MULTI-HOUSING EXECUTIVES UPDATE: Western National Group Appoints Laura Khouri as President of Multifamily Subsidiary Co., and Other Moves
By Anuradha Kher, Online News EditorIrvine, Calif.–Western National Group has appointed Laura Khouri (pictured) as the president of the Multifamily Ancillary Group (MAG), a subsidiary of Western National Group. Included under the MAG umbrella are California Utility Billing Services (CUBS), a utility billing service provider, and iMAG, a renter’s insurance provider. In addition to CUBS and iMAG, MAG specializes in finding the partners for each community, negotiating the contracts and then managing the process after the contract is operational. As president, Khouri will oversee all of MAG’s activities and continue in her role leading Western National Group’s Human Resources, Training…
National CORE to Upgrade to Yardi Voyager 6.08.22
By Anuradha Kher, Online News EditorWashington, D.C.–EverGreen Solutions is working with affordable housing developer and manager, National Community Renaissance (National CORE), to assist the company in upgrading to software platform Yardi Voyager 6.08.22.EverGreen Solutions will be involved in business process re‐engineering, implementation of modules such as construction, PaySCAN for invoice processing, check scanning within the accounting system for accounts receivable, combining multiple databases, adding an on‐line payment solution, and extensive training in accounting and operations. EverGreen’s role will be to ensure that National CORE is using the latest technology to its fullest extent in order to maximize operations and to…
$40M Green Affordable Housing Fund Will Help Build 500 Green Homes
By Anuradha Kher, Online News EditorLos Angeles–As the California market continues to look for new sources of capital to fund construction of much-needed affordable housing, Enterprise Community Investment Inc. and four long-term financial partners have launched a green affordable housing fund for the Golden State.The $40 million Enterprise California Green Communities Fund will help finance the creation of 500 energy-efficient, affordable homes in Los Angeles, Oakland, and metropolitan San Francisco through the syndication of federal low-income housing tax credit (LIHTC) equity. “The Enterprise California Green Communities Fund offers financing with a nod to sustainability,” says Rich Gross, vice president of…
TODAY’S DEALS: NorthMarq Capital Arranges $22.26M Combined Mortgage for Two Apartment Complexes, and Other Transactions
By Anuradha Kher, Online News EditorOverland Park, Kan.–NorthMarq Capital’s Kansas office has arranged combined first mortgage financing of $22.26 million for two apartment complexes located in Overland Park, Kan. Claremont Apartments features 336 units and was financed at $18.86 million. The 98-unit Coventry Oaks Apartments was financed at $3.4 million. Financing for both these multifamily properties was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrowers by NorthMarq through its seller/servicer relationship with Freddie Mac. Prime Property Investors Completes Student Housing Purchase for Undisclosed Amount South Bend, Ind.–Prime Property Investors Ltd. have completed…
Alliant Capital Appoints New SVP for Midwest Region
By Anuradha Kher, Online News EditorChicago–Alliant Capital LLC has named Aaron Abelson as senior vice president for its Chicago office, a role in which he hopes to elevate the company’s visibility in the Midwest region.In his new position, Abelson will manage the analysis, evaluation and origination of permanent, fixed-rate apartment loans utilizing the Fannie Mae DUS program for the Midwest region. He will be responsible for increasing Alliant Capital’s investor network through active referrals and client contacts primarily in Illinois, Indiana and Wisconsin. “Abelson has extensive experience with the Fannie Mae DUS transactions,” says Byron Steenerson, president of Alliant Capital…
Developer of Senior Communities Helps Residents Sell Their Homes
By Erika Schnitzer, Associate EditorStone Mountain, Ga.—Isakson Living, a Norcross, Ga.-based developer of senior retirement communities, is offering a new plan to help current and prospective residents sell their existing homes, allowing them to move into Park Springs, a 54-acre, 392-unit community, now.“With this economic climate that we have right now and with the housing market as it is, we realized it was going to greatly affect our occupancy and ability to market new units, as well as maintain some of the residents who already live there who had not sold their homes,” Don Garner, senior vice president of development,…
Q&A with Alyce Robertson: Downtown Miami is Poised to Become One of America’s Great Urban Centers
Alyce Robertson (pictured) is the executive director of the Miami Downtown Development Authority (DDA), an independent agency of the city of Miami. The Miami DDA supports business growth, infrastructure improvements and services for Downtown Miami residents and stakeholders. Robertson talks to MHN Online News Editor Anuradha Kher about the DDA’s vision for downtown Miami, how the recession might help in making Miami more transit-oriented and why despite overdevelopment Miami is poised for long-term growth.MHN: What is the average price of condos in downtown Miami right now?Robertson: Prices range depending on location, view, amenities, etc. While pricing has become somewhat of…
Iron Stone’s Equity Fund Buys 13 Multifamily Distressed Mortgages
By Anuradha Kher, Online News Editor Philadelphia–Iron Stone Real Estate Fund II recently completed its second transaction, the purchase of a portfolio of distressed commercial mortgages from Astoria Federal Savings Bank. The portfolio consists of 13 first mortgages collateralized by rental apartment buildings in the Philadelphia Metropolitan Area comprising a total of 358 units. The $50 million fund is managed by Iron Stone Real Estate Cos. and has high net-worth individuals as well as some institutional investors.Some of the 13 buildings, ranging from 11 to 64 units, are facing high vacancy rates and others are entirely vacant because they were not…
TODAY’S DEALS: NorthMarq Capital Arranges $27.672M Combined Mortgage for Three Apartment Complexes, and Other Transactions
By Anuradha Kher, Online News EditorTopeka, Kan.–NorthMarq Capital’s Minneapolis office has arranged combined first mortgage financing of $27.672 million for three apartment complexes located in Topeka, Kan.The Brookfield Estates Apartments, the Crown Colony Apartments (pictured) and the Sherwood Apartments feature a combined total of 680 multifamily units. NorthMarq arranged financing for each of these multifamily properties on behalf of the borrower through its seller/servicer relationship with Freddie Mac.Arbor Completes $6.4M Loan to Refinance 96-Unit Apartment CommunityBellingham, Wash.–Arbor Commercial Funding LLC recently completed funding of a $6,460,900 loan under the Fannie Mae DUS product line to refinance the 96-unit complex known…
MARKET SNAPSHOT: Oversupply and Rising Unemployment are Major Impacts to Sacramento, Calif.’s Apartment Market
By Erika Schnitzer, Associate Editor Sacramento, Calif.—Apartment construction in Sacramento is expected to come to a near standstill this year, according to Marcus & Millichap’s 2009 National Apartment Report.Only 100 new units are slated for delivery this year, and the planning pipeline consists of fewer than 2,000 apartments.The main challenges for the Sacramento metro area include job losses, supply constraint and the land’s geography, which Ryan DeMar, associate vice president-investments in Marcus & Millichap’s Roseville, Calif. office, notes, “continues to generate an oversupply of market-rate and affordable apartments and single-family homes.” He adds that the metro has a low barrier…