NAR Applauds HUD for Long-Awaited FHA Condo Rule

National Association of Realtors | August 19, 2019

The National Association of Realtors is applauding the Department of Housing and Urban Development for finalizing new Federal Housing Authority condominium loan policies. The changes, many of which NAR has championed for over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country.

Spotlight

Crowdfunding has become a very hot topic over the past few years and has inspired as much wonder as is has garnered debate. From an unknown band raising funds to record an album to the guy raising funds to make a potato salad, and from the President of the United States raising funds for his presidential campaign to the guy raising funds to fix his broken tooth there is something going on that has many weighing the pros an cons of this earth-shaking practice and phenomenon that is becoming more and more popular

Spotlight

Crowdfunding has become a very hot topic over the past few years and has inspired as much wonder as is has garnered debate. From an unknown band raising funds to record an album to the guy raising funds to make a potato salad, and from the President of the United States raising funds for his presidential campaign to the guy raising funds to fix his broken tooth there is something going on that has many weighing the pros an cons of this earth-shaking practice and phenomenon that is becoming more and more popular

Related News

REAL ESTATE INVESTMENT

CIM Real Estate Finance Trust, Inc. Announces Merger Agreement with CIM Income NAV, Inc.

CIM Group | September 23, 2021

CIM Real Estate Finance Trust, Inc. announced it has entered into a definitive merger agreement to acquire CIM Income NAV, Inc. in a stock-for-stock, tax-free merger transaction. CMFT and INAV are non-traded REITs managed by affiliates of CIM Group, LLC (“CIM”). The pro forma combined company would have approximately $6.0 billion in total enterprise value, creating a leading commercial credit-focused real estate investment trust (REIT) with greater tenant, industry, and asset type diversity, financial strength, and improved access to capital markets. This transaction is expected to close in the fourth quarter of 2021, subject to certain closing conditions, including INAV stockholder approval. The merger agreement was negotiated on behalf of CMFT and INAV by their special committees composed exclusively of disinterested independent directors. Each special committee recommended approval of the merger agreement to its respective Board of Directors. Each respective Board of Directors subsequently unanimously approved the entry by its REIT into the merger agreement. We believe combining INAV and CMFT will benefit stockholders of both companies by creating a larger, more diversified and valuable company, positioning the company for a public market listing. - Richard Ressler, Principal and Co-Founder of CIM Group. Potential Strategic Benefits The merger is expected to produce meaningful benefits for stockholders of CMFT and INAV, including: Greater Scale & Relevance: With $6.0 billion and $3.2 billion1 in enterprise value and equity value, respectively, CC CMFT will be one of the largest credit-focused REITs, increasing its relevance in the capital markets and reducing its cost of debt and equity capital. Diversification: CC CMFT's combined 590 property, 23.8-million-square-foot real estate portfolio will have greater tenant, industry and asset type diversity, providing CC CMFT with greater flexibility to opportunistically pursue growth strategies and recycle non-core assets. CC CMFT’s top five tenant concentration decreases from 22% at both CMFT and INAV to 19%, with no single tenant concentration above 5%. Path to Liquidity: The merger transaction is one more step in the execution of CMFT’s business plan and is anticipated to better position CC CMFT for a public market listing, which, subject to market conditions, is expected to occur in 2022.2 Cost Savings: CC CMFT is expected to realize $2.8 million of annualized general and administrative synergies on a run-rate basis with additional cash flow improvement of $2.5 million to INAV stockholders through the elimination of ongoing stockholder servicing fees. Transaction Terms Subject to the terms and conditions of the merger agreement, INAV stockholders would receive an approximate 10.6% premium3 for each share of INAV common stock based upon the receipt of the following consideration: Class D: 2.574 shares of CMFT common stock, which is valued at approximately $18.53 per share Class T: 2.510 shares of CMFT common stock, which is valued at approximately $18.07 per share Class S: 2.508 shares of CMFT common stock, which is valued at approximately $18.06 per share Class I: 2.622 shares of CMFT common stock, which is valued at approximately $18.88 per share Additionally, CMFT intends to increase its distribution rate, subject to approval by the CMFT Board of Directors, so that INAV stockholders will receive aggregate per annum distributions in an amount equal to or greater than INAV’s current annualized distributions after the closing of the proposed merger. Advisors RBC Capital Markets, LLC is acting as financial advisor to the Special Committee of the Board of Directors of CMFT, and Sullivan & Cromwell LLP and Venable LLP are acting as legal advisors to the Special Committee of the Board of Directors of CMFT. Morris, Manning & Martin, LLP is acting as REIT and securities counsel in connection with the transaction. The Special Committee of the Board of Directors of INAV has engaged Jones Lang LaSalle Securities, LLC, an affiliate of Jones Lang LaSalle America, Inc. as their financial advisor, and Nelson Mullins Riley & Scarborough LLP as their legal advisor. About CIM Real Estate Finance Trust, Inc. CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. CMFT is managed by affiliates of CIM. About CIM Income NAV, Inc. INAV is a public, non-traded corporation that has elected to be taxed and currently qualifies as a REIT. INAV holds investments in office, industrial and retail assets. INAV is managed by affiliates of CIM. About CIM Group CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests.

