenders gain greater efficiency, control and agility,said Ben Wiant, Vice President of AppraisalWorks.
AppraisalWorks® is a cloud-based appraisal management technology platform that enables banks, credit unions, loan servicers and mortgage lenders to order, manage, maintain, and analyze real estate appraisals and collateral valuations. Through its Community and Enterprise versions, AppraisalWorks improves process efficiency, ensures regulatory compliance, and facilitates collaboration among lenders, borrowers, processors, appraisers, and the quality control team – significantly improving loan turnaround time, reducing cost per loan, and enhancing the borrower experience. AppraisalWorks is patented under U.S. Patent 10,635,999.
About Mortgage Cadence
Mortgage Cadence delivers the industry’s most complete, modern, cloud-based digital lending platform designed to provide an exceptional user experience throughout the entire mortgage lending life cycle, across all channels and products. With a leading borrower point-of-sale through closing collaboration tools, the end-to-end platform is both complete and configurable offering an open-architecture designed to meet the needs of today’s lenders. The platform enables lenders to work more efficiently, leveraging automation and workflow tools that deliver an excellent borrower, sales and operational user experience.