REAL ESTATE INVESTMENT
JLL | December 02, 2021
JLL announced today that its Capital Markets group has arranged a $690 million financing for a portfolio of 44 net-leased industrial, office and data center properties totaling 6.85 million square feet in high-growth markets across the United States.
JLL worked on behalf of the borrower, Blackstone Real Estate Income Trust (BREIT), to place the two-year, floating-rate, non-recourse loan with Wells Fargo Bank. The financing comprises a term loan and a revolving credit facility. Additionally, the New York Agency of Singapore-based United Overseas Bank (UOB) joined the financing, committing half of the arranged capital post-closing.
The portfolio consists of single- and multi-tenant mission-critical assets with diverse functions that include warehouse, bulk warehouse, light industrial, office, laboratory, truck terminal, data center and raw land. With an average age of 17 years, the properties feature an average clear height of 28 feet, 87 suites and 1,148 dock doors. It is more than 80% leased to industry-leading tenants with a proven history of significant tenant investment and that represent a diverse range of industries, including e-commerce, web services, pharmaceuticals and logistics.
Situated on a total of nearly 611 acres, the portfolio properties are in 10 states in high-growth, highly connected markets such as Raleigh-Durham and Greensboro, North Carolina; Boston, Massachusetts; El Paso, Texas; Atlanta, Georgia; Chicago, Illinois; Salt Lake City, Utah; and Minneapolis, Minnesota.
JLL's Capital Markets debt advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Managing Director Michael Cosby and Analysts Bo Beidleman and Ryan Pollack.
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
Read More
REAL ESTATE INVESTMENT
prnewswire | February 23, 2021
Land Tokenization Asset Platform (RETAP) with blockchain innovation is going to alter the land business.
Crypto Asset Rating, Inc. has opened new entryways for the land business with a stage that will give immense freedoms to showcase financial backers.
They have made a more proficient commercial center for realtors. Specialists, intermediaries, real estate agents, and land owners will actually want to tokenize business or private properties on the RETAP commercial center. It permits financial backers from across the globe to become tied up with the US housing market through lawfully agreeable blockchain-based computerized protections.
"RETAP will accomplish our vision to rethink land possession and to change over illiquid land resources for fluid resources through advanced protections," said Mr. Pramod Attarde, Chief Executive Officer, Crypto Asset Rating, Inc.
Our Real Estate Tokenization Asset Platform
Purchasing and selling land is among the most costly and convoluted. Their obsolete utilization of paper records makes land nearly illiquid.
Tokenization is the portrayal of proprietorship with virtual tokens. These tokens exist on a blockchain adjusted to be consistent with protections guidelines. Tokenization offers favorable circumstances that incorporate liquidity, a worldwide venture pool, diminished expenses, normalized keen agreements, straightforwardness, changelessness, the executives improvement, expanded security, thus significantly more.
Read More
REAL ESTATE INVESTMENT
Gables Residential | September 18, 2021
Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced a new partnership with Gables Residential, a leader in the management and development of multifamily apartment communities. Through the partnership, Gables will roll out Jetty's security deposit replacement solution, Jetty Deposit, across the entire Gables portfolio.
The rollout follows a rigorous selection process by Gables, which started with a competitive evaluation before transitioning to a pilot program across Gables-owned assets. Following a successful pilot, Gables will now make Jetty Deposit available across all owned and third-party managed communities. The implementation of Jetty will enable Gables to maximize protection relative to security deposits for all new leases while at the same time dramatically lowering move-in costs for new residents.
With so much uncertainty facing renters today, using hard-earned savings on a cash deposit simply doesn't make sense, Jetty Deposit offers renters the opportunity to keep more cash in their pocket while making it possible for us to improve NOI. Through the pilot program, we saw a meaningful uptick in lease conversions while significantly increasing our levels of protection.
- Greg Gasior, Senior Vice President of Operations at Gables.
Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. In addition to Gables Residential, partners include Greystar, LivCor, Related, MG Properties, Cortland, Griffis Residential, and many more, representing more than two million units nationwide.
About Gables Residential
Gables Residential is an award-winning, vertically integrated, real estate company and privately held REIT specializing in the development, construction, ownership, acquisition, financing, and management of multifamily and mixed-use communities. Gables Residential owns, develops, and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, South Florida, Southern California and metropolitan Washington, D.C. Gables also provides third party management services in the New York, Baltimore, Frederick, Tampa, Phoenix, Seattle, Charlotte, Central and North Florida markets.Gables manages approximately 28,000 apartment homes and approximately 275,000 square feet of retail space and has received national recognition for excellence in development, construction, management, sales, marketing, training, and benefits. These achievements reflect the impact of Gables' experienced and dedicated team members, its superior knowledge of the markets served, and its expertise in development and management.
ABOUT JETTY
Jetty is the financial services platform on a mission to make renting a home more affordable and flexible. Jetty's integrated suite of products helps property managers increase lease conversions, improve resident retention, reduce bad debt, and boost NOI. For renters, Jetty decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent.
Read More