Read More

REAL ESTATE INVESTMENT

Texas-Based Real Estate Investment Group Acquires 3 Large Multifamily Assets in San Antonio, Texas

DJE Texas Management Group | June 14, 2022

DJE Texas Management Group (DJE), a vertically integrated real estate investment and management company based in San Antonio, has closed on The DJE North Portfolio. The North Portfolio contains 600 apartment units throughout three apartment communities in North Central San Antonio. The properties are located at 12221 Blanco Road 7302 University Row 8631 Fairhaven Street The three properties are conveniently located within 15 minutes of each other and are situated ideally amongst DJE's other multifamily properties in the same submarket. DJE Properties, will manage the asset and execute a $5.2M value add business plan that includes a rebrand, property renovations, and operational improvements. Renovations will include the addition of washer/dryer units, amenity upgrades in all units, exterior community building and swimming pool upgrades. This multi-property renovation project will not only enhance the communities in which they are located, but it will also help to meet the city's growing need for quality housing." Devin Elder, Founder, and CEO of DJE Texas Management Group The majority of property improvements are expected to be completed by the end of 2023. To date, the organization has invested in over 5,000 apartment units across 17 multifamily real estate assets. and continues to expand its portfolio. DJE Texas Management Group holds firm to its core values and strives to create passive investment strategies where everyone involved wins. About Devin Elder and DJE Texas Management Group Devin Elder is Founder & CEO of DJE Texas Management Group, a vertically integrated multifamily investment firm based in San Antonio, Texas. Since 2012, the firm has completed hundreds of successful investment projects including many full-cycle multifamily investments. Devin has led his team in the renovation projects that have improved over 5,000 multifamily units. He is a helicopter pilot, a podcast host, and the owner of a real estate consulting firm, and he spearheads the DJE Foundation supporting disadvantaged children in Texas and the Philippines.

Read More

REAL ESTATE TECHNOLOGY

Comprehensive Analysis Reveals the Hottest Markets for Real Estate Investing In the Nation

MyHouseDeals | May 26, 2021

MyHouseDeals, a leading digital platform for real estate investors, recently released a comprehensive analysis of the top markets within the country for real estate investing. "Our quarterly and yearly market reports have always been a big hit with our members. The key insights provided in each one provide invaluable advice on how to pivot and grow our businesses as real estate investors," said Alex Soares, President of the platform. The detailed reports are an important way for investors to discover new opportunities and make strategic decisions regarding the year ahead. 2020 was a historic year because the US navigated the coronavirus pandemic. The residential real estate industry thrived as historically low mortgage interest rates led to unprecedented demand. Strong market conditions have extended into 2021. While mortgage rates have crept up a bit, the market is still red-hot and pricing wars are commonplace. During the first quarter of the year, MyHouseDeals added thousands of deals in the following categories: wholesale real estate deals (76.9%), foreclosures (18.1%), motivated MLS deals (4.4%), and motivated seller deals (0.5%). Wholesale land deals dominated the first quarter as the most popular investing strategy for the tens of thousands of active investors who are members of MyHouseDeals. After some number-crunching, the results show that the top five markets for investment property deals in the country are South Florida, Dallas/Fort Worth, Washington D.C., Atlanta, and Houston. These markets, alongside others at the top, will likely remain attractive in the months to come and offer an opportunity for investors to make deals with high-profit potential. About MyHouseDeals Founded in 2005, MyHouseDeals is the premier online community for residential real estate investors, providing networking tools, on-demand training, and property lead generation, including access to wholesale land deals, motivated seller leads, and investor-ready foreclosures nationwide.

Read More