Property Foreclosures Uptick in U.S. in October

ATTOM Data Solutions | November 14, 2019

According to ATTOM Data Solutions' October 2019 U.S. Foreclosure Market Report, there were a total of 55,197 U.S. properties with foreclosure filings default notices, scheduled auctions or bank repossessions in October 2019, up 13 percent from the previous month but down 17 percent from a year ago. "While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season," said Todd Teta, chief product officer with ATTOM Data Solutions. "The latest number is still below where it was a year ago and less than 15 percent of what it was during the depths of the Great Recession."

Spotlight

One of the primary reasons for the more modest amount of Non-US Investor capital being invested in US real estate assets is the US Foreign Investment in Real Property Tax Act of 1980 (known as FIRPTA).2
FIRPTA taxes Non-US Investors on gains from US
real property investments, including gains derived from many real estate investment funds, at effective rates up to 54.5%. Another reason, and perhaps even a greater
impediment for many Non-US Investors, is FIRPTA’s requirement that an investor file US tax returns and submit to the investigatory and subpoena powers of the IRS, an unwanted intrusion for nearly every Non-US Investor.


Other News
REAL ESTATE TECHNOLOGY

HomeJab Debuts Novel Real Estate Agent Marketing Method That Creates Real-Estate-Backed-NFTs to Promote Home Sales

HomeJab | July 14, 2022

HomeJab, which provides real estate agents on-demand professional real estate photography services nationwide, is debuting a new and novel marketing method that gives real estate agents a new avenue to promote homes for sale – using an NFT, or non-fungible token. Real estate agents who use HomeJab for professional real estate photography for their listing can now receive a free real-estate-backed-NFT of the home as part of their order. This new service from HomeJab includes promoting these NFT-backed homes for sale and listing them on the new HomeJab NFT site at nft.homejab.com. HomeJab founder and CEO Joe Jesuele emphasized that this new service for real estate agents supplements their traditional marketing efforts by exposing them to an NFT-interested audience. "For real estate agents, we provide an easy way to promote their listings to a new market of potential buyers and it doesn't cost them anything," explained Jesuele. "For crypto enthusiasts, we offer a way to purchase real world assets legally using blockchain," he added. The first NFT-backed home currently being marketed for sale on the HomeJab NFT site is in Detroit, at 20060 Canterbury Road owned by Daniel McDonald and listed for $415,000 by Lisa Virkus, a real estate agent and founder of Realty in the D. Team Title Services, owned by Web Raulston and based in Chattanooga, Tennessee, handles the title and settlement services. McDonald is a Key Advisor at Mortgage Token, which aims to be the first company that allows clients to leverage their home equity to invest in cryptocurrency. "I'm a firm believer that with digital assets such as NFTs, entire industries will benefit from being built on the Ethereum blockchain by increasing consumer transparency and transaction cost-effectiveness," home seller McDonald said. McDonald explained that blockchain, like the internet, is the new "great equalizer" and that "Web3 will level the playing field, making information and pricing inequalities a thing of the past." "Mortgage Token is an autonomous modernized lending platform bridging the gap between real estate and crypto lending. We look forward to launching before the fourth quarter of 2022 as the first lender specifically investing in cryptocurrency." Jason Yourofsky, Mortgage Token founder Jesuele noted, "Our customers will get an NFT listing for free with every photo shoot, and direct exposure to a more tech-savvy group of buyers." With the new service, an agent can bring their buyer, and the buyer would purchase the NFT, which provides them with an option to purchase the property. Buyers purchase NFTs with USD Coin (USDC), a digital currency fully backed by US dollar assets, on the Ethereum blockchain. HomeJab receives 1% on the NFT sale, with the proceeds distributed to the title company who then facilitates the closing and recording of deed. The seller and buyer agent commissions would be part of the settlement statement, like any other traditional transaction. About HomeJab HomeJab is America's leading on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, turnkey aerial services, and the creation of real-estate-backed NFTs. Its efficient one-stop-shop for real estate listings promotions at HomeJab.com features affordable and customizable shoots to create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available nationwide and in the U.S. and Canada.

Read More

REAL ESTATE TECHNOLOGY

Nuveen Real Estate Launches Global Impact Investing Sector Focused on Community Revitalization, Resident Well-Being

