Archive for March 2009
TODAY’S DEALS: Arbor Closes $3.4M Fannie Mae DUS Loan, and Other Transactions
By Anuradha Kher, Online News EditorArlington, Texas.–Arbor Commercial Funding LLC recently funded a $3,400,000 loan under the Fannie Mae DUS product line to refinance the 138-unit property known as Bluebonnet Springs Townhomes in Arlington, Texas.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent. “The Sponsor completed significant capital improvements…
Read MoreNWP Services Receives Exemplary A+ Rating from Better Business Bureau
Irvine, Calif.–NWP Services Corp. (NWP) announced it has received the Better Business Bureau’s (BBB) highest customer service and reliability rating of A+. “We are pleased with this rating from the Better Business Bureau and delighted to have our service efforts recognized,” says Angela Rodebaugh, director of Resident Care and Property Training Systems for NWP. “Multifamily property…
Read MoreVan Metre Offers Residents the Chance to Apply 100 Percent of Rent Toward New Home Purchase
Burke, Va.—Van Metre Apartments, a subsidiary of Van Metre Companies, a privately held homebuilding, development, commercial real estate and property management company in Northern Va., has announced that 100 percent of the rent that residents currently pay for their apartments will go towards the purchase of a new Van Metre or Marquis Custom Home.The HomePlus…
Read MoreQ&A with Kevin Wolfgang: 2009 Will be Difficult Year with Companies Making Operations a Priority
Kevin Wolfgang is the president of Evergreen Realty Inc. and a principal owner of the many apartment communities they manage. He has provided leadership and vision to establish Evergreen Realty as one of the premier apartment management companies in the state of Delaware. Wolfgang serves as the president of the Delaware Apartment Association, which represents…
Read MoreBroker Launches Co. Specializing in Multifamily Deals Below $100M
By Anuradha Kher, Online News EditorNew York–Moses Sioni has launched Sioni & Partners, a company specializing in the sale of multifamily buildings in New York. Sioni, who is the managing director, previously worked as an investment sales broker for Marcus & Millichap and Besen & Associates. Since the company launched just over three months ago,…
Read More“Capital Insights” with Jack Kern: Rock Star Economists Pull A Dangerfield
“If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.”—John Maynard Keynes (British economist and writer, 1883-1946) There are certain professions where the level of expertise and necessary practice are best left undiscovered. Example include professional fishing, working at a water treatment plant…
Read MoreCase Study: Marketing Green Condos to an Eco-Conscious Consumer
By Erika Schnitzer, Associate Editor As the green movement continues to expand and evolve, more and more people are beginning to understand the value of living in a green apartment home. While there may have been some initial hesitation over paying a premium for such a residence, people are now weighing the costs against the…
Read MoreTODAY’S DEALS: Colonial Properties Trust Closes $350M Fannie Mae Credit Facility, and Other Transactions
By Anuradha Kher, Online News EditorBirmingham, Ala.–Colonial Properties Trust, a multifamily real estate investment trust (REIT), has closed a $350 million secured credit facility originated by PNC ARCS LLC for repurchase by Fannie Mae. The facility has a 10-year term, carries a weighted average fixed interest rate of 6.04 percent, and is secured by 19…
Read MoreIn Wake of Slowing Economy, Developers Offer Incentives to Attract Renters, Buyers
By Anuradha Kher, Online News EditorNew York–This is the year of incentives. The housing crisis, followed by the economic downturn and loss of jobs, is putting a downward pressure on demand in the multifamily market. To tackle this problem, many developers, owners and managers are offering incentives such as one month’s rent free, free gym…
Read MoreMarket Snapshot: Hartford, Conn.
By Erika Schnitzer, Associate Editor Hartford, Conn.—Hartford County was supposed to be “New England’s Rising Star,” following New Haven, Conn. as a prime market for development, according to Marcus and Millichap’s National Multi Housing Group. Historically, the city—known as the insurance capital of the country—shut down after 6pm, when workers fled to their suburban homes,…
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