REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
SVN | September 20, 2022
SVN International Corp. (SVNIC), a full-service commercial real estate franchisor of the SVN® brand, announces the addition of its new franchise office, SVN | Waterfront Commercial Realty, based in Jupiter, Florida.
Operating as a branch of SVN | Florida Commercial Real Estate Advisors for more than ten years, SVN | Waterfront Commercial Realty is an established commercial real estate firm led by Managing Directors Robert Hamman, Keith Kidwell, CCIM, SIOR, and Jerry Anderson, CCIM. Now, SVN | Waterfront Commercial Realty is expanding their geography and specialties into the Jupiter and North Palm Beach markets. The firm’s specialties include land, marinas, restaurants, high profiles businesses with real estate on the intracoastal, general office, and retail.
“After more than ten years as a successful SVN Advisor, I was thrilled about the opportunity to start a business partnership with a top commercial real estate brand, For Hamman, SVN was the only choice. With SVN, we gain the visibility and technology of a global brand, plus access to a strong network of SVN Advisors spread across the country.”
-Managing Director, Rob Hamman
Through this strategic partnership, SVN | Waterfront Commercial Realty plans to expand with new offices in Stuart, Palm Beach Island, and North Palm Beach. As the east coast of Florida continues its phenomenal growth, we are positioned perfectly to assist investors and other owners of commercial real estate. Our expansion bodes well to serve our existing clientele as well as new clients.
About SVN | Waterfront Commercial Realty
SVN | Waterfront Commercial Realty is a successful CRE brokerage firm serving the Jupiter and North Palm Beach markets. The firm’s specialties include land, marinas, restaurants, high profiles businesses with real estate on the intracoastal, general office, and retail.
The SVN organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues, and our communities. The SVN brand is comprised of over 2,000 advisors and staff in more than 200 offices across the globe in six countries. Our brand pillars represent the transparency, innovation, and inclusivity that enables all our advisors to collaborate with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN advisors create amazing value with our clients, colleagues, and communities.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Berkadia and Esusu | September 08, 2022
Berkadia announced today that it signed an agreement with Esusu, the leading financial technology company leveraging rental data for credit building. This partnership unlocks greater equity for renters, improves property performance for multifamily owners and operators and reduces lender risk.
With a mission to dismantle barriers to housing for working families, Esusu reports on-time rent payments to the three major credit bureaus, Equifax, Transunion, and Experian, to establish and boost credit scores for residents. The collaboration, which launched in the Spring of 2021, has expanded to over 34,000 units, establishing over 5,300 credit scores for residents to date.
“We could not be happier to have a multi-year agreement with Esusu, which allows Berkadia to extend a powerful property performance enhancing solution to our clients, This will help owners and operators reach their own ESG goals at an exceptional value and support Esusu’s critical and innovative objective–helping renters build and improve their credit.”
-Bryce Nyberg, Director of Berkadia Digital
Partnering to Provide Value and Solutions
Seeing the value Esusu could bring to the entire residential ecosystem, a partnership was formed when Esusu joined Berkadia’s inaugural BeEngaged program in February 2020. The partnership has proven to be mutually beneficial and has helped Berkadia develop a competitive advantage as an attractive funding source to owners and operators who value Esusu as both an economic and social solution.
Through Berkadia’s introduction, Esusu services over 285 properties across more than 10 management companies including Burbank Housing, Comunidad, Eagle Property Capital, Morgan Properties, Odin Properties and more.
As a workforce housing provider operating primarily in the inner city, Odin Properties has long been focused on supporting quality of life for our residents, In Esusu, we found a solution and a team that helped further that goal by allowing residents unprecedented access to the financial system, while improving property performance. It has been encouraging to see Esusu grow as their message rightfully resonates with so many different housing stakeholders,said Phil Balderston, Founder & CEO of Odin Properties LLC.
Supporting an Equitable Housing Market
Throughout the partnership, there has been growing industry awareness around the criticality of equity in multifamily housing. This was further emphasized when Esusu announced a collaboration with Freddie Mac.
Through their joint initiative in support of increasing equitability in the housing market, Freddie Mac provides closing cost credits to multifamily borrowers who agree to use Esusu to report on-time rental payments. Esusu also provides discounted pricing for these and other Freddie Mac borrowers who agree to report on-time rental payments through the platform.
Our credit building initiative has helped build or establish credit scores for tens of thousands of multifamily renters nationwide, It is an essential component of our effort to build a more equitable multifamily housing system,said Corey Aber, Vice President of Mission, Policy and Strategy for Freddie Mac Multifamily.
Utilizing Real-Time Data for Returns
Esusu not only improves the quality of life for residents but also helps properties maximize net operating income (NOI). By adding Esusu to Berkadia’s expansive network, borrowers can see scalable social impact results–credit score increases, new established scores, eviction prevention–as well as economic returns through improved rent collections, reduced delinquencies and renter turnover, and thereby healthier cash flows.
We are grateful for our long-standing collaboration with Berkadia, The firm took an early bet on Esusu through their BeEngaged program which has paved the way for Esusu’s proliferation throughout the marketplace. Berkadia has shared our vision from day one and their foresight has led to adoption by other lenders and sponsors throughout the industry. Together, we will continue to create a world-class experience for their sponsors while taking tangible steps towards dismantling barriers to housing and bridging the racial wealth gap,said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu.
