Archive for February 2009
Company Matches Property Management, Real Estate Cos. with Software for Their Businesses
By Anuradha Kher, Online News EditorSan Francisco–Software Advice has launched its property management software advice service, a free online resource designed to match property management and real estate companies with the right software for their businesses.With almost 30,000 monthly searches for “property management software” in Google, Yahoo and MSN, Software Advice saves buyers weeks of…
Read MoreINSIDE THE DEAL: Property Demonstrates How Bridge Loans Can Work in this Market
By Keat Foong, Executive EditorHayward, Calif.—It is still possible to obtain bridge financing for value-added deals, at least towards the end of last year. And it helps if the property is located in a high-barrier-to-entry, if suburban, market. Mesa West Capital, Los Angeles, provided a $6 million loan for the acquisition and turnaround of Dorchester…
Read MoreDranoff’s Project Is Selected as a Top Priority for Newark Revitalization
By Anuradha Kher, Online News EditorNewark, N.J.–Two Center Street, a mixed-use residential and retail project on a 1.2-acre site adjacent to the New Jersey Performing Arts Center (NJPAC), has been selected as one of the City of Newark’s top economic development priorities following a rigorous evaluation conducted by a Scorecard committee convened by the Brick…
Read MoreDeveloper Acknowledges Shifting Market, Slashes Condo Unit Prices By 15%
By Anuradha Kher, Online News EditorSan Francisco–Millennium Partners, developer of Millennium Tower, the 60-story, luxury residential tower opening mid-April 2009 in San Francisco at 301 Mission St., recently made a 15 percent price adjustment across the board for new buyers and buyers already in contract.“Everything Millennium does begins and ends with our buyers,” says Richard…
Read MoreBlanco’s New 1-3/4 Performa Sink That Fits 36-in. Cabinets
Blanco has added two new 1-3/4 Performa undermount sinks to fit 36-in. cabinets. The new models complete the collection of 37 stainless steel and Silgranit sinks for both standard and custom cabinetry. Perfoma’s luxury features include: • 18 gauge stainless – long lasting, easy-to-clean • Satin Polished Finish • Sound deadening insulation • Rear drain…
Read MoreDuo-Gard’s illumaWall Provides Colorful Daylighting
Providing translucent daylighting, Duo-Gard Industries Inc.’s illumaWall not only contributes to a lobby’s ambience but also to LEED (Leadership in Energy and Environmental Design) points. The illuminated wall, which utilizes LED lighting, is comprised of translucent polycarbonate glazings that minimize heat gain and diffuse daylighting, thereby reducing heating, cooling and lighting costs.Nanogel is an option…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges $5M Mortgage for 212-Unit Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital has arranged first mortgage financing of $5 million for Colony Apartment Homes (pictured), a 212-unit multifamily property, located in Richfield, Minn.Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Hendricks & Partners Arranges…
Read MorePropertyBridge Launches Contest to Encourage Use of Automated Payment System
By Erika Schnitzer, Associate EditorOakland, Calif.—PropertyBridge Inc. has launched its 2009 Community Contest, a marketing promotion for property managers to boost resident payment adoption.“We hear from clients that they are feeling the pinch” in this economy, Summer Palma, marketing manager for PropertyBridge, tells MHN. “We are working with them to promote a lower-cost payment alternative.…
Read MoreMULTI-HOUSING EXECUTIVES UPDATE: For Rent Media Solutions Selects New Regional Manager to Oversee Texas Markets, and Other Moves
By Anuradha Kher, Online News Editor Norfolk, Va.–For Rent Media Solutions has hired Carol Marple (pictured) as Texas regional manager. Marple began her career as an on-site assistant manager for Harry Reed Management. While at Reed, she transitioned into marketing and took on the position of director of marketing and training. Marple was also instrumental…
Read MoreFannie Mae Invests $35.5B in MF Housing During 2008; Pledges to Mitigate Risks of Weak Rental Demand
By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae, through its lender and housing partners, financed $35.5 billion in multifamily rental housing in 2008. Fannie Mae’s multifamily financing include debt financing through lender partners and bond purchases.”Fannie Mae and its DUS lenders were pleased to provide significant liquidity and stability to the multifamily industry despite record…
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