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CanAm Capital Partners Closes on Private Equity Investment in…




AF Bornot Loft

“We are excited to bring another high-caliber investment opportunity to our client base,” said John Reid, Director at CACP.

CanAm Capital Partners, LLC (CACP) is pleased to announce that it successfully funded its private equity capital investment for the AF Bornot Lofts, a residential and commercial development located in Philadelphia. The closing represents the third successful collaboration between CACP, the Philadelphia Industrial Development Corporation (PIDC), and the project developer, MMPartners.

The capital was raised through CACP’s extensive high net-worth client network. “We are excited to bring another high-caliber investment opportunity to our client base,” said John Reid, Director at CACP. “The AF Bornot Lofts is a stabilized cash-flowing asset in the high demand Fairmount neighborhood. This partnership builds on our past success with MMP and will seek to achieve additional returns for our investors through a partial condo conversion following the maturity of historic tax credits later this year.”

To date, CACP has raised a total of $30 million in private equity funds for seven real estate projects across the U.S., with aggregated assets valued at $348 million.

MMPartners transformed the historic AF Bornot Dye Works building into a distinctive mixed-use property in 2016. The AF Bornot Lofts currently consists of 17 residential units, approximately 12,000 rentable square feet of ground-floor retail, and 18 parking spaces. As of January 2021, the retail space was fully leased, and the residential units had a 95% occupancy rate. The conversion to condominiums is expected to be finalized in Q2 2022 with a full property sale and exit for investors planned for Q1 2026.


CanAm Capital Partners
CanAm Capital Partners, LLC (CACP) is an affiliate of CanAm Enterprises. CACP’s investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. In addition to its latest real estate investment, CACP and its affiliates have invested capital in two multi-family development properties in Texas, a hotel expansion in the heart of Philadelphia, a Class-A rental development in the center of Philadelphia and the repositioning of creative office space in Atlanta – all of which have combined asset values exceeding $335 million.

MMPartners, LLC

Headquartered in Philadelphia, MMPartners is a team of experienced real estate professionals committed to the development of mixed-use, multifamily, commercial and retail real estate in some of Philadelphia’s most vibrant urban neighborhoods. Since 2001, MMPartners has been specializing in adaptive reuse and urban infill projects, particularly focusing on renovating historic Philadelphia buildings and transforming them into modern lofts and apartments. Through its dedication and vision, MMPartners strives to contribute to the development of the city’s up-and-coming neighborhoods such as Brewerytown, Spring Garden, University City, and more. To date, MMPartners has invested in over $350 million in real estate assets in Philadelphia.

Philadelphia Industrial Development Corporation
The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s city-wide economic development corporation. Over the past 60 years, PIDC has completed over 7,500 transactions with a diverse range of clients – including more than $17 billion of financing and more than 3,200 acres of land sales – which have leveraged $30 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.

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Cherre Raises Another $50M for its Real Estate Data Management and Analytics Platform to Bring Disparate Data Together




Big data is transforming the real estate industry.  Real estate developers and investors are able to now integrate disconnected data like never before to understand things like a location’s risks, opportunities, and pricing. For example, properties within a quarter-mile of two specialty grocery store leads to higher property values but being within four of these stores correlates to lower pricing. An insight like this could be uncovered manually but it would take countless hours of sorting through data while not even sure what you are looking for. Cherre is a real estate data management platform that allows the real estate industry to ingest disparate sources of data into a centralized platform and provides actionable insights based on the data.  By combining non-traditional and traditional data, the platform is able to quickly and efficiently identify discernable patterns, unleashing the power of predictive analytics for investors, developers, and even property and casualty insurers. In 2020, the company was able to secure integrations with forty data providers and grew ARR 3x despite the pandemic slowing down the real estate industry.

AlleyWatch caught up with CEO and Cofounder L.D. Salmanson to learn more about unlocking the power of data for the real estate industry, the company’s strategic plans, latest round of funding, which brings the total funding raised to $75M, and much, much more.

Who were your investors and how much did you raise?

This was our Series B, totaling $50 million. The round was led by Trustbridge Partners, a leading growth equity firm. Additional participants in this round include new investors Glilot Capital Partners and former Goldman Sachs Vice Chairman Mark Schwartz, as well as current investors Intel Capital, Navitas Capital, Carthona Capital, and Silicon Valley Bank.

