REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | May 22, 2023
NexPoint, a multibillion-dollar alternative investment platform, today announced the acquisition of two life sciences industrial properties located in Philadelphia, Pennsylvania, from Frontida Biopharm, LLC, a company in the Adare Pharma Solutions group, which is a global technology-driven contract development and manufacturing organization focused on oral dosage forms for the pharmaceutical industry. The properties were indirectly acquired by NexPoint Life Sciences II DST, a Delaware statutory trust seeking to raise $42 million in equity from accredited investors via a private placement offering. NexPoint Life Sciences II DST aims to raise capital from investors looking for exposure to the growing life sciences real estate sector.
The real estate transaction builds on NexPoint's commitment to grow its presence within the life sciences industry and to provide best-in-class facilities for innovative companies in the research, development, and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical technologies, nutraceuticals, and cosmeceuticals.
The real estate acquisition includes nearly 18 acres of land across the two separate properties and more than 250,000 square feet of interior space where Frontida Biopharm, LLC will remain the tenant. The first property comprises R&D, production, and warehouse facilities capable of producing three billion tablets and capsules annually. The second property features distribution facilities and packaging capacity for four billion tablets and capsules annually and allows for potential expansion on its 12-acre campus.
"As the life sciences industry continues to evolve, we see increasing demand for quality properties to support companies across all stages of innovation," said Matt McGraner, NexPoint Real Estate Advisors' Chief Investment Officer. "We are committed to expanding our footprint in this critical sector with modern facilities that help life sciences companies do their best work."
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces.
MARKET OUTLOOK, REAL ESTATE TECHNOLOGY
Businesswire | April 27, 2023
Turner Impact Capital, one of the nation’s largest real estate investment firms dedicated to social impact, has expanded its efforts to address the country’s urgent housing affordability crisis with the acquisition of its first multifamily housing community in the Minneapolis metropolitan area.
Acquisition of the 207-unit Urbana Court Apartments in Brooklyn Park, Minn., closed today as one of the final investments of Turner Multifamily Impact Fund II. The purchase enables Turner Impact to bring its innovative market-driven housing solution for low- and moderate-income families to a fast-growing Minneapolis community with convenient access to job opportunities, healthcare, and schools.
The Turner Multifamily Impact Funds have acquired, preserved, and enriched approximately $2 billion of critically-needed housing for working individuals and families located in densely populated, ethnically diverse metropolitan areas throughout the U.S. These investments represent nearly 13,000 units of workforce housing nationwide, serving residents earning up to 80% of area median income while generating strong risk-adjusted financial returns for its institutional investors. Residents include community-serving professionals such as teachers, police officers, healthcare workers and others who often earn too much to qualify for subsidized housing but struggle to afford higher-cost housing located near job centers.
“As rents rise and recession concerns mount, we must ensure that working families have access to stable, affordable, and high-quality housing in major metropolitan areas,” Turner Impact CEO Bobby Turner said. “We continue to expand our housing initiatives, and Urbana Court presents an opportunity to bring our successful model to one of the most dynamic markets in the Midwest.”
Urbana Court is a newly built apartment complex with a large community center, 24-hour fitness center, pool, pickleball courts, playground, and underground heated parking. The units feature a wide range of appliances and full-size washers and dryers, and as part of Turner Impact’s sustainability initiatives, the Fund has identified ways to reduce energy and water use.
Minneapolis has the largest metropolitan economy in the region after Chicago, where Turner Impact also has significant housing investments. Brooklyn Park is located just north of the city, near the largest health-technology cluster in the country, known as medical alley, and major employers such as Medtronic, Target, and Amazon, as well as easy access to jobs in downtown Minneapolis and St. Paul.
Turner Impact’s holistic approach to workforce housing also entails enriching residents’ quality of life with demand-driven essential on-site services in education, health, safety, and other areas that help build a sense of community. These include after-school tutoring programs, exercise and nutrition classes, community watch programs, and more.
“We are excited to expand our impact to greater Minneapolis and are actively pursuing additional investments in the market,” said Gee Kim, President of Turner Impact’s Multifamily Housing Initiatives. “We welcome and look forward to opportunities to contribute in a meaningful way to the housing solution in this key part of the country.”
Housing initiatives are a core component of Turner Impact Capital’s holistic approach to social impact investing. Since 2016, Turner Impact has raised more than $650 million in equity for its first two housing funds – Turner Multifamily Impact Funds I and II – and has recently launched a third fund, Turner Multifamily Impact Fund III. The new Fund is the firm’s largest to date, targeting between $750 million and $1 billion in total commitments. The Fund has already received strong interest from both U.S. and international investors and will build on the work of its predecessor funds to preserve and enrich workforce housing through the acquisition of existing affordable rental housing at scale.
Turner Multifamily Impact Fund III will also pursue the development of new affordable housing through public-private partnerships, as well as opportunistic investments in and recapitalization of workforce housing projects resulting from market dislocations.
Turner Impact has recently accelerated its expansion by hiring Gary Rodney, a national housing leader, as Managing Director for Housing Initiatives. Rodney joined Turner Impact from Tishman Speyer, where he launched the firm’s first affordable housing platform, and earlier served as Chairman of CREA, a national syndicator of low-income housing tax credits, as well as President of the New York City Housing Development Corporation.
About Turner Impact Capital
Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools, and community-serving healthcare facilities) and a lack of institutional capital. Turner Impact Capital seeks profits with a purpose. Learn more at www.turnerimpact.com or @turnerimpact on Twitter.
REAL ESTATE INVESTMENT, MORTGAGE AND LENDING
Roc360 | March 16, 2023
Roc Capital Holdings LLC (Roc360), a financial services platform for residential real estate investors, recently announced its completion of the previously announced acquisition of Finance of America Commercial (FACo) assets. Under the transaction terms, Roc360 acquired the operational assets of FACo, a Finance of America Companies Inc. division specializing in residential real estate investment loans.
Roc360 will give the brand a unique logo and execute it under a new subsidiary using its current name, Finance of America Commercial. It will join Roc360's growing collection of leading real estate’s brands, such as Haus Lending, Roc Capital, Elmsure Insurance, Wimba Title, and Tamarisk Appraisals. The FACo acquisition enhances Roc360's existing origination footprint in its retail and wholesale channels, and the acquired data will contribute to Roc360's data science initiatives. In 2022, the two companies collectively financed over $4.6 billion in loans for business purposes.
FACo traces its origins back over a decade to its forerunners, B2R Finance, Dwell Finance, and Jordan Capital Finance, innovators in the national private lending sector that provided fix-and-flip and landlord DSCR loans to real estate investors. It has funded over $6 billion to 9,000+ individual guarantors across 25,000+ closed loans via its broker channels and borrower-direct.
Arvind Raghunathan, Founder and Chief Executive Officer of Roc360, said, "Roc360 is committed to delivering innovative products and services that help rejuvenate and deliver new and like-new energy efficient homes to America's undersupplied housing stock." He also said, "The acquisition further broadens our reach and ability to make a difference. We will continue to pursue growth opportunities, including acquisitions, that expand our ability to provide solutions to real estate investors."
(Source – Cision PR Newswire)
Roc360 is a vertically integrated platform for residential real estate investors and one of the leading creators of business-purpose loans nationally. The company was established in 2014, employs more than 300 people and funded more than $14 billion in loans through its lending subsidiaries. It is based in New York City with offices across three continents. In addition, Roc360 joined the Deloitte Technology Fast 500, a ranking of the 500 North American companies with the fastest-growing media, technology, telecommunications, fintech, life sciences, and energy tech industries in 2022.