Residential Building & Real Estate

NewRez and Shelter Mortgage Announce Formation of New Joint Venture Lender, Landed Home Loans

Monday, November 18, 2019 - 12:30pm

NewRez LLC (NewRez), a national mortgage lender, announced today the formation of a new joint venture mortgage company to be added to its network of partners.

Key Points: 
  • NewRez LLC (NewRez), a national mortgage lender, announced today the formation of a new joint venture mortgage company to be added to its network of partners.
  • The new joint venture lender, to be named Landed Home Loans LLC (Landed Home Loans), is based in Colorado and is currently recruiting a centralized sales leader and team to support borrowers in select markets nationwide.
  • Through partnership with lending industry leader Shelter Mortgage, Landed is able to significantly expand its services and impact.
  • Landed Home Loans is creating a centralized platform with a customized origination and operations system, designed specifically for Landed customers.

Ellington Financial Inc. Completes $267.3 Million Non-QM Loan Securitization

Monday, November 18, 2019 - 12:00pm

Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it closed a $267.3 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.

Key Points: 
  • Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it closed a $267.3 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.
  • We are pleased with the execution of our second securitization of non-QM loans of 2019, and with the steady growth of LendSure, said JR Herlihy, Chief Financial Officer of the Company.
  • Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments.
  • Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

Certain Units in Oosten Condominium Brooklyn, New York to be Tokenized Through UPRETS

Sunday, November 17, 2019 - 11:42pm

Digitization of real estate assets is becoming a reality as UPRETS is now in the process of tokenizing certain condominium units at the Oosten property in Williamsburg, Brooklyn.

Key Points: 
  • Digitization of real estate assets is becoming a reality as UPRETS is now in the process of tokenizing certain condominium units at the Oosten property in Williamsburg, Brooklyn.
  • The condominium that has 216 units will be the first property to have condominium units tokenized by UPRETS.
  • View the full release here: https://www.businesswire.com/news/home/20191117005072/en/
    Certain Units in Oosten Condominium Brooklyn, New York to be Tokenized Through UPRETS (Photo: Business Wire)
    UPRETS developed permissioned blockchain (X-BOLT consortium chain) and inter-chain technology to facilitate the tokenization of real estate assets.
  • Every token issued through UPRETS, defined by smart contracts, will represent partial ownership in certain units at the Oosten property.

FHLBank Pittsburgh Announces Results in Board Election

Friday, November 15, 2019 - 9:19pm

The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) today announced the results of its recent election.

Key Points: 
  • The Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) today announced the results of its recent election.
  • The election included one member director position for Delaware, one member director position for Pennsylvania, and two independent director positions.
  • Incumbent member directors were elected for Delaware and Pennsylvania, while two incumbent independent directors were also elected.
  • Other Directors Serving on the FHLBank Pittsburgh Board of Directors In addition to the directors-elect listed above, FHLBank Pittsburghs Board of Directors for 2020 includes the following members: James R. Biery, Patrick A.

$20,000 in Grants Awarded to Project Build a Future of Lake Charles

Friday, November 15, 2019 - 8:03pm

First National Bank of Louisiana, First Federal Bank of Louisiana and the Federal Home Loan Bank of Dallas (FHLB Dallas) will award $20,000 in Partnership Grant Program (PGP) funds to Project Build a Future in Lake Charles, Louisiana.

Key Points: 
  • First National Bank of Louisiana, First Federal Bank of Louisiana and the Federal Home Loan Bank of Dallas (FHLB Dallas) will award $20,000 in Partnership Grant Program (PGP) funds to Project Build a Future in Lake Charles, Louisiana.
  • The funds will help the nonprofit organization purchase home sites, improve those sites, develop a smaller home plan and develop new counseling and training for low-income working families seeking to buy a new home.
  • The media is encouraged to join local dignitaries and bank representatives at a check presentation at 2:30 p.m., Wednesday, November 20 at 707 South Lyons Street in Lake Charles.
  • The structure of the PGP enables FHLB Dallas member institutions to contribute $500 to $4,000 to a community-based organization, which FHLB Dallas matches at a 3:1 ratio.

