Archive for July 2009
INSIDE THE DEAL: Foreclosure Response Team Steers $1.15M Sale of Distressed Property
By Keat Foong, Executive Editor Ft. Lauderdale, Fla.—Here is one example of a distressed sale, of which the ultimate result may be newly constructed homes selling at $250,000 instead of $550,000. The 1.5-acre property consisted of nine assembled multiple family lots in the Poinciana Park neighborhood of Fort Lauderdale. The sites contain single family homes,…
Read MoreDel-Sano Completes New Green Affordable Housing Development for Seniors
By Erika Schnitzer, Associate EditorWest New York, N.J.—Del-Sano Contracting Corp. has completed construction of West New York Urban Renewal II’s William Jefferson Clinton Tower, formerly Kennedy Tower II, an 11-story, 71-unit sustainable senior affordable housing community in West New York, New Jersey. “The New Jersey Housing and Mortgage Finance Agency has green future guidelines and…
Read MoreCAS Financial Advisory Services Launches Product to Meet Green Planning Needs of Residential Buildings
By Anuradha Kher, Online News EditorBoston–CAS Financial Advisory Services (CAS FAS) has launched its Green Capital Needs Assessment (CNA), the first product on the market to meet the green planning needs of residential building owners and managers. Each Green CNA is based on a detailed building inspection and a building cost database, and provides quantitative…
Read MoreTODAY’S DEALS: Walker & Dunlop Closes $23.8M Refi Loan For 24 Apartment Communities, and Other Transactions
By Anuradha Kher, Online News EditorAlbuquerque, N.M.–Walker & Dunlop provided a $23,790,000 refinance for Cottonwood Ranch located in Albuquerque, N.M. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 65 percent loan-to-value with a 1.48x debt-service coverage ratio. Cottonwood Ranch is a garden-style community built in…
Read MoreFannie Mae Supplies $10.1B in Liquidity to Multifamily Industry in First Half ’09
By Keat Foong, Executive EditorWashington, D.C.—Fannie Mae announced that it has provided $10.1 billion in debt financing for the multifamily rental housing market in the first half of 2009. “Fannie Mae and its DUS lenders had a very strong first half of the year,” said Phil Weber, senior vice president of Fannie Mae’s Multifamily division.…
Read MoreRental Syndication Service Now Offers Video Content Free of Charge to Customers
By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout, an online rental marketing service that allows property managers to create syndicated online advertisements, has launched a rental video creation to provide managers increased online visibility. (Click here for MHN’s coverage of RentShout’s launch.)“These videos receive hundreds of views from these video portals and oftentimes show up in…
Read MoreBayer’s Suspend SC Insecticide for Bed Bugs
Bayer’s Suspend SC is a broad-spectrum insecticide that is labeled for use in all the places bed bugs like to hide, including mattresses, box springs, upholstery, carpet edges and furniture. It is known to leave no visible residue, is odorless, knocks down bed bugs quickly and remains effective over time. Bed bugs make their way…
Read MoreFannie Mae and Freddie Mac’s Multifamily Due Diligence Requirements
Getting a loan from Freddie or Fannie? Then you need to know about what they will require in their due diligence—and what their ‘hot buttons’ are. Due diligence expert Evans Howell of Partner Engineering provides an exposition. By Evans Howell, Partner Engineering Every day we see the headlines, “Foreclosures are on the rise,” “Another bank…
Read MoreVacancy Rates for Rental Housing Highest Since ‘96
By Anuradha Kher, Online News EditorWashington, D.C.–National vacancy rates for rental housing in the second quarter 2009 were 10.6 percent, a 0.4 percent gain from the previous quarter, according to the latest report by the Department of Commerce’s Census Bureau. The Census Bureau found that the rental vacancy rate was higher than the second quarter…
Read MoreBudget Deficit in California Will Lead to Reduced Production of Affordable Housing
By Anuradha Kher, Online News EditorNew York–Even though affordable housing has been one of the priorities of the Department of Housing and Urban Development (HUD), some states are facing challenges when it comes to funding. One such state is California. In the face of immense budget deficit problems, the state has had to cut back…
Read More