EMAAR PROPERTIES MARKS UAE FLAG DAY AT DUBAI OPERA, DOWNTOWN DUBAI

EMAAR | November 03, 2016

In a strong demonstration of its solidarity with the nation’s leadership and saluting their vision, Emaar Properties marked the UAE Flag Day today at Dubai Opera, its iconic new attraction in Downtown Dubai.

Commemorating the path-breaking efforts of the nation’s founding fathers, the late Sheikh Zayed bin Sultan Al Nahyan and the late Sheikh Rashid Bin Saeed Al Maktoum, the UAE Flag Day celebrations symbolize the nation’s colossal achievements.

Spotlight

Understanding Repairs in a Rental Property: The BRA Method. Accounting for repairs and expenses on a rental property is a topic that creates a lot of confusion. However, the IRS has set forth regulations that are very clear. I’m sharing a simple mnemonic device you can use to determine whether or not an expense can be written off immediately or capitalized over time. I’ll give specific examples, quote exact wording from the tax code, and share why I love making repairs on my rentals! Press play to learn more about the BRA Method!


Other News
REAL ESTATE INVESTMENT

Echo Fine Properties Announces Second Largest Sale Ever in Gulf Stream

Echo Fine Properties | June 06, 2022

Echo Fine Properties, one of the most well-known luxury real estate firms in the Palm Beach area is proud to announce the second highest sale of a home ever in Gulf Stream. The 7715-square foot home on the ocean sold for a final purchase price of 27.5 million. Gulf Stream is ranked as the eleventh highest-income place in the United States. Designed by elite architect Randall Stofft, the home has 7.5 bathrooms and 5 bedrooms and was built in 2021 with a one bedroom one bath guest house. Echo Fine Properties agent Mitch Frank was instrumental in bringing a unique buyer to the spectacular home. The Echo Fine Properties team is known for luxury sales both in Gulf Stream and other areas around South Florida. It is rare to purchase a newer home in Gulf Stream on a premium oceanfront lot. About ECHO Fine Properties ECHO Fine Properties is a luxury real estate brokerage located in Palm Beach Gardens, Fla founded by Jeff Lichtenstein. Selling more 400 million dollars of real estate, Echo is one of the busiest, most awarded and forward-thinking brokerages in all of South Florida. Named, "Best Brokerage of the Year" and "Most Connected Firm" Jeff and his 70-person team are a true one stop shop. Echo's Home ECHOnomics Guarantee is one of the most unique internal collaborations to ever hit the industry.

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REAL ESTATE TECHNOLOGY

Whitecrest Real Estate Celebrates the Completion and Official Grand Opening of Brand-New Luxury Condominium Development, The Heritage

The Menkiti Group | May 21, 2022

MG Residential, an arm of Brookland's The Menkiti Group, was joined by Whitecrest Real Estate, to celebrate the launch of The Heritage, a newly developed collection of modern condominiums starting in the mid $300's. The new development offers 1–2-bedroom units that range from 570 – 1050 square feet. The completion of this project marks a major milestone in the new development and momentum in Ward 5. "The project was started late 2018 and took over 3 years to complete. Even through the chaos of COVID-19, we trooped through as we believed in the project," said the company's Director of Design, Maryam Kazmi. "We chose this project as we believed in the neighborhood and wanted to add value to this area and offer new modern living. This is an emerging neighborhood and we wanted to be part of its story." The Heritage lies in the heart of Woodridge, a residential neighborhood located just north of the National Arboretum. The dynamic team of Whitecrest Real Estate always believed in the Woodridge neighborhood, but it was not until they began working in the area, that they realized its true potential. We were one of the first very few developers who started to invest in the neighborhood, about a decade ago in 2013 with a boutique style building. While working in Woodridge, we realized that it is not only a conveniently located and easily accessible neighborhood to various hot spots of Washington DC, but also amongst one of the safest and most affordable areas in the city." Reza Damani, Real Estate Investor and Chief of Operations for Whitecrest The Heritage is conveniently located near a variety of the District's parks and amenities. Barnard Hill Park lies in the northwest corner of the neighborhood, providing 22 acres of open green space for walking or picnics. Also, near the neighborhood, the Dwight A. Mosley Playground and Taft Recreation Center have a large playground, several sports fields, a tennis court, and a basketball court. Although Woodridge lies in a residential area, its proximity to the city's main attractions is what gives this neighborhood its unique flexibility and advantage. Whitecrest and MG Residential were joined by many Ward 5 residents and local businesses, resulting in a successful community event. Joe Dawson of Mission Mortgage and Lawrence Elliot of Prime Title sponsored the event and were also in attendance. "We appreciate everyone who attended the official Grand Opening for The Heritage," says MG Residential's VP of Sales and top 1% of realtors nationwide, Lashika Mason. "We are truly overwhelmed by the constant outpouring of support from the community and look forward to seeing The Heritage's impact in Ward 5." The Heritage is on one of the main arteries of the neighborhood, that runs into Washington, DC. The luxurious finishes combined with the extra effort that was taken to preserve the 100-year-old bank façade makes this beautiful building stand out. The Heritage is a well-built, high-end, and eco-friendly mixed-use condo building in a calm and inviting neighborhood that's a rare find in Washington, DC. The units are well-designed, efficiently built, and are offered at the most competitive prices available in the marketplace for brand-new condominiums. "This is an exciting partnership with MG Residential and Whitecrest Development," says top producing realtor and Managing Director at MG Residential, Anthony Mason. "We are proud to be a part of this project and are looking forward to seeing the impact on the community as we strive to continue to fulfill our mission of transforming lives, careers, and communities through real estate." About Whitecrest Real estate Whitecrest is a dynamic team of real estate investors composed of four key players: Farid Khan serves as the President for Whitecrest Real Estate Company. His primary role is developing a vision for White crest real estate. He also Analyzes budgets and financial reports regularly, reviews and advises on contracts, and leads the company towards success. Reza Damani serves as the Chief of Operation for Whitecrest Real Estate, providing executive management and overseeing all areas of a project from acquisition of raw land to design and development of all the company's construction projects. Mr. Damani is a licensed Class A builder in the Washington DC area with 20 plus years and over 150,000 total developed square feet in the Washington DC metro area. From site selection, through acquisition and construction, to occupancy, he offers comprehensive ground-up and build-to-suit development services for the region. Syed Ali serves as the Chief financial Officer for Whitecrest Real estate and is responsible for tracking cash flow, financial planning, analyzing the company's financial strengths and weaknesses and proposing strategic direction. He is also responsible for maintaining relationships with bankers and investors. Maryam Kazmi serves as the Director of Design for Whitecrest Real Estate. She oversees all design decisions and aesthetics of the project from the floor plans to the finishes. Her responsibilities include making all indoor and outdoor spaces functional, safe, and beautiful by determining space requirements and selecting essential and decorative items, such as colors, lighting, and materials to ensure a well-designed and cohesive look to the whole project. About MG Residential MG Residential is a premier sales team based in Washington, DC, with expertise providing residential and commercial real estate services to buyers, sellers, investors, and developers across Washington DC, Maryland, and Virginia. Over the past 15+ years, MG Residential has had the privilege of serving over 3,000 families in the greater DMV region and has consistently been ranked within the top 100 teams nationally for Keller Williams. Founded with the mission of transforming lives, careers, and communities through real estate, MG Residential is anchored by Bo and Kymber Menkiti and Anthony and Lashika Mason. Their goal is to close the gap on homeownership and create intergenerational wealth in the District of Columbia and throughout the greater DMV region.

