Archive for March 2009
Improve Accountability, Improve Results
By Dave Clements, president and CEO of Lasso When it comes to sales organizations, “accountability” can be one of those words that get plenty of lip service, but very little execution. Sales people like to avoid it because it means that their process will be placed under close analysis by their superiors, while most managers…
Read MoreTODAY’S DEALS: NorthMarq Arranges Permanent Loan of $19.5M for 336-Unit Community, and Other Transactions
By Anuradha Kher, Online News EditorDenver–NorthMarq has arranged a permanent loan of $19.5 million for South Fork Apartments. The newly constructed, garden-style apartment community features 336 units in 15 three-story buildings. Amenities include an outdoor swimming pool, heated spa, detached garages available for additional monthly cost, along with a clubhouse, business and fitness centers. Unit…
Read MoreDavid Stevens is New Assistant Secy. for FHA Commissioner
By Anuradha Kher, Online News EditorWashington, D.C.–President Barack Obama has nominated David Stevens as assistant secretary for Housing and Federal Housing Administration (FHA) Commissioner. Stevens currently serves as the president and chief operating officer of the Long & Foster Cos., which includes Long & Foster Real Estate and its affiliated businesses, including mortgage, title,…
Read MoreNAHB Recognizes Industry Achievement at 2009 Pillars of the Industry Awards
By Erika Schnitzer, Associate EditorSan Diego—The National Association of Home Builders (NAHB) has announced the winners of the 2009 Multifamily Pillars of the Industry Awards in 28 categories. The winners represent the best in multifamily development, design and execution, marketing and individual achievement.Bozzuto Management Company was named Property Management Company of the year for the…
Read MoreAdministration’s Plans for Buying Troubled Loans: What Does it Mean for Multifamily?
By Anuradha Kher, Online News EditorNew York–The Obama administration has big plans to fix the credit market. The Federal Reserve announced recently that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities. In addition, the Treasury Department, along with the Federal Reserve and the Federal Deposit…
Read MoreINSIDE THE DEAL: Winner of Bidding War Goes To… Affordable Developer in $7.3M Deal Brokered by Hendricks and Partners
By Keat Foong, Executive EditorBurbank, Calif.—Sometimes, a seller is fortunate to find an affordable housing developer. That was the case in the sale of Verdugo Gardens, brokered by Hendricks and Partners. The 34-unit apartment community was sold for $7,262,500, at a 4.65 percent cap rate (with in place rents), or $246.56 per square foot. All…
Read More“Capital Insights” with Jack Kern: Tim Geithner’s Revenge
“I disagree with people who think you learn more from getting beat up than you do from winning.” –Tom Cruise, actor, producer, controversial talk show guest and couch jumper. AIG is in the news again, and this time it’s about the bonus payments to undeserving executives. As you can imagine, just about every pundit…
Read MoreDEAL OF THE DAY: Distressed Asset Sells for $3M
By Anuradha Kher, Online News EditorLawrenceville, Ga.–Apartment Realty Advisors (ARA) recently brokered the $3 million sale of Meadows of Gwinnett, a 68-unit, individually platted complex of 17 quadraplexes located in Lawrenceville, Ga.The expansive community spans 10.59 acres with a very low density (6.42 units per acre). Unit mixes are comprised of two- and three-bedroom, two…
Read MoreCondo, Co-Op Sales Increase in February, Recovery Expected by 3Q, Says NAR
By Anuradha Kher, Online News EditorWashington, D.C.–Despite an increase in existing-home sales in February, sales activity remains relatively soft, a consequence of additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to the National Association of Realtors (NAR). Existing-home sales—including single-family, townhomes, condominiums and co-ops – rose…
Read MoreHUD Approves $731M in Funding For Communities Recovering from Foreclosures
By Anuradha Kher, Online News EditorWashington D.C.–U.S. Housing and Urban Development Secretary Shaun Donovan has approved nearly $731 million in funding for 48 states and local communities seeking to recover from the effects of high foreclosures and declining home values. Funded under HUD’s Neighborhood Stabilization Program (NSP), these plans will target emergency assistance to particular…
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