Some Initial Takeaways on How the $2T Stimulus Helps CRE

NREI | March 26, 2020

After days of rancorous negotiations, the U.S. Senate unanimously approved a $2 trillion+ economic stimulus bill aimed at helping the American economy navigate an unprecedented shock. The House appeared poised to pass the legislation on Friday and President Trump has promised to sign the bill as soon as it reaches his desk. It could not come at a more pressing time. On Thursday morning the Department of Labor reported that initial jobless claims soared to a seasonally adjusted 3.28 million in the week ended March 21. The bill is broken into several parts, with hundreds of billions allocated towards direct cash payments to most Americans and to vastly expanding unemployment benefits to be more generous and cover more classifications of workers. That alone will be beneficial, for example, by helping apartment tenants pay their rents. And within the bill are specific measures that will provide some benefits to the commercial real estate sector. Here are some initial takeaways based on early analysis and reaction to the bill.

Spotlight

Residential and commercial property are critical to achieving the EU's environmental targets. They offer huge energy saving potential achievable through investment of around €60 billion per year - a major source of economic activity.


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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.

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REAL ESTATE TECHNOLOGY

CapStone Holdings Inc. and Blaq Projects Continue Their Growing Partnership on New State-of-the-Art Real Estate Development in Australia

CapStone Holdings Inc. | March 11, 2022

CapStone Holdings Inc, a self-funded family office business incubator and investment group – announced its continued strategic partnership in real estate with Blaq Projects, an innovative property development, construction, and investment company in Australia. Through the collaboration, CapStone set up an ongoing real estate funding platform with a second US$25 million. Blaq Projects will use these funds towards medium-density property development opportunities in the metropolitan areas of Sydney and Illawarra in New South Wales, Australia's highest populated state. The Australian partnership further diversifies CapStone Holdings' investment portfolio internationally. CapStone first supported Blaq Projects' US$90 million Dé Mira Commercial Tower, 21-story mixed-use development including 88 residential units and 124,000 square feet of commercial space in Wollongong's medical precinct. CapStone and Blaq Projects will also bring new low-rise mixed-use residential apartments to the Subiaco/Perth area. Construction is expected to begin this summer. All developments are built with state-of-the-art innovative technology and a significant focus on sustainability and environmental protection. New South Wales is a beautiful destination poised for substantial economic growth. When we started looking for the right international partner, and Blaq Projects was very receptive towards our investment goals. Most importantly, their approach to the construction and quality of the development is important to our investment philosophy. Blaq Projects meets that standard." Keith J. Stone, Founder and Chairman of CapStone Holdings Inc "CapStone Holdings' partnership has been instrumental in Blaq Projects' and Wollongong's real estate growth," said Jared Beneru, Managing Director at Blaq Projects. "Having the backing of a financial powerhouse like CapStone Holdings through COVID times enabled us to build over a $1 billion (AUD) real estate pipeline. Together, our vision and goals align to deliver new projects that continue to set the benchmark for the Wollongong CBD." CapStone Holdings continues to build a robust real estate investment portfolio and offers a unique diversified investment platform. In addition to its recent ventures in Australia, one of its additional significant real estate developments includes the fast-growing City Foundry STL located in St. Louis, Missouri, United States. About CapStone Holdings, Inc. CapStone Holdings, Inc. is a family office-structured holding company that keeps a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engage in focused philanthropic efforts. About Blaq Projects Blaq Projects is an innovative property development, construction, and investment company. Throughout the years of experience, Blaq has obtained industry excellence, a culture built on quality and a mindset of providing cost effective building and design solutions.

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REAL ESTATE TECHNOLOGY

REfresh Is Back - A Virtual Experience for Yardi Breeze Clients

Yardi Breeze | April 04, 2022

Following a very successful inaugural event in 2021, Yardi is hosting the REfresh user conference on April 6-7, 2022. This virtual event is free to Yardi Breeze and Yardi Breeze Premier clients in the U.S. and Canada. With over 6,000 companies now on Breeze or Breeze Premier, thousands of users are once again expected to attend the event featuring more than 85 on-demand classes, spotlight sessions and an exclusive keynote presentation by Nikki Greenberg, an influential real estate futurist and thought leader. The goal is to empower property owners, managers and investors with the information and tools they need to succeed. (And maybe have a little fun while they are it.) Attendees can learn more about their Breeze or Breeze Premier software and see how they can expand their platform with other key Yardi products designed to help them better market their properties, find quality residents and tenants, protect their assets and improve their operations through innovation and automation. Clients are automatically preregistered for REfresh. They only need to log in to their Breeze or Breeze Premier system on April 6-7 and click on the conference link to learn and connect. Attendees can engage with peers and Yardi experts via live chat. Plus, anyone who signs in will find multiple ways to win prizes! Abut Yardi Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide.

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REAL ESTATE INVESTMENT

Heartwood Real Estate Group launches in Austin, Texas

Heartwood | February 24, 2022

Today, Heartwood Real Estate Group is excited to announce its official launch with several innovative projects totaling more than 1,000 residential units in the Austin, Texas area. Heartwood will develop and build a wide variety of assets, ranging from luxury single-family residences and townhome communities to workforce and affordable apartment communities. Heartwood is dedicated to solving Austin's real estate crisis by providing homes for all residents and strengthening the city's well-loved neighborhoods and communities. Heartwood's team is led by president and founder Chris Affinito, who brings more than a decade of experience in a variety of real estate and development sectors, including acquisitions, development, structured finance, valuation, and sales. Dan O'Dea, President of Delphi Affordable Housing Group, serves as Heartwood's advisor and as lead investor through his family office, DAHG Capital Partners, LLC. Dan brings over 40 years of experience in affordable housing development, structured finance, and private equity. Heartwood's initial project, The Reyna, is already under construction. Estimated for completion in 2023, this luxury, boutique townhome community is just a stone's throw from the many funky bars, restaurants, shops and cafes in the vibrant South Congress corridor. Heartwood is also spearheading a new development on Springdale Road in East Austin. Currently in pre-development, this 344-unit mixed-use community will participate in the City of Austin's Affordability Unlocked program, reserving half of its 344 units for families earning 60% or less of the area's median family income (MFI). Austin home prices rose 30% in 2021, while rents rose by 25%, both of which were among the highest rates in the nation. At Heartwood, we're committed to helping residents face the challenges of this housing crisis through our creative and meticulous approach to real estate development." Affinito. Our goal is to make Austin both affordable and beautiful as it grows, with 50% of our developments featuring substantial affordable housing components." co-founder and Director of Operations Mackenzie McCauley. Heartwood leverages close relationships with local consultants and partners, as well as in-depth knowledge of Austin's housing market and development process, to tackle complex projects others tend to overlook. Heartwood aims to help Austin solve its affordability crisis by making a substantial contribution to the city's critically insufficient housing supply.

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Spotlight

Residential and commercial property are critical to achieving the EU's environmental targets. They offer huge energy saving potential achievable through investment of around €60 billion per year - a major source of economic activity.

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