Real Estate Business – California Sunset Team http://californiasunsetteam.com/ Thu, 23 Sep 2021 16:07:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://californiasunsetteam.com/wp-content/uploads/2021/09/californiasunsetteam-icon-120x120.jpg Real Estate Business – California Sunset Team http://californiasunsetteam.com/ 32 32 Los Gatos prime site lands at Bay Area buyer site – Silicon Valley https://californiasunsetteam.com/los-gatos-prime-site-lands-at-bay-area-buyer-site-silicon-valley/ https://californiasunsetteam.com/los-gatos-prime-site-lands-at-bay-area-buyer-site-silicon-valley/#respond Thu, 23 Sep 2021 16:02:07 +0000 https://californiasunsetteam.com/los-gatos-prime-site-lands-at-bay-area-buyer-site-silicon-valley/ LOS GATOS – A long stranded auto dealership property in Los Gatos has been purchased by a veteran Bay Area development company that specializes in redeveloping plots in prime locations. The unique Los Gatos Chevrolet site was purchased by a subsidiary controlled by Sand Hill Property Co., an active and experienced developer in the Bay […]]]>

LOS GATOS – A long stranded auto dealership property in Los Gatos has been purchased by a veteran Bay Area development company that specializes in redeveloping plots in prime locations.

The unique Los Gatos Chevrolet site was purchased by a subsidiary controlled by Sand Hill Property Co., an active and experienced developer in the Bay Area.

SHP Cute, a subsidiary of Sand Hill Property, paid $ 15.1 million for the site, according to documents filed Sept. 21 with the Santa Clara County Recorder’s Office.

Los Gatos Chevrolet closed without warning in 2008, one of several auto dealerships that closed in the Bay Area and across the country amid the financial crisis that erupted that year.

The seller was Longs Drug Stores California, a unit of the national drugstore chain CVS, which purchased Longs Drug of Walnut Creek in 2008.

Longs Drug Stores California bought the property in 2012, paying $ 5.8 million, according to county public documents.

When Longs Drug bought the site, Longs was already owned by CVS. Planning documents indicate that a pharmacy was being considered in recent years on the property, but those plans were ultimately scrapped. CVS now operates a store just down the street at Los Gatos Boulevard and Blossom Hill Road.

Sand Hill Property officials have been contacted but declined to comment on the company’s plans for the property it has just purchased.


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Evergrande crisis: 5 things to know about the Chinese business empire on the brink https://californiasunsetteam.com/evergrande-crisis-5-things-to-know-about-the-chinese-business-empire-on-the-brink/ https://californiasunsetteam.com/evergrande-crisis-5-things-to-know-about-the-chinese-business-empire-on-the-brink/#respond Wed, 22 Sep 2021 07:50:00 +0000 https://californiasunsetteam.com/evergrande-crisis-5-things-to-know-about-the-chinese-business-empire-on-the-brink/ Evergrande did not immediately respond to a request from CNN Business to comment on these payments. And interest payments totaling more than $ 100 million are due Thursday on two of the company’s bonds, according to data provider Refinitiv. Here’s what you need to know about Evergrande and how it got to where it is […]]]>

Evergrande did not immediately respond to a request from CNN Business to comment on these payments.

And interest payments totaling more than $ 100 million are due Thursday on two of the company’s bonds, according to data provider Refinitiv.

Here’s what you need to know about Evergrande and how it got to where it is now.

What is Evergrande?

Evergrande is one of the largest real estate developers in China. The company is part of the Global 500, which means it is also one of the largest companies in the world in terms of revenue.
Listed in Hong Kong and based in Shenzhen, southern China, it employs approximately 200,000 people. It also indirectly helps maintain over 3.8 million jobs each year.
The group was founded by Chinese billionaire Xu Jiayin, also known as Hui Ka Yan in Cantonese, who was once the richest man in the country.
Evergrande has made a name for itself in residential real estate – it boasts of “owning more than 1,300 projects in more than 280 cities” across China – but its interests extend far beyond.

Apart from housing, the group has invested in electric vehicles, sports and amusement parks. She even owns a food and beverage business, selling bottled water, groceries, dairy and other products across China.

In 2010, the company bought a soccer team, which is now known as Guangzhou Evergrande. This team has since built what is believed to be the largest football school in the world, at a cost of $ 185 million to Evergrande.
Guangzhou Evergrande continues to set new records: it is currently working on the creation of the largest football stadium in the world, assuming construction is completed next year as planned. The $ 1.7 billion site is shaped like a giant lotus flower and will eventually be able to accommodate 100,000 spectators.
Chinese club starts building world's largest soccer stadium for $ 1.7 billion
Evergrande also caters to tourists through its theme park division, Evergrande Fairyland. Its claim to fame is a gigantic enterprise called Ocean Flower Island in Hainan, the tropical province of China commonly known as “Chinese Hawaii”.
The project includes an artificial island with shopping centers, museums and amusement parks. According to the group’s most recent annual report, it started taking clients on a trial basis earlier this year, with plans for a full opening “by the end of 2021”.

How did he encounter problems?

In recent years, Evergrande’s debts have exploded as she borrowed to finance her various activities.

The group has gained notoriety for becoming the most indebted developer in China, with more than $ 300 billion in liabilities. In recent weeks, he has warned investors of cash flow issues, saying he could default if he is unable to raise funds quickly.

This warning was underscored last week when Evergrande revealed in a stock market file that it was struggling to find buyers for some of its assets.

