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)
About Roc360
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.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Choice Properties Real Estate Investment Trust | February 17, 2023
On February 16, 2023, Choice Properties Real Estate Investment Trust announced it has agreed to issue a $550 million total principal amount of series S senior unsecured debentures on a private placement basis in certain provinces of Canada. The senior unsecured debentures will bear interest at a rate of 5.400% per annum, and its maturity will be on March 1, 2033.
A syndicate of agents co-led by BMO Capital Markets, TD Securities, CIBC Capital Markets, RBC Capital Markets, and Scotiabank is offering the Debentures on an agency basis. The Offering is predicted to close on March 1, 2023, subject to customary closing conditions.
The Investment Trust plans to use the net proceeds from the Offering to pay off its outstanding $250 million total principal amount of 3.196% series G senior unsecured debentures due on March 7, 2023, to repay all or part of the remaining amount drawn on the Trust's credit facility, and for other general business purposes.
For the Offering to close, DBRS Limited must rate the Debentures as at least "BBB" (high) with a "stable" On February 16, 2023, Choice Properties Real Estate Investment Trust announced it has agreed to issue a $550 million total principal amount of series S senior unsecured debentures on a private placement basis in certain provinces of Canada. The senior unsecured debentures will bear interest at a rate of 5.400% per annum, and its maturity will be on March 1, 2023.
A syndicate of agents co-led by BMO Capital Markets, TD Securities, CIBC Capital Markets, RBC Capital Markets, and Scotiabank is offering the Debentures on an agency basis. The Offering is predicted to close on March 1, 2023, subject to customary closing conditions.
The Investment Trust plans to use the net proceeds from the Offering to pay off its outstanding $250 million total principal amount of 3.196% series G senior unsecured debentures due on March 7, 2023, to repay all or part of the remaining amount drawn on the Trust's credit facility, and for other general business purposes.
For the Offering to close, DBRS Limited must rate the Debentures as at least "BBB" (high) with a "stable" trend, and Standard and Poor's Ratings Services must rate them as at least "BBB." The Debentures will rank equally with the Trust's other unsecured indebtedness that has not been subordinated.
As amended, the Debentures made available are not registered under the U.S. Securities Act of 1933, and they cannot be offered or sold in the U.S. without registration or an exemption from the registration requirements.
About Choice Properties Real Estate Investment Trust
One of the leading Real Estate Investment Trust, Choice Properties creates enduring value through the operation, ownership and development of high-quality commercial and residential properties. The company believes that creating spaces that improve how our tenants and communities live, work, and connect adds value. Therefore, it strives to understand our tenants' needs and manage our properties to the highest possible standard. It is a Toronto, Ontario-based company that aims to build sustainable communities that are economically, socially, and environmentally sound. Its core values are care, ownership, respect, and excellence, and they inform all that Choice Properties do.
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REAL ESTATE TECHNOLOGY, REAL ESTATE ADVICE
Accurate Group | February 08, 2023
On February 07, 2023, one of the leading providers of technology-driven real estate appraisal, analytics, title data and e-closing solutions, Accurate Group, announced the company's Archer® Software Platform is integrated with ClickFORMS®, a user-friendly appraisal software application developed by Bradford Technologies. The simplified integration enables appraisers to populate appraisal data and create reports on the Accurate Group Platform in ClickFORMS®. As a result, appraisers can use the platform efficiently and easily.
ClickFORMS® is the industry's most adaptive and user-friendly appraisal software, allowing appraisers to complete valuation assignments without learning new features. In addition, the platform offers services like technical support, productivity tools, data resources to process reports, and network connections to transmit messages.
Paul Doman, President, and CEO of Accurate Group, said, "Accurate Group is excited to partner with Bradford Technologies. Our secure, robust integration with ClickFORMS® simplifies appraisal report creation while still allowing appraisers to benefit from the breadth and depth of Accurate Group's appraisal management platform – delivering the best possible experience for appraisers." He also said, "In addition, by further streamlining the appraisal process, Accurate Group continues its mission to help lenders accelerate loan cycle times, improve operational efficiency and deliver the best borrower experience."
(Source: Business Wire)
About Accurate Group
Accurate Group is based in Independence, Ohio is a real estate technology and services leader providing technology-driven property appraisal, analytics, title data, and digital closing solutions to banks, servicers, non-bank credit unions, and capital market firms. The company offers its clients the best combination of speed, regulatory compliance, quality, and price by combining modern process accurate data, automation, and innovative SaaS and mobile technologies. In addition, the real estate finance community and consumers with Accurate Group are benefitted from top solutions of the market, which allows modern digital frameworks to improve accuracy, reduce costs and enhance compliance through all types of real estate loans, portfolios, and mortgage-related assets.
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