VTS plans to create a marketplace will provide the infrastructure for landlords, agency brokers, tenant reps, and tenants to complete lease transactions online. The marketplace, slated for a 2019 launch, will enable landlords and brokers to dramatically improve the marketing and leasing of spaces.

Clients include Beacon Capital Partners, Blackstone, LaSalle Investment Management, Hines, Boston Properties, JLL and CBRE. The platform manages more than nine billion square feet of commercial real estate and a user base that exceeds 34,000.

According to VTS, landlords use the platform to maximize portfolio performance by transforming their leasing and asset management process, enabling them to acquire the right tenants faster than has been possible, and optimize the renewal process—reducing costly downtime. Brokers can manage their deal pipeline and get tenants into empty spaces faster, collaborate across teams and work easily with their landlord clients through the platform.

The aim is to make landlords, agency brokers, tenant reps, and tenants more efficient than has been possible. VTS will provide the capability to complete the full deal cycle for deals of all sizes, streamlining a process that has, for decades been highly inefficient and expensive for everyone involved

In lieu of an intuitive, automated process, landlords, tenant reps, and tenants today exchange phone calls, emails, and Word documents back and forth for weeks and months--hence the infamous phrase “time kills all deals.”

Hunt Real Estate Capital has provided conventional Fannie Mae multifamily loans in the amount of $35.2 million in a cash-out refinance of a four-property multifamily portfolio located in Reading, Pennsylvania.

The loans have a 12-year term, 11.5-year yield maintenance and 30-year amortization. All of the loans carried Green Rewards pricing provided through planned water conservation upgrades.

They are backed by a local sponsor and management company, whose real estate portfolio consists of 2,000 multifamily units in 15 multifamily properties. Hunt Real Estate Capital financed Reed Farm just last year, which was the sponsor's first Fannie Mae DUS loan.

James Conley of HFF in Philadelphia represented the sponsor.

"These loans were rate locked at application in early August under the Fannie Mae Streamlined Rate Lock Program.  The sponsor was extremely rate sensitive and to achieve his target we needed to close in just 45 days," noted Bryan Cullen, managing director at Hunt Real Estate Capital.

The properties include the following:

• A 161-unit multifamily community built in 1960 that enjoys good visibility and access to the major interstate highways in Reading. Hunt Real Estate Capital provided a loan for $10.7 million to refinance this property. In addition to the green repairs, the borrower plans on roof, drainage and asphalt repairs. Property amenities include private off-street parking and a laundry facility.
• A $10 million loan to refinance a 97-unit apartment complex built in 1969 with very good visibility and access to the major interstate highways.Since 2016, the borrower implemented a variety of internal and external improvements.  Green upgrades and asphalt parking areas will be repaired as part of the refinance.
• A 77-unit garden-style apartment complex built in 1968, which Hunt refinanced with a $4.6 million loan.  In addition to water savings measures, there will be boiler replacement and asphalt work. The community features private off-street parking and a laundry facility, and this property is in good condition and offers good visibility.
• A $9.9 million loan to secure a 156-unit garden-style apartment complex built in 1950. Along with the water-saving upgrades, the sponsor will be spending another $100,000 on exterior needs. The property has good visibility and access to the major interstate highways and offers residents private off-street parking, a playground, and a laundry facility. The borrower recently completed a number of property improvements.

Ten-X Commercial and brokers have sold $1.56 billion of commercial real estate properties in 2018 through the platform. The platform transacted $689 million of commercial real estate in the third quarter. Ten-X is a transaction platform for commercial real estate.

"The steady user growth and increase in traffic between launch and Q3 is a testament to how the industry wants more real-time data, control and efficiency in transacting commercial real estate," said Lawrence Yuan, CTO for Ten-X Commercial.

Notable Q3 transactions on the Ten-X platform across all segments include:

• The $33.2 million sale of an industrial property in Michigan via the Offer Select transaction solution where the platform brought in 16 registered buyers from across the U.S.
• The $32.86 million sale of a 235,661-square-foot office property comprised of two buildings in Washington that closed in less than 90 days after the Live Bid event ended
• The $17.62 million sale of a three-story apartment complex in California that had 4,400-page visits, 186 secure document vault visitors and 22 registered bidders
• The $15.55 million sale of an 89,473-square-foot shopping center anchored by Guitar Center in California, which reached maximum value at 124% more than reserve
• The $8.65 million sale of a 116-key Hyatt House hotel property in Texas that brought in more than 5,000 visits to the property details page and 288 secure document vault visitors
• The $5.31 million sale of a 46,259-square-foot neighborhood shopping center in Florida that brought in 28 registered bidders for a late July auction and closed in 30 days

"As we continue to evolve the Ten-X platform to better provide our customers with essential tools, we are pleased to see transaction GMV increase by 16 percent year-over-year," said Ten-X President Maureen Waters. "