Tell us about the product or service that Cherre offers.

Cherre is an incredibly powerful data management and analytics platform specifically built for real estate. It provides the world’s largest investors, banks, insurers, and technology firms with a platform to connect and consume all their data, from every source – public and private, internal and external, paid and free, in an immediate and actionable format. For the first time in the real estate industry, Cherre delivers instant deployment of billions of connected data points, instant access to and insight from their entire connected universe, and an instant competitive advantage over their peers. We empower our clients to explore markets and properties in ways that were never possible before and analyze their existing portfolios to generate meaningful operational insight.

Cherre’s products include CoreConnect, its core data management platform and analytics warehouse, and CoreExplore, its new analytics application. CoreConnect is built on Cherre’s mapped and resolved Foundation Data, and connects customers; disparate data into their proprietary analytics warehouse. Customers can access their connected data via a single powerful GraphQL API, or use Cherre’s new CoreExplore application to explore their connected data and derive actionable insights across markets, properties, owners, and portfolios. Cherre’s own real estate Knowledge Graph sits at the core of their platform and was built using machine learning and natural language processing to enrich the graph at scale.

What inspired the start of Cherre?

My cofounder and I both had experience working with companies in the private equity space where we were a part of the digital transformation to connect siloed data to support decision making. While the financial services industry has been completely transformed, the real estate industry has lagged behind and has been incredibly slow to adopt new technology. We knew this was about to change. Our vision for Cherre is to transform real estate decision-making into a science by enabling customers to connect all their disparate real estate data for better real estate, management, and underwriting decision-making.

How is Cherre different?

While many companies might claim they connect real estate data, very few actually do, and none as well as Cherre does. Real estate data is very complex and there is no unique ID to easily connect disparate datasets. On top of that, many of the industry’s data providers do not want to share their data and their IP more broadly, making it more difficult to build a scalable solution to connect disparate real estate data. Between Cherre’s real estate data management and analytics platform, and our growing data partner network, Cherre is in a very unique position to connect data for our customers while creating new opportunities for our data partners made possible by the strength of our platform and network.

What market does Cherre target and how big is it?

Cherre serves the broader real estate industry as well as P&C insurance, real estate technology companies, and even startups who are looking to work with Cherre to develop their product and scale with us.

What’s your business model? 

Cherre is a SaaS provider so we charge a base platform fee, and then charge additional fees based on the number and complexity of data sets the customer is looking to connect. Customers can also purchase additional datasets from our Data Partner Connection Network.

How has COVID-19 impacted your business?

The pandemic has actually created a huge opportunity for Cherre. The uncertainty from COVID-19, especially as it relates to real estate, created a major need for data. As companies sought out more data, they realized they the true value lies in connecting everything, establishing a single source of truth, and uncovering actionable insights for decision making.

The pandemic has actually created a huge opportunity for Cherre. The uncertainty from COVID-19, especially as it relates to real estate, created a major need for data. As companies sought out more data, they realized they the true value lies in connecting everything, establishing a single source of truth, and uncovering actionable insights for decision making.

What was the funding process like?

This time around choosing the right partners was very easy. We take our values very seriously at Cherre, we live by them every day and we’d only work with people who share those values and equally see them as the core to everything they do. In Yoon and Trustbridge Partners, we found a partner passionate about changing the world, and equally passionate about doing so while embodying our values. The same goes with Lior from Glilot Capital. We’ve known Lior for eight or so years now, and he’s known Cherre from when it was an idea on paper. Literally. He’s seen us grow and mature over the years, and we were incredibly excited to have them in this round.

What factors about your business led your investors to write the check?

Our new investors put it better than we could:

“The technological infrastructure and high-quality data underpinning Cherre’s platform are unparalleled. The resulting value proposition to both customers in providing a single source of truth for real estate data as well as to data partners in driving distribution is incredibly compelling. We look forward to a long-term partnership with Cherre.” – Yoon Chang, Co-head of the US Investment Team, Trustbridge Partners.

“CRE is a massive sector that continues to grow quickly across the globe, yet it lacks the digital data infrastructure of other financial sectors. We believe that Cherre has built the right solution for addressing the data needs of all CRE players – a unique platform that combines seamless connection with a broad range of datasets with a well-crafted knowledge graph architecture. We are excited about Cherre’s tremendous growth and market leadership, and are thrilled to join their journey to transform how the CRE industry utilizes data to generate valuable insights.” – Lior Litwak, Managing Partner at Glilot and Head of Glilot+, the firm’s early growth fund.

