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Hines, Benenson Capital Partners and USAA Real Estate Partner to Deliver New Mixed-Use Project in Downtown Bellevue

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SEATTLE, June 10, 2021 / PRNewswire / – Hines, the international real estate company, announced today, along with Benenson Capital Partners and USAA Real Estate, a 6.75-acre mixed-use downtown development on Main Street Place Bellevue, Washington.

The development will consist of around 1.2 million square meters of new high-rise office buildings on the north side of the site, which will enjoy a wide, unobstructed south-facing view, and around 400 units of low-rise apartments in the south. The floor space will offer a dynamic pedestrian experience with around 90,000 square meters of retail and leisure space as well as public open spaces and pedestrian corridors across the site.

Main Street Place will be an exciting addition too Bellevue, one of the most active sub-markets of Seattle Area. It will be less than a block from a future light rail station that is slated to open in 2023 and will connect it to the city center Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond.

“The location of the project, the flexibility and an almost complete superblock of land make it possible to deliver a new portal into the city center Bellevue, “said Ty Bennion, Senior Managing Director at Hines. “This, together with the extraordinary interior design and ground plane design, will set Main Street Place apart from everything that currently exists in Bellevue. We are excited to partner with USAA Real Estate and Benenson Capital Partners on what we believe to be one of the most exciting community building opportunities in our marketplace. “

The project is being developed under a long-term leasehold with Benenson Capital Partners, a 115 year old family company based in New York City. The Benenson family has owned the property for decades. She originally acquired the Albertsons grocery store, which originally occupied the project, and then developed the current mall.

“We are excited to bring the shared vision of Hines and the capital of Benenson to Main Street Place. We believe that this development with its proximity to the light rail system, the rousing design and the variety of elements will create a wonderful vitality in the city center. ” Bellevue, “said Richard Kessler, Chief Operating Officer of Benenson Capital Partners.

“We’re excited to partner with Hines and the Benenson Capital Company to develop this exciting, mixed-use neighborhood in Bellevue“Said Carrington Brown, Managing Director Development at USAA Real Estate. “Main Street Place reaffirms USAA Real Estate’s build-to-core strategy of investing in mixed-use Class A projects in areas of high demand.”

The planning and design of Main Street Place reflect the values ​​and promise of Bellevue. There are numerous amenities, including enabled collaboration spaces and easy-to-use outdoor communal areas. When exploring the public spaces, dramatic views can be found that reinforce an intimacy of the experience between the residents and the place. Green living and the latest sustainable design solutions are an integral part of the project framework.

“Our intent for Main Street Place is to create a vibrant, active and engaging, mixed-use neighborhood that emphasizes the quality of life,” said Doug Hocking, Construction manager at KPF. “The project’s cheerful courtyards prioritize pedestrian comfort with mixed social areas enlivened with inspiring public art and framed views of Mount Rainier. We’re excited to create a new downtown area Bellevue and support the region’s growth with a vibrant and exciting mixed-use architecture. “

The design team working on the project includes lead designers Kohn Pedersen Fox as well as GGLO, A + I, Design Workshop and MKA. In addition, a team is led by Steve Kohn from Cushman & Wakefield served as development advisor to Benenson Capital.

About Hines

Founded in 1957, Hines is a privately held global real estate investment firm with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management worth approx $ 160.9 Billions¹, inclusive $ 81.7 billion in assets under management for which Hines is the investment manager; and $ 79.2 billion with total assets of more than 172.9 million square feet on which Hines provides third party real estate services. Hines has historically developed, refurbished, or acquired approximately 1,450 lots totaling over 485 million square feet. The company currently has more than 180 developments underway around the world. With extensive experience investing across all risk and property types and a pioneering commitment to ESG, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.

¹ Includes both the global Hines organization and RIA AUM December 31, 2020.

