REAL ESTATE INVESTMENT
Village Partners | January 04, 2022
A joint venture between Village Partners Ventures, LLC ("Village Partners") of Newport Beach, California and The Bascom Group, LLC ("Bascom") of Irvine, California has closed on a construction loan and six acre land acquisition for a mixed-use project at 5050 Arrow Highway, Montclair, California. The sale and loan closed on December 28, 2021.
JLL's capital markets team in Newport Beach, led by Mark Erland and Matt Benson, secured a $77 million construction loan from Citizens of Providence, Rhode Island for construction of the project. The land purchase price was $10 million.
We are pleased to reach this milestone with Village at Montclair, a transformative project that will be a first in the area, a transit-oriented mixed-use development walkable to Montclair Place and transit."
Village Partners principal Don Henry
Designed by New Urbanist design firm Torti Gallas, Village at Montclair, a mixed-use infill redevelopment with 350-units, is a Type V mid-rise project with combination of structured and surface parking, designed as a walkable transit village with housing, ground floor retail, and public spaces including a Village Square and the Station Promenade. The project has a direct pedestrian connection to the Montclair Transit Station and future Metro Goldline.
Village at Montclair is designed to celebrate the inviting Mediterranean climate and San Gabriel Mountain views of Montclair, with elements including a mixture of Spanish and Italian architecture, abundant public space, walkable streetscapes, landscaped courtyards, and a rooftop deck. Warm California Modern interiors by Mannigan Design thoughtfully complement the architecture. Project amenities include pool and spa, co-working suites, clubhouse, parcel lockers, and a state-of-the-art fitness facility.
The project is located within the City's North Montclair Downtown Specific Plan. The plan covers 200 acres of land surrounding Village at Montclair and sets the standards for the creation of an urban, walkable district surrounding the TransCenter and future Goldline, with up to 2,500 new residential units and commercial space planned over the next decade. This District and the Project site are adjacent to the prestigious Claremont College consortium. Construction of Village at Montclair will commence in January 2022 by general contractor Johnstone Moyer Inc.
About Village Partners:
Village Partners is a full-service real estate development company focused on the development of distinctive in-fill mixed-use projects, including multifamily residential, retail and office. Village Partners principals have been involved in the development of approximately 3,000 urban multifamily residential units and 3 million square feet of commercial space with a combined value of over $1 billion in development costs. Its pipeline include other planned mixed-use projects in nearby Claremont and Redlands, California.
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. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.
prnewswire | September 18, 2020
Xinyuan Real Estate Co., Ltd. , an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced the completion of its offering of US$300 million in aggregate principal amount of 14.5% senior notes due 2023 (the "Notes"). The Notes are listed on the Singapore Exchange and were issued at the price of 100% plus accrued interest. The notes bear interest at a rate of 14.5% per annum. The Notes are guaranteed by certain of Xinyuan's subsidiaries and secured by a pledge of the capital stock of certain of Xinyuan's subsidiaries. Xinyuan intends to use the proceeds from the Notes offering to refinance certain offshore existing indebtedness and for general corporate purposes.
REAL ESTATE TECHNOLOGY
Reonomy | October 07, 2021
Reonomy, the leading provider of actionable commercial real estate (CRE) data, announced a partnership with SERVPRO, a leader in fire and water cleanup and restoration services, construction, mold mitigation, biohazard and pathogen remediation. Through this partnership, SERVPRO will have access to Reonomy's vast offering of property and ownership data, driving greater accuracy and efficiency in their lead generation efforts and aiding overall market share expansion.
As part of a company-wide effort to build a smart and scalable lead generation tool to expand their national footprint, SERVPRO sought a commercial data provider that could service the distinct needs of its sales team across various geographic markets, and identify gaps in coverage to guarantee a full scope of customers. Reonomy's platform will play a key role in driving this initiative.
Via Reonomy's API, SERVPRO's 1,900+ franchises will gain access to a more standardized and sophisticated business development pipeline rooted in data, allowing them to better identify opportunities in the markets while driving more strategic, targeted outreach to prospects across rural, suburban, and urban geographies.
This partnership arises during a turning point in the restoration industry, where organizations are seeing a rise in sophisticated tools for driving more efficient business development capabilities. Reonomy will benefit from collaborating with SERVPRO's rich data science team, incorporating valuable, timely feedback as they ramp up their product development efforts and explore other use cases for their technology.
We are constantly looking to explore deeper applications for our technology and are thrilled to be partnering with the SERVPRO team as they look to expand their national footprint in the commercial space, Their data team will be an invaluable partner to us as we continue building our product roadmap to service the industry.
In our search for a partner, being able to have flexibility and depth in our data was key to successfully powering our lead generation efforts and helping us hit our expansion goals, We're excited to be working with Reonomy to provide a more efficient and flexible value offering to our franchise owners.
- Mike Stahl, CMO of Servpro Industries, LLC.
Reonomy is the leading provider of CRE insights, empowering top brokerages, financial institutions, and commercial services providers with actionable data and solutions. Armed with Reonomy's enterprise-grade products, CRE professionals and organizations gain comprehensive market understanding, discover opportunities, and streamline research processes.
For more than 50 years, SERVPRO® has been a trusted leader in fire and water cleanup and restoration services, mold mitigation, biohazard and pathogen remediation. SERVPRO's professional services network of more than 1,900 individually owned and operated franchises spans the United States and Canada, responding to property damage emergencies large and small from million-square-foot commercial facilities to individual homes. When disaster strikes, homeowners, business owners and major insurance companies alike rely on SERVPRO to make it "Like it never even happened."