The Company
Uniland Development Company, based in Amherst, N.Y., is a full-service commercial real estate development firm with broad experience across many product types and related services. Since its founding in 1974, Uniland has developed more than 16 million square feet throughout the Buffalo and Rochester markets, including over eight million square feet under management. The company’s dedication is reflected in its 98% customer satisfaction rating. Uniland is led by veteran executives with an average of 35 years of industry experience.
The Challenge
Limited Tracking Capabilities
Uniland’s portfolio encompasses variable mortgage rates with a swap component. The solution prior to Debt Manager was not capable of keeping tabs on the mortgages’ swap component. The company had to manually track over a dozen mortgages in multiple spreadsheets, a time-consuming, error-prone process.
As a further complication, the previous solution lacked a viable upgrade roadmap. “We were using a desktop application on an older database. When we realized there was no roadmap, we decided to make Yardi Voyager Commercial our new ERP system,” recalled Richard Torcasio, software engineer for Uniland. The company soon added other Yardi solutions for other business operations, including debt management.
The Solution
Yardi Debt Manager
Uniland adopted Yardi Debt Manager, which delivers transparency from investor to borrower with a complete system to account for real estate debt investments. The system automates collateral tracking and critical data management.
The Story
Faster processing, more complete insight
Yardi Debt Manager offers a connected real estate debt management platform aligned with the collateral properties managed in Yardi Voyagers for Uniland’s real estate debt portfolio.
Adopting Debt Manager made the import of rate tables quicker and more accurate than was possible with spreadsheets. The company also receives accurate reports on amortization schedules and payouts, enabling full insight into which properties are under debt, at what rate and which might be candidates for refinancing.
“Debt Manager dramatically streamlined our mortgage payment workflows. Invoices from accounts payable are routed straight to the capital markets department for verification and approval. Everybody is always looking at the same information rather than tracking different spreadsheets,” Torcasio said.
