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Daily Archives: January 19, 2021

Madison Realty Capital Provides $53 Million Construction Financing to Heritage Equity Partners for Multifamily Development in Brooklyn

NEW YORK, Jan. 19, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a New York City based real estate private equity firm focused on debt and equity investment strategies, today announced it has provided $53 million in construction financing to Heritage Equity Partners, led by Toby Moskovits and Michael Lichtenstein, for a 150-unit ground-up multifamily development located at 875 4th Avenue between 32nd and 33rd Streets, in “South Park Slope,” also known as the Sunset Park neighborhood of Brooklyn, NY.

The construction loan features a LIBOR-based floating rate and was arranged by Meridian Capital Group and its Director Elliot Kunstlinger, who has a working relationship with both Heritage Equity Partners and Madison Realty Capital. The project is expected to be completed by the second quarter of 2022. Heritage Development, a vertically integrated development and management firm with a focus on residential, commercial, and hospitality projects, is serving as general contractor for the project.

Located in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017, the property will span approximately 140,000 square feet and include a total of 150 studio, one-bedroom and two-bedroom units. Residents will enjoy access to numerous top-tier amenities including a gym and yoga studio, children’s playroom, shared workspace, function room, shared outdoor space, rooftop grill and sun deck, as well as in-unit washers and dryers. Further, the building boasts waterfront views and is the only Class A residential building within walking distance to the bustling creative hub at Industry City, as well as numerous transportation options including the D, N and R subway lines. Over the past five years, Industry City has experienced an influx of tech and creative jobs which has led to a vibrant revitalization of the area including numerous mixed-use, residential and retail development and office redevelopment projects.

“Sunset Park is a growing, creative neighborhood, yet suffers from an undersupply of attractive housing options,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We are pleased to build upon our relationship with Heritage Equity Partners to provide a flexible solution and execute this $53 million loan that will bring vital new housing options to this vibrant and growing neighborhood.”

“This area has seen major changes in the last few years, and there is not enough housing supply for all the new jobs created in this area,” said Toby Moskovits, CEO of Heritage Equity Partners. “While there has been a large increase in companies moving into this area, there have not been enough residences built to accommodate the growth in population. There is a need for more housing in this area, for more rental apartments, and especially a need for new construction luxury units in this area. Our project will be providing both, as we are providing both affordable and luxury units in the two buildings that we will be constructing on this site. It is difficult to find sites in this area that allow for multi family development, and we are happy to be part of the solution for the housing shortage in this area.”

Michael Lichtenstein, President of Heritage Equity Partners pointed out that this area is where the so-called South Park Slope area meets Industry city, “and so the confluence of neighborhoods of Sunset Park, Industry City and South Park Slope, makes this location very attractive for a mixed-use project, providing housing to all income levels that are attracted to this neighborhood.”

“We have always focused on pioneering projects in new and growing neighborhoods, and are delighted to move ahead with this project, which brings to the fore our team’s strengths in development, construction, and brings our vision to fruition, creating a beautiful building that will cater to all residents of these neighborhoods. While the pandemic has delayed all development projects in NYC, we are happy that we can move ahead with this project immediately thanks to our long running relationship with Madison Realty Capital,” added Lichtenstein.

About Madison Realty Capital

Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

About Heritage Equity Partners

Heritage Equity Partners was founded by Toby Moskovits and Michael Lichtenstein in 2008, and has been at the forefront of innovative and community building projects. Heritage Equity Partners developed many well-known projects, such as the Spire Lofts, the Williamsburg Hotel, 25 Kent, and its principals have been amongst the first developers in Williamsburg, Long Island City, and are now developing in Mott Haven and South Bronx.

About Meridian Capital Group

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.

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Nathaniel Garnick/Grace Cartwright
Madison Realty Capital
(212) 257-4170
madisonrealty@gasthalter.com

 

AIR Worldwide Collaborates with experts at the Brookings Institution and AXIS Capital to Quantify the Impact from Climate Change on Hurricane Risk

BOSTON, Jan. 19, 2021 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR), in collaboration with experts from the Brookings Institution and AXIS Capital Holdings Limited, released a report which explores how climate change may affect hurricane risk in the United States by 2050, specifically related to financial losses to residential and commercial properties. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“Climate-related risks are among the most serious issues facing the world today and insurers have a critical role to play in mitigating them. Investing in ongoing research like today’s, in partnership with AIR and Brookings scholars, is essential,” said Albert Benchimol, President & CEO at AXIS. “While climate change is likely to affect hurricanes in multiple ways, the report highlights two important aspects: an increase in the frequency of the strongest storms, and additional storm surge flooding due to sea level rise.”

