Author Archives: ipgocorp

Yellen’s Philly speech in early June could be key

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(RECAP: In a baseball game, the pitcher who comes in to get the final three outs in the ninth inning is called the closer, someone who has the final say on the outcome of the game. Fed Chairwoman Janet Yellen is going to play that role next month, in a speech on June 6 in Philadelphia. As a result, Yellen will have the last word on the outlook for interest rate policy before the U.S. central bank goes silent and prepares for its June 14-15 policy meeting. For Stephen Stanley, chief economist at Amherst Pierpont Securities, the timing of the chairwoman’s speech significantly raises the odds of a June interest rate hike.)

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Crowdfunding Platform Closes Equity Investment for 233-Unit Chicago Apartment Acquisition

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CHICAGO, IL – RealtyMogul.com, one of the leading online marketplaces for real estate investing, announced that it has closed an investment into a $21.6 million acquisition. The platform helped finance the acquisition of The Edison Apartments, a mid-rise multifamily property in Chicago, by Spirit Bascom Ventures, a sponsorship joint venture between Stamford, Connecticut-based Spirit Investment Partners and Irvine, California-based The Bascom Group.

The sponsorship group, which specializes in distressed and value-add multifamily investments, plans to rehabilitate and renovate the building with the goal of increasing its revenue to levels comparable with those of similar renovated properties in the market. The 223-unit building, currently 97-percent occupied, is situated in the rapidly transitioning Edgewater neighborhood and also boasts 8,850 square feet of ground-floor retail space.

“With this acquisition, we saw potential for our investors to benefit both from the market expertise of Spirit Bascom Ventures and from the submarket’s growing Millennial population,” said Jilliene Helman, CEO of RealtyMogul.com. “As the neighborhood undergoes a demographic transition, we believe the rehabilitation project will allow the property to tap into rising rental rates in the market.”

In this transaction, RealtyMogul.com contributed limited partner common equity. Since its inception, RealtyMogul.com has invested more than $25 million in Chicago-area property transactions.

“We specialize in investing $1 million to $5 million into joint venture equity, preferred equity, mezzanine loans and bridge loans, so this investment was a perfect fit for our joint venture equity program,” Helman added. “Through the democratizing force of real estate crowdfunding, we look forward to connecting more investors to opportunities like this one.”

Spirit Bascom Ventures is one of RealtyMogul.com’s largest sponsors to date, representing over $10 billion in combined transactions.

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Cocke Finkelstein and Enfold Properties Sells Collier Lofts in Burgeoning Atlanta West Midtown Market

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ATLANTA, GA – Cocke Finkelstein, Inc. (CFI), in conjunction with its JV partner, Enfold Properties, want to announce the sale of Collier Lofts. Located between the burgeoning West Midtown and Buckhead submarkets, Collier Lofts is part of a wave of high end apartment communities that make up the new in town submarket being billed as “The Upper West Side.”

Delivered in 2014, Collier Lofts leased up at a swift pace, and has since seen continued rent growth, further illustrating demand for apartments in Atlanta. CFLane, the wholly owned management affiliate of CFI, handled the lease up and management at Collier Lofts.

CFLane currently manages over 30,000 units comprised of a diverse portfolio ranging from Class C to Class A Lease-Ups.

Collier Lofts represents the first of two joint venture developments between CFI and Enfold Properties. The community was thoughtfully designed with a modern industrial influence. A contemporary look and feel inside, coupled with a dog park in the rear of the property, helped make the unique experience that CFI and Enfold envisioned for the diverse neighborhood.

Cushman Wakefield marketed the investment on behalf of the seller. The buyer of Collier Lofts was represented by Shea Campbell with CBRE.

“We are thrilled to celebrate the success of this project and to work collaboratively with the buyer on this buy. This is a solid win for all involved,” states CFI’s Chief Investment Officer, Neil Herceg.

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