Real Estate Technology
prnewswire | September 14, 2023
GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced that its industrial team, GID Industrial, has been named a 2023 Influencer in Industrial by GlobeSt. Real Estate Forum. This award recognizes distinguished individuals, teams, and companies for notable achievements within the industrial real estate sector.
"GID Industrial is honored to receive this prestigious recognition," says Rene Circ, co-head of GID Industrial. "In the three years since we formed our team, we have built an impressive portfolio that has sustained occupancy and offers potential for continued rent growth. We aim to continue our portfolio expansion, targeting opportunities that offer strong potential for long-term growth."
GID has been active in the industrial sector since 1986 and officially launched its industrial platform in 2020. In the three years after the platform's launch, the team has accomplished significant growth within the sector, executing stabilized, value-add, and development transactions. This diverse mix allows the team to provide its partners with investment opportunities tailored to their unique risk and return preferences. The platform currently operates more than 25M square feet of industrial space in top markets across the country.
"GID Industrial's key differentiator is the expertise and passion of our team," says Michael Wenaas, co-head of GID Industrial. "With 30 individuals boasting an average of 21 years of experience in the sector, our team is well equipped to provide unique value to our partners by offering a practiced, holistic perspective on the state of the industry. Our achievements over the last three years are a credit to the powerhouse team that we have assembled."
GlobeSt. Real Estate Forum Influencers in Industrial are selected by its editors based on nominations that outline the nominee's accomplishments and impact on the sector.
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 54,000 multifamily units and over 25M square feet of industrial and commercial space of assets under management. The company also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $30.1 billion1 as of June 2023.
1 Assets Under Management is calculated in compliance with the definition for Assets Under Management ("AUM") prescribed in INREV's Global Definitions Database.
Real Estate Technology, Agent
PRnewswire | August 04, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today that its offering, CS1031 Ashford Townes BFR Housing, DST, has been fully subscribed. The Regulation D private placement, which raised nearly $13.7 million from accredited investors, is comprised of a 74-unit, newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina.
Capital Square formed the Private Equity Group, managed by experienced real estate executives Dave Platter and Jon Trott as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent ("BFR") strategy in high growth sunbelt markets. This represents Capital Square's third BFR offering on platform to date.
"This is another home run for Capital Square in providing a newly constructed build-for-rent housing community for Section 1031 exchange and other investors seeking stable cash flow and capital appreciation. From Class A and Class B residential communities, manufactured housing in Florida and now build-for-rent residential communities, Capital Square is providing investors with a range of options to invest in the vibrant southeastern housing markets," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Completed in February 2022, Ashford Townes is located at 604 Oakbrook Pass Way. The townhome community, developed by D.R. Horton, the nation's largest homebuilder by volume, boasts three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Residents have access to over 130,000 jobs, including major employers such as the University of North Carolina at Chapel Hill, Novartis, IQVIA, JLL and Duke Energy. Five minutes from the property are a plethora of local retailers, restaurants, breweries, fitness centers and top performing schools. Approximately 30 minutes south of the property is Research Triangle Park, the largest research park in the U.S. and a premier global innovation center covering 7,000 acres of the combined Raleigh-Durham-Cary statistical area.
"Ashford Townes is an affordable housing option amidst Raleigh's single-family for-sale market, where rents are predicted to grow 3.75% over the next five years," said Whitson Huffman, co-chief executive officer. "The area has seen a recent decline of multifamily inventory, making the Raleigh market an attractive market for investment in a high-quality single-family rental community."
Capital Square is an active owner of multifamily communities in North Carolina. The firm recently acquired Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville. The community was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for six consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region's "Top Work Places."
Real Estate Technology, Real Estate Investment
PRnewswire | July 12, 2023
Covius, a leading provider of technology-enabled solutions to the financial services industry, announced today that its Settlement Services division has introduced a new home equity decisioning solution that significantly accelerates the origination process and gives lenders early insight into property and/or borrower issues that could expedite or delay decisions.
The Covius Home Equity Solution will allow bank and credit union clients to offer a streamlined origination experience to their home equity customers. For example, title and tax reports that used to take 3 or more days are now delivered in hours on a majority of loans, enabling closings to occur in as fast as 5 days, as opposed to the industry average of 20-plus days.
