Commercial/Multifamily Briefs Jan. 5, 2023

CoWorking Café: “Live-Work-Play” Communities Surging
More than 500 “live-work-play” communities delivered across the nation between 2012 and 2022, with another 101 in the pipeline for the next two years, reported CoWorking Cafe, Santa Barbara, Calif.

In fact, 2022 claimed an all-time high in terms of LWP construction, with 72 such developments being completed or close to completion this year, CoWorking Café said in a new report. Three-quarters of the LWP properties built in the last 10 years have Class A ratings, meaning they have higher-quality modern amenities and new technology.

“While the pandemic blurred the lines between living, working and playing, rental communities that include residential, office and retail space have more than doubled in demand throughout the United States just over the past decade,” said Doug Ressler, Business Intelligence Manager at CoWorking Café parent company Yardi Matrix. “These units […] have seen a substantial increase in interest, especially among millennials.”

Ressler noted LWP apartments present an opportunity to blend accessibility with desirable living experiences, amenities, communal green spaces and restaurant, retail and entertainment options.

The report said 88 coworking spaces were included in mixed-use buildings from 2012 to 2022, with two more in the pipeline for 2023.

CoreLogic Launches Climate Risk Analytics to Model and Predict Property Risk Through 2050

CoreLogic, Irvine, Calif., launched Climate Risk Analytics, designed to help government agencies and enterprises measure, model and mitigate the physical risks of climate change to the real estate industry, initially through 2050. This model is built on Google Cloud’s secure and sustainable infrastructure.

Built on CoreLogic’s Discovery Platform, a spatial data and analytics platform, CoreLogic Climate Risk Analytics is powered by CoreLogic’s CLIP system, which leverages professional-grade granular data to pinpoint a property’s exact location and its attributes. The solution provides a comprehensive, blended risk score for every U.S. property with a granular breakdown of specific peril risks and each risk’s financial impact.

CoreLogic said its Climate Risk Analytics includes:

•             Property-Level Physical Insights: Detailed property information like first floor height, construction and remodeling history give a granular view of structure risk. CoreLogic enabled these property datasets by leveraging Google’s streaming and batch data pipeline capabilities including Google Cloud Dataflow and Dataproc. Advanced physical insights and granular views were realized using Google BigQuery.

•             Property-Level Financials – Accurate replacement costs give a complete picture of the financial impact of a disaster. Valuation data tracks the impact of climate change on a property’s market value. All of this was made possible with the virtually unlimited scale of Google Cloud infrastructure and their offerings such as Google Maps Platform, GeoSpatial and other Google sustainability solutions.

•             Specific Peril Impacts – Blended climate risk scores for each property paint a complete picture of potential outcomes of frequent and rare events. CoreLogic’s models include 300,000 years’ worth of scientific and climate simulations across the nine major perils for current and future climate conditions (Hurricane, Storm Surge, Flood, Severe Convective Storms, Winter Storms, Wildfire, Tsunami, Earthquakes and Fire Following) and their impacts on specific properties. Using BigQuery for modeling and tile set creation reduced CoreLogic’s property scoring time from days to hours to even minutes. User experience to understand impact on specific properties went from several seconds to near instantaneous at both the property and structural levels.

•             Time Horizons – understanding the risk and financial implication today and in every decade up to  2050

•             Overlays: Other CoreLogic data on low-and-moderate income households, special flood hazard areas and mortgage delinquencies can help assess heightened risk areas for structural remediation.

Stronghill Capital Expands into Residential Lending

Small-balance lender Stronghill Capital, Austin, Texas, launched a new residential lending division.

Stronghill appointed Dustin Wells Co-President. He will head a new executive team focused on expanding the company from a commercial lender to scaling the business with strong Non-QM, Non-Agency Jumbo and Investor Residential Programs.

Stronghill Capital’s Non-QM loan programs include:

Debt Service Coverage Ratio program for 1-4 and 5-8 unit properties

Bank Statement, Asset Depletion, Non-Agency Jumbo and Credit Achiever

Business and consumer-purpose entity transactions

Support from LoanNex Pricing and Product Engine

Ability to price loans with premium rebates back to broker/originator

With these new offerings, Stronghill Capital offers both residential products and commercial loan programs. Loans can close and vest in entities such as LLCs and S and C corporations, with financing that meets the needs of all real estate ainvestors – from new to seasoned. For more information, visit