The analysis relies on the AIR Hurricane Model for the United States, which considers wind, storm surge, and precipitation-induced flooding, and AIR’s database of property exposure. The model features a catalog of simulated hurricane seasons, containing multiple events of different strength making landfall along the Gulf and Atlantic coastlines. The baseline catalog is developed to reflect today’s climate and AIR created a new set of catalogs that reflect both the frequency and severity changes resulting from the future climate.

The report explores future hurricane-generated storm surge losses for selected study areas around New York, Houston, and Miami, as indicators of the additional risk created by rising sea levels. The results of the analysis show that increased event frequency and sea level rise will have a meaningful impact on future damage. The growth in the number of stronger storms, and landfalling storms overall, increases modeled losses by approximately 20%, with slightly larger changes in areas such as the Gulf and Southeast coasts where major landfalls are already more likely today. The loss increases extend to inland areas as well, as stronger storms may penetrate farther from the coast. The impacts from sea level rise, using the analysis of storm surge for New York, Miami, and Houston suggests that by 2050, sea level rise may increase storm surge losses by anywhere from one-third to a factor of almost two, with larger impacts possible when combined with increases in the number of major storms. The actual losses in 2050 could be higher; while the analysis holds property exposure constant at today’s levels, coastal exposure is currently growing at a 4% annual rate and are likely to continue growing.

“This analysis points to increased damage and losses from hurricanes without factoring in any changes to the concentration of property exposure along the coast,” said Dr. Peter Sousounis, vice president and director of climate change research, AIR Worldwide. “With more intense hurricanes making landfall, and storm surges from more strong storms on top of a higher sea level, the results presented in this study are only the first step. Additional research into a wider range of impacts is necessary to complete what is surely a more complex picture, particularly related to how risk may change geographically.”

Critical factors include whether the strongest storms become not only more frequent, but also more intense; whether storms could remain stronger at higher latitudes; how much additional rainfall hurricanes might produce, and whether storms are slowing down at landfall and maintaining their intensity longer after landfall. Accounting for the full range of impacts for coastal and inland areas is important to identify how populations will be affected and how public policy might adapt to address what is likely to be a widening insurance protection gap.

“The work follows on from related AIR research that considers the climatic effects on atmospheric perils responsible for multiple billion-dollar disasters that occur annually around the world,” concluded Bill Churney, president, AIR Worldwide. “The modeling tools and data presented in this report can be extended for additional perils, including inland flooding, wildfires, and convective and extratropical storms. While there is considerable uncertainty in how extreme event risk may evolve in a warmer climate, these models are a practical approach to assessing the potential impacts.”

Download “Quantifying the Impact from Climate Change on U.S. Hurricane Risk” here: https://airww.co/climateimpact

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, supply chain disruptions, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

For more information, contact:
Kevin Long
AIR Worldwide
01-617-267-6645
klong@air-worldwide.com

 

Sannam S4 Acquires Alumno, a Singapore-Based Education Consultancy, and Accelerates Global Expansion Strategy

Alumno Founder and CEO Michael Bartlett appointed Sannam S4 Global Managing Director, Education

SINGAPORE, Jan. 19, 2021 (GLOBE NEWSWIRE) — Sannam S4, a leading international education services provider, announced today its acquisition of Alumno, a Singapore-based education consultancy offering strategic advice and implementation support to universities, education organizations and governments on marketing and branding, TNE, partnership development and student recruitment throughout the Asia region.

“Acquiring Alumno is an important part of our ambitious push to become the global partner of choice in the international education sector,” said Sannam S4 Founder and CEO Adrian Mutton. “By expanding our geographic reach, we can more comprehensively serve our partners at a time and in markets where they need us most.”

As part of the acquisition, Sannam S4 has appointed Alumno Founder and CEO Michael Bartlett as Global Managing Director, Education, to lead its ambitious international education sector strategy. Bartlett will also become a member of the Sannam S4 Group Board of Directors to help steer its three-year plan.

“Sannam S4 has always had an outstanding reputation as the go-to choice for education institutions for partnership in the international space,” said Alumno’s Bartlett. “The combination of Sannam S4’s existing capabilities and Alumno’s expanded range of services and additional expertise in the education sector in Asia provides tremendous opportunities for our partners to achieve greater success in the region.”

Michael Bartlett, with 17 years’ of experience operating in Asia, brings with him deep experience in commercial education. At Alumno, he supported K12 groups with operations and business development, advised education stakeholders on Asia market entry and distribution strategies, advised universities, foreign governments and embassies on TNE outreach, recruitment and conducted due diligence on Asia-based acquisition for education focused investors.