Launched in 2019, the BeEngaged program advises and accelerates startups that are redefining the commercial real estate industry by providing them with resources, strategic counsel, and a collaborative network to test and grow innovative concepts. Since then, the organization has accelerated more than a dozen CRE tech startups, including Esusu.
BeEngaged features three stages to foster innovation and collaboration across the commercial real estate industry: BeEngaged Network®, Verified Status, and the BeEngaged Lab®. The BeEngaged Network® develops an ecosystem of founders, industry professionals, and capital providers dedicated to redefining the commercial real estate space. Companies participating in the BeEngaged Network® that have proven potential for long-term growth and industry transformation can be invited to seek Verified Status (VP). This stage provides company founders with focused mentorship for validating strategic alignment to participants of the BeEngaged ecosystem through experiments and pilots. Successful VP companies are invited to join BeEngaged Lab®, which is a catalyst for founders and Berkadia to collaborate on long-term initiatives.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 2.5 million rental units across all 50 states in the U.S.
REAL ESTATE TECHNOLOGY
FAIRSTEAD | July 26, 2022
Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, today announced the acquisition of the historic Aurora Apartments (Aurora) tower in the Tobin Hill neighborhood of San Antonio. Located at 509 Howard Street, the 11-story building comprises 105 apartments that are home to low-income senior residents. Fairstead will invest $15 million to rehabilitate Aurora Apartments while preserving Aurora's affordability and historic character long-term.
The renovations will modernize the interior homes of the 92-year-old property and preserve its historic façade as well as original mosaic tile flooring and walls, historical interior doors, and hardware. Renovations will upgrade the infrastructure of the building including a new emergency generator, electrical panels and main switchgear, installing a sprinkler system, two new elevators, and new roofing. The apartments will also be upgraded with new Energy Star appliances, kitchens and bathrooms, and HVAC units. Construction is expected to begin this summer.
"Fairstead is proud to be stewards of historic properties across the country, and we are bringing our approach to preserving both history and affordability to the Aurora Apartments, By expanding our footprint in Texas, we can ensure that its critical affordable housing stock is not only protected but improved and modernized. Our plan to overhaul the homes at Aurora will ensure our senior residents can age in place with dignity – something we are committed to doing nationwide."
Allan Izzo, Director, Development at Fairstead
Fairstead is financing the rehabilitation in partnership with the Las Varas Public Facility Corporation, a nonprofit managed by the San Antonio Housing Authority, the Texas Department of Housing and Community Affairs, Capital One, N.A., and Boston Financial.
"About half of the residents receiving housing assistance from SAHA are elderly on a fixed income," said Tim Alcott, the San Antonio Housing Authority Chief Legal and Real Estate Officer. "We celebrate partnerships that help maintain affordable housing options for the families we serve and provide a place of security."
"Boston Financial is proud to have partnered with Fairstead on the preservation of Aurora Apartments in San Antonio, Texas. Our investment has helped Fairstead to modernize 105 units of housing for the residents of this historic community, especially seniors, and preserved much-needed affordable homes for the region," said Stephen Napolitano, Senior Vice President, Boston Financial. "We believe in Fairstead's commitment to building vibrant communities across the US, and our work together reinforces our own vision to create a future where everyone has a home, one investment at a time."
"This renovation will help bring transformative change to Aurora Apartments with fully renovated unit interiors and common areas, as well as accessibility and energy efficiency improvements" said Evan Williams, senior vice president of Agency Finance at Capital One. "By leveraging our relationships with Fairstead and Freddie Mac, as well as the rest of the development team, Capital One was able to arrange an index lock, which mitigated the risk of interest volatility and ensured the project benefited from a 2.92% treasury rate."
Fairstead is partnering with the non-profit Rainbow Housing Assistance to provide much-needed social services to residents through the company's commitment to Community Impact.
"Rainbow is grateful for the opportunity to partner with Fairstead at Aurora Apartments. We are excited to bring valuable programs and services to the residents of the community and promote social and economic advancements while ensuring tenant stabilization," said Flynann Janisse, President and Executive Director of Rainbow Housing Assistance Corporation. "Rainbow will offer a variety of programs targeting financial literacy, credit enhancements, education, ESL, career development and immediate employment. We will establish tailored programing to meet the unique needs of each individual and family that calls Aurora Apartments home. We look forward to lifting lives in partnership with Fairstead."
Built in 1930 as a luxury hotel in the Neo-Gothic architectural style, Aurora is listed on the National Register of Historic Places. Known for its hand-carved fireplaces and grand common spaces, the vintage 11-story apartment building will remain a pet-friendly place to call home. Half of the building's units are reserved for residents making up to 50 percent of the Area Median Income (AMI) and the other half are for households making up to 60 percent AMI.
This news follows Fairstead's recent acquisition of the 160-unit affordable housing complex Gateway Apartments at Lake Jackson in the Greater Houston metropolitan area. Fairstead is renovating and expanding Gateway's amenity offerings, including a fitness room and playground, and is transforming the property's outdoor recreation spaces to create a more connected community for residents.
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm's national footprint includes more than $6 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead's team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry's most proactive community impact programs to provide on-site support services to residents.