Longtime CREW Charlotte member and former CREW Charlotte board member, Wanda Townsend has been recognized for Real Estate Finance by Chambers USA 2019, one of the premier guides to the legal profession that develops rankings using in-depth interviews and objective research.
To read the full press release, please click here.
“No one would exploit a child if there wasn't someone there to buy the services of that child.” These powerful words were spoken by award winning actress, Mira Sorvino. Sorvino was the keynote speaker at CREW Charlotte’s Second Annual Signature Luncheon.
On Wednesday, May 15th, Sorvino spoke to a crowd of 350 CREW members and guests about the atrocity that is human trafficking. Sorvino is a United Nations Goodwill Ambassador who works tirelessly to combat human trafficking and slavery. She spoke about the work she has done and also about personal encounters she has had with victims. However, nothing was more compelling than the human trafficking survivor, “Katie” that joined Mira for the luncheon. "A lot of people have a stereotype of what they think a trafficker or a buyer looks like,” Katie said. “I want to blow that stereotype out of the water. I was sold to rich guys, poor guys, old guys, young guys, sold to some women. You know, you have the legislators, lawyers, cops, coaches, the guy that just lives down the street.”
Katie’s story brought many in the audience to tears. Although it is hard for her to tell her story, she is using it as a way to show others that human trafficking could be happening right in front of your face.
There are several organizations across our city and state that work to end human trafficking and slavery. If you want to learn more about how you can join the fight, you can click here. If you have any concern that a child you know is in danger, please call the National Human Trafficking Resource Center at 1-888-373-7888.
Submitted by Nichole Kelley, Wells Fargo Bank
At the April 2019 CREW Charlotte Luncheon, we heard from Pax Sinsangkeo with Winstead, who concentrates his practice in commercial real estate financing, commercial mortgage securitizations, asset-based lending, and related real estate and financial services transactions. He has represented major capital markets lending institutions and real estate investment companies in connection with the origination and servicing of commercial mortgage loans, credit facility loans, and multi-asset portfolio transactions.
Blockchain technology, hailed as the great disruptor of financial markets, enterprise management and data privacy, is a distributed ledger of data and/or transactions that is maintained on a shared network. On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network; it doesn’t exist in one place. A block could represent transactions and data of many types, such as currency, digital rights, intellectual property, identity, or property titles, to name a few.
As CRE companies consider investing in a multitude of technologies to meet their varied business requirements, it is important to assess whether and where blockchain can be useful as the technology has its own unique characteristics and inefficiency in processes. Benefits of blockchain include the possibility of near real-time settlement of transactions, eliminating the need to rush a wire to meet the Federal cutoff time, or delays in due diligence processes (i.e. confirming zoning status, legal description of properties, and any data requiring third party verification). Additionally, blockchain technology is based on cryptographic proof, allowing any two parties to transaction directly with each other without the need for a trusted third party. This means borrowers and lenders or any other parties can work directly with each other without the need for counsel, escrow agents, or other centralized authorities to verify documents and information; ultimately, this would result in reduced transaction costs and faster execution times for any parties involved. In addition to the cryptographic security, a blockchain contains a certain and verifiable record of every transaction ever made, which such record is stored among multiple sources (instead of a central authority), which mitigates the risk of fraud, abuse, and manipulation of transactions.
So how can blockchain be used in CRE? Blockchain is disrupting subscription-based MLS services by allowing brokers, title companies, and appraisers to directly provide information about a property. In addition, a blockchain network can issue tokens or some other data to symbolize real estate rights – this would allow real estate developers and promoters greater access to capital as an alternate form of crowdfunding, and allow investors more liquidity in trading those interests (i.e. a fractional interest in a real estate property) and easier access to real estate ownership. The drawback is competing data from multiple sources may affect consistency and questions around who is validating the data. Another example of how blockchain is disrupting CRE is the incremental standardization of land deed records to be immutable, making it easier to record deeds and mortgages, verify title insurance, and clarify property rights that may have been historically murkey. The con is obtaining consensus as to incorrect deeds or chains of title.
