REAL ESTATE TECHNOLOGY
UL | May 12, 2022
UL, a global safety science leader, announced a new partnership with InSite, a provider of building intelligence solutions that enable organizations to optimize performance of real estate assets, achieve sustainability goals and fulfill environmental, social and governance (ESG) reporting requirements.
With this partnership, InSite will provide building owners and property managers with actionable building intelligence data to complement UL's ESG advisory, sustainability and energy advisory, indoor environmental quality and field services. UL's advisory services include services such as energy and water audits, commissioning advisory services, sustainability certifications, including Leadership in Energy and Environmental Design (LEED), Building Research Establishment's Environmental Assessment Method (BREEAM), Fitwel and the WELL Building Standard.
Per the 2020 Global Status Report for Buildings and Construction by GlobalABC, buildings generate nearly 40% of annual global CO2 emissions including 28% from building operations. As part of the UL and InSite combined offering, InSite's building intelligence platform will support robust reporting and disclosure of ESG and sustainability data to key stakeholders such as GRESB. UL will leverage InSite's extensive data integration capabilities and operational insights to provide relevant advisory expertise, such as carbon accounting and net zero carbon emissions.
ESG reporting for a building encompasses a variety of environmental metrics. According to the 2020 United Nations Global Status Report for Buildings and Construction, the operations of buildings contribute to 28% of total global energy-related carbon dioxide emissions. In addition to greenhouse gas emissions, other environmental factors should be considered for ESG reporting, including energy use, water consumption, solid waste and biodiversity.
The commercial real estate industry has prioritized formulating building performance and ESG data as well as related reporting standards as part of overall property management operations. UL's new partnership with InSite will allow us to serve customers with an end-to-end technology and advisory solution to help inform these critical business decisions, including asset allocation, property management company selection and overall investment strategies."
Sean McCrady, global director of UL's Asset and Sustainability Performance group
"We are extremely excited about our new partnership with UL and the positive impact it will have on our customers. This partnership allows us to continue monitoring and reporting building performance, sustainability and ESG data while enriching and elevating our clients' sustainability journeys with UL's industry-leading advisory," said Francis Gangemi, InSite's president.
InSite is a premier business intelligence solution for real estate owners and operators. InSite's software as a service (SaaS) platform and managed services provide innovative, data-driven insights enabling clients to achieve ESG and sustainability goals and improve building performance while reducing operating costs. InSite's cloud-based platform seamlessly integrates data from a multitude of sources and systems. Leveraging a combination of machine learning and human analytics, InSite delivers actionable intelligence for optimization of real estate operations in support of strategic objectives and regulatory compliance.
UL is a global safety science leader. We deliver testing, inspection and certification (TIC), training and advisory services, risk management solutions and essential business insights to help our customers, based in more than 100 countries, achieve their safety, security and sustainability goals. We believe our deep knowledge of products and intelligence across supply chains make us the partner of choice for customers with complex challenges.
Lev | February 09, 2022
Lev has launched Lev Lending, the world's first end-to-end digital lending platform for commercial real estate (CRE), to transform the industry's notoriously complex lending process into a surprisingly beautiful digital experience.
Lev Lending is the new direct lending arm of Lev, the CRE financing platform that originated nearly $1 billion in loans via its marketplace in 2021. Lev brings speed and transparency to CRE financing by streamlining the application process with automation and deal management tools for borrowers and brokers, along with powerful financing and closing technologies. Borrowers are automatically matched with the right lender through an intuitive interface.
Lev Lending utilizes Lev's proprietary AI tech and deep industry expertise to rewire the entire CRE financing process from quote to close. The platform will initially specialize in permanent, non-recourse loans on single-tenant net lease (NNN) properties. In its soft launch period, Lev Lending closed multiple million-dollar loans on retail properties such as Dollar General and KFC in as little as 30 days–or as much as 3x faster than traditional lenders.
Over the last decade, most industries have been simplified by technology. Finally, these changes are coming to CRE lending, We're building a platform that not only makes life easier for current investors to get financing, but also simplifies the experience for the lender. It's a win-win for all industry players."
Yaakov Zar, founder and CEO of Lev.
Lev's technology infrastructure allows the company to scale its business nationally and support all asset types. By automating manual tasks, it has changed the way originators, executors and brokers provide support to their clients. As a result of this differentiated experience, the company grew 10x in 2021–its second year in business.
Our goal is to become the nexus of all CRE transactions. Today's commercial borrowers are demanding fast, digital experiences that mirror consumer processes. They want a Rocket Mortgage for their commercial properties. Whether you're a borrower using our marketplace for the best deal, or you're a natural fit for NNN via Lev Lending, we're here with a fast, beautifully-engineered lending experience."
Lev is the commercial real estate financing platform offering fast, transparent access to capital from the world's leading financial institutions. Having closed $1 billion in CRE mortgages in 2021, Lev has grown 10x year-over-year thanks to its proprietary approach to CRE financing, including the industry's only API. Founded in 2019, Lev has raised $40 million from StepStone Group, First American Title, NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures, among others.
