Former BlackRock Chairman of Real Estate to Become Voting Member of Investment Committee for CrowdStreet Funds, Joins Company Advisory Board

PORTLAND, Ore., Oct. 30, 2020 /PRNewswire/ — CrowdStreet, Inc. (“CrowdStreet”), the award-winning online marketplace for direct equity investment in commercial real estate (CRE), today announced the appointment of Jack Chandler, founder of Majesteka Investments Holdings, as a voting member of the Investment Committee for CrowdStreet Funds and a member of the company’s Board of Advisors. Chandler will work closely with Ian Formigle, Chief Investment Officer, to help guide the firm’s investment thesis as well as directly provide deal-level input into the company’s investment funds, such as its recently closed Opportunistic Fund. Individual investors benefit from the unique combination of Chandler’s outside insights with the deep understanding Formigle has for a deal’s fit for the CrowdStreet Marketplace. Prior to Majesteka, Chandler served as Managing Director and Global Head and Chairman of Real Estate at BlackRock, the New York City-based global investment management corporation and the world’s largest

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Atmos, A Startup For Custom Homes, Raises Funds At A $25 Million Valuation

Atmos, a new startup that makes it easier to build custom homes, has raised $4 million at a $25 million valuation, in a round led by Khosla Ventures. A graduate of Y Combinator, the company’s roster of investors also includes Sam Altman, Adam Nash, JLL Spark, and a group of TikTok influencers. 

“The only way to improve housing affordability in the US is to build more houses, and the building of new, custom homes has long been a confusing, unreliable process,” says Evan Moore, a partner at Khosla Ventures who previously helped launch Opendoor. “Atmos enables significantly more people to build the homes they want.”

Atmos’ pitch is that it centralizes information for prospective homebuilders, who traditionally have to search separately for realtors, available lots, builders and architects. “In general it’s just a super scattered process,” says Nicholas Donahue,

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Cash builds for property debt funds as crisis is delayed

Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic.

Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.

Now there are signs of a thaw. On one side, competition is building to put that cash to work, motivating some lenders to take on higher risks. On the other, borrowers are growing desperate as loan extensions start to expire on malls, hotels and even some offices that are still struggling as COVID-19 continues to ravage the U.S. economy.


“If you’re willing to do it, you’ll get a lot of deals, but you have to be willing to

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HUD funds to assist homeless teens in Niagara County | Local News

A coalition of Niagara County social services agencies has received more than $1 million in federal funding to help homeless teens and young adults in the county.

The $1.22 million grant from the U.S. Department of Housing and Urban Development  had been long sought by advocates with the Homeless Alliance of Western New York (HAWNY).

“This was a three-year process,” said HAWNY Executive Director Dale Zuchlewski. “The first two years (we applied), we were denied. Then, this year, it’s like winning the lottery. All the hard work paid off.”

Zuchlewski said the grant will fund a program created jointly by Niagara County Community Missions and Pinnacle Community Services that could be used in other parts of the country.

“HUD is looking for best practices that can be done nationwide,” Zuchlewski said. 

U.S. Rep. Brian Higgins, D-Niagara Falls and Buffalo, and Falls Mayor Robert Restaino announced the grant award during a

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Cash Builds for Property Debt Funds With Crisis Delayed for Now

(Bloomberg) — Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic.

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Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.

Now there are signs of a thaw. On one side, competition is building to put that cash to work, motivating some lenders to take on higher risks. On the other, borrowers are growing desperate as loan extensions start to expire on malls, hotels and even some offices that are still struggling as Covid-19 continues to ravage the U.S. economy.

“If you’re willing to do it, you’ll get a lot of deals, but you have to be willing to play in those sectors and take some risks,”

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Theft of condo association funds does happen

Robert Ducharme
 |  Portsmouth Herald

“Earth provides enough to satisfy every man’s needs, but not every man’s greed.” –Mahatma Gandhi

Very few associations suffer the devastating effect of having someone (e.g. a board member, officer or a manager) steal the association’s money. But it happens.