While blockchain technology has significant potential to increase efficiency and cost savings for CRE owners and provide greater liquidity and transparency to the CRE market, there are still a number of shortcomings to consider. Blockchain is susceptible to human error; if there are errors at the beginning of the block that are not identified for some time, who is liable and how can it be corrected? Also, because it is such a new technology, a lot of the coders and blockchain developers may not be familiar with real estate processes and not accurately track data stored on there. Ultimately, CRE companies who are approached by blockchain companies may need to adopt a “wait and see” approach and perform their due diligence to see if their business truly has a need to incorporate such technology.
To see Pax’s presentation, please click here.
Submitted by Becky Cheney, Hamilton Stephens Steele + Martin
Our January luncheon speaker provided a highly informative overview and tutorial on negotiations. DeWitt F. (“Mac”) McCarley, currently an attorney with Parker Poe, provided the crowd with an entertaining explanation of the two basic methods of negotiation: collaborative versus competitive, and discussed strategies for each. Some of the key principles discussed were understanding your opponent’s true motivation, the importance of asking questions, and defending attempts to “nibble the deal.” Mac drew on his past as the City Attorney for the City of Charlotte, where he helped negotiate some of the area’s most impactful economic development initiatives in the last two decades.
New firm is named SGA | NarmourWright Design
CHARLOTTE, N.C. (Jan. 16, 2019) – Two legacy architecture firms in the Carolinas, NarmourWright Architecture (NarmourWright) and SGA Architecture (SGA) are pleased to announce their merger into SGA | NarmourWright Design. Led by seasoned principals who are dedicated to the company’s growth, the newly combined firm fully integrates the expertise, capabilities, services and locations of both companies.
To read the full press release, please click here.
Submitted by Diana Quarry, Womble Bond Dickinson
On January 15, 2019, CREW Charlotte’s luncheon program featured speaker Monte Ritchey, Founder and President of Conformity Corporation and Principal of BK Partners LLC. Mr. Ritchey addressed a sold out crowd, and spoke about the history and cultural significance of the Brooklyn neighborhood of Charlotte. Brooklyn was a predominantly black community that thrived as a self-sustainable town within a town. With vibrant shops, schools and places of worship, Brooklyn was home to some of the black community’s families from all socioeconomic backgrounds, and housed critical operations for the community, including Second Ward High School, Charlotte’s first high school for African American children. Unfortunately, during the 1960s and 1970s, Brooklyn was razed in Charlotte’s first wave of “urban renewal,” displacing thousands of neighborhood residents and ultimately destroying more than 1,480 structures.
BK Partners LLC, a venture spearheaded by Mr. Ritchey and business partner Don Peebles, was selected by Mecklenburg County to revitalize the area with its Brooklyn Village development. Mr. Ritchey discussed the future and vision for Brooklyn Village, a mixed-use development that will include residential units (including affordable housing), office, retail, community and cultural spaces. Mr. Ritchey discussed the important role that community outreach and honoring the history of Brooklyn played in putting together the master plan and vision for Brooklyn Village.
CREW Network’s 2015 Benchmark Study Report: Women in Commercial Real Estate found a 23.3% gender pay gap among industry professionals. The gap begins to widen at mid-career and increases to nearly 30% in the C-suite.
Recent social movements have heightened society-wide awareness about negative treatment and pay disparities that women are facing in the workplace. Like other industries, commercial real estate is now under greater pressure to address these issues as companies strive to meet equality and diversity and inclusion goals.
CREW Network’s 2018 white paper, Achieving Pay Parity in Commercial Real Estate, presents expert insight, data, best practices and action items for company leadership, human resources, and women professionals to close the gender pay gap. The publication also explores why the pay gap exists and what’s on the horizon for equal-pay-for-equal-work legislation globally.
