By Anuradha Kher, Online News EditorEdgewater, N.J.–The Peninsula at City Place condominiums in Edgewater, N.J., which has been a rental building for nearly 10 years, is now in the process of condo conversion. Given the economic conditions, the developer has lowered prices by about 3 to 5 percent and the results have been favorable.“Part of [...]

By Keat Foong, Executive EditorSebring, Fla.—Is you asset located in a Fannie Mae “pre-review state”? Here is one property that is, but it was in a very good position to obtain financing.   Walker & Dunlop provided Tanglewood Manufactured Housing Community with a $53 million acquisition loan under the Fannie Mae DUS program. The 10-year fixed-rate [...]

By Erika Schnitzer, Associate EditorLas Vegas—There are a number of mistakes multi-housing companies should identify and try to avoid, particularly in today’s recessionary environment, according to Bill Nye, PhD, Bill Nye Training, who spoke at last week’s National Apartment Association Conference and Exposition in a session entitled, “The Dirty Dozen: 12 Mistakes You Can’t Afford [...]

By Anuradha Kher, Online News EditorPotomac, Md.–Willco Cos., a commercial property development and investment firm, will soon close the $100 million Willco Fund I LP. This fund, the first in the firm’s history, is targeting equity and debt investments in commercial office, multifamily residential, and industrial income-producing properties in the Washington, D.C. metropolitan area. “Given the [...]

By Anuradha Kher, Online News EditorClinton Township, Mich.–Alliant Capital LLC recently arranged the $10.2 million refinance of Eastwood Village, a 351-unit apartment community located in Clinton Township, Mich., on behalf of Paragon Properties Co.  Alliant Capital utilized the Fannie Mae DUS Extended Rate Lock program and locked the interest rate six months prior to closing [...]

By David Demarest, Architecture Demarest (Click here for Part 1, The Benefits of Building Information Modeling.)More than a new design tool, BIM (Building Information Modeling) is a technology that can revolutionize the way multifamily owners manage properties, maintenance, expansions, renovations and brands. Once the project is commissioned, the BIM model becomes an as-built model quite different from [...]

By Anuradha Kher, Online News EditorAbu Dhabi, UAE–Masdar, Abu Dhabi’s multi-faceted renewable energy initiative, a wholly owned subsidiary of the Mubadala Development Co. (Mubadala), has partnered with one of the world’s leading applied research organizations, Fraunhofer-Gesellschaft, to develop a Sustainable Cities Research Center in Masdar City. Masdar City, currently under construction, will be the world’s first [...]

By Anuradha Kher, Online News EditorLas Vegas–The National Apartment Association Education Institute (NAAEI) has announced the winners of several awards including the National Apartment Leasing Award, National Apartment Management Award and the Apartment Career and Education award. All the winners were recognized at the 2009 PARAGON Awards Ceremony this weekend at the Mandalay Resort and [...]

By Erika Schnitzer, Associate EditorLas Vegas—Every industry, including multifamily, is tethered to what happens in Washington, noted Jim VandeHei, co-founder and executive editor of Politico and moderator of the general session, “Knowledge is Power: How to Survive These Times,” at last week’s National Apartment Association Conference and Exposition.The panel featured Ric Campo, chairman and CEO [...]

By Anuradha Kher, Online News EditorWashington, D.C.–Mercedes Marquez has been confirmed as an assistant secretary at the U.S. Department of Housing and Urban Development. As the former general manager of the City of Los Angeles Housing Department (LAHD), Marquez will lead HUD’s Office of Community Planning and Development, which administers nearly $8 billion in programs [...]