Archive for June 2009
Energy-Efficient Housing for Formerly Homeless Opens in Santa Monica
By Erika Schnitzer, Associate EditorSanta Monica, Calif.—Pugh + Scarpa Architects recently completed a new 46-unit permanent housing facility with rehabilitation and support services for formerly homeless and mentally disabled populations for clients Step Up on Second and A Community of Friends.An urban infill project, Step Up on Fifth also includes ground-level retail space and subterranean…
Read MoreTODAY’S DEALS: HFF Secures $6.4M Financing for 78-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorLong Beach, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured $6.4 million in financing for Esther Ridge Apartments (pictured), a 78-unit multifamily community in Long Beach, Calif.Working on behalf of Westland Industries Group, HFF placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital Inc. – FNMA (Fannie Mae). Esther Ridge Apartments…
Read MoreARA Launches National Manufactured Housing Brokerage Group
By Anuradha Kher, Online News EditorAustin, Texas–Atlanta-headquartered Apartment Realty Advisors (ARA) has launched its National Manufactured Housing Group in Austin, Texas. Andrew Shih based in Austin and Todd Fletcher based in Chicago will be part of the transaction execution team.Shih has been with ARA since 2008, and was the Texas representative for CBRE’s manufactured housing…
Read MoreMultifamily Mortgage Delinquencies Increase in Q1 2009
By Anuradha Kher, Online News Editor Washington, D.C.–The weakening economy and continued credit crunch led to increases in commercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA). “Multifamily mortgage delinquency rates continued to rise in the first quarter,” says Jamie Woodwell, vice president…
Read MoreINSIDE THE DEAL: Alliant Capital Provides Borrower with Cash-Out, Interest-Only Refinance
By Keat Foong, Executive EditorTucson, Ariz.—Unlike construction financing, refinancing is still relatively plentiful for multifamily housing in today’s markets. But only if certain criteria are met. Here is an example of one transaction, completed by Alliant Capital LLC, that works. Alliant Capital supplied $5.5 million for the refinance of Cottonwood Creek, a 102-unit townhouse community…
Read MoreMinwax Introduces New Low-VOC Formulations
Minwax has expanded its line of low-VOC finishes with new formulations of the company’s polyurethane for floors and spar urethane. Minwax Super Fast-Drying Polyurethane for Floors, with a VOC level of 350, is an easy-to-use option for finishing hardwood floors. It is a clear, oil-based finish that requires no sanding between coats, offering a recoat…
Read More‘Guest Blog’ with Scott Yahraus: The Green Fever! But What About the Cost?
It is everywhere and all around us! Being “Green”! It is hard to go through the day without seeing some advertisement for a product promoting itself as green. I see this for banks, retailers, and of course car companies. At the footnotes of emails that I receive there is often a message reminding me to…
Read MoreGUEST COLUMN: Do you have to be LEED to be Green?
By Paul Prechter, Carlisle Development Group The green building standard most commonly applied to today’s commercial and residential projects is USGBC’s LEED (Leadership in Energy and Environmental Design) certification, but do you really have to be LEED to be Green? The constraints of the LEED framework have created opportunities for new green building standards to…
Read MoreAcquisition Strategy
Pacific Property Assets (PPA) provides long-term affordable housing, enabling investors to invest via secured promissory notes backed by existing apartment buildings. MHN Executive Editor Keat Foong talks to Michael Stewart, CEO, about the effects of the economic crisis.How has your value-added acquisition strategy changed? We are still looking at value-added properties. Most fall into the…
Read MoreConstruction Conundrum
By Anuradha Kher, Online News EditorSince the credit markets froze last year, the multifamily sector has suffered great pains. While financing for acquisitions and refinancing loans has been far easier in the apartment sector with Fannie Mae and Freddie Mac stepping in, the story of construction financing has mirrored that of the other commercial real…
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