Chinese real estate giant Evergrande again warns it could default on huge debts

In some ways, the company’s aggressive ambitions are what put it in the hot water, experts say. The group “has moved away from its core business, which is part of how it got into this mess,” said Mattie Bekink, Chinese director of the Economist Intelligence Unit.

Goldman Sachs analysts say the company’s structure has also made it “difficult to get a clearer picture of [its] recovery. “In a recent note, they underlined “the complexity of Evergrande Group, and the lack of sufficient information on the assets and liabilities of the company”.

But the group’s struggles are also emblematic of the underlying risks in China.

“The story of Evergrande is the story of the depths [and] structural challenges of the Chinese economy related to debt, ”Bekink said.

The problem is not entirely new. Over the past year, a large number of Chinese state-owned enterprises defaulted on their loans, raising fears that China may depend on debt-fueled investments to support growth.
And in 2018, billionaire Wang Jianlin was forced to downsize his conglomerate, Dalian Wanda, as Beijing cracked down on companies that borrow heavily to grow overseas.
A woman riding a scooter in front of the construction site of an Evergrande housing complex in Zhumadian, Henan province, September 14, 2021.

In a note last week, Mark Williams, Capital Economics’ chief economist for Asia, said the Evergrande collapse “would be the biggest test the Chinese financial system has faced in years.”

“The root of Evergrande’s problems – and those of other highly leveraged developers – is that demand for residential properties in China is entering an era of sustained decline,” he wrote. “The ongoing collapse of Evergrande has drawn attention to the impact a wave of developer defaults would have on China’s growth.”

How does he try to move forward?

Evergrande said in a document filed with the Shenzhen Stock Exchange on Wednesday that the problems over the payment of a national bond in yuan were “settled through negotiations.”

The amount of interest he owes on the bond is around 232 million yuan ($ 36 million), according to data from Refinitiv.

While the news may appease investors, many questions remain unanswered. Evergrande did not specify the terms of the payment in its statement, and interest worth $ 83.5 million on a dollar-denominated bond is also due Thursday.

The company has not said anything publicly about what will happen to this payment.

On September 14, Evergrande announced that it had brought in financial advisers to help assess the situation.

While these companies are tasked with exploring “all feasible solutions” as quickly as possible, Evergrande warned that nothing is guaranteed.

So far, the conglomerate has struggled to stem the bleeding and has failed to find buyers for parts of its electric vehicle and real estate services business.

China Evergrande Center in the Wan Chai district of Hong Kong.

At the time of this filing, he had made “no significant progress” in his search for investors, and “it is not certain that the group is able to make such a sale”, he said. .

The company also attempted to sell its office tower in Hong Kong, which it bought for around $ 1.6 billion in 2015. But this was “not completed on schedule,” he said. he declares.

How are investors reacting?

Evergrande’s troubles spilled into the streets last week when protests reportedly erupted at its headquarters in Shenzhen. Reuters images showed dozens of protesters at the site on Monday, accosting a person identified as a representative of the company.

But shareholders have been suspicious for months: the stock has lost more than 80% of its value this year.

Earlier this month, Fitch and Moody’s Investors Services both downgraded Evergrande’s credit ratings, citing its liquidity problems. “We regard some fault as probable,” Fitch wrote in a recent note.

The situation It also appears to be scaring investors in China more broadly, at a time when they are already reeling from Beijing’s crackdown on private sector companies, especially in the tech sector. The Hang Seng Index (HSI) Monday fell 3.3%, suffering its worst drop in nearly two months, as Chinese banks, insurers and other real estate companies came under fire.
China faces a potential Lehman moment.  Wall Street is unfazed

“In our opinion, how the Evergrande credit strains are resolved will influence market sentiment,” Goldman Sachs analysts wrote recently, referring to the credit market and the economy in general. They added that the Chinese bond market could be affected and that a loss of confidence could “spill over to the real estate sector at large”.

Wall Street seems more optimistic about the risks of contagion abroad.

“I don’t think the collapse of Evergrande, and the financial problems of Chinese real estate companies more generally, will spill over into the US economy or markets,” Mark Zandi, chief economist at Moody’s Analytics, told CNN Business . Last week.

What could happen next?

Analysts expect the Chinese government to step in to limit the fallout if Evergrande were to default. And the authorities are clearly watching closely, while trying to project calm.

Last week, Fu Linghui, spokesman for China’s National Bureau of Statistics, acknowledged the difficulties of “some large real estate companies,” according to state media.

Without directly naming Evergrande, Fu said that the Chinese real estate market has remained stable this year, but that the impact of recent events “on the development of the whole sector must be observed.”

People gathered at Evergrande's headquarters in Shenzhen on Wednesday.

Williams of Capital Economics predicted that the country’s central bank would “step in with liquidity support” if fears of a major default escalated.

The authorities are said to be taking action. Bloomberg last week cited anonymous sources as saying that regulators hired international law firm King & Wood Mallesons, among other advisers, to review the conglomerate’s finances. King & Wood Mallesons declined to comment.

According to the report, officials in Evergrande’s home province of Guangdong have already rejected a rescue request from its founder. Authorities in Guangdong and Evergrande did not respond to a request for comment.

An aerial view of the Guangzhou Evergrande football stadium under construction in December 2020.

But some suggest it may already be too late to save the business.

Evergrande’s financial woes have been widely described by Chinese media as a “huge black hole”, implying that no amount of money can solve the problem.

“We ultimately expect the government to intervene in Evergrande’s case because it will not allow the company’s defaults to spill over into the banking system,” Bekink said.

“The impacts of a major Evergrande default would be remarkable.”

