Archive for March 2009

By Erika Schnitzer, Associate EditorChicago—With the troubled economy providing greater risks of fraud, as well as allegations of fraud taking over the national spotlight, Grant Thornton LLP’s national Construction Advisory Services group recently hosted a webinar to shed light on the most common forms of construction fraud and provided key tips for how project owners…

By Anuradha Kher, Online News EditorNew York–Vantage Properties LLC has begun a major initiative, in partnership with U.S. Energy Group, to reduce the carbon footprint of its 139-building multifamily portfolio in New York City. Using U.S. Energy’s energy management and control technologies to optimize usage, waste and pollution will be dramatically reduced for each property.…

By Anuradha Kher, Online News EditorOrange County, Calif.–Western National Property Management recently launched its Layoff Protection Program, which allows those residents who lose their jobs to cancel their leases without penalties.“We understand that in the current economic climate, some people are hesitant to commit to leases, knowing that if they lose their job they could…

By Erika Schnitzer, Associate EditorRogers, Ark.—The M. Kaplan Cos. LLC, a Houston-based owner, operator and developer of multifamily properties, recently converted its Ranch at Pinnacle Point, a 392-unit Class A apartment community in Rogers, Ark., into a corporate housing solution that enjoys a 95 percent occupancy rate.Kaplan Acquisitions and Development, the development arm of M.…

By Anuradha Kher, Online News EditorMiddlesex County, N.J.–NorthMarq Capital through its affiliate AmeriSphere has closed a $20 million multifamily loan on a 244-unit luxury apartment complex (pictured) in Middlesex County, N.J. NorthMarq New Jersey closed the loan in 28 days from deal identification. The borrower secured a 5.66 percent rate on a 10-year loan based…

By Anuradha Kher, Online News EditorSan Francisco–HFF (Holliday Fenoglio Fowler, L.P.) has hired Kevin Redford as a director in its debt placement group in its San Francisco office.  Redford will focus on debt and structured finance transactions with a particular emphasis on multifamily properties in Northern California and throughout the Western United States. Prior to…

By Anuradha Kher, Online News EditorWeehawken, N.J.–In this tough economy, where developers are under pressure to sell units, they are increasingly turning to auction marketing to close out their inventories. One such developer is Ernesto Garcia, who on April 19 is auctioning 16 units at his condominium project Aristocrat (pictured)in Weehawken, N.J. The Aristocrat, which…

By Anuradha Kher, Online News Editor Irvine, Calif.–Following a high number of layoffs in January this year, and rising uncertainty over the economy, foreclosures in February across the U.S. went up by 6 percent from the previous month and nearly 30 percent year-over-year. RealtyTrac collects and aggregates foreclosure data from more than 2,200 counties, covering more…