What are the milestones you plan to achieve in the next six months?

We have a lot to achieve over the next six months including launching additional features and functionality in our new CoreExplore application, continually expanding our Partner Connection Catalog, pushing new Connections Services updates, and scaling our team to support our rapid growth.

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Hustle Fund wants to help spawn a new generation of angel investors




Kara Penn is the mother of four daughters and owner of Mission Spark, a management and strategy consulting company.

And now, thanks to Hustle Fund, she is also an angel investor.

Hustle Fund is coming out of stealth today with Angel Squad, a new initiative aimed at making angel investing more accessible to more people, like Colorado-based Penn.

We believe that in order to increase diversity in the startup ecosystem, one thing that we must do is increase diversity — whether it be in regard to gender, race or geography — amongst angel investors,” said Hustle Fund co-founder and general partner Elizabeth Yin.

Via Angel Squad, Hustle Fund specifically aims to build an inclusive investor community, make minimum check sizes low and accessible (think as little as $1,000), provide “angel education” and give investors a way to invest alongside Hustle Fund.

“There’s been this misnomer, or at least I had this incorrect assumption that in order to become an angel investor, you have to be super rich and write $25,000 checks,” Yin told TechCrunch. “But the reality is actually in Silicon Valley, there are all these people running around investing $1,000 checks…and that’s something that’s a lot more accessible than most people might think. And, part of the value of having this group is then we can accumulate a bunch of smaller checks to then write one larger check for a company.”

So far, Penn has invested in five startups across a range of sectors, including real estate, food, apparel and finance. 

She describes herself as “a complete novice” in angel investing, and so far, she’s loving the experience.

I love Hustle Fund’s perspective that great hustlers can look like anyone and come from anywhere,” Penn told TechCrunch. “I’ve enjoyed being in a supportive community with differing levels of expertise, but where every question is welcomed.”

The experience is also broadening her exposure to technology and AI, the collection and use of data and the creation of new marketplaces in ways she never would have been exposed to before.

“As someone whose own company focuses exclusively on strategy in social impact organizations, I am also looking for how founders identify and bring to market creative solutions to complex problems, as well as exposure to a network of innovative people looking to solve hard issues in smart ways,” Penn said. “This exposure is helping me begin to think about applications of these approaches to difficult social problems.”

For some context, Hustle Fund is a venture firm founded by Elizabeth Yin and Eric Bahn, two former 500 Startups partners, with the goal of investing in pre-seed software startups. The firm has traditionally operated by investing $25,000 in a company, usually with a minimum-viable product, and then works with the team to help them grow. It does around 50 investments per year, according to its website. 

It recently closed on $33.6 million for a new fund.

“One of the things most important to us is this bigger mission of wanting to change the way the startup ecosystem is,” Yin said. “I noticed both as an entrepreneur and while running an accelerator, if you have a certain resume, went to certain schools, or were a certain race or gender, you have advantages in starting a company and getting funding. For many people, if you don’t tick those boxes, it can be very challenging. That’s why we’re investing in a lot of founders from all walks of life.”

Hustle Fund Venture Partner Brian Nichols had started a syndicate of Lyft alumni on AngelList. After doing a few deals, he opened the syndicate to people outside of AngelList.

“I found there was a wide range of people looking to diversify into private markets, from all over the world with all types of backgrounds,” he said. “Hustle Fund and I had similar taste in companies I was investing in and I built a relationship with them in co-investments.”

Today, he’s helping run the fund’s Angel Squad initiative. So far, it has had two cohorts with more than 150 investors total, and, true to the fund’s mission, those investors have been more diverse than typical angel syndicates: 46% of the members are female, 9% are underrepresented minorities and 32% are people who work outside of tech with professional roles such as lawyers, doctors and artists. Just one-third are based in Silicon Valley.

Every week, Angel Squad hosts an event that ranges from networking to a peek behind the curtain at opportunities in which Hustle Fund is considering investing to talking through why or why not to take a meeting with a founder.