CREW Network’s 2017 white paper, Diversity: The Business Advantage, found that gender equity and diversity and inclusion efforts result in clear business advantages and measurable growth in the commercial real estate industry. Along with gender equity and greater diversity and inclusion, pay parity can benefit your business by:
Enhancing your company’s reputation among community, clients and employees
Improving employee engagement, which could lead to greater productivity and profit
Attracting a wider pool of talent
Increasing business activity and overall performance
Fostering workplace diversity
Increasing employee trust in leadership, which could lead to greater retention and productivity
Decreasing employee turnover
More than 80 countries have some form of equal-pay-for-equal-work legislation in effect, while approximately 24 have some sort of mandatory reporting requirement. The white paper provides a snapshot of the U.S., Canada and the U.K.—the countries where CREW Network chapters and affiliate groups are located.
The white paper also takes a look at best practices of companies that have achieved—or nearly achieved pay parity, including Wells Fargo, Adobe, Salesforce and Starbucks, plus insight from leading experts and researchers on pay parity and hiring trends.
Women and men on the executive level appear to be negotiating their salaries equally. Most candidates have outside guidance on the offer process from an employment lawyer, mentor, or HR professional.
Closing the pay gap could be determined by unconscious bias and how employers react to women’s increased and improved compensation negotiations. Harvard research found that for women, sometimes it does hurt to ask for more. In a series of experiments, evaluators penalized women more than men for initiating negotiations. The white paper provides tips and action items for employers to overcome this bias and for women to navigate negotiation.
Pay data is more accessible than ever through technology. Women are open to sharing their compensation information with other women, especially when they’re in similar positions or markets.
Companies that have achieved pay parity agree that it’s not a one-off event and must be evaluated annually and reviewed on an ongoing basis.
CREW Network is the premier business network dedicated to transforming the commercial real estate industry by advancing women globally. CREW Network members comprise of nearly 12,000 professionals in 75+ markets worldwide and represent nearly all disciplines of commercial real estate—every type of expert required to "do the deal." CREW Network is also the leading producer of research on women in commercial real estate. It develops white papers annually and publishes a benchmark study every five years to provide valuable industry data and insights.
For a full version of the white paper, please click here.
Submitted by Stacia Neugent, GreerWalker
The CREW Charlotte annual awards luncheon took place on December 11. Two-time emmy-winning news anchor, Molly Grantham, emceed the event for the second year. Molly opened the luncheon by discussing her TEDx talk “The Real We Are.” Molly discussed the importance of showing your true self despite the role you have to play in your job or other parts of your life. As a news anchor, Molly has to play a role every night. She emphasized how in the roles we play there is often a focus on outward appearance but it is important to make sure others see the person you really are. Following Molly’s talk, she presented the 2018 CREW Charlotte Excellence Awards.
The “Rising Star Award” was presented to Kelly Steele of Narmour Wright Architecture. Kelly joined the Fundraising and the Community Outreach committees in her first year as a CREW Charlotte member. Kelly also plugged into CREW Charlotte with two new charities – Purple Heart Homes and GoJenGo. Kelly’s passion for the community will definitely make her a valuable CREW Charlotte member for years to come.
Wendy Hill of The Regus Group received “The Networker of the Year Award.” Wendy’s name is often seen on the Members Making Deals list for her continual referral of business to other CREW members. Wendy’s willingness to support other CREW members as well as the chapter as a whole makes her a great asset to CREW Charlotte.
The “Outreach Award” was given to Nichole Kelley of Wells Fargo Bank. Nichole organizes the Habitat builds for CREW Charlotte, speaks on panels about commercial real estate at her Alma Mater and has served on multiple committees and the board over the past three years. Nichole goes above and beyond in everything she does and CREW Charlotte has definitely benefited from having her as a member.
Shawn McMillan of McMillan Law, PLLC was the winner of the “Men Empowering Women Award.” Shawn intentionally hires and supports women in his firm. He is involved in multiple committees and on top of that his firm will be a Diamond sponsor of CREW Charlotte in 2019. CREW Charlotte is so glad to have members like Shawn who focus on elevating women in the workplace.