–Kristie Lu Stout, Julia Horowitz, Laura He and the Beijing office of CNN contributed to this report.


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Hot Properties, September 21, 2021> GSA Business https://californiasunsetteam.com/hot-properties-september-21-2021-gsa-business/ https://californiasunsetteam.com/hot-properties-september-21-2021-gsa-business/#respond Tue, 21 Sep 2021 15:53:26 +0000 https://californiasunsetteam.com/hot-properties-september-21-2021-gsa-business/ The following commercial real estate transactions have recently been concluded in the upstate. For weekly updates on business offers, see the Hot Properties feature every Tuesday in the GSA Business Report Daily email. Colliers’ flexible / industrial broker, Richard Barrett, represented Berry Shoals Industrial LLC in the purchase of 80,000 square feet of industrial space […]]]>

The following commercial real estate transactions have recently been concluded in the upstate. For weekly updates on business offers, see the Hot Properties feature every Tuesday in the GSA Business Report Daily email.

Colliers’ flexible / industrial broker, Richard Barrett, represented Berry Shoals Industrial LLC in the purchase of 80,000 square feet of industrial space at 961 Berry Shoals Road in Duncan from ATA Properties LLC.

Although Berry Shoals Industrial is based in South Carolina, its parent company is a Chicago-based investment group with several holdings in the upstate, according to a press release. The investment group chose 961 Berry Shoals Road in part because of its central location in the upstate and the region’s industrial growth.

“This was a significant expansion for this investment group with their holdings in the upstate,” Barrett, senior brokerage partner at Colliers, said in the press release. “It can present a building for immediate occupancy, competitive and scalable.

The property is located off the SC 101 freeway, near Interstate 85. The 80,000 square foot industrial building has clear heights of 18 to 23 feet, an access bay, nine exterior dock doors , LED lighting and is fully protected by sprinklers, the mentioned. The building was once occupied by LeMans Karting and is now available for hire. Colliers will be responsible for the rental and marketing of the property.

S. Pendleton Street, GreenvilleDavid Sigmon and Matt Vanvick of Pintail Capital Partners represented Brains on Fire in the sale of 1263 S. Pendleton St. in the village of West Greenville.

136 N. Buncombe Road, GreenvilleDaniel Casillas and Avery Martin with The Burgess Co. have completed the sale of 3.2 acres of land for development on North Buncombe Road, in the heart of the Greer trade corridor. They represented the seller.

Frank Hammond of Colliers, South Carolina represented One Augusta Group Holding Co. in the sale of 3.2 acres of land at 6420 Calhoun Memorial Highway in Easley to ATC 101 Holdings LLC for $ 850,000.

Taylor Allen, Brantley Anderson and Bailey Tollison of Colliers represented US REIF ICP South Carolina in the lease of 3,435 square feet of office space at 3 Independence Pointe in Greenville to The Hiring Group LLC.

Union Street in SpartanburgTim Satterfield of Coldwell Banker Commercial Caine arranged for the sale of two industrial buildings totaling 109,200 square feet on 5.67 acres at 1095 and 1097 Union St., Spartanburg, between The Palmetto Warehouse Co. LLC, the seller, and the buyer Lat Purser & Associates Inc.

Harry Croxton of Coldwell Banker Commercial Caine represented Gilmer and Sons Mobile Home Sales and Rentals Inc. in the sale of 10 mobile home parks with 179 home locations, 165 park owned homes and approximately 50 acres located in Anderson, Belton, Williamston, Starr and Pendleton, at MHP Pursuits LLC.

Jimmy Wright of NAI Earle Furman represented the owner, Magnolia Property Group Inc., by leasing 5,000 square foot retail space at 932 NE Main St., Simpsonville. Ted Lyerly and Geoff Beans of NAI Earle Furman represented the lessee, Express Oil Change LLC.

Ross Kester of Pintail Capital Partners represented the seller, GS Seneca LLC, in the sale of a 3,271 square foot triple net single tenant investment at 1313 Sandifer Blvd. to Seneca to Buyer Brotherhood Limited Partnership.

Josh Tew and Monty Todd of Pintail Capital Partners represented the owner, Sweet K12 LLC, on the 2,500 square foot lease at 25 Sweetbriar Drive in Greenville to tenant Ricardo Parra.

Contact Ross Norton at 864-720-1222.


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CORRECT and REPLACE Asia Capital Real Estate (ACRE) grants 11 loans totaling $ 358 million for multi-family properties in the United States | Associated press https://californiasunsetteam.com/correct-and-replace-asia-capital-real-estate-acre-grants-11-loans-totaling-358-million-for-multi-family-properties-in-the-united-states-associated-press/ https://californiasunsetteam.com/correct-and-replace-asia-capital-real-estate-acre-grants-11-loans-totaling-358-million-for-multi-family-properties-in-the-united-states-associated-press/#respond Tue, 21 Sep 2021 02:18:41 +0000 https://californiasunsetteam.com/correct-and-replace-asia-capital-real-estate-acre-grants-11-loans-totaling-358-million-for-multi-family-properties-in-the-united-states-associated-press/ NEW YORK – (BUSINESS WIRE) – Sep 20, 2021– Please replace the version with the following corrected version due to multiple revisions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210920005778/en/ The Rayette Lofts, an 89-unit multi-family community in St. Paul, Minnesota, which recently received an $ 18.2 million loan through Asia Capital […]]]>

NEW YORK – (BUSINESS WIRE) – Sep 20, 2021–

Please replace the version with the following corrected version due to multiple revisions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210920005778/en/

