CAPRE’s Commercial Real Estate Headlines for November 25, 2019
Check out the latest deals and developments in commercial real estate for November 25, 2019:
- Redfin Mortgage Expands to Massachusetts, Michigan and Wisconsin: Redfin Mortgage is now offering loans to homebuyers in Massachusetts, Michigan and Wisconsin. Redfin Mortgage is a subsidiary of Redfin, the tech-powered residential real estate company. Redfin Mortgage offers fixed- and adjustable-rate conforming mortgages as well as jumbo loans in 15 states and the District of Columbia. Built on Redfin’s technology platform and customer-centric model, Redfin Mortgage offers competitive rates and charges no lender fees, and its mortgage advisers are rewarded based on service, not just sales. Redfin Mortgage is built to seamlessly integrate with Redfin’s home-buying service, should the homebuyer elect to work with a Redfin agent. When the homebuyer, lender and agent work on the same technology platform, everyone stays informed at every step in the process, resulting in a smoother closing. Redfin real estate agents are not compensated for recommending Redfin Mortgage and encourage customers to work with the lender that offers the best service and value.
- Albion Residential Completes First Branded Luxury High-Rise Apartment Development in IL: Albion Residential, a Chicago-based firm specializing in the acquisition and development of luxury rental apartments, completed its first-ever branded development, the Albion Oak Park. A high-rise rental development, the newly opened property enhances the residential experience with the creation of a collaborative community and luxury-driven amenities in a transit oriented location in this top tier Chicago suburb. Located at 1000 Lake Street, Albion Oak Park features 265 units ranging from studios to three-bedroom apartments with a dedicated concierge. Anchored by 7,000 square feet of retail on the ground floor, its architectural structure perfectly complements the community’s high-end services and offerings with layouts and amenities varying by floor. Amenities include 20,000 square feet of usable outdoor space including a rooftop lounge and terrace, outdoor chef’s kitchen and resort-style pool with private cabanas. Additional features include a wellness center, podcast studio, pet spa and indoor dog run.
- Jamie Henderson to Join Capital One as Head of Commercial Real Estate: Capital One announced today that Jamie Henderson will join as Executive Vice President and Head of Commercial Real Estate starting in January 2020. Henderson will report directly to Michael Slocum, President of Commercial Banking and Northeast Market President. Henderson has nearly 20 years of experience in commercial real estate and served most recently as a Partner and Head of Real Estate Debt at Ares Management Corporation and CEO of Ares Commercial Real Estate Corporation. Prior to joining Ares in April 2017 Henderson held a variety of leadership roles at Barings Real Estate Advisors, a global advisory firm, and its predecessor companies Cornerstone Real Estate Advisors and Babson Capital Management. At Barings, he was Head of Structured Real Estate Investments where he oversaw a leading high yield real estate debt investment platform with teams in the United States and Europe. Additionally, he was responsible for Barings Multifamily Capital, a 100-person operating company dedicated to providing a variety of capital solutions to the multifamily industry, including mezzanine, preferred equity, bridge, agency, and FHA executions.
- Hunt Real Estate Capital Provides a $7.7 Million USD Fannie Mae DUS Loan to Finance the Acquisition of a Multifamily Property Located in Macon, GA: Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $7.7 Million USD to finance the acquisition of a multifamily property located in Macon, Georgia. College Park Apartments is a 219-unit, garden-style apartment community that features 44 two- and three-story apartment and townhome buildings. The property is situated on 24.2 acres. The borrowing entity is CP Apartments 19 LLC, a single purpose Georgia Limited Liability Company, who is acquiring the property from College Park of Macon, LLC. The deal is backed by Watermark Sunbelt Fund. The loan features a 10-year term that will amortize over 30 years, with the first three years being interest only.
- NexPoint-Advised Real Estate Vehicle Acquires Portfolio of 951 Single-Family Rental Homes: NexPoint, a multibillion-dollar alternative investment platform, announced today the recent acquisition of a single-family rental home portfolio by a NexPoint-advised private placement real estate investment trust. The trust is managed by VineBrook Homes, a real estate company that specializes in acquiring, renovating, and leasing single-family homes. The acquisition, which included 951 homes across nine states, expands VineBrook’s geographical footprint, marking its entry into a number of new markets, while further establishing its presence in key existing markets. With the acquisition, VineBrook’s portfolio now totals approximately 6,500 single-family rental homes. Initially focused on multifamily assets, NexPoint has expanded its real estate capabilities in recent years, moving into the single-family rental market through its partnership with VineBrook, which began in 2018. Single-family rental assets across the NexPoint platform now total $1.7 Billion USD. In addition to single-family rentals, NexPoint’s real estate expertise has grown to include hospitality, industrial, and office/retail, among other sub-sectors, with gross real estate acquisitions now totaling over $8.9 billion
E-mail me your stories, industry news tips, and press releases.