Motion Sensor Controlled Occu-Smart Lights Cut Energy Costs By 85 Percent
LaMar Lighting has introduced a patented line of lighting products called occu-smart. Occu-smart lights use motion sensor controlled bi-level lighting, which make them energy-efficient with savings of up to 85 percent. Sparsely occupied areas such as stairwells and corridors in multifamily buildings average only 2 percent occupancy, meaning that lights are often left on full-illumination for 98 percent of the day, using up excess energy and money. Occu-smart resolves this issue by providing full illumination when its motion sensors detect that an area is occupied; and, later—upon vacancy—dimming to code minimum lighting requirements to never leave the area in the…
TODAY’S DEALS: Gebroe-Hammer Associates Negotiates Sale of 144-Unit Apartment Community for Over $11M, and Other Transactions
By Anuradha Kher, Online News Editor Hamilton Township, N.J.–Gebroe-Hammer Associates has recently negotiated the $11.125 million sale of Miry Run, a 144-unit garden apartment community, in Hamilton Township, N.J. Located at 145 Brookwood Rd., the community features 108 one-bedroom and 36 two-bedroom units. The property was 98 percent occupied at the time of sale. Located in Mercer County, Hamilton is one of the largest townships in New Jersey. Trenton is located next to Hamilton, and Philadelphia, New York and the Jersey Shore are less than an hour away. “Despite the current economic climate impacting other real estate classes, investors are willing…
At Over $400B, Wachovia Tops MBA’s List of Multifamily, Commercial Loan Servicers for 2008
By Anuradha Kher, Online News EditorSan Diego–Wachovia Securities with $412.9 billion in U.S. master and primary servicing topped the Mortgage Bankers Association’s (MBA) annual ranking of commercial and multifamily loan servicers (as of the end of 2008) released during MBA’s Commercial Real Estate (CREF) Convention currently being held in San Diego. PNC Real Estate/Midland Loan Services with $310.3 billion, Capmark Finance Inc. with $260.9 billion and Wells Fargo with $182.6 billion followed Wachovia on the list. Wachovia, PNC/Midland, Capmark and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA…
Three National Companies Join Forces to Leverage Multifamily Skills
By Erika Schnitzer, Associate EditorCincinnati—Huff McDermott, Assurance Property Management and the National Condo and Apartment Insurance Group have announced an alliance to help investors overcome the obstacles of multifamily acquisitions and ownership. “It made sense to offer this as a coalition for multifamily investment,” Frank Constant, President of Assurance Property Management, tells MHN. The companies have “a proven track record to come together and go out and have these resources available to others if they are interested in having them together. In my opinion, all three components are vital in an acquisition.”The three organizations have collaborated over the past several years…
Condo.Com Showcases A Unique Floating Condo Development
By Anuradha Kher, Online News EditorMiami–Condo.com has added River Cities Condos to its online real estate inventory. River Cities Condos’ initial offering, the Marquette, is a 600-ft. long, 108-ft. wide vessel consisting of four river barges connected to form a platform, which will house 185 to 200 condo units.The Marquette will travel a total of 6,600 miles along the Mississippi, connecting rivers and inter-coastal waterways, annually, with residents on board. Prices for the studios and one-, two- and three-bedroom units will range from $55,000 to $1,800,000.”In our quest to present every condo available in the world, from time to time…
Houston Housing Authority High Rating from Standard & Poor’s
By Anuradha Kher, Online News EditorHouston–Standard and Poor’s credit rating organization has assigned an “AA-” rating to the Houston Housing Authority. AA is the highest a housing authority has ever received from S&P.According to S&P, “the Houston Housing Authority effectively balances maintaining a level of financial stability with achieving its overall public purpose goals.”“The S&P ‘AA- rating’ will enable us to attract investors, financial institutions and development partners during these difficult economic times as we seek to expand our portfolio of affordable housing here in Houston,” says Ernie Etuk, president and CEO of the Houston Housing Authority. “Being highly rated…
TODAY’S DEALS: Meridian Capital Group Arranges $55M First Mortgage for AvalonBay, and Other Transactions
By Anuradha Kher, Online News EditorSmithtown, N.Y.–Meridian Capital Group, on behalf of AvalonBay Communities, has arranged a first mortgage loan of $55,100,000 for the refinance of Avalon Commons (pictured) in Smithtown, N.Y. The property is a garden-style residential community consisting of 312 units spread over 13 buildings. The community features beautifully landscaped gardens, an outdoor swimming pool, fitness center and a luxury clubhouse. It is a fixed interest rate loan for five years with a local lender. The loan also featured an attractive extension option. GFI Acquires $13M in Distressed Assets Miami–GFI Capital Resources Group has acquired two South Florida multifamily…
Multi-Housing Executives on the Move: Cole Heard Joins CMG as SVP/Division Director, and Other Moves
By Anuradha Kher, Online News EditorIrving, Texas–Cole Heard (pictured) has joined CMG as the senior vice president/division director. She is responsible for the daily operations of the firm.Cole has more than 13 years of multifamily real estate experience and has worked for some of the largest third-party and owner-operated student-housing firms in the United States. “With the addition of Cole, CMG will be able to offer a lot of new services to universities and equity partners,” said Chief Financial Officer, Richard Wygle.RealtyTrac Promotes Ari Monkarsh to VP of Business DevelopmentIrvine, Calif.–RealtyTrac has promoted Ari Monkarsh to the position of vice…
U.S. Energy Group Launches Monitoring System to Help Owners Track Building’s Energy Issues
By Anuradha Kher, Online News EditorFresh Meadows, N.Y.–U.S. Energy Group has launched its new version of the USE Manager online monitoring system, USE Manager 5.3, which provides expanded graphing capability, allowing building owners and managers to immediately pinpoint any energy issues they need to address. Building portfolio managers can address issues quickly because the charts and graphs in 5.3 allow them to view all their critical heating system functions at a glance. The USE Manager 5.3 integrates information from the USE Controller Energy Management System (EMS) and the patented USE Verifier Digital Fuel Gauge.USE Manager has always been known for…
NMHC Warns of Wave of Defaults and Bankruptcies in Apartment Market
By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have launched an effort to help restore the apartment sector’s access to capital. At the center of the effort is a four-point policy statement outlining necessary steps federal officials must take to avoid systemic failure in the apartment sector. “We are facing a serious risk of waves of defaults and bankruptcies of otherwise performing apartment properties unless the Federal Reserve and the Treasury Department take action,” says NMHC President Doug Bibby. “In the next two years, an estimated $80-$100 billion in multifamily…