NEWS BRIEFS
NATIONAL UPDATES
that processed 800 mortgages per month, and SVP of Loan Production Ben Shaevitz, whose sales team leadership helped grow PennyMac into the eighth-largest mort- gage loan originator and servicer in the United States. •
$5 MILLION PRICE TAG ON BLIGHTED TWO-STORY DETROIT HOME Looking to pay millions for a ramshack- le, partially burned, two-story home with peeling paint and an “unofficial” resident who says he’s living there rent-free in exchange for guarding the property? The owners and their agent insist you’d be getting the deal of a lifetime. The property is located near Detroit’s new Little Caesars Arena, which will soon be home to the Detroit Red Wings and Detroit Pistons when it opens its doors in September of this year. residential, but could likely be rezoned for commercial uses like parking, dining or entertainment due to its close proximity to the new stadium. Although the arena was not even a rumor in 2002 when the property was last purchased, the current owners likely con- sidered its presence on the historic Cass Corridor, which has been the pet project of the Cass Avenue Development construc- tion company since the early 2000s, an indication that its value would likely rise. The Metropolitan Center for High Tech- nology had taken over a nearby structure a few years before (that building would eventually be purchased again by Wayne State University), bringing an influx of students to the new training center and the surrounding area. Now, the owners are clearly hoping to cash in on their long view and patience. Since September of 2015, the building has been listed, remove, and relisted four times, starting at $3.5 million and, so far, ending at its current and highest price tag yet, $4.9 million. • The property—which sold to its current owners in 2002 for $25,0000—is zoned
UPCOMING EVENTS
MAY 18-19 Middle Market Multifamily ForumWest Huntington Beach, California https://www.imn.org/real-estate/con- ference/Middle-Market-Multifamily-Fo- rum-West-2017/ 212-224-3511
SOURCE :: www.patchofland.com
5 ARCH FUNDING ADDS WHOLE NOTE TRADING 5 ARCH FUNDING has expanded its service offerings, including acquisition and trading of non-performing loans, re-performing loans and perform- ing loans.
May 21-24 RECon—The Global Retail Real
Estate Convention Las Vegas, Nevada http://www.icsc.org/recon/ 646-728-3800
The expansion follows the hiring of Edward Gonzalez, vice president, Capital Mar- kets Whole Loan Trading/ Finance, at 5 Arch Funding Corp. and its parent com- pany, 5 Arches LLC. Gonzalez is responsible for launching the
June 24 Think Realty National Conference&Expo Baltimore, Maryland https://thinkrealty.com/events/think-re- alty-expo-baltimore-dc/ 816-398-4053
company’s whole loan trading practice. He will focus his efforts on trading whole loans with strategic criteria to meet clients’ buying and selling demands. He will also facilitate the purchase and sale of REO to rental portfolios and ensure the rapid resolutions of assets, according to the company. Gonzalez’ “deep industry knowledge and extensive experience in delivering these sources of trading notes rep- resents an exceptional value add for our family of investors,” said Shawn Miller, CEO, 5 Arch Funding. In his 31-plus years of delivering rapid resolutions for major financial institutions, Gonzalez was directly responsible for han- dling code compliance, and formulating the best exit strategies in heavily regulated environments spanning mortgage loan trading and analysis, including all asset
September 11 Captivate 2017 Conference Las Vegas, Nevada http://geracicon.com/captivate/ 949-298-8050
October 14 Think Realty National Conference&Expo Atlanta, Georgia www.thinkrealty.com/events/atlanta 816-398-4053
October 18-20 29th Annual NARPM Convention & Trade Show Orlando, Florida www.narpmconvention.com 800-782-3452
classes and credit qualities. • SOURCE :: www.5archfunding.com
SOURCE :: Carole VanSickle Ellis
10 | think realty magazine may :: june 2017
thinkrealty . com | 11
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