Archive for June 2009
‘Who’s Leading the Green Movement?’ Guest Blog with Matt Voorhees
Individual homeowners are going green in record numbers, but they are not the ones who will be the leaders in the green movement because they are going green slowly. As much as they might want for circumstances to be otherwise, most are not in a position to run out and buy, for instance, a high…
Read MoreINSIDE THE DEAL: 10 Years Later, Love Funding Refis 1999 Loan with Favorable Results for Borrower
By Keat Foong, Executive EditorElkton, Md.—The owner of Apartments at Iron Ridge here has made a good deal on his 1999 development. The property was originally developed using a construction loan which rolled over into a 30-year permanent loan rollover financing under the FHA 221(d)(4) mortgage insurance program. Ten years later, the development company, MHTJ…
Read MoreNWP Enables Cash Payments for Residents Through Western Union
By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP) will team with Western Union Global Payment Services, an operating division of The Western Union Co., to offer a new Pay by Cash payment feature, which will become part of NWP’s Resident ePay service for the multifamily industry. The service will enable residents to pay…
Read MoreCondo, Co-op Sales Are Up 6.1%; Could Signal an Upward Trend
By Anuradha Kher, Online News EditorWashington, D.C.–Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors (NAR). May’s increase was the first back-to-back monthly gain since September 2005.Existing condominium and co-op sales increased 6.1 percent to a seasonally…
Read MoreTODAY’S DEALS: Arbor Closes Two Fannie Mae DUS MBS Loans Totaling Over $47, and Other Transactions
By Anuradha Kher, Online News EditorLas Vegas–Arbor Commercial Funding recently completed funding of two loans totaling $47,493,000 under the Fannie Mae DUS MBS product line. These loans include:• $23,500,000 for the La Villa Estates, a 336-unit rental community in Las Vegas. The loan was funded under the Fannie Mae DUS MBS product line. The 10-year…
Read MoreTODAY’S DEALS: HFF Arranges $25M in Financing for Two Communities Totaling 357 Units, and Other Transactions
By Anuradha Kher, Online News EditorLongwood, Fla.–The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities totaling 357 units in Longwood, Fla.HFF worked on behalf of NTS Development Co. to secure the floating-rate loans through Freddie Mac’s…
Read MoreHudson Valley Bank’s Lockbox Total Solution Helps Property Managers with Payment Challenges
Hudson Valley Bank’s new product, named “Lockbox TS” (Total Solution), is designed to automate payment processing, accelerate exception clearing and streamline record retention and research. Lockbox TS is a system for property managers that addresses current payment challenges. “With our new Lockbox TS offering, property managers are able to leverage automated data capture capabilities to…
Read MoreMichaels Organization Awards Over $190,000 In Grants to Students at its Affordable Housing Communities
By Anuradha Kher, Online News Editor Marlton, N.J.–The Michaels Organization recently awarded more than 70 educational grants to aspiring students who reside at its affordable housing communities. The grants can be used by the recipients to pay tuition costs at any accredited college, university, or vocational training program in the country. “We are very proud to be…
Read MoreApartment Finder Partners with International Real Estate Portal to Reach Overseas Renters Seeking U.S. Apartments
By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Apartment Finder has announced a partnership with Enormo.com, the world’s largest international real estate portal. Apartment Finder’s listings will now be displayed on Enormo.com, as well as 80 of Enormo’s country sites for renters worldwide seeking an apartment in the United States.“Websites like Enormo are looking for fresh and relevant…
Read MoreMultifamily Mortgage Delinquency Rates Rise in First Quarter ‘09
By Anuradha Kher, Online News EditorWashington, D.C.–The weakening economy and continued credit crunch led to increases in multifamily mortgage delinquencies during the first quarter of 2009, according to the Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA). “Multifamily mortgage delinquency rates continued to rise in the first quarter,” Jamie Woodwell, vice president of Commercial…
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