REAL ESTATE TECHNOLOGY
Broadmark Realty Capital | April 26, 2022
Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors.
We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.”
Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee
Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions.
Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College.
About Broadmark Realty Capital
Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.
REAL ESTATE INVESTMENT
Broad Street Realty | February 23, 2022
Broad Street Realty, Inc. (OTCQX: BRST), a fully integrated and self-managed publicly owned real estate company, announced today the acquisition of Midtown Row in Williamsburg, Virginia for $122 million. The mixed-use property is a recently completed development comprised of 240 student housing units with 620 beds and a retail component of 63,573 square feet of gross leasable area.
The Midtown Row Acquisition is subject to customary closing conditions, and the Company expects to close the Midtown Row Acquisition by the end of the second quarter of 2022. There can be no assurances that these conditions will be satisfied or that the Company will complete the Midtown Row Acquisition on the terms described herein or at all.
We are proud to further solidify our commitment to Midtown Row and the Williamsburg region with this acquisition, We have served as the development manager for Midtown Row and serve as the property manager and the leasing broker for the retail portion as well so this is truly a natural evolution."
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company.
Midtown Row is Broad Street Realty, Inc.'s fifth active property in Virginia and sixteenth within the overall portfolio.
About Broad Street Realty, Inc.
Broad Street Realty, Inc. is a fully integrated and self-managed real estate company that owns, operates, develops and redevelops primarily grocery-anchored shopping centers and mixed-use properties in the Mid-Atlantic, Southeast and Denver, Colorado markets. Broad Street is also a market-leading commercial real estate services firm that delivers cost-effective solutions for office, industrial and retail clients. The Company has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management.
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
Barings | March 04, 2022
Barings, one of the world's leading investment managers, announced that it has partnered with Ocean West Capital Partners to acquire the Smoky Hollow Flex Industrial Campus, an approximately 136,610 square foot flex industrial campus located in the desirable and supply constrained Smoky Hollow submarket of El Segundo, California, in an off market transaction.
The Smoky Hollow district is a historic industrial district that has evolved as a unique, amenity-rich neighborhood dominated by small brick-and-timber creative office and flex product, attracting a wide range of dynamic users. The Smoky Hollow campus is currently comprised of three separate industrial flex buildings and surface parking lots on 5.1 acres. Barings' industrial strategy is to create value through leasing and by executing at meaningful spreads over core acquisition yields. Barings and Ocean West intend to implement an extensive repositioning, including the construction of a new flex industrial building and 266-stall parking structure, and performing enhancing renovations to the three existing buildings including upgrades to the exterior, building systems, and constructing outdoor recreation spaces.
The joint venture repositioning of the Smoky Hollow Flex Industrial Campus represents a new partnership between Barings and Ocean West, This investment is a prime example of Barings' value-add real estate investment strategy which focuses on creating uniquely competitive real estate that attracts innovative tenants."
Chris Black, Barings Head of Real Estate Acquisitions, Western U.S.
Given the prevalence of smaller sized properties and almost complete lack of large development sites throughout Smoky Hollow, the site represents an extremely rare acquisition. The project will provide tenants with distinctive, high demand features including ceiling heights up to 31 feet, brick-and-timber architecture, low-rise building layouts, ample parking, and multiple tenant access points. Smoky Hollow's distinct charm and walkable footprint has attracted an increasing number of entertainment, tech, media and aerospace firms, and has emerged as one of the most desirable creative hubs in the South Bay and Lower Westside markets. This project is conveniently located in close proximity to dining, shopping and entertainment. Additionally, the site has convenient access to LAX, the Metrorail Green Line, and 405 and 105 Freeways.
We are looking for opportunities where we can apply active management – whether it be through development, renovations, or re-leasing that allow us to create additional value in an asset. This project provides us the opportunity to renovate a large-scale, creative flex industrial campus in one of the region's most desirable areas."
Chris Berry, Portfolio Manager on the Barings Real Estate Equity platform.
Barings is a $391+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.