One property manager in New Hampshire was sentenced to 18 months in federal prison and ordered to pay back over $900,000 stolen from 27 condo associations she was managing. A little closer to the seacoast, one property manager in Exeter was convicted of stealing over $67,000. And it’s worse than it reads because most associations don’t report the matter to the police for fear of the fallout. If your association makes the internet because you were not watching your money, the publicity may very well make it hard to sell units in the association, and certainly dampen the value as compared to units in other

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Danish Plan to Cut Tax Loophole Has Real Estate Funds Worried

(Bloomberg) — Real estate investors are trying to figure out how to block a proposal by Denmark to close a legal loophole through which they’ve enjoyed virtually unlimited tax deferrals on value gains.



a group of people walking down a street next to tall buildings: Pedestrians pass along a street lined with commercial and residential buildings beyond the parliament, top, in central Copenhagen, Denmark.


© Bloomberg
Pedestrians pass along a street lined with commercial and residential buildings beyond the parliament, top, in central Copenhagen, Denmark.

The plan, which still needs to go through parliament, represents the latest step by Denmark to rein in commercial property companies. The Social Democrat government has criticized the industry, arguing it’s padded its pockets while leaving average residents struggling to pay rent.

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“Foreign investors have been able to push back tax payments for eternities and that is of course completely unacceptable,” said Christian Raabjerg Madsen, a member of the parliamentary finance committee for the ruling Social Democrats, and the party’s finance speaker.

Denmark’s government wants to use the extra tax revenue to cover the

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Broadstone Real Estate Access Fund adds allocations to Goldman Sachs and New York Life sponsored Funds

Broadstone Real Estate Access Fund (“BDREX”), a continuously offered, closed-end interval fund, registered under the Investment Company Act of 1940, announced today it added two institutional core real estate funds sponsored by Goldman Sachs and New York Life to its portfolio. This expands BDREX’s private fund holdings to a total of 10 which also include funds sponsored by USAA, CBRE and Clarion. BDREX is managed by Benefit Street Partners, L.L.C. (“BSP”).

“We are extremely excited to add these two, high-quality, core real estate funds to the BDREX portfolio,” stated Brian Buffone, Benefit Street Partners Managing Director and BDREX Portfolio Manager. “We will continue to strive to give our investors access to large, private institutional funds that have historically been limited to pension funds, endowments and sovereign wealth groups, and we hope to make additional investments like this in the near future.”

For the most recent holdings information, please visit the

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Texas GLO to take control of Houston’s Harvey housing recovery funds with HUD’s approval

The Texas General Land Office will take control of Houston’s Hurricane Harvey housing recovery program after receiving approval from federal officials, even as a lawsuit challenging the takeover remains pending.



George P. Bush et al. standing next to a man in a suit and tie: George P. Bush, commissioner of the General Land Office arrives to discuss long-term Hurricane Harvey recovery funds during a news conference at the Houston City Hall Annex on Thursday, June 28, 2018, in Houston. The recovery efforts include the first round of funding for buyouts through CDBG-DR funds.( Brett Coomer / Houston Chronicle )


© Brett Coomer, Staff / Houston Chronicle

George P. Bush, commissioner of the General Land Office arrives to discuss long-term Hurricane Harvey recovery funds during a news conference at the Houston City Hall Annex on Thursday, June 28, 2018, in Houston. The recovery efforts include the first round of funding for buyouts through CDBG-DR funds.( Brett Coomer / Houston Chronicle )


The green light from U.S. Department of Housing and Urban Development officials came late Monday, 45 days after the Texas Supreme Court overturned a lower court ruling that had blocked Land Commissioner George P. Bush’s agency from performing recovery work in Houston. State officials had said the ruling allowed them to move ahead with the takeover by seeking approval

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Proof of Funds for Commercial Real Estate Investors

Creative Financing

When a Commercial Real Estate Investor is looking to purchase income producing property utilizing any number of creative financing methods, one of the most important keys to their success is that their ability to provide adequate, verifiable proof of funds – P.O.F.- to both the seller and the lender. The verification of funds can enhance the investors credibility with the seller as well as satisfy the lenders requirement to know that the borrower has necessary funds to complete their transaction.

Proof of Funds

There are a few ways acceptable to lenders and sellers to show P.O.F. to close your Commercial Real Estate transaction:

  • Bank Statements or Bank Verification
  • Brokerage Account Statements or Verification
  • Escrow Account Verification

“Bank Verification” This is the most acceptable and widely used method to confirm the investors can complete the proposed deal. As such money must be put into a bank account and confirmed … Read More