“Imagine starting from zero, and if you could skip a bunch of steps and have Elizabeth (Yin) tell you how to do this before you lose a bunch of money in the process of evaluating a startup,” Nichols told TechCrunch. “Angel Squad is exactly what I wish had existed three or four years ago when I became interested in investing.”

Silicon Valley, Yin acknowledges, can be intimidating, but the reality is that no one is an expert in everything.

“We’re trying to cultivate an environment where people are very kind — we have a ‘no asshole’ rule, and that is a safe space where people can learn and feel like they can ask questions, and not have to know everything about angel investing. The reality is most people don’t. And we want to bring new people into this system.”

Besides not being an a-hole, other criteria in becoming a Squad Member includes being able to add value and being an accredited investor.

“With rounds as competitive as they are today, we are looking for people who want to be actively supportive of the portfolio companies we’re investing in,” Nichols said. “Every person who wants to join the program is interviewed by someone from our team, who asks questions such as ‘What can you help a founder with?’ We are not looking for passive capital. That’s not super helpful at this point in the ecosystem.

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Private Equity

Astarte Capital boosts fundraising for real assets strategies with Tingting Peng hire




Alternative co-investment firm Astarte Capital Partners has hired Tingting Peng as investor relations and business devel

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Real Estate

GPR Ventures completes multi-market acquisition of joint properties in…




GPR Ventures has completed its 30th total acquisition since 2011 with a multi-market purchase of joint properties in Sacramento, Calif. and Reno, Nev.

We are excited to continue expanding the GPR Ventures footprint across the Western United States, which is a key goal for our company over the next five years.

GPR Ventures has completed its 30th total acquisition since 2011 with a multi-market purchase of joint properties in Sacramento and Reno, Nev. Given the unique, dual-market nature of the acquisition, the firm formed a new business entity, NV Sac GPRV Partners 29, LLC, to facilitate the joint purchase of the two industrial properties. The Sacramento asset is a 26,400 square foot building located at 6910 Luther Drive, while the second asset in the portfolio is a 20,000 square foot property at 56 Coney Island Drive in Sparks, Nev. Both buildings are 100 percent occupied.

“We are excited to continue expanding the GPR Ventures footprint across the Western United States, which is a key goal for our company over the next five years,” said GPR Ventures co-founder and Managing Principal Phil Rolla. “The joint purchase of these two properties will allow us to maintain a strong presence in two thriving industrial markets, and we look forward to contributing to both communities through these acquisitions.”

TWEET THIS: Real estate firm #GPRVentures has completed a multi-market acquisition of joint properties in Sacramento and Reno. The company closed escrow on two industrial properties, each of which is fully occupied by multiple tenants. #business #realestate

About 6910 Luther Drive, Sacramento

The single-building industrial warehouse acquisition is comprised of 12 separate units and is fully occupied with long term stable tenants, most of which are in the automotive industry. Each suite is equipped with its own secure access, rear loading area, front entrance reception space, bathroom and warehouse space. The property includes a 2,400 square foot paved yard with secure fencing and is situated on a 1.76-acre lot.

The property is centrally located in between Highway 99 and Interstate 5 and is minutes away from two Sacramento light rail stations.

About 56 Coney Island Drive, Sparks
GPR Ventures’ second acquisition in the Reno market is a single-building industrial warehouse that is fully occupied with three different tenants, including local automotive repair shop Lancaster Auto Care & Customs. The building’s location off S. McCarran Blvd provides easy access to Interstate 80.

GPR Ventures closed escrow on Thursday, May 6, and plans to complete minor capital improvements on both properties. Zac Sweet, Senior Vice President with CBRE’s Roseville office, helped broker the Sacramento sale and Eric Bennett, Senior Vice President for CBRE in Reno, helped broker the Coney Island Drive purchase.

For more information on GPR Ventures and its complete portfolio, visit

About GPR Ventures

Founded in 2011, GPR Ventures is a privately held real estate investment firm with offices in Silicon Valley and Sacramento that specializes in providing real estate opportunities for a select group of sophisticated investors. GPR Ventures uses a dynamic, fully developed process and the acquisition-to-disposition expertise of founders Glen Yonekura and Phillip Rolla to yield consistent results. GPR’s portfolio includes 85 buildings totaling nearly 3 million square feet and an additional 26 acres of land. For additional information, please visit or call (408) 559-3300.    

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