Archive for April 2009
TODAY’S DEALS: Grandbridge Closes $3M in First Mortgage Financing for 112-Unit Community
By Anuradha Kher, Online News EditorBirmingham, Ala.–Grandbridge Real Estate Capital LLC recently closed a $3 million first mortgage loan secured by Feemstaer Lake Apartments in Tupelo, Miss. Senior Vice President John Segrest originated the fixed-rate, non-recourse loan. The refinance of the 112-unit apartment complex was funded by Grandbridge and sold to Fannie Mae under the…
Read MoreCWCapital and Apartment Realty Advisors Form a JV National Debt Platform
Boston and Atlanta–CWCapital LLC and Apartment Realty Advisors (ARA) have formed ARA Finance—a joint venture of ARA and CWCapital. The national venture will provide a full range of mortgage finance services to ARA clients and will leverage CWCapital’s existing multifamily agency lending platform. Boston-based CWCapital is a licensed lender and servicer under Fannie Mae, Freddie…
Read MoreMarket Rate Rentals Not Affordable to Minimum Wage Workers, Economy Makes Situation Worse
By Anuradha Kher, Online News Editor Washington, D.C.–A person with a full-time job needs to earn an hourly housing wage of $17.84 to afford a two-bedroom rental home at the nation’s average Fair Market Rent (FMR), according to the National Low Income Housing Coalition’s (NLIHC) recently released annual Out of Reach report. The report provides…
Read MoreKettler Announces Expansion of Property Management Division
By Erika Schnitzer, Associate EditorMcLean, Va.—Kettler Management Inc. has announced the expansion of its multifamily property management division, offering its property management and marketing services to clients throughout the Mid-Atlantic region.“Particularly in poor economic times, good managers are at a premium,” Cindy Clare, CPM, president of Kettler Management Inc., tells MHN. “There are new properties…
Read More‘Gimme Shelter’ with Daniel Gehman: Resurrection
A couple weeks back I wrote about the travesty of the house next door, which had, under my unsuspecting nose, been transformed into an ultra-sophisticated hydroponic pot farming operation. This went on for nearly three years, with my wife and I suspecting nothing. Not long after I posted that, I heard through the grapevine…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges Over $48M Mortgage for 446-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $48.925 million first mortgage financing for Avondale at Warner Center (pictured), a 446-unit multifamily complex, located in Woodland Hills, Calif. Financing was based on a 10-year fixed term with a one-year floating option and a 30-year amortization schedule and was arranged for the borrower…
Read MoreCosentino’s New Line of Countertop Surfacing is Built from 75% Recycled Material
Cosentino has launched ECO by Cosentino, a new line of countertop and surfacing material composed of 75 percent recycled material. This product, the result of a $6 million research and development investment, is composed of 75 percent post-industrial and post-consumer recycled raw material, including: mirrors salvaged from houses, building and factories; glass from windows and…
Read MoreGensler Participates in Costa Rica’s Sustainable Development
By Erika Schnitzer, Associate EditorSan Jose, Costa Rica—Gensler, the global architecture, design and planning firm, recently organized a public conference on sustainable development in San Jose, Costa Rica, alongside the international engineering firm Buro Happold. “We wanted to focus on the vision of being able to give back to the communities we work in,” says…
Read MoreRichman Property Services Introduces SureDeposit’s Program Across its Communities to Increase Occupancy
By Anuradha Kher, Online News Editor Greenwich, Conn.–Richman Property Services Inc. has introduced SureDeposit’s risk management and marketing program throughout its national property management portfolio, which includes 11,000 units.Richman now offers SureDeposit to all its residents in communities across six states, including California, Colorado, Connecticut, Florida, Maryland and Texas. The Richman portfolio is comprised of conventional,…
Read MoreWithee Malcolm Architects Design two Affordable Housing Projects in California
By Anuradha Kher, Online News EditorLos Angeles, Anaheim, Calif.–The Villas del Lago Apartments (pictured right half of image box) in the Westlake/MacArthur Park district of Los Angeles, and Elm Street Commons (left half of image box ) in Anaheim, Calif.’s Colony Historic District, both affordable housing projects opened recently with 100 percent occupancy. AMCAL Multi-Housing…
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