The Rayette Lofts, an 89-unit multi-family community in St. Paul, Minnesota, which recently received an $ 18.2 million loan through Asia Capital Real Estate’s debt fund, “ACRE Credit I”. (Photo: Business Wire)

The updated version reads as follows:

ASIA CAPITAL REAL ESTATE (ACRE) PROVIDES 11 LOANSTOTAL $ 358 MILLION FOR AMERICAN MULTI-FAMILY PROPERTIES

Bridge loans will support projects in growing marketslike Chicago, Dallas and Charleston

Asia Capital Real Estate (ACRE), a global private equity and real estate lending firm, today announced that it has entered into 11 bridge loans since August 1, totaling approximately $ 358 million to support multi-family buildings in the markets strong growth in the United States

Issued through ACRE’s “ACRE Credit I” debt fund, the loans will support the acquisition, rental, redevelopment and recapitalization of multi-family assets in markets such as Chicago, Illinois; Dallas, Texas; Gainesville, Florida; and Cincinnati, Ohio. To date, the Fund has made over $ 1 billion in whole loans in 25 transactions.

“August was a record month for our ACRE Credit fund, and that momentum continued into September as multi-family borrowers across the country continue to recognize our superior execution and access to reliable capital flows in an environment of more and more competitive ” said ACRE Managing Partner Daniel Jacobs. “We are proud to partner with these companies to support the growth of their developments in many of the fastest growing rental markets in the country. We look forward to building on the incredible success of the fund and continuing to seek out new beneficial funding opportunities in the weeks and months to come.

The loans issued via ACRE Credit since August 1 are as follows:

  • $ 53.6 million for Tessa at Katy, a 312 unit apartment development in Katy, Texas
  • $ 45.8 million for City Place, a 220-unit multi-family community in Gainesville, Florida
  • $ 42.4 million for Lakewood Greens, a 252-unit property in Dallas, Texas
  • $ 40.8 million for Mill House, a 232-unit multi-family community in Fort Mill, South Carolina
  • $ 35.0 million for Premier at Prestonwood, a 208-apartment building in Dallas, Texas
  • $ 25.0 million for Aspire at James Island, a 127-unit development in Charleston, South Carolina
  • $ 33.5 million for Helix Apartments, a 167-unit development in St. Louis Park, Minnesota
  • $ 26.3 million for Shoreline, a 167-unit multi-family community in Cleveland, Ohio
  • $ 25.4 million for Otis, a 92-unit development in Chicago, Illinois
  • $ 18.2 million for Rayette Lofts, an 89-unit community in St. Paul, Minnesota
  • $ 11.8 million for The Madison, a 116-unit development in Cincinnati, Ohio

“The multi-family market is booming in secondary markets across the country as they continue to attract both new residents and jobs,” Jacobs said. “Owners and developers of these domains increasingly need a knowledgeable and trusted partner to facilitate the success of their projects, and this recent spike in activity is a testament to our ability to meet their rapidly changing needs. . “

ACRE recently announced the official closing of “ACRE Credit I” after raising a total of $ 328 million, which far exceeded its initial target of $ 300 million. Launched in the first quarter of 2020, the Fund has been well received by institutional investors focused on stability and upside potential in an uncertain economic climate.

ACRE Credit I provides senior mortgage bridging loans, mezzanine loans and preferred shares to top multi-family owner-operators secured by institutional grade real estate across the United States In a low yield environment, the Fund is intended to generate double-digit interest rates and target IRRs in the low to mid-teens. Baird has acted as financial advisor to many of the Fund’s most important engagements, including those of institutional investment managers Almanac Realty Investors and OPTrust. Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, committed $ 320 million earlier this year to various funds managed by ACRE. A large percentage of Almanac’s commitment went to ACRE Credit I, a testament to ACRE’s lending platform and its proven track record.

About Asia Capital Real Estate (ACRE)

Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm that manages institutional investor and family office capital through a series of private equity and debt funds and currently manages over 1 , $ 8 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have focused on 22,000 units across 78 properties in 33 cities. ACRE’s strategies focus on direct investments in real estate and credit and are focused on high growth markets in the United States, with additional properties currently under development in South East Asia and the United Kingdom . ACRE manages a global portfolio of multi-family housing with offices in Atlanta, New York and Singapore.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210920005778/en/

CONTACT: MEDIA CONTACT:

Champagne Williams

Antenna | The spaces

champaign.williams@antennagroup.com

646-791-9625

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL AND REAL ESTATE BUILDING COMMERCIAL AND REAL ESTATE CONSTRUCTION AND PROPERTY

SOURCE: Asia Capital Real Estate

Copyright Business Wire 2021.

PUB: 09/20/2021 22:18 / DISC: 09/20/2021 22:18

http://www.businesswire.com/news/home/20210920005778/en

Copyright Business Wire 2021.