About Benenson Capital Partners
The Benenson group of companies dates back to 1905 and is still controlled by the Benenson family. Benenson Capital Partners is a leading privately held real estate investment, development and wealth management company. BCP manages 125 properties including retail, office, industrial, apartment buildings, hospitality and land The United States and Canada on behalf of the Benenson group of companies. The company is focused on core, value-add and opportunistic investments in all major real estate sectors as well as its historic leadership position in owning single tenant triple net rental properties used by large corporate tenants. Visit www.benensoncapital.com for more information.

About USAA Real Estate
With more than $ 26 billion of assets under management and 11 offices worldwide, USAA Real Estate is an industry leader in the acquisition, development, financing and management of the highest quality real estate assets in North America and Europe. USAA Real Estate’s mission is to serve the financial interests of its investor clients by enhancing the profitability and diversity of their investment portfolios, which include multi-family, industrial, office and hotel real estate, as well as e-commerce logistics and distribution centers, media production Facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of joint investments, USAA Real Estate works with outstanding industry leaders who demonstrate proven domain expertise to deliver superior, risk-adjusted returns. Please visit usrealco.com for more information.

Media contacts:
Great Ink Communications, (212) 741-2977
Sara Williams [email protected]

SOURCE Benenson Capital Partners

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Housing crisis becomes an emergency as Salt Lake County home prices spike 31% in a year

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Average price climbed to $ 535,000 in May, $ 128,000 more than twelve months ago as severe supply shortages and declining sales take their toll on would-be buyers in Utah.

(Francisco Kjolseth | The Salt Lake Tribune) A home for sale in Salt Lake City on Tuesday, April 27, 2021. Despite Utah housing demand at historic highs, home sales along the Wasatch Front declined earlier this year due to a lack of supply. Single-family home prices, meanwhile, continue to rise as wafer-thin deals dampen sales and buyers seek cheaper alternatives like condos and townhouses.

As the latest sign of the Utah real estate crisis, Wasatch Front real estate agents lamented the catastrophic shortage of homes in the market on Thursday as prices soar to shocking new records and sales continue to decline.

The average price of a single-family home in Salt Lake County surged the noticeable $ 500,000 mark sometime in March, then hit $ 535,000 last month, new data shows – a staggering $ 128,000 year-over-year increase of 31%.

This major damper on the price spiral pushed the volume of home sales in the five-county region in May well below the level of the same month last year, when home shopping was temporarily wiped out by COVID-19.

With the average new home supply now spanning 30 to 40 and selling in five days, real estate agents in Utah’s main metropolitan area issued a rare emergency statement saying the region was “severely undeveloped” and facing severe declines through decades of underinvestment be in terms of affordability.

“It will take more construction of all types of homes so more people can realize the American dream of their own home,” said Matt Ulrich, president of the Salt Lake Board of Realtors, which covers Salt Lake, Utah, Weber, Davis and Tooele counties.

“It’s just too tough out there,” said Ulrich in an interview. “There is simply not enough stock because the demand is so great.”

That cry for help sparked a new report released on Wednesday that estimates the country’s housing deficit at around 5.5 million units. The industry study calls for residential construction in the US to increase by 2 million homes annually over the next decade, compared to 1.3 million units built last year.

America’s housing stock has been largely neglected for nearly two decades, the National Association of Realtors report said, with a severe shortage of new buildings leading to an acute shortage, an “increasingly worsening” affordability crisis and an inventory of existing homes it is getting old and in need of repair.

Calling the magnitude of the construction delay and the resulting gap between demand and supply “enormous”, the report said the crisis will require “a major national commitment to building more homes of all kinds”.

In Utah, the housing gap is estimated at 45,000 to 50,000 single-family homes, apartments, and other forms of housing, with a particularly acute need for more affordable housing for residents with average wages.

Home builders in Utah have record numbers of units under construction but say they are not catching up given the heavily pent-up demand, lack of supply and rising prices for land, building materials and builders.

According to economists, rising prices along the Wasatch front have temporarily slowed sales since 2019, but the pandemic-induced demand for houses with more rooms and larger backyards has pushed the supply of apartments to new lows.

The resulting drop in sales worsened in May, with double-digit price gains making it more of a creep and increasing stress on the part of buyers.