Nuveen | May 11, 2022

Nuveen Real Estate announced the launch of a comprehensive global impact investing sector that will focus on building the vitality and sustainability of entire communities by enriching the lives of their residents. Nadir Settles will serve as Global Head of Impact Investing and Pamela West as Senior Portfolio Manager, Impact Investing. Nuveen Real Estate is one of the world's largest real estate investment managers with more than $152 billion of assets under management. Building on Nuveen's proven 50-year track record in impact investing, the new global real estate sector will provide strategies that address some of the most pressing social and environmental challenges in the U.S., Europe, and the Asia-Pacific region (APAC), supporting growth goals of up to $15 billion in real estate AUM by 2026. Specifically, the mandate is designed to improve communities by providing supportive services, enhancing residents' quality of life and financial outcomes, and ensuring affordable, sustainable and climate safe housing, while at the same time supporting Nuveen Real Estate's commitment to making its global property portfolio net zero carbon by 2040. Nuveen is a pioneer in impact investing and we are competitively positioned to deliver a market-leading sector globally and at scale. Under Nadir and Pamela's leadership, I am confident that this new sector will address some of the most pressing challenges in local real estate across the globe, while creating an avenue for investors to have a significant impact through their capital investment. I look forward to working with a seasoned team of experts to build on Nuveen's incredible work in the industry." Chris McGibbon, Global Head of Real Estate at Nuveen Expanding Affordable Housing While Regenerating Communities The new real estate impact sector will invest in early-stage projects and take an impact-led approach to increase the supply of social and affordable housing by targeting low-income and disadvantaged populations, while also focusing on regeneration projects within healthcare, education, and transportation services. "By leveraging Nuveen Real Estate's industry expertise, we are going beyond just affordable housing to focus our attention on community revitalization," said Nadir Settles, Global Head of Impact Investing at Nuveen Real Estate. "We see an immediate opportunity to scale our strategy and leverage our leading position in the industry to support tenant well-being and create a more sustainable future. I am honored to have been chosen to lead such a significant sector." Nadir Settles will report directly to Carly Tripp, Global Chief Investment Officer and Head of Investments at Nuveen Real Estate, and lead an international team across the U.S., Europe and APAC in identifying and pursuing relevant real estate impact investments, while growing the overall sector. Settles will also continue to lead investments as Head of New York Office. Pamela West brings 25 years of industry experience, of which nearly a decade has been dedicated to deploying capital into affordable housing strategies and addressing social and environmental issues. She will continue to oversee the framework's strategy, portfolio construction, and client relationships. West reports to Shawn Lese, Chief Investment Officer and Head of Funds Management, Americas at Nuveen Real Estate. Building on Established Impact Track-Record The real estate global impact investing sector builds on Nuveen's overall efforts in impact. Last month, the firm expanded its range of impact investing strategies to Europe with the launch of the German living impact platform, led by portfolio manager Tanja Volksheimer, to deliver social and environmental impact through affordable housing. The news also comes on the heels of the final close of the firm's first global private equity impact platform, which targets investments that promote energy efficiency and an expansion of services for underserved communities. Nuveen made its first investment in impact in the 1980s and has since invested over $500 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages over $5.8 billion across all of its public and private markets impact investing strategies. "We have been very intentional about bridging our core competency in real estate with community impact," said Ms. West. "Our portfolio is dedicated to creating change by placing environmental and social impact at the heart of our investment strategy, which ultimately drives better outcomes for residents and inclusive communities while delivering a healthy financial return." The new impact investing sector will add to Nuveen Real Estate's existing sector specialist expertise, ­­­­ including retail, office, housing, industrial, alternatives and debt. Nuveen Real Estate Nuveen Real Estate is one of the largest investment managers in the world with $152 billion of assets under management as of December 31, 2021. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and more than 725 employees located across 30 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.

Read More

REAL ESTATE INVESTMENT

Rubenstein Partners Leases 360,000-Square-Feet of Premier Space at Warren Corporate Center to PTC Therapeutics

