Market Snapshot: Washington, D.C. Voted as a Top 10 Metro for 2009
By Teresa O’Dea Hein, Managing EditorA change in presidential administrations is always good for the real estate market in the nation’s capital, which was relatively strong already, points out Greg Willett, vice president for research and analysis at M/PF YieldStar Inc., based in Carrollton, Texas.Both M/PF YieldStar and The Urban Land Institute (ULI) ranked Washington, D.C. as one of their top metros for 2009. ULI’s 2009 “Emerging Trends in Real Estate” ranked Washington, D.C. in the number-three slot. ULI particularly values a metro’s 24-hour fundamentals and access to major airports. Already, Washington, D.C. is the healthiest of the nation’s very…
TODAY’S DEALS: Fantini & Gorga Arranges $29.7 Loan for 240 Units, and Other Transactions
By Erika Schnitzer, Associate Editor Pembroke, Mass.—Fantini & Gorga has arranged $29.7 million in first mortgage financing of Alexan Pembroke Woods, a 240-unit Class-A apartment community in Pembroke, Mass.The loan was placed on behalf of BC Pembroke Woods LLC, a joint venture between Boston Capital Real Estate LLC and Trammell Crow Residential. George J. Fantini, Jr., chairman; Tim O’Donnell, principal; and Derek Coulombe, analyst; arranged the financing.Alexan Pembroke Woods features a fitness center, swimming pool, community center and business center.PNC ARCS Provides $8.7M for 168 Units in Las VegasLas Vegas—PNC ARCS recently provided an $8.769 million loan for Autumn Ridge…
Printers Guild Launches Environmentally Friendly Wallpaper
Printers Guild Productions has released its newest wallpaper portfolio, the eco-friendly Rimini. The collection uses water-based inks and is printed on non-woven substrate comprised of a blend of renewable materials and synthetic fabrics.In 18 patterns and 92 colorways, Rimini is available in a number of motifs, including zebra striping, feathery scrolls, flowing vines, flowers integrated with modern scrolls, damasks and harlequin patterns. It features semi- and high-sheen metallic and opaque combinations.www.wallquest.com/rimini
Reduce Cooling Costs in Multifamily Homes with Radiant Barrier Sheathing
By David Nelson, P.E., market support engineer, iLevelEnergy efficiency is a top priority for many multifamily builders and developers when planning projects. Features such as energy-efficient windows and appliances can be key selling points with renters and condo owners. Going another step, the choice of roofing materials can further boost energy savings. Radiant barrier sheathing (RBS), for example, provides a simple, cost-effective way to reduce energy use while helping ensure strong and long-lasting roof framing. Roofs built with standard sheathing allow solar energy to penetrate through it, heating up the air in the attic space. The heated air can then…
RULES & REGS: City Drops Lawsuit Against Page Mill Properties; Says Rent Increases are Legal
By Erika Schnitzer, Associate EditorEast Palo Alto, Calif.—The City of East Palo Alto has dropped its lawsuit against Page Mill Properties, which represent the owners and investors of over 1,700 apartments, or 53 properties, in East Palo Alto’s Woodland Park neighborhood, maintaining that rent increases for 1,000 of its units are legal after all.The debate is based on a rent control ordinance that includes a provision allowing owners to increase rents in line with increases in the cost of living index. “Under the ordinance, landlords were allowed to cumulate or ‘bank’ authorized cost-of-living rent increases that had not been charged…
Property Managers Can Check Renters Insurance Coverage via Internet
By Teresa O’Dea HeinAtlanta–A Web-based insurance confirmation system enables property managers to quickly verify the status of their residents’ required coverage. Assurant Specialty Property, a provider of renters insurance programs to the multifamily industry, recently launched this service through VerifyIns.To access the service, property managers and leasing consultants log in into aspecial database via an external URL. This process allows property managersto quickly verify whether residents are complying with the insurancerequirement for the duration of their lease agreements.Steve Hein, vice president for national sales at Assurant Specialty Property,says this tool helps property managers avoid exposure to claims involvinguninsured residents. “If,…
Developers Obtain Guidance on Alternative Funding Sources, Business Strategies
By Keat Foong, Executive EditorWashington, D.C.—Chapter 11 may not be such a bad thing after all. It can provide the borrower leverage in negotiating with the lender on project loans. That was among the suggestions made by experts at a recent teleseminar sponsored by the National Association of Home Builders entitled “Alternative Funding Sources: Ideas and Perspectives to Keep Your Business on Track.” “Banks know what their rights are. You need to know what your rights are,” said Harley Riedel of Sticher Riedel, Blain & Prossner, P.A., Tampa, Fla. Riedel has served as counsel for the debtor in possession in…
TODAY’S DEALS: NorthMarq Capital Arranges $16.1M First Mortgage Financing for 300 Units, and Other Transactions
By Erika Schnitzer, Associate Editor Grand Prairie, Texas–NorthMarq Capital has arranged first mortgage financing of $16.1 million for Indigo Pointe Apartments, a 300-unit multifamily community.Financing was based on a four-year interest-only term and was arranged by NorthMarq through its relationship with a Midwest life insurance company.Jeff Frankel, senior vice president and senior director of NorthMarq Capital Inc.’s Chicago office, arranged the financing.ARA Closes $2.3M Sale of 32-Unit Rental PropertyPhoenix—Apartment Realty Advisors (ARA) has negotiated the sale of Central Mountain Villas, a 32-unit garden-style apartment building, for $2.3 million.The sales price of the property, which had a 60-day list period and…
Property Management: Can You Afford Not to Screen Residents?
By Keat Foong, Executive EditorBefore a resident will be accepted at an apartment community, he or she needs to be background checked. But for what information? Indeed, resident screening can be a tricky process, as it is an area that is laden with potential pitfalls. What aspects of an applicant’s background are relevant? What are the ways to screen residents? What should you do or not do if you do not want to be sued? These are all questions to address. Apartment companies can try to investigate any of the following questions before accepting the applicant into the community: Can…
Innovative Insurance Products Address Green Building Risks
By Teresa O’Dea Hein, Managing EditorNew York—The latest introduction in the growing green marketplace is a primary casualty coverage from AIG Risk Management (AIG), a unit of AIG Commercial Insurance, designed for property owners and managers of green buildings. It consists of two coverages—AIGGreen Reputation Coverage and AIGGreen Indoor Environment Coverage, part of the AIGGreen product line from AIG Real Estate Solutions. This is the first casualty product addressing potential green losses to third parties, Joe Fobert, senior vice president. AIG and practice leader at AIG Real Estate Solutions, based in Tampa. Fla., tells MHN.AIGGreen Reputation Coverage provides up to…