The new solution also features Covius Loanscape, a separate point-of-sale component for lenders that provides critical property and consumer insights in fewer than 45 seconds. This report reveals title, valuation and credit information that enhances a lender's loan origination workflow, coupled with expedited decisioning and abbreviated closing timelines.
The Covius Home Equity Solution is fueled by Flueid's leading title data and decisioning platform, Flueid Decision, as an expansion of the companies' integration announced in February 2023.
Joe Chappell, Executive Vice President of Operations at Covius, said, "The demand for home equity products is extremely strong, but the competition for this business is intense. Our new solution[s] enable clients to differentiate themselves by delivering a modern, streamlined customer experience, beginning at point-of-sale and continuing throughout the underwriting and closing processes.
"In seconds, Covius Loanscape allows lenders to determine if the loan qualifies for an expedited clear-to-close. Sharing this information at the point of sale empowers lenders to set borrower expectations more accurately, better prioritize orders and improve overall pipeline performance. Likewise, lenders will know that a lead on a property will not meet criteria before ordering full credit, valuation or other third-party products, and having underwriters spend days on an application that will be declined. This is especially valuable with home equity origination, where many costs are absorbed by the lender."
Covius is a trusted provider of services, insight and technology to leading financial companies. Covius' technology-enabled solutions deliver operational efficiencies, mitigate risk and empower compliant decisions and borrower interactions. Covius businesses are recognized leaders in loss mitigation, document and data solutions, title and settlement services, compliance and critical borrower communications, lien release tracking and preparation, HOA tracking, quality assurance, REO asset management and auction services, credit reporting and verification, capital markets due diligence and oversight, insurance policy analysis as well as rapid-development, customizable cloud-based business process solutions. The company was named a 2023 HousingWire Tech100 winner. For more information about the company and its services, visit www.covius.com.
Real Estate Technology, Mortgage and Lending
Businesswire | July 03, 2023
PortX, the financial infrastructure and integration technology company that delivers open access to data and rapid innovation for financial institutions (FIs) through its Integration-Platform-as-a-Service (IPaaS), announced a new partnership with MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. PortX has added the integration with the MeridianLink® One platform in order to increase value for customers looking to transform their digital lending.
MeridianLink's cloud-based solutions enable customers to build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle. Its scalable platforms help customers accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. MeridianLink's partner marketplace supports hundreds of integrations for tailored innovation.
The partnership between PortX and MeridianLink® is expected to benefit FIs in multiple ways. PortX's platform will enable FIs to integrate MeridianLink's digital lending and account opening solutions into their existing systems quickly and seamlessly. This integration will provide PortX customers with simplified access to MeridianLink's sophisticated digital lending and account opening capabilities as well as data verification solutions for consumer reporting agencies. These capabilities can help FIs improve their lending processes and provide consumers with a seamless and engaging customer experience.
“We are excited to partner with PortX and leverage their platform to bring our digital lending solutions to more FIs," said Megan Pulliam, SVP of MeridianLink’s Partner Marketplace. "By combining our advanced lending capabilities with PortX's integration technology, we can provide FIs with a powerful suite of tools that unleash rapid project creation, accelerate speed-to-market, and ultimately drive digital transformation.”
“FIs need to stay ahead of the competition by integrating faster with innovative lending solutions," said David Wexler, CEO of PortX. "This partnership will bring MeridianLink's scalable and cloud-based platforms to more FIs, allowing them to deliver personalized lending experiences and build deeper relationships with their customers.”
PortX is an integration technology company focused on financial services infrastructure that delivers open access to core data and enables rapid project delivery, innovation, and optimal customer experiences. Our solutions facilitate interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, and more, allowing for a real-time 360-degree view of the customer. We help financial institutions empower their teams to connect to fintech partners and real-time payment networks like Zelle®, ACH, Fedwire, Mojaloop, and others. For more information, please visit www.portx.io.
MeridianLink® (NYSE: MLNK) powers digital lending and account opening for financial institutions and provides data verification solutions for consumer reporting agencies. MeridianLink's scalable, cloud-based platforms help customers build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. Its partner marketplace supports hundreds of integrations for tailored innovation. For more than 20 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. For more information, please visit www.meridianlink.com.