Rubenstein Partners | June 13, 2022

Rubenstein Partners, L.P. (including its affiliates, Rubenstein), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, and joint venture partner Vision Real Estate Partners, a full-service real estate owner/operator, announced global biopharmaceutical PTC Therapeutics (PTC) signed a new 360,000-square-foot, long-term lease at Warren Corporate Center, within the five-building office campus in Warren, N.J. PTC is relocating its corporate headquarters from South Plainfield, N.J. to a new facility at Warren Corporate Center. The lease spans two full buildings located at 400 and 500 Warren Corporate Center Drive and, following construction, will include offices, collaboration and conferencing spaces, and research laboratories. The facility will provide flexible and innovative workspaces with the capacity needed to support PTC's long-term growth of its expanding pipeline of products. Construction activities on the new facility at Warren Corporate Center is expected to begin in June 2022. Originally built as a headquarters for Lucent Technologies, Warren Corporate Center comprises more than 820,000 square feet of office space across five buildings surrounded by walking trails, a richly landscaped pond and four covered parking structures. Since acquiring the 176-acre campus in 2016, Vision and Rubenstein have set out to reposition Warren Corporate Center as a unique opportunity in the market, with headquarters-quality space that integrates attractive amenities and communal areas within a central location to optimize employee well-being and productivity. As part of the repositioning, ownership also developed Warren Hill, a 20,000-square-foot lifestyle center located at the center of the campus, featuring numerous amenities including an outdoor amphitheater; indoor and outdoor patio dining; multi-function conference areas; a full-service cafe with coffee bar; a state-of-the-art fitness center with locker rooms; and full-size indoor basketball court. The amenities hub also provides an easily accessible outdoor roof deck for employees to meet and collaborate. "Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully-amenitized and differentiated office product high-end companies in the region are seeking," said Stephen Card, Principal at Rubenstein. "PTC Therapeutics is a true global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude to the roster of tenants at the Warren campus validates the strategic investments we've made at the site." Warren Corporate Center is a suburban office site designed for the modern employee. The institutional-quality property is a rare blend of full-service amenities, outdoor spaces and experiential features, such as our unique lifestyle center, that separate the property from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased to welcome PTC as the long-term, addition to the campus." Sam Morreale, founding and managing partner of Vision Real Estate Partners "Our new headquarters allows us to have a Class-A facility for our growing team, while keeping the new flexible work paradigm in mind," said Doug McLeester, Vice President of Global Facilities at PTC Therapeutics. "As PTC grows into one of the world's leading rare disease companies, our in-house capabilities must similarly grow and adapt. The new facility at Warren Corporate Center, which complements our existing operations at the PTC's Gene Therapy Center of Excellence in Hopewell, is the ideal space for our expected future expansion in New Jersey, a foundational and growing market for biotech in the U.S." Vision Real Estate Partners and Rubenstein Partners have consistently created premier experiential suburban office properties that incorporate a level of amenities more akin to a hospitality setting than a traditional office environment. The joint venture partnership embarked on a multi-million-dollar renovation that transformed The Crossings at Jefferson Park in Whippany, N.J., into a Class-A office campus featuring The Powerhouse, an 11,000-square-foot, standalone amenities center. A testament to the partnership's success in rebranding the property, The Crossings at Jefferson Park was acquired by Barclays Capital in June 2017. Vision and Rubenstein are also collaborating on Latitude, a 30-acre, approximately 700,0000-square-foot office complex located in Parsippany, N.J. Jeff Zell and Louis Kluger of JM Zell Partners represented PTC Therapeutics and Robert Donnelly Sr, Robert Donnelly Jr, Paul Giannone, Todd Elfand and Kevin Carton of Cushman and Wakefield represented building ownership in the lease transaction. About Rubenstein Partners Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22.5 million square feet of office real estate assets throughout the United States. About Vision Real Estate Partners Vision Real Estate Partners is a full-service real estate owner/operator, specializing in development, property management, asset management and construction. The firm is well known for its deep roots and experience in the New Jersey/New York regional marketplace, and for its track record of identifying properties with great potential and transforming them into superior assets. Vision Real Estate Partners currently is developing or redeveloping more than 2 million square feet of space in its local market. The company has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also currently oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners. About PTC Therapeutics, Inc. PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders.

Read More

REAL ESTATE TECHNOLOGY

Yardi Bringing Clients Property Management Software Innovation in Person

Yardi | June 10, 2022

Yardi is excited to welcome clients back in-person to the Yardi Advanced Solutions Conference (YASC) this summer, marking a return to real time after successful interactive virtual events over the last two years. YASC, scheduled for Aug. 31 – Sept. 2 in San Diego, combines classroom learning with networking and entertainment in a beautiful seaside setting. More than 280 classroom sessions and dozens of product experts will give thousands of professionals in attendance insight into Yardi software solutions that improve efficiency in marketing, leasing, acquisition, energy management, investing and other real estate operations. Panel sessions will examine key industry trends. Exclusive live outdoor entertainment and fun social activities comprise other elements of a memorable experience at the Manchester Grand Hyatt San Diego, the new host resort on San Diego's waterfront. We're proud that our clients continued to gain value from virtual gatherings but there's nothing like meeting face-to-face with colleagues. Our software is designed to connect people and communities, and we look forward to continuing that effort in San Diego." Kevin Yardi, the company's vice president of global solutions Virtual YASC events will continue on an annual basis, with dates for 2023 to be announced soon. Ready to join a conference that will provide immediate takeaways? Sign up to attend YASC San Diego and see what's planned for regional in-person YASCs around the world in 2022. About Yardi Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With 8,000 employees, Yardi is working with our clients globally to drive significant innovation in the real estate industry.

Read More

Spotlight

One of the primary reasons for the more modest amount of Non-US Investor capital being invested in US real estate assets is the US Foreign Investment in Real Property Tax Act of 1980 (known as FIRPTA).2
FIRPTA taxes Non-US Investors on gains from US
real property investments, including gains derived from many real estate investment funds, at effective rates up to 54.5%. Another reason, and perhaps even a greater
impediment for many Non-US Investors, is FIRPTA’s requirement that an investor file US tax returns and submit to the investigatory and subpoena powers of the IRS, an unwanted intrusion for nearly every Non-US Investor.

Resources