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| Tim Milazzo |
New York, NY (April 5, 2019) -- PropTech startup StackSource today announced it closed a $19.4 million CMBS loan for two retail properties in Harrisburg, PA and Keene, NH, making it operational in twelve U.S. States.
StackSource is disrupting the $3 trillion commercial mortgage market by offering commercial real estate owners across the country greater access and transparency in the financing process.
Tim Milazzo, co-founder and CEO said, “StackSource offers real estate investors the opportunity to execute financing on their projects faster, and with more control over the process.
"Our platform not only simplifies and streamlines the process of securing a loan, but also gives the full support of a capital advisor no matter where the borrower or property are located.
"We’ve arranged financing for multifamily properties in the heart of New York City, retail in Missouri, and office in California.”
"Our platform not only simplifies and streamlines the process of securing a loan, but also gives the full support of a capital advisor no matter where the borrower or property are located.
"We’ve arranged financing for multifamily properties in the heart of New York City, retail in Missouri, and office in California.”
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| Justin Wolk |
StackSource Capital Advisor Justin Wolk negotiated the transaction, successfully navigating a complex ground-lease negotiation that closed simultaneously. The total transaction value exceeded $40MM.
“We worked with our lending partner to understand the complex ground lease dynamics and together, we were able to structure this transaction is a way that was effective, transparent and beneficial for all parties involved,” Wolk shared.
Wolk recently joined the StackSource team, following a successful career in real estate development. After developing 250,000 square feet in the Greater NYC area over the last decade and raising money for his own transactions, Wolk sold his company, Justinian Development, and moved into securing funding for real estate deals, which is now his full-time focus for StackSource.
Capital Advisors like Wolk benefit from the efficiency of the StackSource platform, which allows them to spend more time providing financing solutions for their clients and closing more deals.
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| Nathan Wall |
“We simply have a technological advantage over 99% of the capital markets professionals because of StackSource, and it is StackSource’s platform coupled with the firm’s desire to hire experienced real estate professionals that truly allows us to make an immediate impact in the real estate investment banking world.” Wolk continued.
Where developers and lenders have traditionally relied on local mortgage brokers to facilitate connections and complete deals, StackSource’s new digital marketplace provides immediate lender matching, data system integration for instant diligence, and a platform to manage the underwriting process end-to-end - all from the comfort of a computer or mobile device.
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| Tom Wisniewski |
“We’ve updated a process that is outdated, and didn’t truly bring transparency for any of its stakeholders. StackSource makes it easier for our lending partners to access great projects - and it gives borrowers an opportunity to control the terms of their funding.”
StackSource allows potential borrowers to fill out one simple online loan request, compare loan offers from top lenders, and work with an experienced capital advisor to assist through the entire process, including negotiations with lenders.
Whereas a traditional commercial mortgage broker relies on a tight band of close lending relationships, StackSource’s platform instantly identifies potential lending partners for a given deal by searching through its database of hundreds of lending contacts, automatically filtered based on deal parameters such as the loan amount, asset class, geography, and loan scenario.
Transparency is at the heart of StackSource’s platform, as property owners can compare and analyze not only their loan quotes but also any associated fees. This includes taking StackSource’s placement fee into account, where fees with other mortgage brokers are more likely to be hidden.
Whereas a traditional commercial mortgage broker relies on a tight band of close lending relationships, StackSource’s platform instantly identifies potential lending partners for a given deal by searching through its database of hundreds of lending contacts, automatically filtered based on deal parameters such as the loan amount, asset class, geography, and loan scenario.
Transparency is at the heart of StackSource’s platform, as property owners can compare and analyze not only their loan quotes but also any associated fees. This includes taking StackSource’s placement fee into account, where fees with other mortgage brokers are more likely to be hidden.
Prior to founding StackSource, Milazzo spent time working for Facebook and both he and Wall previously worked for Google.
The StackSource team recently completed the NVP Labs accelerator program in Newark, NJ and is now hiring regional market leaders to spearhead their entry into primary real estate markets across the country.
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| The Shoppes at Susquehanna, Harrisburg, PA |
Tom Wisniewski, Managing Partner at Newark Venture Partners, a StackSource investor, said, “StackSource is simply commercial real estate lending for the 21st century. StackSource gives parties at both ends of the loan data, options, and control levers that will get commercial real estate deals done faster. ”
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