The Seattle Medium的动态

According to Green Street, nonprofits are seizing the moment to buy property, largely at discounts from what their previous owners paid to acquire them due to overall U.S. commercial real estate pricing being down 21% from its March 2022 peak. This interesting piece from Bisnow [tag] takes a look at the ins and outs of this trend. ? https://lnkd.in/e3TkmgvG ? This piece hits at a favorable time for us. Our upcoming blog post (which is in the editing stages as we speak) is an overview of the pros and cons of owning vs renting in commercial real estate. Keep your eyes peeled for us to post it! ? #CommercialRealEstate #CRE #CREInsights

Representing Peabody at Housing Association Partnership Network (HAPN) alongside Francis Burrows / Wandle, Fiona Coulson CIHCM / Settle and Edward Wingfield / National Wealth Fund. The hardest part of obtaining funding is building the business case. From that point onwards, the proof of concept is the next hardest. Finding investors ready to put money into a financeable proposition is relatively easy. So all focus is on making the opportunity financeable. Funders, generically speaking, want to see value creation from at least one of three areas: 1. Earnings improvement, both by increasing revenue and reducing cost 2. Asset value uplifts and potential monetisation, both old assets and new 3. Outcomes - social good, community good, environmental good and more. Putting together a compelling business case in social housing, whether it’s for regeneration, retrofit or new growth often calls upon all three. And in each area there’s a time dimension. Inevitably money needs to be spent early, to deliver outcomes over time. More often than not there's a gap between easy-to-measure financial outputs (earning, assets) and hard-to-measure non-financial outcomes. The hardest element within all this is creating a ‘financialised’ measure of qualitative payoffs (such as improved living conditions, better public health and better economic productivity), to ‘repay’ financial expenditure. Bridging that financial value measurement gap requires engagement and partnership with policy makers. Regeneration / retrofit / development colleagues and finance partners should work closely together to put together the business case. -- The organisers asked me a couple of questions in the post-event wrap up: 1. What makes me optimistic for housing sector success in the next decade 2. What’s my one takeaway / message for attendees Both have the same answer: With all the changes and challenges the sector is facing, it’s encouraging to see the conversation is taking place on what to prioritise and how to deliver. And that means there’s plenty of good work to do here as proven by the number of excellent people wanting to lean into it. In my own field I’m delighted to see Caroline Stockmann, Andrew Binnie and Abi Kee appointed to non-exec roles at VIVID, bringing their expertise to the sector. Continuing the support that Association of Corporate Treasurers colleagues bring into housing, hot on the heels of Joanna Bonnett / Riverside and, a little while ago Naresh Aggarwal / Co-op Homes / RHP Group. And not to forget the excellent work Malcolm Cooper, Jane Pilcher and Patrick Minjauw (MBA) have been doing at MORhomes PLC. -- Delighted also to catch up with former colleagues Dritan U. / Southern Housing and Bola Wale Ogbe / SNG (Sovereign Network Group) as well as current colleagues Sapna Patel, Novi Ukpemo and Yinka Abolarinwa FCCA. Thank you Chloe Maria-Luka Wates and Partnership Network Events (PNE) for organising.

At some point, we have to draw a line and make a choice about what we consider unacceptable, or else we risk becoming accustomed to a standard far below what we once valued. If we let everything slide, we’ll end up with nothing to be proud of. The danger is that by catering to the lowest common denominator, everything loses its meaning and quality. This is what happens when we continuously lower our standards—eventually, nothing feels worth caring about because nothing is truly exceptional. This pattern of lowering standards has evolved alongside the growth of the sprawl economy. In the early days of our towns, local families and business owners took great pride in the structures they built. These buildings weren’t just functional; they were a reflection of the people who created them. Families and business owners invested extra time and resources into making something they could be proud of—often even putting their names on these buildings to mark their legacy. This pride in craftsmanship shaped not only how others viewed them but also how they viewed themselves. However, this local pride and ownership have been replaced by the interests of large, publicly traded corporations. Unlike the local business owners of the past, these corporations don’t care about the appearance or wellbeing of your community. Their only concern is profit, and the less they spend on things like design, context, and wages, the better their bottom line. Their interests are directly opposed to the needs of your town. The sooner we recognize this, the better we can resist lowering our standards for the sake of outsiders whose only goal is to maximize their earnings. These big businesses thrive on low standards. Their entire business model is built on reducing costs—whether that’s through lobbying to remove barriers to development or cutting corners on aesthetics and community investment. They’ll even use scare tactics, suggesting that if a town doesn’t comply with their demands, they’ll take their business elsewhere. But the truth is, they’re here for a reason: they know they can profit, and they won’t leave unless they’re unable to do so. So why should your town lower its standards for them? Shouldn’t these national chains be expected to meet the standards of your community if they want to set up shop? In the end, these corporations are more than happy to erode your standards as long as it boosts their earnings. But the cost to your town is far too high. Once standards fall, they’re much harder to raise again. The question is, how much are we willing to lose before we realize the importance of preserving what makes our communities worth living in?

A powerful and heartfelt story from the frontline: Community enterprise, people-led regeneration, ambition and resilience. Buildings are more than bricks and mortar, history is precious to understand our future; housing units are - infact - homes. Home Baked is a flagship of what is possible when communities come together to create socially-purpose biz, places + future homes. Hoping this can change ??

I have spent nearly 15 years of my life helping to build up one of the most amazing neighbourhood initiative in my neighbourhood just on the boundaries between Anfield and Everton. Homebaked Community Land Trust and Homebaked Bakery. When we started we were surrounded by mess: a regeneration scheme that had gone horribly wrong. People lost their homes, new homes were slow to materialise because there wasn’t much profit to be made on those building. We worked hard and against all the odds managed to renovate our bakery building, creating a home and space for local community business. We build up community businesses together, we cleaned, we organised, we celebrated, took care of each other and of our place. And we created a very sound scheme for the rest of the terraces next to the bakery. One that stacked up financially and would offer good quality homes at an affordable price to local people whilst also being highly energy efficient, because we want people to be warm and healthy. Why are we able to offer that quality? Because we are not profit driven. Because we live here and we believe we deserve to live well. Then our mayor got arrested and COVID hit and the start on site got delayed and the officers we spoke to changed every time we had explained over again who we were, what our track record is, which funders are lined up - oh and that there is over ￡1m in social value in the scheme. And the construction costs went through the roof. But we continued to be dedicated. Every time there were delays to cabinet decisions and legal papers, we talked to funders, banks and investors and asked them if they could extend deadlines or give us new prospects. Every time the construction costs went up again, we (and our contractor and social housing partner) went over the scheme again and tried to save money without losing quality. Oh and when we were told that planning had lapsed even though we were told by the former planning officers that the start onsite was sufficient to secure planning doesn’t lapse - we put in for planning again. We have money in place, a professional team that knows the site and the context inside out, funders, investors and banks that are waiting to get going. We are still in the pipeline for Homes England. And we do this for (and by) people, not for profit. We will not cut corners. So - who are you to tell us that this is not viable? That we are not capable? Or professional? This is disrespectful and patronising. So, come on Liverpool City Council, make the right choice today. We are not asking for something for nothing. We are asking for what we deserve. The respect for our work. At least look at it and consider it properly. Liverpool City Council Liverpool City Council Liverpool Football Club Liverpool City Region Combined Authority Paul Kelly Community Land Trust Network Cooperatives UK Power to Change Tom Chance Hazel Sheffield Peg Alexander Imandeep Kaur

Carpe momentum. #WednesdayCRE #CommercialRealEstate #CommercialDebt #CommercialInsurance With overall U.S. commercial real estate pricing down 21% from its March 2022 peak, according to Green Street, nonprofits are seizing the moment to buy property, largely at discounts from what their previous owners paid to acquire them. New York arts and theater nonprofit The Joyce Theater purchased a 58K SF office building in Manhattan's East Village in December for $16M, roughly half of the $31.7M its former owner, The Boys’ Club of New York, paid for the facility in 2019. #SourcingAndSelling #SellingAndSourcing #Retwit #2024 ~ If you have real estate, and you are willing to entertain offers, have debt to refinance, or in need of insurance for your properties, reach out to me with the details: [email protected] 305.203.2070 ~ Contact Us for Commercial Investments, Financing and Insurance. ~ Multifamily, Industrial, Hotels, Office, Retail, Development Sites, Plus. #ListWithLance #LanceLoans #LetLanceInsureYou #CRE #Owners #InvestmentProperties #Multifamily #Industrial #Hospitality #Retail #Development #Construction #Commercial #CommercialTransactions #CommercialFinance #CommercialInsurances #CommercialTitleAndClosing #CommercialProp https://lnkd.in/gvhhv-Fk

It was a really upsetting news to learn that the Oakfield Terraces have been put onto LCC Void Housing Stock Asset List for 'disposal onto the open market'. ? After all the work that Homebaked Community Land Trust and its people have put for years, the social value benefit generated in the area, the actual real continuous and deep engagement within the community, real co-design process for the retrofit of the terraces up to full planning application (secured in 2019), successfully retrofitted apartments above the bakery, bakery that is now again an iconic asset of the area... ? This type of projects is so rare to see within the built environment in the UK, and yet so precious. They are delivering the changes that we all preach for if only they are supported to do it... Local authorities and private sector seem to continuously overestimate the risks and undervalue the benefits to work with the thirds sectors / socially trading organisations and to not value them enough as real partners to deliver real good work in their city... ? I am very touched by it as Homebaked (and its people) introduced me to Liverpool, I've been welcomed, worked with them, learned a lot from them, from their vision and ambitions, its people and their energy to rebuild their bits of the city well, for them by them. Homebaked Community Land Trust are part of these key gems in Liverpool which introduced me to a myriad of incredible people and participated greatly for my decision to call Liverpool my home. brick by brick ?

Such a beautiful model: "What sets this project apart from others like it is how it’s paid for. Mr. Treter developed the space with Kate Redman, a lawyer who works with nonprofit organizations, and several other entrepreneurs who were dealing with similar challenges. They created a crowdfunding campaign that recruited nearly 500 residents to invest $1.3 million as a down payment to help finance the project’s construction and earn up to 7 percent annually in dividend payments. Roughly 500 more residents contributed $50 each to join the project as co-op members. The $20 million development, called Commongrounds, opened late last year. It is at full occupancy and consists of 18 income-based apartments (rent below market rate based on median income), five hotel-like rooms for short-term rentals, a restaurant, three commercial kitchens (for the restaurant and to be used for events and classes), a food market, a coffee training center (for new hires and developing new drinks), a 150-seat performing arts center, a co-working space, offices and a Montessori preschool." https://lnkd.in/ekjxM-_A

“What sets this #project apart from #others like it is #how it’s #paid for. Mr. Treter #developed the #space with Kate Redman, a #lawyer who #works with #nonprofit organizations, and several other #entrepreneurs who were #dealing with #similar challenges. They #created a #crowdfunding campaign that #recruited nearly 500 #residents to #invest $1.3 #million as a #down payment to help #finance the project’s #construction and #earn up to 7 #percent annually in #dividend payments. Roughly 500 more #residents #contributed $50 each to #join the #project as #co-op members. The $20 #million development, called #Commongrounds, opened late #last year. It is at #full occupancy and #consists of 18 #income-based apartments (#rent below #market rate based on #median income), five #hotel-like rooms for #short-term rentals, a #restaurant, three #commercial kitchens (for the #restaurant and to be #used for #events and #classes), a food #market, a #coffee training center (for #new hires and #developing new drinks), a 150-seat #performing arts center, a #co-working space, #offices and a #Montessori preschool.”

Corruption Exposed: Housing Nonprofits Misappropriated Tax Funds to Hinder Affordable Development HomeRise, a nonprofit housing developer that has received over $200 million in grants and loans from San Francisco, states its mission on its website as assisting homeless individuals in finding housing and achieving self-sufficiency. However, an independent audit in April uncovered questionable spending of the organization’s funds. Due to incomplete record-keeping, the full extent of inappropriate expenditures was unclear, but the audit revealed that a significant portion of grant money was used for staff salaries, including substantial bonuses that violated the city’s grant agreement. Many cities allocate substantial public funding to nonprofit housing developers annually. The nonprofit sector has historically played a crucial role in developing and maintaining affordable housing, with multiple studies indicating that nonprofit-built housing is more affordable for low-income households compared to for-profit developments backed by public resources. Nevertheless, HomeRise is just one recent case illustrating financial mismanagement and corruption within nonprofit housing initiatives. Oversight and regulation of nonprofit organizations vary widely across jurisdictions, often lacking adequate safeguards against the misuse of taxpayer funds. Beyond financial mismanagement, some nonprofit housing projects have been criticized for poor living conditions and unresponsive management. Lobbying efforts by certain nonprofits have also obstructed affordable housing initiatives proposed by other developers, ostensibly to safeguard their funding, which has sometimes been redirected towards executive compensation rather than public benefit. With the affordable housing crisis worsening, many states and cities are increasing funding to nonprofit housing organizations to expand affordable housing units. Some states are exclusively directing federal housing grant funding to nonprofits. The Biden administration has also taken steps to prioritize nonprofit housing organizations in bidding for foreclosed properties and HUD-held vacant property mortgage notes. While many nonprofit organizations serve the public interest, being mission-driven doesn’t inherently make them more trustworthy than for-profit developers. Regulators should prioritize enhancing oversight to prevent fraud.