Home sales in May fell to 2,396, a 7% decrease from the same month last year, which was itself a historically bleak sales month, down 19% from 2019 due to pandemic lockdowns. The average single-family home price in five counties is now $ 485,000, up $ 109,640 from the same point last year.

While these declining sales are apparently a bread-and-butter problem for the area’s 10,000 or so real estate agents working on commission, a spokesman for the Salt Lake Board of Realtors said its members are speaking on behalf of budding homebuyers.

“We are heading for California prices if we stay on this path,” warned spokesman Dave Anderton. “And that is a really difficult situation, especially for first-time buyers.”

The National Association of Realtors report blamed the crisis on “persistent underinvestment” in all major regions of the country as a result of economic conditions following the 2009 Great Recession. This downturn resulted in severe job losses in the construction sector and tightened lending standards for builders and buyers, both severe setbacks to housing construction that persisted for years.

While the report describes this as a crisis of national proportions, Ulrich noted that Utah, Nevada, and Idaho – some of the fastest growing states in the country since 2010 – had also seen the worst declines in affordability.

The Cottonwood Heights-based broker and home builder reiterated the demands of the broader Utah real estate sector, urging cities to remove “onerous” building requirements and streamline building permits to reduce construction costs. Ulrich also called for increased incentives to attract more workers to builders – such as frame builders, electricians, plumbers and roofers – who are now scarce.

The national report also pointed to potential benefits of increased housing construction for the U.S. economy, including relief for costly tenants and nearly $ 400 billion in additional economic activity.

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Loyalsock taxpayers to see real estate tax increase for school district | News, Sports, Jobs

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For the first time in three years, residents of Loyalsock Township School District will pay more property taxes next year after the school board recently increased the rate by $ 0.43 million.

This means that for every $ 100,000 of the estimated value of a property, an additional $ 43 is added to the tax bill. According to M. Dan Egly, general manager and board secretary, the new tariff will generate $ 300,000 in additional revenue for the district that would have run a $ 640,000 deficit without the additional millage. The remaining deficit will be covered by fund balances to present a balanced budget for 2021-22 with revenues and expenditures of $ 25,084,743.

“We didn’t leave a stone unturned. We are looking for all possibilities to avoid the effects of these budgets on taxpayers. said Egge.

He said the district had renegotiated contracts, installed solar panels on buildings, and recently approved the construction of a cell phone boom on district property in an attempt to find ways to reduce costs.

“The district is looking for ways to avoid tax increases in the future, but unfortunately we have to make these decisions at some point.” said Egge.

The other tax rates remain the same for the next year.

The Loyalsock Township Recreation Board budget of $ 23,994 for programs available to children in the district for the period 2021-22 was awarded to the OK.

The board also approved that

Resolution to Foreclose Homestead / Farmstead, which will allow primary residents of qualifying properties to obtain a $ 130.75 reduction in their property taxes. There are 3,020 homesteads and nine homesteads in the district that are eligible for exclusion.

In Human Resources, the Board approved the following positions at the stated salary rates: Marc Walter, Assistant Principal, $ 86,000 for the 2021-22 school year; Maria Debrody, Temporary Specialist, Elementary School Teacher, effective October 18, prorated salary of $ 49,059; Laura Kriger, part-time high school secretary, $ 13 an hour; Connie Clapper, part-time hospitality worker, $ 10 an hour; and Erika Maurer, voluntary rail trainer.

The following resignations were noted: Julia Muse, data coordinator; Eric Gerber, social studies teacher; Brandon Schrimp, school policeman; and Kimberly Bigelow, hospitality worker.

The board agreed to accept a $ 4,700 offer made by James McDermott for a 2004 bus with 72 passengers. The bus had previously been sold but the sale was not completed so the bus was offered again.

The purchase of a Cub Cadet mower from Lawn & Golf Supply Co., Inc. for $ 18,824 has been approved.

With the district’s summer programs beginning and CDC policy changes, Superintendent Gerald McLaughlin asked the board if they had any objection to making mask wear optional during the summer months. The board agreed, but stressed that it is up to everyone whether they want to wear masks or not.