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BROKERAGE

The Real Brokerage Surpasses 5,000 Agent Milestone

The Real Brokerage Inc. | June 18, 2022

The Real Brokerage Inc., an international, technology-powered real estate brokerage, announced that it has surpassed 5,000 agents. The company has grown from 2,450 agents to 5,000 agents in the past 12 months, an increase of 104%. Over the past year, Real was listed on the NASDAQ Stock Exchange, launched a new platform for its technology, and broadened its brokerage operations to 44 states and the District of Columbia, with an addition of 13 states including Indiana, North Dakota, Minnesota, Montana, Iowa, Michigan, Idaho, Kentucky, Wyoming, New Mexico, Arkansas, Maine and Mississippi. The Company also added an international dimension, commencing operations in Canada, including Alberta and Ontario. The Company is focused on building a new model of national real estate brokerage that breaks away from franchise fees and brick-and-mortar offices and provides agents with an attractive financial incentive structure, innovative technology tools and an enterprising, ambitious culture. We've seen monumental success over the past year, and I believe a large part of that can be attributed to our agent attraction momentum and comprehensive tech solutions. Real attracts agents who are driven to succeed and who want to work with others who are equally as passionate. We build the technology and collaborative culture, and they continue to champion our growing community." Tamir Poleg, Real Chairman and CEO About Real Real is a technology-powered real estate brokerage operating in 44 U.S. states, the District of Columbia, and Ontario and Alberta, Canada. Real is building the future, together with more than 5,000 agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.

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REAL ESTATE INVESTMENT

Lument Closes $13.5 Million Bridge Loan for Two Multifamily Communities in Detroit

Lument | May 27, 2022

Lument announced that it closed a $13.5 million proprietary bridge loan to facilitate the refinance of two multifamily communities consisting of 118 total units in Detroit, Michigan. James Kelly, director with Lument in Atlanta, led the transaction. The sponsor is Greatwater Opportunity Capital, a real estate private equity investment manager and development firm focused on Detroit and other emerging urban markets. Greatwater has deployed over $150 million of equity into Detroit neighborhoods, many of which are designated opportunity zones. We are always proud to work with organizations like Greatwater Opportunity Capital, which excels at producing positive local outcomes and superior returns by investing in opportunistic cities such as Detroit. This marks our tenth fruitful collaboration, and we look forward to more success in the future and continuing to help Greatwater accomplish its strategy of acquiring, significantly renovating, and leasing up high-quality multifamily housing across the country." James Kelly, director with Lument Both properties were originally constructed in 1924. Greatwater acquired the properties in early 2020, at a time when the properties were in disrepair and had almost no occupants. The company promptly undertook $7.5 million in extensive renovations, which equates to $64,000 per unit, to dramatically overhaul the properties and turn them into first-rate multifamily housing. The bridge loan has a two-year term and a variable interest rate. In addition to refinancing an existing construction loan of $10.6 million and lowering debt service costs, the closing provides cash-out proceeds to investors, funds immediate repairs required to complete substantial rehabilitation, and provides $625,000 for future renovations. Located approximately half a mile apart, the communities are called Selden Manor, which features 48 units within a four-story building, and Heather Hall, which consists of 70 units within a ten-story building. About Lument ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS, Freddie Mac Optigo, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission.

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Spotlight

Understanding Repairs in a Rental Property: The BRA Method. Accounting for repairs and expenses on a rental property is a topic that creates a lot of confusion. However, the IRS has set forth regulations that are very clear. I’m sharing a simple mnemonic device you can use to determine whether or not an expense can be written off immediately or capitalized over time. I’ll give specific examples, quote exact wording from the tax code, and share why I love making repairs on my rentals! Press play to learn more about the BRA Method!

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