Month: September 2021

Fannie Mae CEO Hugh R. Frater (LinkedIn, iStock) Homebuyers are about to learn that while the government giveth, the Federal Reserve taketh away. While it’s getting easier to get a mortgage, the Fed is warning rates will soon rise. In a red-hot housing market, government-backed mortgage buyers Fannie Mae and Freddie Mac are accepting loans…

(iStock) U.S. household net worth surged to an all-time high in the second quarter, powered by a buoyant stock market and a record $1.2 trillion jump in real estate valuations. A Federal Reserve report on Thursday showed that household net worth rose by $5.8 trillion, or 4.3 percent to $141.7 trillion in the period, according…

David Bitton, CMO and co-founder of DoorLoop and Ori Tamuz, CEO and co-founder of DoorLoop (Bitton, DoorLoop, Getty) Rental property management software is a crowded field in proptech, but a Miami-based startup says it has developed a better, faster and cheaper offering. DoorLoop said this week it raised $10 million in seed funding with an…

U.S.P.S. close to a deal to lease a warehouse in City of Industry for a package distribution center (iStock, Google Maps) The United States Postal Service is nearing a deal to lease a warehouse in City of Industry that it will use as a package distribution center, The Real Deal has learned. The Postal Service…

Procore CEO Tooey Courtemanche (Procore, Getty) Procore is one step closer to becoming a one-stop shop for the needs of the construction industry after the biggest acquisition in company history. The giant is acquiring software company Levelset for $500 million. The acquisition includes approximately $425 million in cash and $75 million in Procore common stock,…

Surfside site to be auctioned as early as February, as legal claims could reach $1B (Getty Images) The stalking horse bidder offering $120 million to purchase the site of the Surfside condo collapse signed a sales contract, setting in motion a timeline that will lead to an auction of the oceanfront property, as legal claims…

Valley National CEO Ira Robbins and Bank Leumi USA CEO Avner Mendelson (Getty, Valley National, Bank Leumi) Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for…

Jeff Bezos (Getty, iStock) A new California state law aims to rein in warehouse operators like Amazon amid the ongoing e-commerce boom. On Wednesday, Gov. Gavin Newsom signed Assembly Bill 701, which clamps down on unsafe work conditions at warehouses, according to the Los Angeles Times. The law is aimed primarily at workplace quotas. It…

ELK Development founder Evan Kasper and renderings of 728 South Manhattan Place (ELK, OFFICEUNTITLED) ELK Development is expanding its presence in Koreatown with another residential complex. The rental housing developer wants to build a 60-unit complex at 728 South Manhattan Place, according to plans filed with the city of Los Angeles. An LLC linked to…

Douglas Durst, One Bryant Park, Robert Durst (Getty, Durst Org) The courtroom drama surrounding the Durst family did not end with Robert Durst’s murder conviction in Los Angeles on Friday. A new chapter emerged this week in a lawsuit filed by Robert Durst’s nephew Evan Kreeger, who alleges members of the legendary real estate family…