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Asia Capital Real Estate (ACRE) grants 11 loans totaling over $ 360 million for multi-family properties in the United States https://californiasunsetteam.com/asia-capital-real-estate-acre-grants-11-loans-totaling-over-360-million-for-multi-family-properties-in-the-united-states/ https://californiasunsetteam.com/asia-capital-real-estate-acre-grants-11-loans-totaling-over-360-million-for-multi-family-properties-in-the-united-states/#respond Mon, 20 Sep 2021 16:49:00 +0000 https://californiasunsetteam.com/asia-capital-real-estate-acre-grants-11-loans-totaling-over-360-million-for-multi-family-properties-in-the-united-states/ NEW YORK–(COMMERCIAL THREAD) – Asia Capital Real Estate (ACRE), a global private equity and real estate lending firm, today announced that it has entered into 11 bridge loans since August 1, totaling approximately $ 360 million to support multi-family buildings in high growth markets in the United States Issued through ACRE’s “ACRE Credit I” debt […]]]>

NEW YORK–(COMMERCIAL THREAD) – Asia Capital Real Estate (ACRE), a global private equity and real estate lending firm, today announced that it has entered into 11 bridge loans since August 1, totaling approximately $ 360 million to support multi-family buildings in high growth markets in the United States

Issued through ACRE’s “ACRE Credit I” debt fund, the loans will support the acquisition, rental, redevelopment and recapitalization of multi-family assets in markets such as Chicago, Illinois; Dallas, Texas; Las Vegas, Nevada; Gainesville, Florida; and Cincinnati, Ohio. To date, the Fund has made over $ 1 billion in whole loans in 25 transactions.

“August was a record month for our ACRE Credit fund, and that momentum continued into September as multi-family borrowers across the country continue to recognize our superior execution and access to reliable capital flows in an environment of more and more competitive ” said Daniel Jacobs, head of creation of ACRE. “We are proud to partner with these companies to support the growth of their developments in many of the fastest growing rental markets in the country. We look forward to building on the incredible success of the fund and continuing to seek out new beneficial funding opportunities in the weeks and months to come.

The loans issued via ACRE Credit since August 1 are as follows:

  • $ 53.6 million for Tessa at Katy, a 312 unit apartment development in Katy, Texas

  • $ 45.8 million for City Place, a 220-unit multi-family community in Gainesville, Florida

  • $ 42.4 million for Lakewood Greens, a 252-unit property in Dallas, Texas

  • $ 40.75 million for Mill House, a 232-unit multi-family community in Fort Mill, South Carolina

  • $ 35.0 million for Premier at Prestwood, a 208-apartment building in Dallas, Texas

  • $ 34.4 million for Yardz on West Cheyenne, a 180-unit development in Las Vegas, Nevada

  • $ 33.5 million for Helix Apartments, a 167-unit development in St. Louis Park, Minnesota

  • $ 26.25 million for Shoreline, a 138-unit multi-family community in Cleveland, Ohio

  • $ 25.35 million for Otis, a 92-unit development in Chicago, Illinois

  • $ 18.2 million for Rayette Lofts, an 88-unit community in St. Paul, Minnesota

  • $ 11.8 million for The Madison, a 116-unit development in Cincinnati, Ohio

“The multi-family market is booming in secondary markets across the country as they continue to attract both new residents and jobs,” Jacobs said. “Owners and developers of these domains increasingly need a knowledgeable and trusted partner to facilitate the success of their projects, and this recent spike in activity is a testament to our ability to meet their rapidly changing needs. . ”

ACRE recently announced the official closing of “ACRE Credit I” after raising a total of $ 328 million, which far exceeded its initial target of $ 300 million. Launched in the first quarter of 2020, the Fund has been well received by institutional investors focused on stability and upside potential in an uncertain economic climate.

ACRE Credit I provides senior mortgage bridging loans, mezzanine loans and preferred shares to top multi-family owner-operators secured by institutional grade real estate across the United States In a low yield environment, the Fund is intended to generate double-digit interest rates and target IRRs in the low to mid-teens. Baird has acted as financial advisor to many of the Fund’s most important engagements, including those of institutional investment managers Almanac Realty Investors and OPTrust. Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, committed $ 320 million earlier this year to various funds managed by ACRE. A large percentage of Almanac’s commitment went to ACRE Credit I, a testament to ACRE’s lending platform and its proven track record.

About Asia Capital Real Estate (ACRE)

Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm that manages institutional investor and family office capital through a series of private equity and debt funds and currently manages over 1 , $ 8 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have focused on 22,000 units across 78 properties in 33 cities. ACRE’s strategies focus on direct investments in real estate and credit and are focused on high growth markets in the United States, with additional properties currently under development in South East Asia and the United Kingdom . ACRE manages a global portfolio of multi-family housing with offices in Atlanta, New York and Singapore.


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Roundtable on commercial real estate https://californiasunsetteam.com/roundtable-on-commercial-real-estate/ https://californiasunsetteam.com/roundtable-on-commercial-real-estate/#respond Mon, 20 Sep 2021 05:06:05 +0000 https://californiasunsetteam.com/roundtable-on-commercial-real-estate/ What role does technology play in adapting to the evolution of CRE and the work environment? Camillucci: COVID has accelerated the trend of using e-commerce to buy a wide range of products. This in turn shaped the commercial real estate market by driving demand for warehousing, trucking and logistics facilities. E-commerce, social media, cloud computing […]]]>

What role does technology play in adapting to the evolution of CRE and the work environment?

Camillucci: COVID has accelerated the trend of using e-commerce to buy a wide range of products. This in turn shaped the commercial real estate market by driving demand for warehousing, trucking and logistics facilities. E-commerce, social media, cloud computing and related technologies have also created a massive need for data capacity, which has shaped the real estate market with the development of many new data centers. Additionally, as more restaurants look to focus on delivery and pickup using apps and other platforms, we’re seeing a proliferation of shared kitchens, cloud kitchens, and pickup restaurants. uniquely. Clearly, the many video conferencing and workflow management applications available today allow office workers to be productive while working remotely. This has allowed many companies to survive the pandemic and envision a future hybrid workplace.

