CAPRE’s Commercial Real Estate Headlines for September 18, 2019

Check out the latest deals and developments in commercial real estate for September 18, 2019:

  • Biproxi Announces $10 Million Seed Round Led by Greycroft to Create “Zillow for CRE”: Biproxi, the leading end-to-end commercial real estate transaction platform trusted by the world’s largest commercial brokerages, today announced Greycroft as the lead investor in its $10 million Seed round. Additional investors include Newmark Knight Frank, RPM Ventures, and the National Association of Realtors. The funding was announced alongside the launch of the company’s newest product, Biproxi Off Market, a first of its kind algorithmic-based data platform that provides instant property and valuation data on over 32 million off-market commercial properties. Designed for brokers, buyers, and tenants, the platform allows users to access detailed property data, historical sales data, assessed property values and financing history for middle-market commercial properties valued up to $25 million. The company has added Biproxi Off Market to an already popular service that combines critical CRE tools into one integrated platform and features biproximate™, a free product providing values on more than 10 million commercial properties across the United States. In addition to finding a biproximate™ for any property, buyers and brokers can access and view – for free – a vast amount of information on each property, including sales and financing history.
  • 7Park Data Acquires Real Factors to Expand Into Commercial Real Estate: 7Park Data, a provider of data transformation software and predictive insights, today announced the acquisition of Real Factors, a data aggregation platform to power decisions for commercial real estate investors, developers, managers, brokers, insurers and service providers. The acquisition allows 7Park Data to serve organizations covering commercial real estate assets, and leverage Real Factors’ data portfolio and domain expertise to create unparalleled insights. The commercial real estate space is undergoing rapid change as organizations power decision-making with data. The Real Factors platform allows commercial real estate investors, managers and developers, as well as their partners to better understand local and macro markets and create value with a single terminal to consolidate, enrich and analyze vast amounts of proprietary and publicly available data.
  • Gordon Pointe Acquisition Corp. Enters into Merger Agreement with HOF Village, LLC in Canton, OH: Gordon Pointe Acquisition, a publicly traded special purpose acquisition company, and HOF Village, LLC have entered into a definitive business combination agreement to create a premier sports, entertainment and media enterprise surrounding the prestigious Pro Football Hall of Fame. The combined entity is poised to capitalize on its unique partnership with the most dominant professional sports brand in the country, allowing for the continued development of an integrated destination resort in Canton, OH named the Johnson Controls Hall of Fame Village, and a media program executed by a single platform that unifies live entertainment, experiences, brands and content for some of the most powerful and storied brands in football. The transaction is valued at $390 million USD. The terms of the merger agreement provide, among other things, for HOF Village Newco, LLC, a subsidiary of the Company that will hold all of the Company’s operations, to be merged with and into a wholly-owned subsidiary of GPAQ.
  • Greystone Provides $27 Million in Bridge Financing for Acquisition of Multifamily Property in Houston, TX: Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided $27,000,000 in bridge financing to Iliad Realty Group (IRG) for the acquisition of Villa Nueva Apartments, a multifamily property in Houston, TX. The transaction was originated by Daniel Wolins of Greystone’s New York office. Sal Torre with Estreich & Company brokered the transaction. Originally constructed in 1980, the garden-style Villa Nueva Apartments community features 542 one- and two-bedroom units across a gated 47-building campus that has full-time security on site. Residents have access to three outdoor pools, common laundry rooms and central mailbox centers. The property offers easy access to all of the Houston metro area’s major thoroughfares. The $27,000,000 interest-only bridge loan carries a two-year term with two six-month extension options so that the borrower can acquire and rehabilitate the property while Greystone works to secure a low, fixed-rate permanent loan. Planned improvements include extensive exterior renovations to building facades, landscaping and recreational areas, as well as interior structural improvements and fixture upgrades to each of the property’s units.
  • Ready Capital National Bridge Team Closes Over $270 Million in Eight States: Ready Capital’s National Bridge Originations Team announces the closing of acquisition, mixed-use acquisition, renovation, refinance, redevelopment, stabilization and lease-up loans for approximately $270 million in eight states. The Tampa, FL, loan provided financing for the acquisition, renovation and stabilization of an approximately 365,000 SF, Class B, industrial property located in the East Tampa submarket. Upon acquisition, the sponsor anticipates completing capital expenditures and executing leases with long-term tenants. The capital improvement plan includes various interior repairs, HVAC replacement, roof repairs, fresh paint, and parking lot maintenance. Ready Capital closed the $13.4 MM, non-recourse, interest only, floating rate loan that features a 36-month term, one extension option, flexible prepayment, and is inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs, and interest and operating reserves. The Greenwood, IN loan provided financing for the acquisition, renovation and lease-up of an approximately 162,000 SF, Class B, portfolio that includes two office buildings and one flex building. The loan will be used to renovate the property and provide the tenant improvements and leasing costs for the remaining vacant space. Ready Capital closed the $6.6 MM, non-recourse, interest only, floating rate loan that features a 36-month term, two extension options, flexible prepayment, and is inclusive of a facility to provide future funding for the capital expenditures and tenant leasing costs.