REAL ESTATE INVESTMENT
Cantor Fitzgerald | July 29, 2022
Cantor Fitzgerald Income Trust, Inc. ("CF Income Trust"), a non-traded real estate investment trust and affiliate of Cantor Fitzgerald, L.P., announced today the completion of more than $118 million in real estate-related transactions since the beginning of 2022. As of June 30, 2022, the portfolio exceeds 6.9 million square feet1 with total assets controlled of $1.05 billion.2 Chris Milner, President of CF Income Trust, stated, "We have been active, thus far in 2022, and continue to execute on our high conviction themes of acquiring well-located multifamily properties and net lease assets with strong tenants."
Recent acquisitions include:
Eisai Inc. North American Headquarters – Nutley, New Jersey – Class-A Office
On April 22, 2022, CF Income Trust, through a joint venture with a subsidiary of Cantor Fitzgerald Investors, LLC, indirectly acquired 10% of the interests in a Delaware Statutory Trust that purchased a 15-story, 332,000 square foot Class-A office tower located in Nutley, New Jersey. The property is leased to Eisai Inc. and serves as the North American headquarters for Eisai Co., Ltd. ("Eisai"), a Japan-based global pharmaceutical company.
The property was most recently renovated in 2021 and is designed to nurture the company's hybrid flexible working model, which allows for collaboration and interaction among colleagues. Additional features include a 405-seat auditorium, private outdoor garden, and amenity area. "The property is located within the master planned ON3 life sciences campus, an area that will ultimately include 1.4 million square feet of office/R&D/medical space, multifamily residential, retail amenities, a full-service hotel, and significant green space," said Roger Shreero, Managing Director, Cantor Fitzgerald. "This newly renovated, high-quality asset is a great addition to the portfolio and is a centerpiece within the growing life sciences landscapes of the Nutley and Clifton townships."
Landings of Conroe, Conroe, Texas – Multifamily
CF Income Trust, through a joint venture with an affiliate of CAF Management, LLC, acquired a 200-unit multifamily property located in Conroe, Texas.
Built in 2005, the property features one-, two-, and three-bedroom apartment home floor plans with amenities including a clubhouse, 24-hour fitness center, swimming pool, picnic and grilling area, sport court, dog park, and gated access.
"The area has seen significant growth in recent years due to corporate expansions by ExxonMobil, HPE, HP Inc., and ABS in neighboring The Woodlands and Springwoods Village," said Matt Keefer, Managing Director, Cantor Fitzgerald. "Housing demand continues to rise and the property is in a position to benefit from that demand."
Mars Petcare - Columbus, Ohio - Cold Storage Warehouse
CF Income Trust, Inc., through a wholly owned subsidiary of its operating partnership, acquired a 465,256 square foot cross-dock dry/cold storage facility in Columbus, Ohio. The property is 100% leased to Mars Petcare, U.S. Inc., the domestic segment of Mars' global pet care business. Located adjacent to Mars Petcare's primary production facility, the property features 168,245 square feet of freezer space, LED lighting, 30' clear heights, 27 dock doors, two drive-in doors, 212 car spaces, and 100 trailer spaces on a 21.6-acre site.
"We are pleased with the performance and growth of CF Income Trust, We remain focused on adding well-located properties with predictable income streams to our defensively positioned portfolio. Our ability to be selective in today's market is key to our success."
Jay Frank, President, Cantor Fitzgerald Asset Management
About Cantor Fitzgerald Income Trust, Inc.
Cantor Fitzgerald Income Trust, Inc. is a publicly registered, non-traded, monthly-valued perpetual NAV real estate investment trust (REIT) that owns and manages a diversified portfolio of institutional quality, income-producing commercial real estate including apartments, industrial, office, and necessity retail properties located in the United States
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, and commercial real estate, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform.
REAL ESTATE ADVICE
Redfin | June 27, 2022
Demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4% from before the pandemic in May, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from a revised rate of 3% above pre-pandemic levels a month earlier, and 70% above pre-pandemic levels a year earlier.
Demand for second homes is declining due to high home prices, mortgage rates that have rapidly risen to nearly 6% and a slumping stock market–factors that are also cooling the rest of the housing market. Another deterrent to second-home buyers is the fact that the federal government increased loan fees for second homes in April, adding roughly $13,500 to the cost of purchasing a $400,000 home.
Skyrocketing monthly payments, along with higher loan fees, have priced many second-home buyers out of the market. Many would-be second-home buyers are also deterred by turmoil in the stock markets, high inflation and recession fears, and they can be quicker to pull back from the market because vacation homes aren’t a necessity the way primary homes are. The cooldown in the second-home market is likely to continue as long as mortgage rates are elevated and the stock market is slumping.”
Taylor Marr,Redfin Deputy Chief Economist
The drop in vacation-home demand marks a drastic change from the second half of 2020 and 2021, when mortgage-rate locks for second homes skyrocketed due to record-low mortgage rates and the flexibility to work from anywhere thanks to remote work. Demand peaked in March 2021, when it was about 90% above pre-pandemic levels.
Interest in vacation homes started declining sharply in February as mortgage rates began their ascent. The average 30-year fixed mortgage rate reached 5.81% in the week ending June 23.
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
REAL ESTATE TECHNOLOGY
Bluerock Residential Growth REIT, Inc. | May 15, 2022
Bluerock Residential Growth REIT, Inc. announced that its Board of Directors has authorized and the Company has declared a monthly cash dividend on the Company's Series B Redeemable Preferred Stock (the Series B Preferred Stock) for the month of May 2022, equal to a quarterly rate of $15.00 per share (the Series B Preferred Dividends). In addition, the Board of Directors has authorized and the Company has declared a monthly cash dividend on the Company's Series T Redeemable Preferred Stock (the Series T Preferred Stock) for the month of May 2022, equal to a quarterly rate of $0.384375 per share (the Series T Preferred Dividends).
The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Friday, June 3, 2022 to Series B Preferred stockholders of record as of Wednesday, May 25, 2022.
The Series T Preferred Dividends will be payable in cash as follows: $0.128125 per share to be paid on Friday, June 3, 2022 to Series T Preferred stockholders of record as of Wednesday, May 25, 2022. Shares of Series T Preferred Stock held for only a portion of the applicable monthly dividend period will receive a prorated Series T Preferred Dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding, as permitted under the Articles Supplementary to the Company's charter dated November 13, 2019.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.