Cuentas Casa expands its “Sustainable Life” initiatives in Florida, with plans to grow across the US.
MIAMI BEACH, FL / April 19, 2023 / Cuentas, Inc. (NASDAQ:CUEN & CUENW) (“Cuentas”), the Company that is creating an entire financial ecosystem for a global population who do not have access to traditional financial alternatives, today announced that it is adding to its growing affordable real estate portfolio, signing an operating agreement to develop a 360 apartment complex near Tampa, Florida, to be called “Arden By Cuentas Casa”.
The project will be managed by Brooksville Development Partners, LLC, and will be built on a 21.8 acre parcel of land in Brooksville Florida, a suburb of Tampa and a short drive from Clearwater beaches. Cuentas initially invested in the property purchase and is the majority shareholder in the project. Arden is the second project in the Cuentas Casa initiative, delivering on management’s goal of creating affordable real estate that is also sustainable real estate, and utilizing the Company’s growing financial toolset to make home rental available to those who have previously been left out of the system. The Development will be utilizing the patented, leading edge construction technology from Renco USA, featuring Renco’s MCFR (Mineral Composite Fiber Reinforced) Construction System which provides cost efficiency, reduced build time, and provides sustainable benefits. Rather than relying on government subsidy, management is focusing on combining the cost benefits of innovative, patented construction techniques with the alternative credit and financial management tools in the Cuentas platform to deliver a superior product for rental at an unexpectedly affordable price.
“It is not just about sustainable construction, it is really about creating what we call ‘Sustainable Life’”, said Michael De Prado, Co-Founder and President of Cuentas Inc. “We are reinventing the notion of affordable housing and overall financial independence by making it possible to rent affordably with pride, without depending on government intervention.”
“Our current financial system is not designed to serve the influx of good-willed, hard-working people whose only goal is to participate in the American Dream”, said Cuentas Co-Founder and CEO, Arik Maimon. “Our goal at Cuentas is to empower the underbanked and underserved, to give them options our forefathers had, and help them build the lives we now cherish.”
Cuentas will be working closely with the Arden Living Team on the project. The Team has completed construction of thousands of apartments and is a leading and respected developer in the country. “We are eager to move forward with Cuentas Casa as a partner and provider for the Arden at Brooksville project,” said Boris Tabak, Co-Trustee of Brooksville Development DE, LLC and Brooksville FL Partners, LLC. “We look forward to working with Cuentas in the project and hopefully many more projects in the future”.
Cuentas believes that having a supportable alternative to traditional, government backed affordable housing will provide a key segment of the underbanked a meaningful alternative to the often humiliating process of “filing” for special treatment. Management believes that taking a modern, technically driven, lifecycle approach to providing rental and eventually ownership opportunities to a highly capable but economically disenfranchised segment of the population is simply put, good business. “We have over 10 years invested in understanding the core issues facing a growing segment of our global population that has been underserved by lack of flexibility and innovation in today’s financial system”, continued Maimon. “Rather than attempt to fix the system, we are building a new system from the ground up.”
Cuentas is investing $2 million (currently in escrow) out of the contracted $5.1 million price to complete acquisition of the property, which is expected to close next week. Cuentas has the exclusive rights to offer additional Cuentas Services to potential renters. When completed, the property will have over 346,000 square feet of rentable space. By combining innovative construction techniques with Cuentas’ portfolio of financial solutions and services, Management believes it is bringing a best of breed, first of its kind solution for the millions of hard working citizens who simply do not have clear financial paths to improve their life. At the same time, by carefully controlling the economics of both the property and the renter, Cuentas’ goal is to create a growing portfolio of opportunities that deliver outsized return on investment. Management believes it can further streamline costs as it grows its portfolio.
Cuentas’ goal is to create an entire financial ecosystem for the underbanked and underserved, first in the US and then abroad. The Company’s proprietary technology drives a host of services, from alternative credit rating systems to mobile and financial services, prepaid debit cards, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. In February 2023, Cuentas pioneered its Cuentas Casa concept, taking an equity stake in the Lakewood Village project, which is an affordable multi-family real estate development located in Lake Worth, Palm Beach County, Florida, consisting of 96 apartments that are 2 and 3 bedrooms. Integral to the project was Renco’s innovative construction solution. Arden will take Cuentas Casa to the next level, with 360 units planned for development, along with a host of additional owner benefits.
Management plans to continue to develop its Cuentas Casa initiative with the goals of having multiple projects under development by 2024. Management further plans to announce additional features of its Cuentas financial tools portfolio to help first time renters prepare for and manage the rental process.
About Arden Living Team
The Arden Living Team brings together the development and management of select properties with an operator versus allocator mindset, a commitment to responsible investing, and fostering a culture of diversity and inclusion. Arden takes a 360-degree approach to development, providing not only residence but complete lifestyle management. The Company’s end-to-end technology platform provides property renters and managers instant access to a growing list of services from repair and service calls to family services and community benefits. Arden developments feature a broad range of community and retail opportunities that bring the best of big city amenities to an atmosphere of home-sweet-home. https://ardenliving.com
About Renco USA
RENCO has been a pioneer in developing next generation new technologies and ideas, spearheading advancements in the renewable composite products industry for over two decades, providing patented and patent pending innovative and state of the art solutions for a variety of industries, with main focus on manufacturing and supplying of construction related renewable composite products. https://www.renco-usa.com
About Cuentas
Cuentas, Inc. (NASDAQ:CUEN & CUENW) is creating an entire financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations in the US and around the world. A new report issued by the U.S. Congress Joint Economic Committee (JEC) found that roughly 20 percent of U.S. adults are either unbanked or underbanked, meaning they lack access to a bank account or rely on alternative financial services.* Cuentas integrates mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services to help entire communities enter the modern financial marketplace. Cuentas has recently launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q4 of 2022 Cuentas launched Cuentas Casa, an alternative housing development initiative secured a 10 year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. https://cuentas.com
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