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IStar-Affiliated Trust Paid $122M for Rental in Miami’s North Bay Village

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Safehold, an iStar-affiliated trust, dropped $122 million on a waterfront rental complex in North Bay Village, property records show.

Located at 8000 West Drive, Moda North Bay Village Apartments sits at the northern tip of the island town situated along the 79th Street Causeway between Miami Beach and the city of Miami. 

The eight-story property includes 285 units and a pool spanning 567,884 square feet, per records. Monthly rents for studios to two-bedrooms range between $2,208 and $4,577, according to Apartments.com

The seller, Clarion Partners, purchased Moda’s 196,456-square-foot lot for $13.8 million in 2012 and completed construction three years later, per records.

The 2021 sale equates to $428,000 per apartment. Safehold agreed to not convert the rental property into a condominium, as a public document shows.  

The restriction is unlikely to handicap the New York-based trust since it specializes in ground leases. True to its mission statement, the REIT signed a 99-year ground lease with Waypoint Realty Holdings, which will manage the property, a public document indicates.

Safeguard claims its formula offers higher cash-on-cash returns to building owners than fee simple ownership.

iStar, a New York-based investment, financing and development firm, owns approximately two-thirds of Safehold. The companies also share the same CEO, Jay Sugarman.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Source Here: commercialobserver.com

Finance

Moroccan B2B ECommerce Platform Chari Nets Funding on $100M Valuation

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Morocco-based B2B eCommerce and FinTech startup Chari could see a valuation of $100 million after a new bridge round of funding, TechCrunch reported Thursday (Jan. 20).

Chari functions as a mobile app, allowing traditional proximity store owners in Morocco to order products and have them delivered.

The company is trying to get more into the FinTech space after closing a bridge round which was led by the Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors) and Afri Mobility, the venture capital arm of AKWA Group.

“Chari will use the money from this bridge round to test the BNPL services with its existing customers,” said Ismael Belkhayat, Chari’s CEO. “Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end users and further grow their business.”

Chari works with over half of the proximity stores in Casablanca, and has expanded into Tunisia. Last August, the company also acquired Karny, a mobile credit book application.

The Karny acquisition gave Chari more data on the loans given by grocery stores to customers, letting it credit assess unbanked shop owners and determine the best payment terms.

Chari was also a participant in the startup investor and incubator Y Combinator S21 batch and raised $5 million in late 2021. PYMNTS writes that Karny’s services help convenience stores use smartphones to manage credit arrangements with customers.

See also: Morocco’s eCommerce Startup Chari.ma Acquires Mobile Credit Book App

The company has around 15,000 convenience store customers. According to Y Combinator’s website, Chari “is an eCommerce and FinTech app for traditional retailers in North Africa allowing them to order any consumer goods they sell and get delivered for free in less than 24 hours.”

Chari also works as a financial services provider for retailers, offering micro-credit facilities.

PYMNTS also reported on Chari’s fundraising last year, writing that it could help the company expand into French-speaking Africa.

Related: Moroccan B2B eCommerce Firm Chari Raises $5M 

Article: pymnts.com

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Hudson Swafford Breaks From Pack Late to Win the American Express

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Hudson Swafford went eagle-birdie at the 16th and 17th holes to cap a busy final round and win The American Express on Sunday in La Quinta, Calif.

Swafford’s eagle, nine birdies and three bogeys added up to an 8-under 64 that catapulted him to victory after starting the day three strokes off theleaders. At 23-under 265, Swafford beat Tom Hoge (68 Sunday) by two shots.

Brian Harman also shot a 64 earlier in the day to se

Original Post: bignewsnetwork.com

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Is Putin Following in Steps of Peter the Great

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Three hundred and forty kilometers east of the Ukrainian capital, Kyiv, lies the city of Poltava.

At its heart is a semi-circular square with a cast-iron column and nearly two dozen eighteenth-century Swedish cannons captured in the 1709 Battle of Poltava, a decisive encounter in the Great Northern War, waged between Russia’s Peter the Great and Sweden’s Charles XII for supremacy in eastern Europe.

Russia’s

Original Post: bignewsnetwork.com

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