EDITOR’S NOTE: The Season of Sharing
By Teresa O’Dea Hein, Managing EditorWith so many companies now cutting back on holiday celebrations, this could be the season when property managers can really make a difference in their residents’ lives as well as in their communities. Simple opportunities for get-togethers may now be appreciated more than in previous years when budgets were more lavish. Perhaps the time is right for a return to basics, like a homemade cookie exchange or carol singing. This is the time of year that people especially value warm greetings and times together. They’re a welcome antidote to the worrisome headlines of daily news…
Despite Credit Conditions, Commercial Real Estate Executives are Likely to Build Green
By Erika Schnitzer, Associate EditorNew York—Seventy-five percent of commercial real estate executives say that the current credit crisis has not made them less likely to build green, according to Turner Construction Company’s 2008 Green Building Market Barometer.“What the [survey] told us was that even in spite of the uncertainty in the credit market, for those people planning to build, three-quarters are still planning to build green,” says Michael Deane, vice president and chief sustainability officer at Turner, whose green multifamily buildings include New York’s Solaire, a LEED (Leadership in Energy and Environmental Design) Gold project, the Verdesian, the first LEED…
Multifamily Contemplates the Future of Fannie, Freddie
By Keat Foong, Executive Editor Washington, D.C.—Debate continues about the future of Fannie Mae and Freddie Mac. This week the Wall Street Journal reported that Congress and the future Obama administration would be likely to restructure the two entities and in doing so consider the economic crisis and conflicts between the companies’ mission to support the housing market and their need for profits. David Cardwell, Vice President of Capital Markets and Technology, has told MHN that the apartment industry has an interest in seeing Fannie Mae and Freddie Mac continue as private companies. Whatever the eventual structure of the two…
Coping with a Fire’s Aftermath
By Teresa O’Dea Hein, Managing EditorAnaheim Hills, Calif.—While fires caused by dry Christmas trees are a concern during the holiday season, outdoor fire issues are a year-round worry. Southern California wildfires recently destroyed a number of apartments apartments, rendered multiple buildings uninhabitable and displaced over 110 people at a 292-unit garden-style apartment community, the Cascades, in Anaheim Hills, Calif. As a result, over 69 renter’s insurance claims have been filed, according to the Irvine, Calif.-based LeasingDesk Insurance Services, a wholly owned subsidiary of RealPage Inc. and a provider of full participation insurance programs for the multifamily industry, along with American…
Multifamily Anticipates Potential Fannie, Freddie Restructurings
By Keat Foong, Executive Editor Washington, D.C.—Debate continues about the future of Fannie Mae and Freddie Mac. This week the Wall Street Journal reported that Congress and the future Obama administration would be likely to restructure the two entities and in doing so consider the economic crisis and conflicts between the companies’ mission to support the housing market and their need for profits. David Cardwell, Vice President of Capital Markets and Technology, has told MHN that the apartment industry has an interest in seeing Fannie Mae and Freddie Mac continue as private companies. Whatever the eventual structure of the two…
6th Annual MHN Capital Choice Awards 2008
Dear Reader,Despite all of the fluctuations in today’s economy, multifamily housing developers still need funding sources for their deals.The winners of our 6th Annual Capital Choice Awards represent excellent choices in terms of where to start that funding search.The companies shown here represent the leading edge in a fast-changing landscape. You and your peers have voted these lenders as the “best of the best” at providing valuable services, speed of processing, flexibility of terms, scope of loan products offered, and the quality of loan servicing.Some of the financial institutions listed here have been bought by larger banks. We have simply…
Kwikset Launches Keyless Touchpad Deadbolt
Kwikset recently released its SmartCode Signature Series, a keyless entry deadbolt that features a touchpad design, eliminating the need to carry keys.SmartCode Signature Series, which is available in Polished Brass, Venetian Bronze and Satin Nickel, incorporates the company’s SmartKey technology with BumpGuard protection. Additionally, when a renter moves, a property manager can change the code and re-key the lock without having to call a locksmith.The deadbolt is also accessible with a key when needed. The system allows property owners and managers the ability to create two access codes—one for everyday access and a secondary code, which can easily be changed,…
TODAY’S DEALS: Green Park Closes $102.9M Credit Facility for 3,000 Units, and Other Transactions
By Erika Schnitzer, Associate EditorBethesda, Md.—Green Park Financial recently completed a $102,899,000 addition to a credit facility for Milestone Multifamily Investors LP, a joint venture between The Milestone Group and INVESCO Real Estate.The loan addition is secured by eight garden-style multifamily properties, totaling 3,000 units, in Ariz., Fla. and Texas. The transaction utilizes cross-defaulted and cross-collateralized mortgages.Green Park Financial completed an original $322 million credit facility for Milestone in March 2005. The current loans were an addition with a series of discounted non-interest bearing advances and include a five-year term with an option to extend for another five years.Stuart Wernick…
Newest Chelsea Luxury Condo 90 Percent Sold; First Units Close
By Erika Schnitzer, Associate EditorNew York—Closings recently began at 133 West 22nd, a 99-unit luxury condominium project in New York’s Chelsea neighborhood that is being developed by The Ascend Group LLC, a New York-based developer of boutique residential properties.iStar Financial served as the primary lender for the project and mezzanine capital was provided by Wafra Investment Advisory Group Inc. Both firms are headquartered in New York.Designed by Cetra/Ruddy, 133 West 22nd Street offers one-, two- and three-bedroom residences and penthouses, ranging in size from 750 to 3,000 sq. ft. In addition, the building offers one interior courtyard townhouse, located on…
Perspective: Nine Ways to Capture Leasing Prospects During the ‘Sales Walk’
By R. Vickie Alani, AIA, Senior Associate Principal, ADD IncAs prospective tenants become more savvy about “shopping the market,” and the competition for luxury market renters becomes increasingly fierce, property owners need to consider the prospective resident’s entire housing selection experience in order to successfully capture tenants.Design can crystallize and unify the entire story or package that property owners present to prospects before, and during, a visit to the property. When used early in the development process, and to its fullest, design—from print materials, to website, to the building itself—can elevate the perception of, and differentiate, any project.Properties positioned and…