Walters: From increased data speeds to connect with remote workers to enhanced security measures to keep workers safe, advanced electrical technology plays a vital role in our changing workplace. We are continually installing new safety technologies for a contactless work environment and these tools will be critical to the success of Chicago’s new workplace.

DuPraw: Companies are using technology to facilitate a hybrid work-from-home model and ensure a safe environment for their employees. For example, we are seeing more and more hotels where even older businesses are using scheduling software to allow employees to book offices or other conference space independently based on schedule and load. of work. Contactless environments and the ability to have social distancing are still very important to employees. It also means that there has been a surge in audio / video conferencing technologies, both in quality and quantity.

What are your prospects for the corporate office sector in general?

DuPraw: As Chicago entered Phase 5, we started to see more activity and momentum, especially in the Fulton Market area and a slight increase in planning for architectural and design firms. Multi-story tenants in general are looking for options to give back space or reposition their existing space. Sublease space is still high but is stabilizing and with the Delta variant becoming more prevalent it is prudent to move too quickly.

Camillucci: In the short term, the outlook is uncertain. In the long run, I think strong demand will return. We cannot predict for sure how long COVID will interfere with the large-scale return to the office. If we’re in control of Delta and other disruptive variants don’t appear, maybe plans to return to the office will resume by winter or spring. But, if Delta persists or another variant emerges, the office sector could be in limbo longer, especially given the politicization of public health measures. That said, despite the hubbub about working from home, I think many people will end up going back to the office at least some of the time. Large companies have sent this signal. For me, going back to the office three days a week was a welcome change from working exclusively from home.

Is the hybrid working model here to stay?

DuPraw: Yes, but it will be a “work first from the office” model, rather than a “work first from home” model. Many industries, including law firms, banks, institutions and traditional businesses, have embraced the hybrid work model, which will reduce the office footprint and provide new design options for the future office. That said, there will never be a complete substitution for in-person collaboration and brainstorming.

Camillucci: For many employers and employees, a hybrid approach in one form or another will strike the right balance. COVID has taught us that workplaces don’t have to be rigid about when and where people work, as long as the job is done right and on time. Working from home can be efficient by eliminating travel and interruptions by colleagues. However, working in an office also has its advantages. Colleagues identify with each other and their employers more strongly when they have the opportunity to interact in person. Employers want to develop this sense of identity, and over time many employees will regret it. As nice as it is to work from home on certain days, it’s also great to be connected to a team with a common goal. It can also be stressful to work at home with children, pets, and household responsibilities always on the lookout.

Walters: While some workers will not return to the office full-time, those who even spend part-time in the office will need contactless components as well as increased reliability of the data connection. Our member electricians and contractors have been trained to recommend and install the best high-speed data connectivity options to ensure remote workers can perform their jobs seamlessly.

What emerging or cutting-edge trends are likely to affect the future workplace?

Walters: While a hybrid working model can prevent many workers from entering their offices on a daily basis, they will still need to feel secure when entering. The UV air filtration technology creates a healthier air quality which circulates in the suites ensuring that bacteria, mold and viruses are removed from the air. RFID readers can ensure that those entering an office building can pass through security by swiping an ID badge rather than touching door handles, and UV lighting can be placed in the escalator of a building to disinfect the balustrades every time.

Camillucci: Many large shopping centers will be adaptively redeveloped and reused as mixed-use developments that integrate retail, foodservice, entertainment, multi-family residential, hotel, commercial office and consumer processing uses. last mile. These mini-cities will attempt to create symbiotic relationships between the different uses so that each is more commercially sustainable than any of them alone. The trend started before COVID and may have temporarily stagnated, but many malls won’t be able to survive without creatively thinking about how to reinvent themselves as full-service communities.

DuPraw: Emerging trends will revolve around health, wellness, safety and sustainability. Employees will expect to work for organizations that not only make it a priority, but invest in the physicality of space to achieve those goals. For example, our own downtown office is WELL and LEED certified and incorporates an additional fresh air intake, circadian lighting systems, healthy food and snacks for employees, and a waste recycling program. While we started this process long before the pandemic, COVID-19 has certainly placed more emphasis on these issues.


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Major New York Real Estate Company Now Accepts BTC As Payment https://californiasunsetteam.com/major-new-york-real-estate-company-now-accepts-btc-as-payment/ https://californiasunsetteam.com/major-new-york-real-estate-company-now-accepts-btc-as-payment/#respond Sun, 19 Sep 2021 14:37:34 +0000 https://californiasunsetteam.com/major-new-york-real-estate-company-now-accepts-btc-as-payment/ Magnum Real Estate is set to accept bitcoin as payment for a three-store commercial condominium on the East Side of Manhattan. – to be[IN]cryptography Major real estate opportunity for bitcoin investors Magnum Real Estate is accepting payment of $ 29 million for a three-store retail condominium space in Bitcoin, which would make it the first […]]]>

Magnum Real Estate is set to accept bitcoin as payment for a three-store commercial condominium on the East Side of Manhattan.

– to be[IN]cryptography

Major real estate opportunity for bitcoin investors

Magnum Real Estate is accepting payment of $ 29 million for a three-store retail condominium space in Bitcoin, which would make it the first income-producing real estate investment opportunity in the United States for Bitcoin investors. The building at 385 First Avenue contains turnkey commercial condominiums, located on the East Side of Manhattan. All three retail spaces are currently leased to M&T Bank, Mighty Pita Restaurant and ProHEALTH Emergency Care Clinic.

