REAL ESTATE TECHNOLOGY,MORTGAGE AND LENDING
3650 REIT | January 04, 2023
3650 REIT, a national commercial real estate lender with a $13.1 billion loan portfolio for relationship borrowers, has announced the launch of its new Transitional Lending platform. The main goal of the new platform is to make transitional loans for borrowers who want to do recapitalization or certain other transactions.
With the platform launch, 3650 will now be able to provide borrowers with a complete range of financing options across the property life cycle in a market where banks and other alternative lenders are pulling back.
The Transitional Lending platform is a new addition to 3650's existing Bridge and Event Driven (BED) and Stable Cash Flow platforms. It offers flexible loan structures for cash-flowing or newly built projects with a clear path to stabilization. About $500 million in transitional loans are expected to be made through the new platform in 2023.
3650 REIT said that in today's uncertain capital markets, the company must give borrowers various loan options to cover the wide range of deals being made. This new platform is an important and exciting step forward to help the growth process.
In this real estate cycle, transitional lending fills borrowers' financing gaps. Those who take these loans will also get customized short-term financing options and business plans for each property. 3650, which has the infrastructure and staff to fund these projects, will book its first loan on the new platform in 2023.
In terms of loans originating via its BED and Stable Cash Flow platforms, 3650 had $1.66 billion by the end of 2022.
About 3650 REIT
3650 REIT is a commercial lender that makes portfolio loans and takes care of them for relationship borrowers all over the country. Because of its unique way of investing, national scale, vertically integrated platform, and status as a rated special servicer, it can offer customized financing options, high-touch service, and reliable results that are centered on the customer. Meanwhile, 3650 REIT manages its portfolio efficiently by retaining investment risk.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Side | January 30, 2023
Robust Real Estate, a client-centric residential sales and leasing firm, recently announced its partnership with Side, a real estate technology company. The collaboration will ensure that the relationship-driven firm of Robust Real Estate is powered by the industry's most advanced platform.
Corey Nelson founded Robust Real Estate to assist Southern California homebuyers and sellers achieve their real estate objectives. With a total transaction volume of approximately $300 million, Nelson and his team earned a spot on the Los Angeles magazine Real Estate All-Stars list for 2023 and the RealTrends list of America's top real estate professionals in 2022. In addition, the team has 100 five-star Zillow ratings and many satisfied clients who support its referral-based business.
Partnering with Side will ensure that Robust Real Estate remains at the forefront of the evolving real estate market and continues to provide its clients with premium services. Side supports Robust Real Estate with a one-of-a-kind brokerage platform consisting of proprietary technology, branding and marketing services, transaction management, public relations, lead generation, vendor management, legal support, and infrastructure solutions. In addition, Robust Real Estate will join an exclusive group of Side partners, gaining access to an expansive network.
Corey Nelson, Founder of Robust Real Estate, shared, "I've dreamed of opening my own brokerage since obtaining my broker license in 2015, but I was hesitant to move forward because of the overhead, complexity, and liability." He adds, "Side solves many of my concerns by providing my team and me with access to state-of-the-art marketing, technology, administrative, and legal services, so we can spend more time delivering best-in-class service to our clients."
(Source – PRWeb)
About Side
Headquartered in San Francisco (California) and founded in 2017, Side is a real estate brokerage platform empowering agents, teams, and independent brokers to establish and expand their boutique brands. The company works in the background to provide its partners with time-saving technology and superior support so brokers can work without worrying about the time, cost, or risk of operating a brokerage. Its proprietary technology platform and support solutions enable agent partners to increase productivity and expand their businesses. As a result, Side has helped launch more than 500 real estate companies across the country.
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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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