Archive for May 2009
GUEST COLUMN: Evaluating Distressed Property
By Matthew Cummings, MC Squared Consulting“These are the times that try men’s souls.”Although the situation today in no way is comparable to Thomas Paine’s take on the American Revolution, our economic crisis today truly is “trying our souls” again. A variety of actions have been taken by government to address the underlying problems created by…
Read MoreGUEST COLUMN: Earn Green Points by Building Multifamily with Wood
By David Helmers, iLevel by WeyerhaeuserFor economic and structural reasons, wood has long been the preferred building material for low-rise multi-family housing. Now, with sustainability an increasingly important factor in construction, multi-family builders are also choosing wood for its environmental benefits. Under the National Association of Home Builder’s (NAHB) National Green Building Standard™, builders can…
Read MoreGUEST COLUMN: Despite Doubts, Sources Exist for Multifamily Construction Loans
By Lucas Matesa, Reznick Group, P.C. The current financial crisis has impacted many facets of the economy, including the multifamily housing sector. In a market where liquidity had been reliant on commercial mortgage backed securities (CMBS), the credit markets have frozen up and few commercial lenders are available. Many borrowers will face debt maturing in the…
Read MoreMULTI-HOUSING EXECUTIVES UPDATE: Enterprise Community Partners Adds to Executive Management Team, and Other Moves
By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Partners Inc. recently made several additions to its executive management team as well as expanded roles for many of the senior leadership members.Naomi Bayer (pictured), head of national initiatives and co-head of innovation;Lori Chatman, president, Enterprise Community Loan Fund;Paul Cummings, western region executive; Michael McNeely, chief financial officer; Ali…
Read MoreTODAY’S DEALS: Alliant Arranges $8.7M Refi of 318-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio. “The…
Read MoreMiami’s Down Market Compels Owner of $25M Penthouse Condo to Sell for $9.9M
By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development…
Read MoreNew Rental Syndication Advertising Service Saves Property Managers Time and Money
By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout has launched an online rental marketing service that allows property managers to create advertisements for their listings that are syndicated across the Web to rental sites and search directories.“Over 70 percent of renters start their searches online,” Misty Lackie, CEO of Go Smart Solutions LLC, the company that…
Read More$8,000 First-Time Homebuyer Tax Credit Can Now Be Applied Toward Purchase of FHA-Insured Home
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. According to Secretary Shaun Donovan, today’s action will help stabilize the…
Read More‘Gimme Shelter’ with Daniel Gehman: Here Comes The Sun
Here in California, there’s a buzz brewing in the construction industry that’s going to have quite a future. As you may know, our state has imposed upon itself a noble goal to reduce greenhouse gas emissions drastically over the next forty years or so. You may also be aware that buildings—their construction and operation–typically account…
Read More‘Capital Insights’ with Jack Kern: Digital Sky Technologies Invests $200 million in Facebook
“In Russia, we only have two television channels. Channel One is propaganda. Channel Two consists of a KBG officer telling you: Turn back at once to Channel One.” Russian Comedian Yakov Smirnoff Hello Comrades. the next message you see may be from the Commissar’s office thanking you for contributing your information freely to the Motherland.…
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