June 2020 – REI INK

American Homes 4 Rent Announces Independent Board Chairman

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The Board of Trustees for American Homes 4 Rent has appointed Kenneth M. Woolley as independent chairman of the board. The appointment was effective May 7. Tamara Hughes Gustavson, former chairman of the board, will continue to serve as a board trustee. Woolley joined the company’s board at its inception in 2012. He is the founder andformer CEO of Extra Space Storage, Inc., a self-storage real estate investment trust, where he currently serves as its chairman. Woolley has developed and constructed more than 18,000 apartment units and 600 single-family homes and acquired and managed an additional 15,000 apartment units. He is also the founder of several companies in the retail, electronics, food manufacturing, airline and natural resources industries.

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PREIT has added Shop Local pages on all of its mall websites, an effort designed to support the ecommerce platforms of the small businesses in its portfolio. The offerings are accessible not only to local audiences but also to the entire PREIT portfolio of consumers. “Our local businesses are among the enterprises hardest hit by this pandemic. Without robust digital marketing budgets, they are at a disadvantage to their national counterparts. The retail ecosystem is critical to economic recovery and we wanted to be sure we took steps to support those most in need, including putting our marketing power behind our tenants,” said Joseph F. Coradino, chairman and CEO of PREIT. “Our goal in pursuing this endeavor is to take another step in putting our communities first and be even better partners with our tenants moving forward.” PREIT Malls reach an audience of more than 1,000,000 people through digital channels.

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Permits.com, a platform for property owners and contractors to apply for construction-related permits nationwide, has launched GovAccess. Contractors in 17,000 U.S. cities and towns can use the free platform to expedite permit requests and inspections online, allowing contractors to access critical information and approvals they need for building in the face of COVID-19 and beyond. Due to the pandemic, building departments have closed or have restrictions on how they support service providers, workers and property owners. These restrictions limit the access, speed and procurement for contractors able and willing to work. Delayed permits and inspections could be long-lasting, ranging from costly project delays to potential public safety issues. “We understand the impact COVID-19 is having on our country, particularly contractors operating in smaller municipalities,” said Permits.com CEO & founder Ray Antonino. “GovAccess strengthens the resilience of local governments, promotes civic engagement and accelerates economic development by moving the permitting process online.” Permits.com was designed in partnership with property owners, contractors and local governments. Local municipalities pay nothing.

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MRI Software has introduced new and updated features for its residential, commercial and financials solutions. The changes are designed to better equip MRI’s clients to navigate the challenges of the COVID-19 crisis. The enhancements will allow owners and operators of residential and commercial properties to adapt to changing behaviors and market conditions. “COVID-19, both the pandemic and the necessary response, slammed the brakes on the global economy. This rapid change created a new set of operational and living conditions to which real estate owners and operators had to adjust. We are seeing rapid adoption of new features as well as more mature features that enable socially distant business practices,” said Patrick Ghilani, CEO of MRI Software. MRI added several product enhancements to provide landlords and property managers with access to digital tools and services that address rent payment concerns, ensure effective communication with residential and commercial tenants, and help manage the impact on assets and portfolios.

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Eastern Union, a commercial real estate finance firm, has arranged $15.5 million in financing toward construction of a ground-up, 1,115-unit self-storage facility in Perth Amboy, New Jersey. The loan, which covers costs associated with both land acquisition and construction of a 130,000-square-foot building, was arranged by managing director David Merkin and underwriting director Barry Dollman. The deal closed on March 30 with lender Orix USA Corporation. The non-recourse loan was provided at 85% leverage. “It’s challenging to secure construction financing even under normal market conditions,” said Merkin. “Eastern Union was pleased to meet our client’s needs by identifying a lender that was ready to offer a non-recourse loan at a high leverage ratio. Moreover, the lender was willing to stand by its original offer, even as economic circumstances were rapidly changing.” The borrower was 112 New Brunswick Properties Urban Renewal LLC, doing business as Woodbridge Self-Storage. The facility will be operated by Extra Space Storage, a Utah-based real estate investment trust. The seller’s identify was not disclosed.

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A&G Real Estate Partners has launched a structured investment sales division. A four-person team, led by industry veteran Jeff Hubbard, brings to the new division more than 80 years of experience in structured turnkey dispositions of portfolios and individual properties across all asset classes. The team expands A&G’s in-house capabilities to include sealed bid and live auctions, portfolio sales, note sales and sale-leaseback transactions. It also broadens the range of asset classes A&G serves to include investment properties (hospitality, industrial, multi-family, shopping centers), luxury home and development projects, as well development land and special use properties. In addition to Hubbard, the team includes senior managing director Jamie Coté and managing directors Katie DeCoste and Christian Koulichkov. All were part of a special situations group that has worked together for nearly 20 years, most recently at Paul J. Massey’s B6 Real Estate Advisors in Manhattan. Hubbard, DeCoste and Koulichov will be based out of A&G’s Melville, Long Island, headquarters. Coté will work from the firm’s Chicago office.