INSIDE THE DEAL: Improving the Chances of Loan Approval
By Keat Foong, Executive Editor Evansville, Ind.—Here is one way to increase the chance of loan approval: obtain a cross-defaulted and cross-collateralized loan. Walker & Dunlop originated a combined Fannie Mae DUS loan of $46 million for a portfolio consisting of three conventional multifamily properties in Evansville, Ind. and five student housing properties serving Indiana University in Bloomington, Ind. The properties under the cross-defaulted and cross-collateralized loan are underwritten to the same standards. And if one of the properties should default, all of them default. Applying for a cross-collateralized loan makes for an easier approvals process, says Will Baker, vice…
Resident Liability Policy Now Available Through RegistryTLC Renters Insurance Program
By Anuradha Kher, Online News EditorRockville, Md.–First Advantage SafeRent recently launched a new Resident Liability Policy as part of the RegistryTLC renters insurance program. This low-cost policy is designed to help residents get the coverage they need to comply with their lease provisions at a time when many residents are experiencing economic challenges. Through a secure Web site, residents can enroll and provide payment in just minutes without any leasing staff involvement. Resident liability insurance covers the resident for specified types of property damage or bodily injury they could potentially cause to the apartment community or to other residents. This…
TODAY’s DEALS: NorthMarq Capital Arranges $8.5M First Mortgage Financing for Apt. Community
By Erika Schnitzer, Associate EditorMt. Prospect, Ill.—NorthMarq Capital has arranged $8.5 million in first mortgage financing for Huntingtown Towers (pictured), a 214-unit apartment community located in Mt. Prospect, Ill.Financing was based on a 10-year term with a 30-year amortization schedule. It was arranged for the borrower—Huntington LLC—though NorthMarq’s affiliate, AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender.The transaction was a refinance of an FHA 223 mortgage into a Fannie DUS loan. The deal rate, which was locked in seven days, was secured at 5.5 percent.Arbor Funds $2.43M Loan For Nine-Unit PropertyBrooklyn, N.Y.—Arbor Commercial Funding LLC has funded a…
Armstrong Grand Illusions Flooring Available in Additional Species
Armstrong has expanded its Grand Illusions laminate flooring line, adding domestic exotic visuals. The line is now available in some of the most popular hardwood species, including Canadian Maple, Southern Hickory, Eastern Oak, American Apple and Heartwood Walnut (pictured).The flooring is available in 5-in. board widths that mimic actual installed hardwood. The new collection offers a subtle gloss level, reflecting the fine finish options popularized by domestic hardwoods.Each plank utilizes the company’s Lock&Fold installation system; the panels do not have to be tapped together, but rather the tongue-and-groove and panels are fitted together, folded down and locked into place. With…
Developer Begins Work on Resort Neighborhoods Committed to ‘Humane Values’
By Erika Schnitzer, Associate EditorBretton Woods, N.H.—Celebration Associates has initiated the development of approximately 1,000 new homes—including both multifamily and single-family offerings—in four neighborhoods surrounding Mount Washington Resort, with the first offerings now available.Celebration Associates acquired Mount Washington Resort—which included the historic hotel and several other inns—in June 2006. In addition to the resort and ski area, Celebration purchased 900 acres—300 of which will be developed—explains Michael Brunetti, partner at Celebration Associates and director of development for Mount Washington Resort.The estimated $1.1 billion refurbishment and expansion that is anticipated to span over the next 10 years “truly has components that…
Green Envy Founder Robert M. Roth Selected to Judge MHN’s Green Initiative Awards
New York—Robert M. Roth, Esq., president and founder of Green Envy Development, has been selected to judge MHN’s second annual Green Initiative Awards. Roth’s work at Green Envy includes the development of the Silhouette, a four-story, four-unit condominium project in Brooklyn designed to meet both LEED (Leadership in Energy and Environmental Design) Platinum and Energy Star certifications.In addition, Roth is an adjunct professor at CUNY Brooklyn College, where he teaches real estate courses and a newly launched Green Business Course, and a registered mortgage broker with Exclusive Capital Consultants.The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by…
Slowing Construction Helps Steady Weakened Atlanta Apartment Market
By Erika Schnitzer, Associate EditorAtlanta—Reduced completions and decelerating job losses are anticipated to stabilize Atlanta’s apartment vacancy, according to Marcus & Millichap’s second quarter Apartment Research Market Update on the Atlanta metro area. While approximately 3,300 units are slated for delivery this year, 4,500 units were completed in 2008. And 4,500 permits for multifamily housing were issued in the first quarter of 2009, down from 5,400 year-over-year.“Atlanta is not a supply-constrained market, so that lends itself to potential issues,” John Leonard, regional manager of the Atlanta office of Marcus & Millichap, tells MHN. “I think at this point, we won’t…
GUEST COLUMN: From Brown to Green. Understanding the Legal Implications of Brownfields
By Martin A. Shelton, Esq.Brownfield property purchasers and developers are wise to have a clear understanding of the legal and regulatory requirements associated with the process. It’s the difference between holding a brown parcel worth its weight in gold or waste. The Resource Conservation and Recovery Act (RCRA) Brownfields Prevention Initiative begun by the U. S. Environmental Protection Agency (EPA) in 2000 was designed to “use opportunities for statutory and regulatory flexibility in the Resource Conservation and Recovery Act to accelerate site cleanup, facilitate dialogue, and integrate reuse and redevelopment issues, as appropriate, into cleanup decisions.”The goal is to accelerate…
TODAY’S DEALS: NorthMarq Capital Arranged $7.5M Loan for 312-Unit Apartment Community
By Anuradha Kher, Online News EditorMiddlesex County, N.J.–NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, has closed a $7.5 million multifamily loan on a 312-unit apartment complex in Middlesex County, N.J. NorthMarq closed the loan in 29 days from deal identification. The borrower secured a favorable 5.27 percent rate on a 10-year loan based on a 30-year amortization. Hendricks & Partners Arranges Sale of Two MF Properties for Over $2MCarlsbad, Calif.–Hendricks & Partners arranged sale of two properties including nine-unit Oak Villa Apartments, located at 3095 Harding St. in Carlsbad, Calif., which sold for $1,340,000,…
MULTI-HOUSING EXECUTIVES NEWS: South Florida Developer Joel Altman Selected as Finalist for Ernst & Young ’09 Florida Entrepreneur of the Year Award, and Others
By Anuradha Kher, Online News Editor Boca Raton, Fla.–Chairman and CEO of The Altman Cos., Joel Altman (pictured), is a finalist for the Ernst & Young 2009 Florida Entrepreneur Of The Year Award in the real estate and construction services category. Category winners for the award, which recognizes entrepreneurs who demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities, will be announced in June.Regional award winners are eligible for consideration for the Ernst & Young LLP Entrepreneur Of The Year national program. Capital Markets Associates Team Joins HFF Office in San FranciscoSan…