REAL ESTATE INVESTMENT
Cadre | April 21, 2022
Cadre, the technology-driven commercial real estate investment platform, announced the hire of Dustin Cohn as Chief Marketing Officer to continue driving awareness around the accessibility and advantages of real estate investing. With decades of experience across brand development and performance marketing, Cohn will report to Cadre Founder and CEO Ryan Williams to support Cadre's mission of democratizing commercial real estate (CRE) investing, a traditionally exclusive asset class.
According to a recent survey, 73% of consumers earning $75k - $500k are interested in CRE, but only 14% are invested in it.1 This may be due to a number of misconceptions about the asset class. Many consumers assume CRE is exclusive to the ultra wealthy, institutions, or requires at least $100k to invest. There is also a knowledge gap about the benefits CRE can provide – by and large, consumers are worried about inflation (86%), they want to diversify their portfolios (68%), but many do not recognize CRE's potential for inflation-hedging or historically high risk-adjusted returns.2 Cadre, now with the help of Cohn, is working to dispel misconceptions by providing and promoting unprecedented access to CRE.
At Cadre, we are keen to educate individuals about the financial opportunities the commercial real estate market can provide. I founded Cadre to serve those typically excluded from accessing high-quality assets and opportunities to build wealth. Dustin's proven experience reaching individuals and raising awareness is unparalleled, and I am eager to work with him as we bring the transparency, accessibility and liquidity of our platform to more people."
Ryan Williams, Cadre Founder and CEO
Cohn joins Cadre following its most successful quarter to date, as platform users rose by more than ~20% and the firm raised nearly as much capital from individual investors as it had throughout all of 2021. Cohn's experience helping consumers access wealth-building tools will help build off that momentum.
Prior to Cadre, Cohn served as Head of Brand and Marketing for Marcus and Wealth Management at Goldman Sachs, leading the development of the Marcus brand—notably inventing its name—and launching a number of firsts for the storied firm, including its first-ever consumer advertising campaign and athlete sponsorship. He also led brand and marketing efforts for the firm's Asset Management division.
"Cadre's platform already disrupted the status quo by giving individuals access to institutional-quality real estate," stated Cohn. "Commercial real estate is no longer just for the uber wealthy and institutions. For many consumers, the remaining barrier is simply awareness. A modern wealth-building tool is already available to individual investors right now, a few clicks away. I am honored to join the firm's mission to not only deliver this access, but also educate more investors that it exists."
Cohn also has experience leading marketing for a number of global consumer brands. Prior to joining Goldman Sachs, he served as CMO for Jockey International, CMO for Optimer Brands, and spent several years at PepsiCo as Marketing Director for Gatorade and Propel.
Cadre is a groundbreaking technology-driven commercial real estate investment platform that offers both institutional and individual investors the opportunity to access expertly curated real estate assets with lower minimums, low fees, and unprecedented potential for liquidity. Via its data-driven and transparent approach, Cadre opens participation in a historically opaque and illiquid asset class.
Along with its traditional investment offerings, Cadre also provides investors with the ability to pursue highly vetted commercial real estate opportunities and the opportunity to seek liquidity through its proprietary secondary market, a unique offering within the industry.
Since Cadre's founding, Cadre has closed more than $4.5 billion in real estate transactions across 23 U.S. markets and delivered an 18+% average net IRR across all completed property sales,3 resulting in the return of more than $300 million of capital to Cadre investors to date.
REAL ESTATE TECHNOLOGY
Institutional Property Advisors | May 18, 2022
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hudson on Farmer, a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The property traded for $96 million, which represents $561,404 per unit.
Hudson on Farmer is supported by a highly educated population of over 620,700 working professionals throughout 16 major employment corridors within a 10-mile radius. Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.”
Steve Gebing, IPA executive managing director
Gebing and IPA executive managing director Cliff David represented the seller, 8th & Farmer Owner LLC, and procured the buyer, Ideal Capital Group. “Tempe is one of the best suburbs in Arizona for young professionals and this ambitious demographic has long been a key source of the city’s success,” added David.
Hudson on Farmer’s Mill Avenue District location places it in the geographical center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe has a mix of treelined walkways and large office developments, including 20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry Lakeside, a master-planned mixed-use development with 1.6 million square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank, and Microsoft. There is 18.5 million square feet of lifestyle amenities in close proximity, namely Tempe Marketplace, Mesa Riverview, and Sloan Park, the spring training home of the Chicago Cubs.
Completed in 2021, six-story Hudson on Farmer has open-concept apartment homes with full-size front-load washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with undermount lighting, premium closets, and reserved parking. The property’s common area accommodations include a resort-inspired, heated swimming pool and spa and second-story resident lounge with social space, a conference room, and workspaces accented by modern art and natural wood décor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, firepit, desert vegetation and misting system gives residents an added venue for entertaining. Additional community amenities include a fitness center, bike parking room and electric vehicle charging stations.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.