Archive for July 2009
Q&A with General Aharon Zeevi Farkash: Multifamily Buildings Not Adequately Secure to Handle Risks Facing Us in 21st Century
General Aharon Zeevi Farkash, a security expert who previously served as head of Israeli Military Intelligence, established FST21 in 2007 with the mission of providing preventive security solutions to increase safety and enhance tenant quality-of-life in residential, commercial & mixed-use buildings. He is the chairman & CEO of FST21 Ltd. based in Tel Aviv, Israel.Farkash…
Read MoreEDITOR’S NOTE: ‘TCAP’ and ‘Exchange Funds’ Explained
By Keat Foong, Executive Editor Among the multifarious areas to which the government will direct money under President Obama’s economic stimulus package (The American Recovery and Reinvestment Act of 2009) is tax credit housing. The Low Income Housing Tax Credit (LIHTC) program has been suffering from a fall-off in investor equity owing in part to…
Read MoreBoston Capital Launched $150M Affordable Apartments Fund
By Anuradha Kher, Online News EditorBoston–Boston Capital has opened Boston Capital Tax Credit Fund XXXII, a $150 million diversified portfolio of affordable apartment properties throughout the U.S. “Given the high quality of assets in Fund XXXII, we anticipate strong investor interest in this offering,” says Kevin Costello, director of Institutional Investing at Boston Capital.…
Read MoreGinnie Mae Issues Over $40B in MBS Loans for First Time in 41-Year History
By Anuradha Kher, Online News EditorWashington, D.C. –The Government National Mortgage Association (Ginnie Mae) has announced that it issued more than $43 billion in mortgage-backed securities (MBS) in June. For the first six months of calendar year 2009, Ginnie Mae provided nearly $207 billion of liquidity to the secondary market, compared to nearly $107 billion…
Read MoreTODAY’S DEALS: Walker & Dunlop Closes Over $7M Refinance Loan for 72-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorPlano, Texas–Walker & Dunlop provided a $7,400,000 refinance loan for Lockwood Avenue Apartments located in Los Angeles. The loan was structured with a five-year term and a 30-year amortization. The loan was underwritten to a 74 percent loan-to-value with a 1.28x debt-service coverage ratio. Lockwood Avenue Apartments features two three-story…
Read MoreWeb Service Co. Partners With Fowler to Manage its Commercial Laundry Facilities on West Coast
Redondo Beach, Calif.–Web Service Company has expanded its operations by entering into a collaborative partnership with Fowler Commercial Laundry Solutions. Fowler provides commercial laundry services in several states across the country and Web Service Co. will be responsible for providing management and service for Fowler’s common area laundry facilities on the West Coast.Earlier this year,…
Read MoreRelationships: The Power of Online Social Networking
By Mike Manning, Vice President of Marketing, LoopNet Inc.Real estate marketing, be it at the corporate, property or personal level, has always relied heavily on relationships. As we know, people do business with people they like, know, trust and can rely on for good information. The surging popularity of social media sites such as Facebook,…
Read MoreHUD to Provide $113M in Funding to Broaden Scope of HOPE VI Program
By Anuradha Kher, Online News EditorWashington, D.C.–The Department of Housing and Urban Development (HUD) s making available $113 million in HOPE VI funding. Donavan announced this while speaking on the future of urban revitalization at the National Press Club during the Brookings Institution’s event, “From Despair to Hope: Two HUD Secretaries on Urban Revitalization and…
Read MoreParadise Village Seniors Housing Project Forges on Despite the Challenging Economy
By Lisa Iannucci, Contributing EditorSan Diego—It’s been a difficult few years for the housing market and the economy, especially in California. Many residents have lost jobs, homes and a large chunk of their retirement plans due to the faltering economy. It might sound like a logical business decision to put any new projects on hold.…
Read MoreOnline Auction Platform Aims to Improve Bidding
By Tonie Auer, Contributing CorrespondentTaking advantage of a new platform to create more interest from buyers in auction-sold properties, Sperry Van Ness/Guardian launched the MarketMaker auction platform to sell REO, bank ordered and developer close-out properties.The firm will test the platform for the first time in a July 30 auction as a way to accelerate…
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