“Michael’s appointment will spearhead a rapid expansion of Sannam S4’s interests across Asia and see the launch of new tech-enabled services in the region,” said Lakshmi Iyer, Executive Director, Education, at Sannam S4. “We will also continue to build our education support platform in India, South East Asia and North America, responding to the rapid changes in outbound student mobility from these regions to key destination markets.”

The Sannam S4 Group delivers a range of services to drive international student recruitment and enrolment, foster cross border transnational education (TNE) partnerships and research collaboration, and inform and implement strategy. With c100 international education sector clients, including many of the world’s top 20 universities, colleges, K12 school groups, EdTech companies and government bodies, Sannam S4 currently operates in over 20 countries, employing more than 250 professionals with genuine local knowledge and expertise.

FOR MORE INFORMATION, CONTACT:
Elizabeth Clermont
liz.clermont@sannams4.com
ph: (+1) 202 587 5720

CNH Industrial to announce 2020 Fourth Quarter and Full Year financial results on February 3, 2021

London, January 19, 2021

CNH Industrial (NYSE: CNHI / MI: CNHI) announced today that its financial results for the Fourth Quarter and Full Year of 2020 will be released on Wednesday, February 3, 2021.

A live audio webcast of the 2020 Fourth Quarter and Full Year results conference call will begin at 3:30 p.m. CET/ 2:30 p.m. GMT / 9:30 a.m. EST on Wednesday, February 3, 2021.

Details for accessing the webcast presentation are available at the following address: http://bit.ly/CNH_Industrial_Q4FY_2020.

For those unable to participate in the live session, a replay will remain archived in the Investors section of the corporate website (www.cnhindustrial.com) for two weeks following the conference call.

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Contacts:

Corporate Communications

Email: mediarelations@cnhind.com

Investor Relations

Email: investor.relations@cnhind.com

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BTG+ implements Feedzai’s Artificial Intelligence solution

BTG Pactual will be using Artificial Intelligence to protect customers and improve customer experience with a focus on retail banking

SAN MATEO, Calif. and SAO PAULO, Brazil, Jan. 19, 2021 (GLOBE NEWSWIRE) — BTG Pactual, the largest investment bank in Latin America, which has just launched its new retail bank BTG+, and Feedzai, the world’s leading financial crime management platform, just announced a partnership that will strengthen the bank’s ability to monitor financial transactions using advanced machine learning.

The partnership between the two companies also includes Pix monitoring, the new instant payments system that launched on November 16, 2020. Feedzai’s financial crime management platform also monitors real-time transactions that go through the new channel designed by the Central Bank of Brazil.

“We are excited about this partnership and this new resource to protect and improve our customer experience,” said Rodrigo Cury, Head of BTG+. “We want to become one of the main retail banks in Brazil and for that reason, we are using advanced technology that allows consumers to buy, trade, and engage with the digital economy in a straightforward and agile way.”

Artificial intelligence has proven to be an excellent ally for monitoring financial crime in digital environments, with customers now benefiting from a combination of speed and security in payments, P2P transactions, and account opening. BTG is one of the players that recognize this new technology’s value while being committed to establishing partnerships with Fintech companies that offer sophisticated products optimized for performance and scalability.

“The partnership with BTG Pactual confirms the global trend of turning giants in the financial sector into digital retail banks highly focused on offering products and an overall experience very much aligned with consumer expectations,” said Nuno Pires, SVP, LATAM, at Feedzai. “Brazil has proved to be a market with a huge growth potential and Brazilian consumers are “early-adopters” who are quite engaged with new payment trends.”

Feedzai leads the financial crime management market and works with some of the world’s largest banks and payment processors, currently protecting more than 800 million people in 190 countries.

About BTG

Pactual BTG Pactual is the biggest investment bank from Latin America, operating in Investment Banking, Corporate Lending, Sales & Trading, Wealth Management, and Asset Management. Since its inception, in 1983, the Bank has been run based on a meritocratic partnership culture, focused on clients, excellence, and a long-term vision. We have cemented our status as one of the most innovative sector players and have won numerous national and international awards. We currently have almost 3,000 employees in offices across Brazil, as well as in Chile, Argentina, Colombia, Peru, Mexico, United States, Portugal, and the UK.

About Feedzai

Feedzai is the market leader in fighting financial crime with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. With more than 500 employees, Feedzai is considered best-in-class by Aite and one of Forbes’s most successful AI companies. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to safeguard trillions of dollars and manage risk while improving customer experience.

