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Inside Real Estate (Aug 13th, 2019)

1. Trinity Merger Corporation is acquiring Broadmark for $1.2 billion and creating a new $1.5 billion commercial mortgage real estate investment trust. Broadmark was founded in 2010 and provides financing to real estate investors and developers for large projects. As of the end of March, it had $992.2 million in total committed loans. Trinity sees a growing demand for this type of funding which is traditionally supplied by large commercial banks. The new company, Broadmark Realty Capital, will apply to be listed on the New York Stock Exchange. — CP EXECUTIVE

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2. Climate change awareness is on the minds of young people in coastal areas according to the Zillow Housing Aspirations Report. The survey shows that 62 percent of people 18 to 34 believe their homes or communities will be affected by climate change in their lifetime. Residents in Miami, San Jose, and Los Angeles were most aware of climate change and more Democrats than Republicans expect to be affected. The majority of those surveyed, 71 percent, said they would support laws to stop developers from building in high-risk areas and 62 percent are in favor of structural improvements to homes. They were less in favor of taxation to support infrastructure projects and relocation funds. Climate change legislation is increasing on the federal level. Sen. Cory Booker (D-New Jersey) recently introduced a bill that calls for the planting of 100 million trees. — BUILDER 
 

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3. Tiny House Tuesday: Floating tiny homes. A marina owner in the U.K., British Waterways Marinas Ltd., has new created unique floating homes that are built on a foundation in the water. The two-bedroom lodges are located at the Sawley Marina in Nottinghamshire and Priory Marina in Bedford. The homes have open plan living areas, two double bedrooms and a wraparound outside terrace. The homes are located inside gated communities. A boat can be moored next to each home. There are just 21 homes available and reservations are being taken now. Long before tiny homes were trendy, floating homes and houseboats have provided a way to live small on the water. For more floating house eye-candy, check out Curbed Seattle's recent round-up of floating homes. — HOUSE BEAUTIFUL UK

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4. Extell Development Company has announced plans for a massive new ski resort that will include a hotel as well as 1,520 residential units. The Mayflower Mountain Resort will span 5,600 acres and will also have 825 hotel rooms. The resort is approximately a 35-minute drive from the Salt Lake City International Airport. The resort is in a former mine which was closed in the 1960s and will need to be cleaned up. The project will be the largest full-service ski resort to open since 1980. The first hotel and ski lifts should be open for the 2021-2022 ski season. — DESERET NEWS
 

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5. School district quality still has a huge influence on where families purchase homes. The National Association of Realtors Moving With Kids report found that 53 percent of buyers with children are looking at the quality of school districts, while 50 percent are looking for convenience to schools. Of those without children, only ten percent chose a neighborhood based on the quality of the school district. Households with children were also more likely to need to sell their homes more quickly. One interesting difference between buyers with and without children was the preferred type of interaction, of those without children, 74 percent said they wanted their agent to phone directly while 67 percent of buyers with children preferred that their agent make contact via text message. — NATIONAL MORTGAGE PROFESSIONAL

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6. Hotel Astor in Miami Beach, Florida, has been listed for sale. The 42-room hotel is an example of what happens when an EB-5 project goes wrong. The project raised $9 million from foreign investors but according to court documents, the owner of Astor EB-5 LLC David J. Hart commingled project funds with other investments. Astor EB-5 filed for Chapter 11 bankruptcy and the hotel was closed. The hotel is listed for $12 million but any sale would require court approval. The hotel is on a ground lease that costs nearly $40,000 per month. — THE REAL DEAL MIAMI

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7. A former NFL football star has been accused of mismanaging his real estate empire. Tim Green played for several NFL teams and announced last year that he has been diagnosed with ALS. His son Troy has been managing his father's portfolio of apartment complexes in central New York and Pennsylvania. Tenants at the 364-unit Skyline Apartments in Syracuse, New York, say that the building has become dangerous because the Greens lease some units to agencies that help people with substance abuse issues.—SYRACUSE.COM

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8. A former director of Purplebricks has launched a new online investment portal. Richard Jacques has created Investerge, a platform for investors and real estate agents to share unadvertised properties in the U.K. and abroad. Potential investors must register to get access and will be paired with an investment advisor. Investerge has already created a partnership with Keller Williams. — PROPERTY INDUSTRY EYE
 

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9. Luxury brands often get shout outs in rap songs but Chance the Rapper name-checks RE/MAX on his latest album. In the song "Zanies and Fools," Chance explains how his mother-in-law, Janice Corley, broker-owner of RE/MAX Premier Properties started her own office: "She called up the RE/MAX and opened her own site / Clothes and open houses, hired her own type." The song goes on to explain how Chance saw his future wife sing at one of Corley's office parties when he was a child. Chance's mother Lisa Thompson-Bennett is also a real estate agent. On Twitter, RE/MAX CEO Adam Contos said it was "pretty cool" to have Chance the Rapper shout out RE/MAX. — CRAINS CHICAGO BUSINESS

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10. Bleutech Park Properties is building a $7.5 billion mini-city outside of Las Vegas, Nevada. The project is known as Bleutech Park Las Vegas and construction is supposed to begin in December. The development will be built to net-zero specifications with all buildings using renewable energy. Digital infrastructure will include autonomous vehicles, robotics, and augmented reality. It will include residences, offices, and retail spaces. The exact location for the project is still a mystery but it will be located outside the city's jurisdiction. Bleutech is partnering with Cisco on the development and has forecast that the plan will create 25,000 jobs. — THE ARCHITECTS NEWSPAPER

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Written and curated by Deidre Woollard. Deidre has a background in real estate public relations and runs the largest Facebook group for real estate press opportunities. Tips welcome at deidre@inside.com.

Editor: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside).

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