October 2020 – Page 4

Waste Metering Debuts in Multifamily Housing Market

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RealPage has partnered with Compology to develop the RealPage Waste Management Solution, which includes rugged dumpster cameras and artificial intelligence. It is a first for the multifamily real estate market. “Compology’s integration offering enables industry leaders, like RealPage, to flexibly and seamlessly integrate automated waste metering into their existing platforms,” said Ben Chehebar, chief product officer of Compology. “We’re excited for the positive results RealPage will deliver to the multifamily market, and we look forward to expanding waste metering’s impact in the commercial space too.” Waste metering can help property owners or managers monitor and analyze exactly how much waste each building is producing and then match collection frequency to their actual needs, mitigate overage and contamination fines and reduce annual collection costs to improve the net operating income and overall value of the property. Remote dumpster visibility also helps identify and reduce contamination in waste and recycling streams, improve diversion rates from landfills and satisfy resident demand for transparency and sustainability, which lead to higher rents and better resident retention. The RealPage and Compology collaboration helps buildings meet the requirements of GRESB reporting and government mandates while importing new waste metrics into EnergyStar’s Portfolio Manager.

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Private money lender Civic Financial Services has surpassed $4 billion in loan originations since the company was founded six years ago. This is the third major milestone the company has reached in the last three years. It surpassed $3 billion in lifetime funding in October 2019. In June 2018, the company announced it had securitized $190 million in investor property loans. At the time of the announcement, it was the largest securitization pool of non-aggregated bridge-only loans from a single lender in the history of private money lending. “We’re thrilled to reach this important milestone, especially today, as we help our clients and partners to navigate COVID-related capital contraction and maintain liquidity, while continuing to achieve their real estate investing goals,” CIVIC President William Tessar said. CIVIC was founded in 2014 by parent companies Wedgewood Inc. and HMC Assets to meet the needs of investors who do not fit within traditional real estate lending criteria. Since being founded, CIVIC has provided financing for nearly 10,000 real estate investment loans. CIVIC provides real estate investors with short- and long-term financing solutions, including bridge and rental loans for residential properties, rehab financing and non-recourse multifamily bridge loans. The company’s products are also available through retail, wholesale and correspondent channels.

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Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, has closed on two high-end retail properties in Florida for $15.5 million at St. Armands Circle, one of Florida’s most iconic shopping and dining destinations. It is also Sarasota’s No. 1 tourist destination. Limestone Asset Management invests in and acquires real estate properties across all asset classes throughout North America. Ocean Bank, the largest independent state chartered commercial bank headquartered in Florida, provided the financing. Limestone Asset Management is an affiliate of Orion Real Estate Group, their joint venture partner in the deal. The seller was represented by Mark Drazek and Ray Romano of CBRE’s Net Lease Property Group. The property at 362 St. Armands Circle now encompasses three long-term tenants: Le Macaron, an authentic French pastry shop and sidewalk café; Breezin’ Up, offering embroidered and silkscreened clothing for the entire family; and Sahara, featuring women’s clothing, jewelry and accessories. Tommy Bahama is located 371 St. Armands Circle. Sarasota is experiencing what City Manager Tom Barwin calls “probably the biggest growth spurt in the city’s history.” The influx of new residents is dominated by wealthy baby boomer retirees, young families and entrepreneurial millennials. Overall, the county’s population has grown by 16% since 2010. Limestone currently holds $200 million in commercial and mixed-use real estate located across the U.S.