Archive for June 2009
TODAY’S DEALS: Walker & Dunlop Closes Over $15M Acquisition Loan for Garden-Style Community, and other Transactions
By Anuradha Kher, Online News EditorAtlanta–Walker & Dunlop provided a $15,033,000 acquisition loan for Governor Mifflin, a 320-unit rental community located in Shillington, Penn. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Governor Mifflin is a…
Read MoreHow Construction Contracts Can Help to Mitigate Fraud During the Payment Process
By Erika Schnitzer, Associate EditorChicago—With construction contracts becoming more cost-based and billed up to a guaranteed maximum price, owners must assume more responsibility for monitoring construction costs, asserted Jim Schmid, CPA, CFE, national construction advisory services practice leader for Grant Thornton LLP, at a recent Webcast, “Construction Contract Terms Critical to Mitigating Fraud During the…
Read MoreGreen: the Universal Color of School Spirit
By: John Beck, Carrier Johnson + CULTUREToday, green has become a universal benchmark for college and university building design and planning, campus-wide programs and student organizations. More so now than ever before, academic communities are catching the “green spirit,” taking on the challenge to make healthier environments, reduce energy consumption and inspire a connection to…
Read MoreNWP’s New Business Intelligence Data Warehouse for Utility Management is Useful for Small to Large Multifamily Portfolios
Irvine, Calif.–NWP Services Corp. (NWP) has introduced a new Business Intelligence Data Warehouse, called ConsumptionSmart, now available as an additional feature with the company’s UtilityPay Manager product offering. “Data warehouse/business intelligence applications have become an integral part of the multifamily housing industry landscape,” says Jim Charles, senior vice president of product management and engineering. “Property managers…
Read MoreINSIDE THE DEAL: Johnson Capital Provides Interest-Only, Cash-Out Refi at 3.32%
By Keat Foong, Executive Editor Goleta, Calif.—Loans financed before the mid- to late-2000s are the ones that will be refinanced more easily because they have had time for adequate price appreciation, correct? In the case of Oasis Apartments, that is true. Kevin Burkhalter senior vice president at Johnson Capital’s Los Angeles office funded $10,500,000 in…
Read MoreMultifamily Starts Up Slightly, But Sector to Remain Weak for a While
By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily starts were up again in May after a sharp drop in April, according to the Census Bureau’s latest report. On a seasonally adjusted basis, starts stood at 124,000, which is an increase of 77.1 percent from April but still down 58.6 percent when compared year-on-year. The multifamily as…
Read More‘Guest Blog’ with Scott Yahraus: Stimulus Package for your Complex
In this month’s issue of Multi-Housing News, Christy Freeland, CEO of Riverstone Residential said, “We know that people like to be social, so we’re offering things like movie and game nights, or bringing in guest speakers on topics like physical fitness. We’re not having to spend a lot of money on those things, but it’s…
Read More‘Gimme Shelter’ with Daniel Gehman: Aggressive Passive
At least out here in California, “building carbon neutrality” is the new black. In this curious epoch, while we are all waiting to see who will build what next, I have heard it speculated that the “green” movement will fade to a mellow chartreuse until it is clear where the money will come from for…
Read MoreThermostatic Shower Valves from JACLO
JACLO’s new collection of ½-in. Thermostatic Shower Valves in both traditional and contemporary styles automatically adjusts the mixture of hot and cold water to avoid scalding in the event of pressure changes, and will shut off if the cold water supply is interrupted. The JACLO ½-in. Thermostatic Valve’s temperature limit can be preset, making the…
Read MoreTODAY’S DEALS: Freeman Webb Acquires Property at 43% of Loan Amount, and Other Transactions
By Anuradha Kher, Online News EditorTempe, Ariz.–Hendricks & Partners has arranged the sale of Villagio, a 472-unit apartment community in Tempe, Ariz. for $20,250,000.Constructed in 1983, Villagio features 472 units in 49 one-, two-, and three-story, garden-style rental buildings situated on 22.5 acres. The property was a recently foreclosed asset (foreclosure completed in January 2009).…
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