Magnum’s bullish outlook on crypto

Magnum Real Estate was the first New York company to accept crypto for its prime real estate. Ben Shaoul, Managing Partner at Magnum Real Estate, epitomizes the company’s bullish outlook on cryptocurrency. Their continued partnership with BitPay who will receive payment in Bitcoin on Magnum’s behalf, and deposit the dollars into the real estate company’s USD account, is indicative of their confidence in the cryptocurrency asset class.

Their confidence translates into their belief that many more transactions can be processed through the blockchain. BitPay Chief Commercial Officer Sonny Singh is excited about this historic offer and believes it is a step forward in proving cryptocurrency to be viable as a form of payment in real estate. BitPay will charge Magnum a 1% fee for processing the transaction.

Miami’s bitcoin gem

Prior to the announcement of Magnum’s commercial condominium, a 5,067 square foot penthouse in Miami was purchased for $ 22.5 million, making it the most expensive property ever purchased in cryptocurrency. The deal was the fastest real estate transaction, taking less than 10 days, and testifies to the potential of decentralized finance, recognized by Miami real estate developers at the time of the sale, Alex Sapir and Giovanni Fasciano.

This story was first seen on BeInCrypto


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Evergrande gave workers a choice: lend us money or lose your bonus https://californiasunsetteam.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/ https://californiasunsetteam.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/#respond Sun, 19 Sep 2021 06:27:36 +0000 https://californiasunsetteam.com/evergrande-gave-workers-a-choice-lend-us-money-or-lose-your-bonus/ When struggling Chinese real estate giant Evergrande ran out of cash earlier this year, it turned to its own employees with a strong case: Those who wanted to keep their bonuses should give Evergrande a short loan. term. Some workers have asked friends and family for money to lend to the company. Others borrowed from […]]]>

When struggling Chinese real estate giant Evergrande ran out of cash earlier this year, it turned to its own employees with a strong case: Those who wanted to keep their bonuses should give Evergrande a short loan. term.

Some workers have asked friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped repaying the loans, which had been billed as high-interest investments.

Today, hundreds of employees joined panicked homebuyers to demand reimbursement from Evergrande, rallying outside the company’s offices across China to protest last week.

Once China’s most prolific real estate developer, Evergrande has grown into the country’s most indebted company. It owes money to lenders, suppliers and foreign investors. He owes unfinished apartments to homebuyers and has racked up over $ 300 billion in unpaid bills. Evergrande faces lawsuits from creditors and has seen its shares lose more than 80% of their value this year.

Regulators fear that the collapse of a company the size of Evergrande will cause upheavals throughout China’s financial system. Yet, so far, Beijing has not intervened with a bailout, having promised to teach the indebted corporate giants a lesson.

Angry protests by homebuyers – and now the company’s own employees – could change that calculation.

Evergrande is at the mercy of buyers of nearly 1.6 million apartments, according to one estimate, and could owe tens of thousands of its employees money. While Beijing remains relatively silent on the future of the company, those who are owed money say they are getting impatient.

“We’re running out of time,” said Jin Cheng, a 28-year-old employee from the eastern city of Hefei, who said he invested $ 62,000 of his own money in Evergrande Wealth, the investment arm of the company, on demand. senior management.

As rumors circulated on the Chinese internet that Evergrande could go bankrupt this month, Mr. Jin and some of his colleagues gathered outside provincial government offices to pressure authorities to intervene.

In the southern city of Shenzhen, homebuyers and employees crowded into the lobby of Evergrande’s headquarters last week and shouted for reimbursement. “Evergrande, give back my money that I earned with blood and sweat!” some could be heard screaming in video footage.

Mr. Jin said employees at Fangchebao, Evergrande’s online platform for real estate and auto sales, have been told that each department should invest in Evergrande Wealth on a monthly basis.

Evergrande did not respond to a request for comment, but the company recently warned it was under “enormous” financial pressure and said it had hired restructuring experts to help determine its future.

It hasn’t always been that way.

For more than two decades, Evergrande has been China’s largest developer, making money out of a real estate boom on a scale the world has never seen. With each success, Evergrande has expanded into new areas: bottled water, professional sports, electric vehicles.

Banks and investors cheerfully invested the money, betting on China’s growing middle class and its appetite for homes and other properties. More recently, real estate has come under intense scrutiny from Chinese regulators who want to end the boom years and have forced the industry to start paying down debt.

The idea was to reduce the exposure of Chinese banks to the real estate sector. But in the process, regulators withdrew the money developers like Evergrande needed to finish building homes, leaving families without the homes they had already paid for.

“The Chinese financial system is really complex and when you see cracks like this you realize the impact it could possibly have on society,” said Jennifer James, investment manager at Janus Henderson Investors. “If Evergrande were to disappear tomorrow, it could be a socially systemic problem. “

Ms James and other investors said they only heard about Evergrande’s wealth management strategy involving its employees this month, when the company revealed it owed $ 145 million in funds. refunds.

Evergrande has attempted to sell parts of his vast empire to raise new funds, but said last week he was “not sure the group would be able to close such a sale”. He accused the media of triggering panic among homebuyers with negative coverage.

But Evergrande’s funding channels started to dry up long before last week. According to employee interviews, state media reports and corporate documents seen by The New York Times, the company began forcing staff members to help bail it out as early as April, when she started selling short term loans.

About 70 to 80 percent of Evergrande employees across China were asked to donate money that would then be used to help fund Evergrande’s operations, Liu Yunting, consultant for Evergrande Wealth, recently told Anhui. Online Broadcasting Corporation, a public news group.