Prior to the business portion of the meeting, Denise Holmes was announced as the winner of the Lauretta Woodson Support Staff Award, and Alicia Carner, a special education teacher at the high school, received an Instructor Award Acknowledgment from the group.

The next board meeting will be on July 14 at 7:00 p.m. in the boardroom at 1605 Four Mile Drive.

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Former SEC chief accountant joins real estate investment platform as CFO

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Diving letter:

  • Fundrise, a direct-to-investor real estate investment platform, has been selected as new CFO Alison Staloch, former chief accountant for the investment management division of the Securities and Exchange Commission.

  • Fundrise, headquartered in Washington, DC, manages $ 1.5 billion in equity for more than 150,000 investors. The company has invested more than $ 5.7 billion in real estate since its inception in 2012.

  • Former Fundrise CFO Michael McCord was Fired for attempted blackmail In 2016, he denied a charge.

Dive Insight:

Staloch’s attitude follows news from earlier this month that Fundrise is a Goldman Sachs’ $ 300 million loan facility to finance the construction of new single-family houses in the Sun Belt region.

At the SEC, Staloch developed policy recommendations for regulating investment companies and advisors with regard to their disclosure and financial reporting requirements. Before that, she worked in the auditing practice at KPMG for a decade.

“Having spent my entire career in investor protection roles in our capital markets, I am inspired by Fundrise’s investor-centric mission to use technology to build a better financial system for retail investors,” Staloch said in a statement. “I am excited to work with the Fundrise team to further amplify the impact of its uniquely powerful technology to streamline conventional capital raising and capital financing on behalf of its customers.”

“Alison’s background in advocating at the highest level for the individual investor was a perfect fit for our mission at Fundrise,” said Co-Founder and CEO Ben Miller.

Alison Staloch

Courtesy Fundrise

Staloch was drawn to Fundrise to “do something more entrepreneurial,” she told CFO Dive. “I’ve spent my entire career in gatekeeping and regulation, so it was tempting to be part of building something.”

Staloch, who took up her position in late April, is the company’s first full-time CFO and characterizes her workload as typical of a late-stage company. She focuses on accounting and reporting, alongside more strategic work such as improving earnings models and managing diversity, equity and inclusion goals.

“The most important thing I’m focusing on right now is structuring the finance function to leverage the technology to automate controls and processes so the company can focus more strategically,” she said.

Fundrise is very complex and heavily regulated, but “incredibly innovative in terms of compliance”.

“That impressed me as a former regulator,” she said, adding that she supported the company’s mission to democratize access to alternative assets for retail investors.

In competition with Public Real Estate Investment Trusts (REITs) and with regard to access to a broad investor base, the company offers its products and services directly. “There really is no middleman,” she said.

Fundrise’s assets are managed externally; To achieve efficiency gains in operating costs, the company is focusing on building its technical efficiency to better scale.

“Our technology enables us to raise investor money through an online platform that enables incredible investments,” she said. “Our operations are all done in-house, and our technology gives us real-time data and insights to help us execute an investment strategy more effectively.”

While rising interest rates could affect the value of real estate, it doesn’t determine how Staloch approaches the strategy, she said. “We’re looking for assets that we believe can create value and that we also see an opportunity to transform a current approach to create even more value for our investors,” she said.

Amid the well-documented uncertainty over commercial real estate following the pandemic, Fundrise is not changing its plans.

“We are currently investing primarily in rental properties for multi-family and single-family houses: asset classes that are not confronted with the same uncertainty as commercial real estate,” said Staloch. “One of the benefits of investing is that our real estate assets are diversified; We are not restricted by any asset class or geography. Single family home rental is something of a new industry that we are targeting and we are constantly reviewing which asset classes have value and opportunities for disruption. “

Since McCord’s layoff in 2016, Fundrise has been a Regulation A applicant and filing regulation letters for all funds and measures, Staloch said, which is “truly unique for a company at our stage”. Her own due diligence process has shown her the company has strong controls and, as a former regulator, Fundrise has been impressed by its adherence to strict regulations.

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