News Updates

Sesa Properties Pledges to Donate Meals for Houses Sold

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Sesa Properties LLP, a Brunswick, Ohio-based real estate investment company that buys houses for cash in Greater Cleveland has pledged to donate 200 meals to the Greater Cleveland Food Bank for every property they sell. “One of the major goals of Sesa Properties from the start has been to improve the communities of Greater Cleveland,” said Daniel Sarao, co-owner and managing partner. “Individuals in the local community are struggling and need some help.” “We would love to see other local Cleveland businesses join in. Even if it’s a small contribution. Anything will help,” said Vince Senauskas, co-owner of Sesa Properties, who is a Brunswick native and graduate of Cleveland State University. Author admin View all posts

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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. Author admin View all posts

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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. Author admin View all posts

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Auction firm Williams & Williams is set to auction several surplus real estate properties for energy midstream company Archrock Services on Sept. 29. Listings include warehouse, office space and land parcels. Additionally, the vacant residence in New Castle, Pennsylvania, will sell in an online-only auction at AuctionNetwork.com on Sept. 28-30. These auctions are being offered in conjunction with commercial broker JLL. The commercial properties include three land lots and two light industrial buildings in Victoria, Texas; an improved lot in Broussard, Louisiana; and office/warehouse/shop property in Belle Chasse, Louisiana. Public inspections of the buildings in Victoria, Texas, and Belle Chasse, Louisiana, are scheduled for Sept. 11 and Sept. 18 from 11 a.m.-2 p.m. The public inspection for the residence is New Castle is Sept. 13 from 1 p.m.-4 p.m. The auctions are open to the public. No bidder deposit is required to participate. Online bidding is available simultaneously with the live auctions at AuctionNetwork.com. For a complete list of properties, sale times, locations and terms, please visit the auction website: https://www.williamsauction.com/ARCHROCK. Author admin View all posts

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Toorak Capital Partners has hired Kevin Tatro as head of asset management and reporting and Stephen J. Tyde Jr. as head of special servicing. Tatro brings more than 30 years of experience in asset management and commercial real estate debt to Toorak. Most recently he served as principal and head of asset management at Woodbridge Investments. He’s also held leadership positions atMacquarie Group, Doral Group,Landesbank Baden-Württemberg and J.P. Morgan Investment Management. Tyde’s experience is in whole loan workouts, special servicing and REO. Previously, he served as a director with Rialto Capital Advisors and has held leadership positions at DLP Real Estate Capital, Pulte Homes, Beazer Homes and Levitt & Sons. Tyde has also been an attorney specializing in real estate and commercial litigation, land use, zoning and bankruptcy. Author admin View all posts