REAL ESTATE TECHNOLOGY
BioMed Realty | April 18, 2022
BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, announced the acquisition of Denny Park South in Seattle, Washington. Located in the highly amenitized and talent-rich South Lake Union/Denny Triangle district, the 1.6-acre property consists of two adjacent parcels in close proximity to industry-leading life science and technology companies and research institutions. The proposed 616,000-square-foot development will provide additional optionality for prospective and existing BioMed tenants as they seek purpose-built buildings to accommodate research.
BioMed continues to be focused on growth and expansion in our established core markets, like Seattle, where market fundamentals remain strong and innovation ecosystems are thriving. We now have the ability to double our footprint in the Seattle market and continue investing in mission-critical lab infrastructure needed to meet strong tenant demand as life science and technology companies grow and scale in the region.”
Tim Schoen, CEO of BioMed Realty
The Denny Park South acquisition will allow BioMed Realty to grow its existing 1.2 million-square-foot portfolio in Seattle which includes the recently completed flagship Dexter Yard project in South Lake Union. This acquisition of Denny Park South, along with the T6 Innovation Center at 200 Taylor Avenue North, represent an additional 1.2 million square feet of development potential. The Company anticipates investing an additional $700 million to develop these new facilities over time and expects to create nearly 850 new local construction jobs.
BioMed’s local network of best-in-class life science and technology properties, along with its development pipeline now represent 2.4 million square feet in the region to provide companies with the flexibility to grow or establish a presence in the Seattle community. The Company’s local tenants include blue chip companies seeking to be connected to the region’s talent, capital and research institutions. Notable tenants include the Seattle Children’s Research Institute, Novo Nordisk, Omeros Corporation, InBios International, Inc., Lyell Immunopharma, Inc., Shape Therapeutics and Tableau.
“The South Lake Union/Denny Triangle cluster where Denny Park South is situated is flush with renowned research institutes like UW School of Medicine, Gates Foundation, Fred Hutch, and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” said Jon Bergschneider, President of West Coast markets at BioMed Realty. “As demand from life science and technology companies in this neighborhood remain strong, BioMed is well-positioned to provide much-needed sustainable facilities that enable our tenants to continue their critical, and life-saving, work.”
BioMed Realty will continue to prioritize its local community engagement initiatives, expanding on its ongoing efforts to create a more equitable, inclusive and climate-resilient Seattle, with organizations such as the Downtown Seattle Association, the Seattle Chamber of Commerce, the South Lake Union Chamber of Commerce and the University of Washington.
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 14.5 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3.7 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries.
REAL ESTATE TECHNOLOGY
SkySlope | June 03, 2022
SkySlope, the leader in real estate transaction software, has launched Breeze, an all-around simple and streamlined application making Oregon Real Estate Forms (OREF) disclosures easy for Oregon agents and sellers to complete.
Since 2011, SkySlope has enabled brokers, agents, auditors, and transaction coordinators to track their deals while remaining compliant. Equipped with forms and a digital signature tool, SkySlope provides a frictionless workflow that saves time for agents. As the transaction management platform serving 35 percent of the top 20 largest brokerages in the U.S. and Canada, SkySlope is known for its award-winning customer experience.
With the launch of Breeze, SkySlope gives agents the ability to prepare and send disclosures like the Oregon's Seller's Property Disclosure Statement (Form 020) at lightning speed.
Breeze requires minimal preparation for agents to prepare and send disclosures to their clients in minutes, from anywhere. For home sellers, Breeze's TurboTax-style workflow helps simplify complicated and confusing disclosure forms—getting them completed quickly and with more confidence and accuracy.
Streamlined disclosure preparation equipped with MLS data sync
Status visibility, notifications, and easy revision requests
Simple guided workflows with helpful tips for consumers
Equipped with SkySlope DigiSign for free and unlimited digital signatures
Seamlessly integrated with SkySlope's suite of products
"Breeze is truly a one-stop-shop for faster disclosures," says Diana Costas of Golden Gate Sotheby's International Realty. "The guided workflow helps clients complete disclosures quickly and accurately and our agents can easily prepare disclosures, request signatures, and submit forms for compliance review."
Disclosures are a common pain point for both agents and sellers. We're excited to launch a solution that takes a complicated process and makes it effortless for REALTORS® and home sellers."
Tyler Smith,SkySlope CEO
Established in 2011, SkySlope is a comprehensive transaction management platform for brokers, agents, auditors, and transaction coordinators to manage real estate transactions from anywhere at any time. In 2021, over 300,000 users across 8,000 offices used SkySlope to manage 2.25M transactions. SkySlope provides digital transaction management and services to help agents and brokers be more efficient and compliant. From automation to integrations, SkySlope's vision is to keep agents and brokers connected to the customer forever.
REAL ESTATE INVESTMENT
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.
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.
REAL ESTATE INVESTMENT
Walker & Dunlop, Inc. | May 13, 2022
Walker & Dunlop, Inc. announced that it structured $47,000,000 in financing for the development of The Line, a 219-unit, Class A+ multifamily project in Savannah, Georgia. Situated just three blocks from the Savannah River, the development is within walking distance to all of Savannah's outstanding retail and lifestyle amenities.
Located in Savannah's downtown area, the property is within the bounds of a designated Economic Opportunity Zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Led by Chris Rumul and Taylor Williams, Walker & Dunlop arranged the construction financing on behalf of the developer, Standard Communities, a leading national multifamily housing investor and developer and repeat client. Collaborating across the Walker & Dunlop platform, the team pooled resources from their FHA Finance and Capital Markets groups to identify the ideal financing source for their client. The resulting financing was sourced from a regional life insurance company and includes both construction and permanent financing in a single loan. The team worked to ensure the financing terms were consistent with opportunity zone guidance, securing a 12-year construction term with four years of interest-only payments.
We are incredibly proud to play a part in the development of such a unique project and are excited to bring this distinctive, elevated living experience to Savannah. Thanks to the diligent work by our funding partners, The Line will fulfill a much-needed demand for multifamily rentals in this rapidly growing area."
Jeffrey Jaeger, Co-Founder and Principal of Standard Communities
Standard's primary goal will be to maintain the integrity of the property's original structure while combining the benefits and amenities of a new construction, modern apartment community. The resulting community will include two buildings in total and will fit seamlessly into the old-meets-new vibe of downtown Savannah. The Line will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center, and grill area. The project will also include onsite parking, a clubroom with views of Downtown Savannah and the Savannah River, and resident storage. Savannah boasts a vibrancy that attracts young professionals, relocated families, and tourists. The region's dynamic economy has drawn large corporations, such as Gulfstream, Savannah's largest employer, which employs around 9,800 people at its production facility.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,300 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.