Habi Raises $5.5 Million to Improve Homeownership Lifecycle Across Latin America

Friday, November 15, 2019 - 3:30pm

Habi, the Bogot-based technology-driven real estate company dedicated to simplifying the lifecycle of homeownership in Latin America, today announced that it has closed a $5.5 million pre-seed round led by Tiger Global Management, as well as Homebrew and Zigg.

Key Points: 
  • Habi, the Bogot-based technology-driven real estate company dedicated to simplifying the lifecycle of homeownership in Latin America, today announced that it has closed a $5.5 million pre-seed round led by Tiger Global Management, as well as Homebrew and Zigg.
  • Habi targets customers in the middle class, which has experienced 25% growth from 2008 through 2018, accounting for over 75% of Bogotas population.
  • We plan to use this investment to build and scale a single solution for current and future residential owners at every stage of the homeownership process in Colombia and throughout Latin America.
  • Habi is a technology-driven real estate company dedicated to simplifying the homeownership lifecycle throughout Latin America.

KB Home Announces the Opening of Northern Ridge Estates, Its Latest New-Home Community in Glendale

Friday, November 15, 2019 - 1:00pm

KB Home (NYSE: KBH) today announced the grand opening of Northern Ridge Estates, a new residential community in Glendale.

Key Points: 
  • KB Home (NYSE: KBH) today announced the grand opening of Northern Ridge Estates, a new residential community in Glendale.
  • View the full release here: https://www.businesswire.com/news/home/20191115005056/en/
    New KB homes now available in Phoenix.
  • (Photo: Business Wire)
    Northern Ridge Estates is a gated enclave of attractively priced single-story homes situated in a highly desirable neighborhood, said Kevin McAndrews, president of KB Homes Phoenix division.
  • As with our other communities, Northern Ridge Estates is focused on giving home shoppers the opportunity to purchase a new, personalized KB home at a price that fits their needs.

Masco Corporation Announces Signing of Definitive Agreement to Sell Masco Cabinetry

Friday, November 15, 2019 - 1:00pm

The preferred stock will have a coupon of 8 percent, increasing to 10 percent in the third year.

Key Points: 
  • The preferred stock will have a coupon of 8 percent, increasing to 10 percent in the third year.
  • The closing of the sale is expected to occur during the first quarter of 2020, subject to customary closing conditions and regulatory review.
  • Masco Cabinetry will be accounted for as discontinued operations for the fourth quarter and full year 2019.
  • Headquartered in Livonia, Mich., Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products.

Dwight Capital Closes October 2019 with Over $87.3 MM in Total Loans

Friday, November 15, 2019 - 1:30pm

Dwight Capital is pleased to report another successful month with closings exceeding $87.3 MM.

Key Points: 
  • Dwight Capital is pleased to report another successful month with closings exceeding $87.3 MM.
  • The Sponsor has since spent $14 MM in renovations including demolishing 88 units, which were damaged by a fire.
  • The Sponsor was then approached by Dwight who agreed to fund the $20.1 MM bridge loan refinance, which included $6.9 MM of cash out.
  • For more information about Dwight Capital, please visit: www.dwightcapital.com
    View source version on businesswire.com: https://www.businesswire.com/news/home/20191115005030/en/

PulteGroup’s Michigan Division Named a 2019 Top Workplace by The Detroit Free Press

Friday, November 15, 2019 - 1:30pm

PulteGroup, Inc. (NYSE: PHM) announced today that its Michigan division has been awarded a 2019 Top Workplaces honor by The Detroit Free Press.

Key Points: 
  • PulteGroup, Inc. (NYSE: PHM) announced today that its Michigan division has been awarded a 2019 Top Workplaces honor by The Detroit Free Press.
  • Award winners are selected based on nominations and an evaluation of the companys organizational health and engagement as submitted by their employees.
  • It is an honor to be named a Top Workplace in Michigan.
  • This award is consistent with our companys broader culture as PulteGroup was recognized as a Great Place to Work-Certified Company earlier this year.