White House expects fast resolution on tax bill | Cantor Fitzgerald to launch Rodin Income Trust | Senate banking committee OKs Powell as Fed chair
December 7, 2017
IPA NewsBrief
Advocating Direct Investments through Education
Top Stories
White House expects fast resolution on tax bill
The White House expects a swift resolution to differences between the Senate and House tax bills and wants the legislation to hit the president's desk before Christmas, says Marc Short, White House director for legislative affairs.
CNBC (12/6),  InvestmentNews (tiered subscription model) (12/6) 
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Cantor Fitzgerald to launch Rodin Income Trust
Cantor Fitzgerald will found Rodin Income Trust, a nontraded real estate investment trust that will focus on mortgage loans, real estate securities, investment properties, preferred equity and mezzanine loans. Rodin Income Trust will work to raise as much as $1.25 billion initially for the acquisition and management of its portfolio.
CoStar Group (12/4) 
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Senate banking committee OKs Powell as Fed chair
With a 22-1 vote, the Senate banking committee recommended that Jerome Powell succeed Janet Yellen as chair of the Federal Reserve. Sen. Elizabeth Warren, D-Mass., cast the only dissenting vote as the committee cleared the path for Powell's approval by the full Senate.
Los Angeles Times (tiered subscription model) (12/5),  Politico (12/5),  CNBC (12/5) 
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REITs, alternatives make their way into individual retirement vehicles
Managers focused on hedge funds, private equity and real estate are starting to make some progress in their campaign to be included in 401(k)s and other defined-contribution retirement plans. Real estate investment trusts, for example, have been successful in attracting notice from plan sponsors and wealth managers.
The Wall Street Journal (tiered subscription model) (12/3) 
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Industry News
Griffin Capital Essential Asset REIT acquires S.C. properties
Griffin Capital Essential Asset REIT has acquired the LPL Financial Carolinas Corporate Campus in a $130 million 1031 exchange deal. The campus consists of a pair of adjacent six-story buildings in Fort Mill, S.C.
The DI Wire (free registration) (12/5) 
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Purshe Kaplan acquired by Kaplan
Purshe Kaplan Sterling Investments, the Albany, N.Y.-based independent broker-dealer, has been purchased by the holding company Wentworth Management Services. "There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks," said Ryan Morfin, CEO of Wentworth.
The DI Wire (free registration) (12/6) 
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KBS Strategic Opportunity REIT sells portfolio for $804M
KBS Strategic Opportunity REIT has sold an 11-asset portfolio to Keppel-KBS US REIT, which recently listed on the Singapore Stock Exchange, for $804 million. The properties are in the Atlanta, Austin, Denver, Houston, Orlando, Seattle and Sacramento metro areas.
Commercial Property Executive (11/30) 
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Experts: Multifamily properties outside of urban areas provide opportunities
Although multifamily properties continue to provide a healthy return on investment, it's becoming harder to find good multifamily opportunities, according to InterFace Multifamily Southeast panelists. New markets outside of urban core markets provide better rates of return in many cases, panelists said.
REBusinessOnline (12/1) 
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LOF-REIT Acquires and Operates Hotels in the Heartland
Lodging Opportunity Fund, REIT invests in Heartland-area hotels that present opportunity for income generation and capital appreciation — hotels we believe will see performance-based appreciation over a three-to-five-year hold period. We attempt to balance real estate income and appreciation from a broad base of hotel assets in a variety of markets.
Policy Update
SEC officials avoid giving details of ICO regulation
A group of officials from the Securities and Exchange Commission addressed a conference on initial coin offerings last week, but some delegates were disappointed by the lack of detail offered on how they plan to approach the issue in future. Conference organizer Ronen Kirsh commented: "People mentioned there was an elephant in the room that wasn't addressed -- you're trying to fit a new technology into existing regulations ... instead of changing regulations to fit with the new technology."
Forbes (12/1) 
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Business Best Practices
Report shows advisors moving into planning services
The number of advisors offering planning services has grown from 33% to 50% in four years, according to a report from Cerulli Associates. The report notes advisors see offering more comprehensive services as a way to differentiate themselves from robo-advisors, and that the trend is particularly strong among millennial advisors.
ThinkAdvisor (free registration) (11/30) 
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Self-correction begins with self-knowledge.
Baltasar Gracian,
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About IPA
For over 30 years, the Investment Program Association (IPA) has supported individual investor access to a variety of asset classes not correlated to the traded markets and historically available only to institutional investors, including: non-listed REITs, non-listed business development companies (BDCs), energy and equipment leasing programs and real estate private equity offerings. Direct Investment products have been held in the accounts of more than 2.8 million individual investors. They remain a critical component of an effectively diversified investment portfolio and serve an essential capital formation function for the U.S. economy. The mission of the IPA is advocating Direct Investments through education and public awareness.

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