A version of this interview went offline on Friday. Anhui Online Broadcasting did not respond to a request for comment.

The scope of the campaign and the amount of money it could have raised was unclear. Employees were told to each invest a certain amount of money in Evergrande Wealth products, and if they didn’t, their performance pay and bonuses would be suspended, the employees told Anhui.

Company management said the investments were part of “supply chain finance” and would allow Evergrande to make payments to its suppliers, Liu said in his interview with Anhui. “Because we, the employees, had to fill a quota, we asked our friends and families to put in some money,” he said.

Mr. Liu said his parents and in-laws invested $ 200,000 and that he invested around $ 75,000 of his own money in Evergrande Wealth.

Even before the protests last week, Evergrande was on the wrong side of Beijing. At the end of last month, its executives were called to a meeting with regulators. Officials from major banking and insurance supervisors in China have called on the rulers to pay off their huge debt in order to keep the Chinese financial market stable.

The authorities’ biggest concern is with the unfinished apartments at Evergrande. The company has nearly 800 developments underway in more than 200 cities across China.

Evergrande, which has often pre-sold apartments to raise funds before their completion, may still have to deliver up to 1.6 million properties to homebuyers, according to a Barclays estimate.

Under close scrutiny, Evergrande convened its top executives earlier this month and asked them to publicly sign what he called a “military order” – a pledge to complete unfinished real estate developments.

Wesley Zhang and his family are among the hundreds of thousands of families still waiting for their apartments, and they are hopeful that the company will be able to deliver. Mr. Zhang, 33, joined other homebuyers who protested in Hefei last week after learning that Evergrande also owed its employees money.

“Everyone is anxious, we are a bit like ants on a hot pan, having no idea what to do,” Mr. Zhang said, using a Chinese expression to describe the distress of seeing an investment of $ 124,000 potentially disappearing. He said he hoped the protests would spur the government to act before it was too late.

“We hope this will prompt the central government to pay enough attention,” Zhang said. “Then someone would come out to intervene. “


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Seyedmohammad Ghatali, makes a huge difference in the real estate world through his work – UBJ https://californiasunsetteam.com/seyedmohammad-ghatali-makes-a-huge-difference-in-the-real-estate-world-through-his-work-ubj/ https://californiasunsetteam.com/seyedmohammad-ghatali-makes-a-huge-difference-in-the-real-estate-world-through-his-work-ubj/#respond Sat, 18 Sep 2021 17:16:09 +0000 https://californiasunsetteam.com/seyedmohammad-ghatali-makes-a-huge-difference-in-the-real-estate-world-through-his-work-ubj/ The market is full of unscrupulous and greedy real estate developers who would go out of their way to bring their projects to fruition even at the expense of quality and taking money from gullible buyers well ahead of their time, keeping the project hanging in mid -path in many cases. Among the many bad […]]]>

The market is full of unscrupulous and greedy real estate developers who would go out of their way to bring their projects to fruition even at the expense of quality and taking money from gullible buyers well ahead of their time, keeping the project hanging in mid -path in many cases. Among the many bad experiences and untrustworthy people in the real estate market, there is one person who keeps his promise and is known to deliver on time, without any excuse or delay, this is the ace Realtor Seyedmohammad Ghatali, who has made a huge difference in the real estate world through his work.

What sets Ghatali apart from the rest is the way he conducts business with the utmost honesty and integrity, which is rarely seen in the industry. His genuine connections are what sets him apart from others, and this quality is something that is revered and appreciated by all. This young real estate entrepreneur from Dubai, United Arab Emirates is also known as smqattali. People who have dealt with him are impressed with his qualities and his way of working, which is quite impressive. It helps people realize their real estate dreams on budget, without compromising on quality either. He is a fine mix of real estate entrepreneurs and advisors that people admire for identifying their blind spots and overcoming their challenges in achieving the home of their dreams. Ghatali has acquired a strong notoriety in this field due to his in-depth knowledge and expertise as a real estate agent.

His tremendous success has made him a reliable name in the UAE real estate industry, and he is leading the way to take further steps through his exceptional work.

Follow him on www.instagram.com/smqattali to find out more.



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Real estate rumors: Fairwinds, Halloween Adventure, Apex https://californiasunsetteam.com/real-estate-rumors-fairwinds-halloween-adventure-apex/ https://californiasunsetteam.com/real-estate-rumors-fairwinds-halloween-adventure-apex/#respond Sat, 18 Sep 2021 01:12:00 +0000 https://californiasunsetteam.com/real-estate-rumors-fairwinds-halloween-adventure-apex/ By Andrew McIntyre (September 17, 2021, 9:12 p.m. EDT) – Fairwinds Credit Union has loaned $ 10.2 million for a 100-room hotel project in Hollywood, Fla., The South Florida Business Journal reported on Friday. The loan to an entity managed by investor Sharon Sharaby is for 5530 S. State Road 7, where the borrower plans […]]]>
By Andrew McIntyre (September 17, 2021, 9:12 p.m. EDT) – Fairwinds Credit Union has loaned $ 10.2 million for a 100-room hotel project in Hollywood, Fla., The South Florida Business Journal reported on Friday. The loan to an entity managed by investor Sharon Sharaby is for 5530 S. State Road 7, where the borrower plans to build a project known as the Wyndham Dolce Kosher House Hotel, according to the report.

A Manhattan retail condo occupied by Halloween Adventure is for sale with an asking price of $ 15.95 million, and this season will be the company’s last there, Commercial Observer reported Friday. The property at 808 Broadway and 104-110 Fourth Ave ….

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