TODAY’S DEALS: KeyBank Real Estate Capital Closes $21.5M in Fannie and Freddie Loans for Ohio Multifamily Properties, and Other Transactions
By Anuradha Kher, Online News EditorColumbus, Ohio–KeyBank Real Estate Capital recently closed $21.5 million in loans funded by Fannie Mae and Freddie Mac for four multifamily properties in Columbus, Ohio. KeyBank Real Estate Capital relied on its strong relationships with Fannie Mae and Freddie Mac and deep community roots in Ohio to close the multifamily loans. Two of the borrowers were able to use Fannie Mae funding provided by KeyBank Real Estate Capital for multifamily properties in Columbus. Sawmill Ridge Acquisitions LLC, borrowed $9.1 million in Fannie Mae acquisition loan funding to acquire Sawmill Ridge (pictured), a 192-unit Class A luxury…
Digital Services, Systems Attract Renters, Buyers in Ailing Economy
By Anuradha Kher, Online News EditorDallas–High-tech amenities like broadband, security and energy controls positively influence the sale and rental of multifamily properties, new research from Parks Associates indicates. Multifamily Residences: Opportunities for Digital Systems and Services, a new primary research project of executives managing multifamily properties in the U.S., found nearly 50 percent are seeking new electronic products and services that will differentiate their properties in an increasingly competitive market.”The multifamily market is a huge opportunity for service providers and electronic systems manufacturers, especially as the industry faces a troubled economy and restricted spending,” Bill Ablondi, director, Home Systems Research,…
ULI Meeting, Expo Set to Be Carbon Neutral
By Anuradha Kher, Online News EditorColumbia, Md.–The ongoing 2008 Urban Land Institute (ULI) Fall Meeting and Urban Land Expo is all set to be completely carbon neutral as a result of funding from the Enterprise Green Communities Offset Fund.Enterprise will offset all the emissions of carbon dioxide generated by the meeting by providing funds to reduce an equivalent amount of emissions in environmentally sustainable affordable housing developments participating in Enterprise’s Green Communities initiative.“ULI’s commitment to offset its annual meeting means first and foremost that low-income families will experience the benefits of living in a green affordable home,” says Dana Bourland,…
Domus Names Del-Sano Contractor for HUD Senior Housing Project
By Erika Schnitzer, Associate EditorDumont, N.J.—Domus Housing Corp., the housing arm of the Catholic Charities of The Archdiocese of Newark, recently broke ground on a $10.4 million HUD 202 low-income senior housing project, St. Mary’s Senior Residence, in Dumont N.J. Del-Sano Contracting Corp., a U.S. Green Building Council member based in Union, N.J., was selected as the general contractor for the project, and Princeton-based Steven S. Cohen Architect P.C. designed the development, which is located on the grounds of St. