Friday, November 28, 2014

Bridge Point - Port 95 Sold for $27M

The Bridge Point - Port 95 Industrial Complex in Dania Beach, Florida traded hands this month as the developer, Bridge Development Partners, sold the new industrial property for $26.6 million. The 535,200-square-foot property was purchased by MSG Dania Beach, led by Saul Gilinski, formerly a director of Premier Asset Management. Cushman & Wakefield marketed the property and represented the seller in the transaction; full terms of the deal were not disclosed. According to a South Florida Business Journal article, Bridge Development paid $7.55 million in May 2013 for the 12.3-acre site and secured a $13.9 million loan from Wells Fargo Bank to launch construction.

"The Port 95 area is the best location in Broward County. Located in Southeast Broward, it is the tightest industrial submarket with a 3Q14 vacancy rate of only 4.2%. The reason why Port 95 is so desirable is its close proximity to Port Everglades and the Ft. Lauderdale/Hollywood International Airport. In addition, there is immediate access to I-95, I-595 and Florida's Turnpike, with I-75 and the Sawgrass Expressway only minutes away," Chris Metzger of C&W said.

The two Class A buildings are institutional quality, 32-foot clear industrial facilities, and were designed to accommodate tenants ranging from 20,000 - 100,000 SF.

For more news and information visit Blumberg Capital Partners.

Wednesday, November 26, 2014

DTZ Shows US CRE Rise in Q3

DTZ's research and consulting services arm released its quarterly Investment Market Update for Q3 which shows that U.S. investment volumes reached $66 billion in Q3 2014, up 8% from the previous quarter. With the headline "Invest now while pricing remains attractive", DTZ notes that a big share of the activity in eight top markets such as Chicago, Manhattan and San Francisco came from cross-border investments, with signs that investors' interest in secondary markets has perked up.

"The size, attractiveness and liquidity offered by the key eight markets is very appealing to overseas investors," said Nigel Almond, Head of Capital Markets Research at DTZ. "International capital continues to dominate, but we have continued to see interest from Asian investors in particular from China, as well as growth from European sources, with German funds increasingly active alongside the Norwegian Government State Pension Fund."

Although domestic investors continue to dominate investment, over the last quarter the level of activity has dipped. In contrast cross-border investment grew both from the rest of North America, but also from outside of the region. Of note, Non-North American investors stepped-up acquisitions, taking rolling annual volumes to a new post-crisis record of $23.5 billion and net sales posting a record $3 billion over the last year.

To read the full report, click here. For more news and information visit Blumberg Capital Partners.

Tuesday, November 25, 2014

FirstBank Selling Distressed Debt Portfolio

Mission Capital Advisors, one of the leading boutique financial advisory firms in the country, has been hired by San Juan, Puerto Rico-based FirstBank to sell a distressed debt portfolio. According to a Wall Street Journal report, the portfolio consists of about 531 loans to 289 different borrowers with a face value of $443 million on the block. The final bid date on the FirstBank portfolio is in the middle of February.

The makeup of the portfolio marks roughly 65% tied to secured real estate loans, with about 11% set as business loans, the remainder comprising of a combination of land, property and unsecured credits. Stephen Emery, managing director of New York-based Mission Capital Advisors, which specializes in distressed debt and other businesses, said that there has been a lot of interest in the portfolio so far. "As far as distressed sales go, there are a lot of high-quality assets in our pool,” he said. "Puerto Rico has the attention of a lot of investors right now."

Puerto Rico has been suffering from high unemployment, a shrinking population and credit woes. Financial institutions have been selling portfolios of distressed assets at prices ranging from about 30 cents to 50 cents on the dollar, Mr. Emery said.

For more news and information visit Blumberg Capital Partners.

Monday, November 24, 2014

Fortress, Rockpoint Sell Majority Interest in Parkmerced

Fortress Investment Group and Rockpoint Group LLC have sold a majority interest in the Parkmerced redevelopment project in San Francisco to a group of New York investors in a deal said to value the 152-acre residential complex at more than $1.35 billion. The group of investors, by developer Mark Karasick, will now control the redevelopment of 8,900 units, with a groundbreaking slated for 2015 or 2016. According to the Wall Street Journal, Karasick's group invested nearly $200 million for "more than a 70 percent stake" in Parkmerced's owner, Parkmerced Investors Properties, a group led by New York real estate investor Robert Rosania, and including San Francisco's Fortress and Boston's Rockport Group.

"It means (the project) has successfully recapitalized and now is poised for an incredible future," said Parkmerced spokesman P.J. Johnston. "The speed won't be impacted — we're still set for a series of four phases. But with the finances in order and the legal challenges behind us, the path is clear."

"The upward surge in rents generally over the past three years forgives a lot of problems," said Patrick Carlisle, chief market analyst at San Francisco's Paragon Real Estate Group. "That San Francisco has the highest employment growth rate in the country also helps.

For more news and information visit Blumberg Capital Partners.

Friday, November 21, 2014

US Impacts European CMBS Rebound

A new article from the Wall Street Journal titled CMBS Make a Comeback in Europe examines how the commercial mortgage-backed securities market recovery in the United States is having an impact on the European market as some of the biggest US originators are ramping up European deals. While deal volume is still below pre-crisis levels, there have been seven new European CMBS issues this year worth €2.57 billion ($3.2 billion), according to data firm Trepp LLC, compared with €47.3 billion in the peak year of 2006. An excerpt follows:

In Europe, after a limited number of deals in 2012, the CMBS market slowly restarted in 2013, but was dominated by refinancing of multifamily portfolios. Last year, about €7.2 billion of CMBS was issued, but almost all of that was from the refinancing of three large German residential portfolios, according to Trepp.

"The predominance of German multifamily in new securitization at the beginning of 2013 was significant," said Patrizia Pirinoli, CMBS analyst at Goldstar Research Ltd. Most issues, she added "stemmed also from previous securitizations."

The recovery of Europe's CMBS market is partly due to work by a trade organization, the Commercial Real Estate Finance Council, which issued new guidelines for the securities in Europe, so-called CMBS 2.0. The guidelines are meant to guarantee to investors "more transparency, more access to the underlying documents," said Charles Roberts, a partner at Paul Hastings.

Many of the deals this year have been more complex than simple refinancing. Some have provided debt to borrowers to finance new acquisitions and others involved multiple loans. For example, Goldman Sachs completed two CMBS originations backed by loans on Italian portfolios owned respectively by Blackstone Group and Morgan Stanley.

Deutsche Bank has been a leading player in Europe this year. For example, in October, together with Crédit Agricole CIB, it sold a £750 million ($1.18 billion) CMBS issue to refinance the Westfield Stratford City shopping center in London. This year, Deutsche Bank also underwrote the first postcrisis multiborrower CMBS in Europe backed by two loans on retail and office buildings across the Netherlands.

Markus Kreuter, director for CRE origination at Deutsche Bank, confirmed that Deutsche Bank expects more deals and added France, Benelux and Spain among the markets that might see more CMBS activity next year. Italy is another market where, in the lights of Italian banks' negative results to the European Central Bank's stress tests, CMBS "is a product that can bring liquidity," said Mr. Kreuter.

For more news and information visit Blumberg Capital Partners.

Thursday, November 20, 2014

MetLife, Panattoni Developing Seattle Industrial Parks

Panattoni Development Company, a privately held, national developer based in Newport Beach, California, and MetLife, Inc. have formed a partnership that will develop three new industrial distribution parks for nearly $63 million in the Seattle area. According to MetLife press release, MetLife will be the majority owner and Panattoni will be the managing minority partner. The greenfield sites will add more than 900,000 square feet of high-quality warehouse space in the Seattle region.

Construction of the three greenfield warehouse sites are expected to be completed mid-year 2015, creating a total of 600 jobs. The largest project is the Des Moines Creek Business Park, which will comprise three buildings totaling 535,830 square feet on a 37-acre site. The two other developments are the Steele Building, which will offer 206,463 square feet of warehouse space on 8.6 acres, and the Tamarack Building, a 159,250-square foot industrial park to be built on 7.0 acres.

"These three industrial parks we are developing in the Seattle area demonstrate our commitment to continuing to diversify our real estate equity holdings through the addition of high quality industrial assets," said Robert Merck, senior managing director and global head of real estate for MetLife. "We have an experienced partner in Panattoni and our national collaboration in the industrial park segment is off to a great start, first in Atlanta and now in Seattle."

For more news and information visit Blumberg Capital Partners.

Wednesday, November 19, 2014

Approval for Westpark Plaza Towers in VA

The Dittmar Co.'s redevelopment of what was once the Westpark Hotel in in Fairfax, Virginia into a new 1.4 million-square-foot, three-tower development secured the approval of the Fairfax County Board of Supervisors this week. Dittmar, a premier builder in Northern Virginia for over 60 years, now has the green-light to move forward with two high-rise apartment buildings with up to 1,300 apartments, a 300-room hotel and a recreation building on a 5-acre property near the Greensboro Metro station. "It will really transform a very prominent corner in Tysons Corner," said Elizabeth Baker, a representative for developer Dittmar.

The first phase of Westpark Plaza will feature a single residential tower rising as high as 31 stories, with up to 610 residential units and 13,500 square feet of retail, according to a Washington Business Journal article. A second residential tower will follow with as many as 700 more units. A 200-250 room hotel will be the last big structure to go up on the site, located at the corner of Leesburg Pike and Westpark Drive, near the Greensboro Metro Station.

For more news and information visit Blumberg Capital Partners.

Griffin & Signature to Merge into $3B Company

Griffin Capital Corporation announced that Griffin Capital Essential Asset REIT, Inc. ("GCEAR") had entered into a merger agreement with Signature Office REIT, under which Signature will merge with GCEAR in a stock-for-stock deal that creates an approximately $3 billion REIT with a combined 15.2 million square feet of office and industrial assets. The merger was unanimously approved by each REIT's respective Board of Directors, but is conditioned on formal approval by Signature shareholders, receipt of required regulatory approvals and other customary closing conditions, and is expected to be completed during the first half of 2015.

Commenting on the merger, Kevin Shields, Griffin Capital's Chairman and Chief Executive Officer stated, "As we look forward to the next phase of our lifecycle, we believe the additional scale, diversity and operating efficiencies that our combined portfolios will garner is paramount in driving additional stockholder value in the future. Earlier this year we sold all of the remaining capital stock in our follow-on offering, and once we fully invest this equity, we expect our total capitalization to exceed $3 billion upon stabilization."

Michael Escalante, Griffin Capital's Chief Investment Officer added, "We look forward to having Signature shareholders standing shoulder-to-shoulder with GCEAR and its management team, which has invested over $26 million of its own capital in GCEAR. We are excited about this opportunity and, in our opinion, a ‘win-win' scenario was engendered by the understanding that together we can accomplish more than we can apart."

Eastdil Secured represented Signature in the deal, and Houlihan Lokey acted as financial advisors to Signature. Robert A. Stanger & Co. provided GCEAR's board of directors with a fairness opinion for the transaction, according to a CoStar report.

For more news and information visit Blumberg Capital Partners.

Tuesday, November 18, 2014

Amazon Takes Full Manhattan Building on 34th

Vornado Realty Trust has completed a 17 year lease for all 12 floors at 34th Street, confirming that Amazon is increasing its footprint in Manhattan, and further fueling speculation that the company will open its first retail store. The office building is in the Penn Plaza District where Vornado owns approximately 9 million square feet of commercial space.

"We have leased this building primarily as corporate office space and we intend to sublease to other tenants the ground floor retail space," Amazon spokeswoman Kelly Cheeseman said in a statement. Reports last month indicated Amazon was planning to open an experimental retail store in New York, which would showcase a few of the retailer's flagship products, according to a Business Journal article. Amazon could also use the space as offices for its growing publishing arm. That would be incredibly controversial in the publishing capital of the world, where many publishers set up shop. Amazon had a recent battle with Hachette Publishing Group over ebook pricing.

"While details were not published regarding the lease-term and the strategy (same-day pick-up vs. retail-orientation, for example), should Amazon view the branding and same-day convenience benefits of retail stores as significant enough to roll out more in the future, the omni-channel retail spectrum would essentially be complete," said Paul Morgan, research analyst at MLV & Co. This would "assuage investors concerns about long-run shopping center demand and reemphasize the centrality and stability of bricks-and-mortar retail and retail REIT portfolios."

For more news and information visit Blumberg Capital Partners.

Monday, November 17, 2014

Elevation Chandler No More, Beginning of Chandler Viridian

Hines announced that it had razed the Elevation Chandler property in Phoenix, Arizona this month, making way for a new mixed-use development dubbed Chandler Viridian. During an event called “Elevating Chandler’s Economic Future" Chandler Mayor Jay Tibshraeny and Chris Anderson, managing director and local city leader for Hines, oversaw the demolition of the unfinished structure. GlobeSt.com chronicled the recent history of the property as such:

Cassidy Turley was awarded the listing for the property in 2010, and originally had it under contract in 2011, but due to the litigation that was the result of a flawed trustee sale that contract was canceled. Over the past four years the property has overcome numerous legal obstacles, including a fight that eventually led to an Arizona Supreme Court Ruling regarding ownership and the right to sell. Cassidy Turley put the property back on the market and through a bid process; Hines was selected and put the property under contract in November 2012.

"After following through with our commitment to remove the unfinished Elevation Chandler structure, Hines is thrilled to move forward with Chandler Viridian, an exciting mixed-used development that promotes walkability with a pedestrian promenade to the Chandler Fashion Center," Anderson said.

Chandler Viridian, a mixed-used development, will include a luxury multifamily complex, a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office space, and retail options along with a pedestrian promenade to the Chandler Fashion Center. Chandler Viridian is located in the heart of the Chandler retail entertainment district and is the last available site adjacent to the Chandler Fashion Center.

For more news and information visit Blumberg Capital Partners.

Thursday, November 13, 2014

Keystone NAP Launching Northeast Data Center

Keystone NAP, the Fairless Hills, PA-based advanced data center provider, announced that it will be building a new modular datacenter in the Northeast. Keystone NAP received Series A1 funding from a prominent group of Philadelphia-based investors, led by Ira Lubert along with additional investors arranged by DH Capital; the amount of the investment was not disclosed. With the backing of its investors, Keystone NAP will open the doors on its Pennsylvania facility in early 2015.

"We are bridging a crucial technology gap on the East Coast," said Peter Ritz, Founder and CEO of Keystone NAP. "Across industries including healthcare, financial services, higher education, and more, there is a growing reliance on enterprise applications hosted in private, public, and hybrid clouds. Yet until now, there haven't been solutions in the region to address the new demands those applications create. Companies increasingly need greater data center power and connectivity, as well as service support to keep operations running smoothly while employees focus on core business functions. This is what Keystone NAP delivers: unrivaled enterprise application performance, provided through a unique advanced data center solution in the Mid-Atlantic market."

"We are seeing growing demand for data center space in the Northeast, and particularly in eastern Pennsylvania as an alternative to markets such as NY/NJ," added Kelly Morgan, Research Manager for Datacenters at 451 Research. "With its location outside of Philadelphia, as well as its combination of space, power and application management services, we expect that Keystone NAP will see strong demand for this new facility."

For more news and information visit Blumberg Capital Partners.

Wednesday, November 12, 2014

Brooklyn Navy Yard Gets $140M City Investment

Mayor de Blasio announced this week that the city is making a major investment of $140 million to transform the Brooklyn Navy Yard's Building 77 into a modern manufacturing facility generating 3,000 good-paying jobs. The investment from the City, Brooklyn Navy Yard Development Corporation, Brooklyn Borough President and City Council will be used to renovate the vacant industrial building, significantly expanding a project begun under the previous administration and doubling the projected number of good jobs at the facility. Once the building is completed, and jobs filled, Navy Yard employment is expected to increase by 40%.

"We are jump-starting a new wave of manufacturing and job creation at the Navy Yard. It will mean more opportunity for people in this community to not only secure a job, but also get the skills and upward mobility they need to support a family," said Mayor Bill de Blasio. "We believe in the kind of economic investments that will spur good jobs and spark the type of growth that can lift up whole neighborhoods. We're thrilled to work with all our partners to get this project moving."

The 1-million-square-foot building at the former military shipyard, a sprawling site in Wallabout Bay on the East River bordered by the neighborhoods of Williamsburg, DUMBO-Vinegar Hill, Fort Greene and Clinton Hill. According to CBS, the shipyard was decommissioned by the Navy in 1966; the city now owns it and has been transforming it into a hub for private manufacturing and entrepreneurship.

For more news and information visit Blumberg Capital Partners.

Tuesday, November 11, 2014

Newcastle Sells Industrial Property for $43.5M

Newcastle Partners, a SF-based commercial property investment and development firm, announced this week that it had sold a 600,000-square-foot Class A distribution facility in Meridian Business Park, Riverside for $43.5 million. Phil Lombardo and Chuck Belden of Cushman & Wakefield represented Newcastle Partners as well as the China-based buyer, Scuderia Development LLC.

"The Inland Empire is the hotbed of opportunity for industrial users and Newcastle Partners has made a long-term commitment to providing innovative facilities that meet their needs," said Dennis Higgs, Newcastle Partners' managing partner and founder. "This sale is significant for us as it is the first building sold that we have developed within Meridian Business Park."

Scuderia Development plans to occupy the building at 14600 Innovation Drive for warehousing and distribution of aluminum products, Newcastle reported. The class-A distribution facility includes 4,160 square feet of office space, 93 dock-high doors, two grade-level ramps, 145 trailer storage stalls, 245' secured truck court, ESFR sprinkler system, 32' warehouse clearance, 400 amp service expandable to 4,000 UGPS and is LEED Silver certified.

For more news and information visit Blumberg Capital Partners.

Monday, November 10, 2014

CRE in Florida Gets Foreign Investor Push

A new article from the National Real Estate Investor titled Lenders are Helping Foreign Investors Push Florida’s Real Estate Market to a New Peak examines the current international influx and impact bringing the market to a crest. An excerpt follows:

The established model is to pay all cash for the first property and leverage the income gained for the second deal. Now, they are joining with others to buy an apartment building, convert it to a condominium, and sell the units to individuals in foreign countries who agree to leave them in the rental pool run by the management company. Why? Foreign investors are more comfortable owning units than shares in an LLC. These transactions are all cash transactions from the seller’s standpoint.

Foreigners are also making regular use of syndicators who scout properties, which are often in the Miami area. Syndicators provide a second benefit of using their track records to help obtain financing. Due to the fact that these syndicators have or do own property in the country already, and have an operation, bank accounts, etc., a lender is able to qualify them in a traditional way. If a borrower approaches a bank and doesn’t have any assets in the states already, they know they will not be able to go outside the country to collect on any deficiency in case of a default. On top of that, they can’t know if the buyer or entity is getting their funds from drugs or other illegal affairs.

Lenders are also becoming much more accommodating than in recent years. The Florida banks that survived the Great Recession are returning the market. Their loan criteria put greater weight on the sponsor’s track record than the property as they seek to minimize risk and regulatory scrutiny.

To read the full report, click here. For more news and information visit Blumberg Capital Partners.

Friday, November 7, 2014

IDAofW Approves Incentives Valued at $71.5M

Westchester's Industrial Development Agency (IDAofW) met this month and approved financing and incentives for four major development projects that total $71.5 million in development costs, creating more than 750 permanent and full time jobs in Westchester County, New York. Projects include a family-owned company expanded into a self-storage business, an environmental brown site transformed into new housing and resident parking, prime office space upgraded for high-paying professional jobs and the renovation of one of the county's most iconic tourism destinations, the Ritz-Carlton Westchester Hotel.

"The projects supported by the [IDAofW] today demonstrate the vitality of our local economy and the strength of our job market," said IDAofW County Executive Rob Astorino on the news. "We are proud that these diverse, job-creating projects all have one thing in common: successful partnership with Westchester County."

"The requested Westchester [IDAofW] assistance will enable a $4-million major renovation and upgrade to the Ritz Carlton Hotel and convention facility, which opened its doors in 2007," added Joseph Apicella, executive vice president of the Cappelli Organization, Ritz-Carlton property owner. "This will allow the facility to continue to serve as Westchester's premier tourism and convention hub. In a very competitive regional industry, this much-needed investment will result in job retention and growth of the 350-plus person workforce in downtown White Plains."

For more news and information visit Blumberg Capital Partners.

Thursday, November 6, 2014

Colony Capital Moving Forward on $1.6B Industrial Deal

Santa Monica, California-based Colony Capital LLC is buying a 291-building industrial portfolio from Irving, Texas-based Cobalt Capital Partners according to several reports this week. Commercial Mortgage Alert reported Friday that GE Capital has agreed to provide $1.2 billion of the portfolio’s purchase price via a floating-rate loan for the 291-property industrial portfolio. The terms of the loan are now being finalized, with Colony weighing a menu of options from GE that include varying amounts of proceeds tied to the degree of leverage, according to people familiar with the process.

Colony has agreed to pay about $1.6 billion for the 29.5 million-square-foot portfolio, which contains mostly light-industrial buildings of less than 250,000 sf in 18 markets across the U.S. The 291 buildings are 85% leased by more than 650 tenants. Eastdil and CBRE are jointly brokering the sale on behalf of Cobalt, CM Alert reported. CoStar reported last week that Colony, which is about to see a merger of two affiliated entities, beat out such would-be buyers as the Abu Dhabi Investment Authority, the Blackstone Group and TPG. Blackstone is itself preparing to sell its IndCor Properties industrial platform, Bloomberg reported last week.

For more news and information visit Blumberg Capital Partners.

Wednesday, November 5, 2014

Abood Wood-Fay Acquired by Avison Young

Avison Young, the international commercial real estate services firm, announced that it had entered into a definitive agreement to acquire Abood Wood-Fay Real Estate Group, LLC (dba Colliers International South Florida). The purchase of the Miami-based real estate brokerage and property management firm expands Avison Young's Florida offerings, adding 70 employees from Abood Wood-Fay Real Estate Group's Miami, Fort Lauderdale and Palm Beach offices to Avison Young's operations in South Florida. Terms of the acquisition were not disclosed.

"We look forward to welcoming Abood Wood-Fay Real Estate Group to Avison Young," said Mark Rose, chair and CEO of Avison Young. "This strategic acquisition will give Avison Young an even broader client-service platform in the Florida market as we continue to expand our capabilities throughout the U.S. and overseas."

Michael Fay and Donna Abood merged their firms in 2002, and that company aligned with Colliers in 2005, according to a Sun Sentinel report. Fay and Abood will become principals of Avison Young, building business for the firm in Miami."I have a great deal of respect for what they've created," said Pike Rowley, managing director of Florida for Avison Young. "They've been on my radar for quite some time."

For more news and information visit Blumberg Capital Partners.

Tuesday, November 4, 2014

Rockrose Buys Lincoln Square in $300M Deal

Lincoln SquareRockrose Development Corp., one of New York's most pre-eminent and prolific developers, has purchased Lincoln Square, a 414,204-square-foot office building in Washington, D.C. The deal was brokered by The Singer & Bassuk Organization which helped obtain a $227 million loan from Morgan Stanley to fund the acquisition. Rockrose brokered the acquisition in-house, and Gerald Trainor, Kenneth Marks, and James Cardellicchio of Transwestern represented the seller, Ralph Dweck, according to a Citybizlist article.

"The East End is one of the greatest cultural destinations in the Washington area, with museums, galleries and theatres within walking distance, and 555 11th Street is at its epicenter," Rockrose President Justin Elghanayan said in a statement. "The building is also home to the Landmark Theatres' E Street Cinema, a destination for cineastes in search of the finest indie and art films."

Designed by Hartman-Cox architects and completed in 2001, the Class A Trophy building at 555 11th St. is a 13-story office property with street level retail totaling 406,929 rentable square feet. Lincoln Square boasts a three-story marble lobby atrium, three levels of underground parking, a fitness center and retailers such as Jos. A. Bank, Starbucks and a 35,000-square-foot Landmark Theatre. Latham & Watkins' new lease, which solidified its commitment to Lincoln Square with a 15-year extension through 2031, contends that ownership will carry out a capital improvement program involving base building upgrades to the restrooms, fitness center and main lobby.

For more news and information visit Blumberg Capital Partners.

Monday, November 3, 2014

Carrington Acquires Realty Direct's DC Assets

Carrington Real Estate Services, the Santa Ana, CA-based brokerage, announced that it had acquired all Realty Direct, Inc.'s assets and operations in the Washington, DC metro area, adding approximately 230 agents to the Carrington brand operating under local office market leader and majority owner of Realty Direct, Wendy Powers. The Realty Direct assets include offices and staff in Largo, MD, as well as Ashburn and McLean, VA. Terms of the acquisition were not disclosed.

"This acquisition aligns with our strategy to ensure a smooth, seamless real estate transaction, placing high value on the customer experience through our integrated services model, which is localized to individual regions," said Carrington Holding Company Chief Real Estate Officer Steve Ozonian. "Carrington offers an extensive array of single family services ranging from mortgage servicing and origination to property field services, providing our customers with a full service solution."

"In today's ever changing real estate market, Carrington's strategic relationships and vision offer a significant point of differentiation in taking an agent's business to the next level," said Wendy Powers. "Carrington's holistic and innovative approach to single family real estate transactions, with direct access to unique programs like, 'The Carrington Loan,' Carrington Mortgage Services' no upfront financing fee loan for consumers with lower FICO scores. We are thrilled to join the Carrington team and have the support of a national brokerage. We look forward to growing with Carrington and supporting real estate consumers in the DC metro area."

For more news and information visit Blumberg Capital Partners.