The “Deal of the Year Award” was awarded to Kim Marks of Progressive AE. Kim involved multiple CREW Charlotte members in the development of Barings global headquarters. Members include: Melissa Brown (Progressive AE), Amber Brown (Alfred Williams & Company), Cody Lipson (Balfour Beatty), Jeanne Boeck (Bentley), Scarlet Powell (Unified Technology Systems) and Emily Buehrer. Kim always looks for ways to include CREW members on deals and the Barings headquarters was another great example of this!
Stacia Neugent of GreerWalker LLP was recognized as the “Member of the Year.” This year Stacia co-chaired the Programs Committee, was a member of the Keynote Speaker committee and was a panelist at the April CREW luncheon on the impact of tax reform on commercial real estate. Stacia is valued for the multiple contributions she continues to make to CREW Charlotte.
The “President’s Choice Award” winner was Diana Quarry who was recently named partner at Womble Bond Dickinson. Diana chaired the committee for CREW Charlotte’s inaugural Signature Luncheon that feautured Erin Brockovich. Diana was an active member of the Programs committee on top of receiving multiple awards. Diana’s passion for elevating women will continue to benefit CREW for many years to come.
CREW Charlotte congratulates all of the award members!
Submitted by Stacia Neugent, GreerWalker
Taiwo Jaiyeoba, the Director of Planning, Design & Development for the Ciity of Charlotte, spoke to CREW Charlotte members and guests on November 13th. Taiwo spoke about a fresh vision for Charlotte – the third fastest growing city in the United States as of 2017. He made sure to emphasize that fresh does not mean new. As a top destination for millennials and seniors alike, Charlotte already has a lot to offer.
Taiwo’s focus is on how we can integrate the best of what Charlotte already has with some new and exciting elements. One of the biggest areas of focus for the City of Charlotte is transit-oriented development. With over $2 billion dollars invested and 2.2 million square feet installed along the blue line, Charlotte has already been experiencing a lot of this growth.
Taiwo recognizes that growth can lead to displacement and he wants to ensure that affordable housing is a key component in the continued development of the city. He also wants to make sure that as the city continues to grow the needs of all constituents are met. He envisions growth that focuses on equity instead of equality – an approach of meeting people where they need to be met versus providing the same thing to all members of the community. Taiwo’s passion and excitement are contagious and served as a reminder that this is definitely a great place to live and it will only continue to get better.
Submitted by Diana Quarry, Womble Bond Dickinson
Our October luncheon program focused on some of the most critical yet challenging issues our membership currently faces. In addition to promoting this year’s Queen City in Pink campaign, an initiative targeted at raising breast cancer awareness across the Charlotte region, the luncheon program spoke to issues of diversity, inclusion and equity. After a moving personal account about how inclusion – or a lack thereof – can have lifelong impacts from CREW Charlotte President Adrienne Bain, attendees were also treated to a powerful video about how diversity and inclusion affects everyone in the workforce, regardless of race, ethnicity, gender, socioeconomic status or other variables. (A link to the video can be found here.) Members and guests then heard from Dr. Corliss Brown Thompson, Associate Teaching Professor at Northeastern University’s Graduate School of Education College of Professional Studies, Chara O’Neal, Counsel and Director of Diversity and Inclusion at Parker Poe Adams & Bernstein, and Fred Dodson, Chief Operating Officer and Executive Vice President of the Charlotte Mecklenburg Housing Partnership. The panelists spoke broadly about what “diversity” truly encompasses, the differences between diversity, inclusion and equity, and the wide-ranging impact of implicit bias. Mr. Dodson also spoke to the importance of focusing on what makes a community unique when developing real estate in the area. The panelists also offered specific tips and strategies for how to improve diversity in the workplace, how to spot patterns of implicit bias and discrimination, and how to monitor whether an employer’s diversity and inclusion efforts are having a meaningful impact.