Contacts
Press Contact – Feedzai
Igor Carvalho
Head of Corporate Communications, Feedzai
igor.carvalho@feedzai.com

+351 916 755 906

CNH Industrial publishes its 2021 Corporate Calendar

London, January 19, 2021

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces the following corporate calendar dates for 2021:

Date Earnings releases
February 3 CNH Industrial results for 4th quarter and full year 2020
May 5 CNH Industrial results for 1st quarter 2021
July 30 CNH Industrial results for 2nd quarter and 1st half 2021
November 4 CNH Industrial results for 3rd quarter 2021

A conference call for investors and financial analysts is planned on the date of each quarterly earnings announcement. This will be accompanied by a listen-only webcast and presentation available to the public.

The Annual General Meeting for the approval of CNH Industrial N.V.’s 2020 financial statements is scheduled for April 15, 2021.

The 2021 corporate calendar is available on the corporate website: www.cnhindustrial.com.

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Contacts:

Corporate Communications

Email: mediarelations@cnhind.com

Investor Relations

Email: investor.relations@cnhind.com

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AFF: Cyberport Chairman and Vista Equity Partners’ Robert Smith explore InsurTech opportunities in the Greater Bay Area

The City’s FinTech hub supports Hong Kong in becoming an exporter of cross-border FinTech solutions

Hong Kong, Jan. 19, 2021 (GLOBE NEWSWIRE) — As the Asian Financial Forum FinTech partner, Cyberport today hosted a thematic breakout session on the topic of “Acceleration of Digital Transformation: Opportunity in a Changing World for 2021”. Cyberport Chairman Dr. George Lam and Robert F. Smith, Founder, Chairman and Chief Executive Officer of leading global investment firm Vista Equity Partners, discussed Asia and Hong Kong’s unique opportunities for InsurTech.

Dr. Lam said, “The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is the region’s largest and best FinTech hub. Given its multiple currencies, tax regimes and regulatory systems but highly integrated and high-growth market, the GBA can and will act as the perfect FinTech lab where entrepreneurs can develop and launch innovative multi-currency and cross-border solutions. Those solutions that succeed could also be replicated smoothly in other regions such as ASEAN, and in emerging economies along the Belt and Road.”

Mr. Smith noted that Asia’s significant addressable market, growing middle class and track record of quick adoption of mobile technology, together with Hong Kong’s status as an international financial hub, will boost the InsurTech industry’s development, especially in the GBA.

The GBA as an ideal FinTech hub

During the Fireside Chat session hosted by Dr. Lam, Mr. Smith shared his insights on Asia’s InsurTech investment in the post-pandemic world. He said Hong Kong’s unique geographic position and its long-term understanding of the global economy make the GBA an attractive investment destination.

“Hong Kong boasts world-class infrastructure, a diverse talent pool, sophisticated financial connectivity, and a gateway to the Greater China market. This, along with the cumulative expertise and experience of Hong Kong’s financial service sector through years of interactions with global market players, make the GBA an extremely attractive destination for tech investment and risk capital, which in turn will help grow Hong Kong’s expanding network of technology-focused companies while spurring innovation in the region. We see significant opportunity to grow Vista’s engagement in these growing ecosystems.”

Dr. Lam added that InsurTech is one of the most vigorous frontiers within FinTech, and that Hong Kong’s InsurTech has become increasingly important over the past few years. Cyberport’s InsurTech start-ups provide diversified solutions across the insurance sector’s supply chain, propelling the industry’s digital transformation and helping society to acclimatise to the new normal.

Eric Chan, Cyberport’s Chief Public Mission Officer, was joined by four Cyberport InsurTech start-ups including 10Life, CoverGo, MediConCen and OneDegree for a panel discussion examining how InsurTech start-ups are surviving, and even thriving, in the new normal.

Cyberport start-ups actively participate in showcasing cutting-edge solutions

The 14th AFF, organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council, took place on 18 and 19 January. As the region’s largest FinTech cluster, Cyberport has become the Forum’s FinTech partner for the third consecutive year. In addition to the thematic breakout session, Cyberport led 10 start-ups in showcasing cutting-edge FinTech innovations and solutions at the Cyberport Pavilion on the Forum’s virtual platform.

Cyberport actively fosters FinTech development in Hong Kong and houses over 360 FinTech companies and start-ups working in diverse subsectors from virtual banking, virtual insurance, RegTech, WealthTech and e-payment to robo trading, digital assets and more.

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Denny Law
Hong Kong Cyberport
dennylaw@cyberport.hk