New York calls on HUD to withdraw plan to end housing aid for undocumented immigrants

U.S. Department of Housing and Urban Development | May 13, 2019

Members of New York's congressional delegation, led by Rep. Nydia Velázquez, are calling on the U.S. Department of Housing and Urban Development to withdraw its proposed rule that would end housing aid for undocumented immigrants. Last month, HUD proposed a rule that would make undocumented immigrants ineligible for public housing aid and force them to relocate within 18 months.


Brian Troop, Founder & CEO of Troop Real Estate, sits down with first time home buyer Rageena who has a great question: Is it really cheaper to buy a home over renting? Answer, yes it is!

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Green Courte Partners Hires Managing Director of Development

Green Courte Partners, LLC | March 10, 2022

Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced that it has hired C.R. Russell as Managing Director of Development. In this role, Mr. Russell will oversee all development and construction activities for Green Courte's investments in Windward Communities, True Connection Communities, and The Parking Spot, Green Courte's land-lease community, senior housing, and near-airport parking companies, respectively. Mr. Russell is replacing John Lyons, who retired in February after being with Green Courte and The Parking Spot since 2010. Prior to joining Green Courte, Mr. Russell was a Senior Vice President of Development and Construction at A.J. Capital Partners, a vertically integrated developer with $3.6 billion in real estate investments across 45 markets. In that role, Mr. Russell oversaw the planning and development efforts of $1.2 billion of high-profile hospitality and mixed-use developments comprising nearly 2.6 million square feet of space. Earlier in his career, Mr. Russell held several management roles at Vail Resorts Development Company on behalf of Vail Resorts, Inc., the largest owner and operator of mountain resort properties. At Vail, Mr. Russell was responsible for the company's mountain development team as well as expansion efforts across its entire portfolio of properties. Mr. Russell holds a Bachelor of Arts in Environmental Policy from Rollins College and a Master of Business Administration from Northwestern University's J.L. Kellogg Graduate School of Management. We are thrilled to welcome C.R. to our team, and we look forward to leveraging his diverse skillset and expertise to further expand and improve Green Courte's development efforts across our three active platforms." David B. Lentz, Green Courte's Chief Executive Officer About Green Courte Partners, LLC Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period.

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Thompson Thrift Residential Announces Luxury Multifamily Community in Daytona Beach

Thompson Thrift | May 25, 2022

Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift and one of the nation's leading multifamily developers, announced today the development of Drift, a luxury multifamily community in Daytona Beach. Thompson Thrift plans to welcome new residents beginning in the summer of 2023. Drift's central location provides residents with easy access to Daytona Beach and other large cities along Florida's eastern coast. The Daytona market has witnessed high demand for multifamily communities over the past 10 years and we are pleased to be bringing one of our distinctive luxury communities to this growing community." Josh Purvis, managing partner for Thompson Thrift Residential Located off Williamson Boulevard near the southwest corner of Interstate 95 and Granada Boulevard, the 29.5-acre site will offer 300 one-, two-, and three-bedroom apartment homes averaging 1,000 square feet. Residents will be able to choose from a variety of layouts in three-story garden style buildings with a host of in-demand finishes including stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets, and full-size washers and dryers. The luxury living experience will extend throughout the community with a clubhouse featuring stylish entertainment spaces, a 24-hour fitness center, resort-style swimming pool, dog park, community gardens, community-wide WiFi, and more. Residents will be conveniently close to a wide variety of retailers, restaurants and day-to-day services, and just a few miles from Daytona's Main Street Pier and the Daytona International Speedway. The 327-bed Advent Health Daytona is located directly across the street. Daytona Beach is known as the "World's Most Famous Beach", earning its name back in the 1920s as the sandy beaches once used for racing gave way to development of the famous Daytona International Speedway, which now brings over 100,000 people to the Daytona 500 each year. In recent years, the healthcare sector has driven much of the economic growth with approximately 40,000 people working in the healthcare and education sectors. Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.7 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum's Influencers of Multifamily Real Estate for 2021. About Thompson Thrift Real Estate Company Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.

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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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Woodstock Development Acquires 100% Ownership of One Bay Plaza in Burlingame, California

Woodstock Development | January 28, 2022

Woodstock Development ("Woodstock"), a full service commercial real estate investment and development firm specializing in premier office and life science properties in the San Francisco Bay Area, today announced that it has acquired the remaining ownership stake in One Bay Plaza, a 9-story Class-A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100% owner of the property. Located at 1350 Bayshore Highway, the property has a total of approximately 196,000 rentable square feet, including ~12,000 square feet of Lower Level amenity space. The building is currently 85% leased to over 35 tenants including Alaska Airlines, Cushman & Wakefield, BTIG, and Acco Brands. Woodstock first acquired the property with Iron Point Partners, LLC ("Iron Point") in June of 2019. Our partnership with Iron Point has been remarkable and has transformed One Bay into a market-leading Class-A office building, In addition to life science, the Burlingame area has seen unprecedented demand and expansion with big-name technology users like Google and Facebook. Our full acquisition of One Bay expresses Woodstock's confidence in the Peninsula market and continues Woodstock's more than 25 year record of developing premiere office and life science properties." Kirk Syme, President at Woodstock. The acquisition builds on Woodstock's value-additive history with One Bay. Since 2019, Woodstock has implemented a comprehensive renovation of the building, including new lobbies, restrooms and corridors. Additionally, Woodstock retained renowned architecture firm, Mark Cavagnero Associates to design a 12,000 square feet amenity area including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers and a social pantry where tenants are offered "grab and go" sandwiches and salads along with complimentary coffee, espresso and fresh fruit. On the Bayshore, Woodstock upgraded the Bay Trail with new landscaping, a bocci court, picnic tables and chairs for Bay viewing. In the last two years, despite the pandemic and work-from-home alternatives, Woodstock has added a market-leading 14 new tenants and renewed nine existing tenants totaling approximately 90,000 square feet which is nearly 50% of the building. About Woodstock Development Woodstock Development, Inc. was founded in 1995 in Burlingame, CA. Woodstock focuses on the development of premier office and Life Science properties in the San Francisco Bay Area. Woodstock has entitled and/or developed over 3 million square feet of Class A Office and Life Science space over the past 26 years and currently has over 2 million square feet in its development pipeline in the Bay Area.

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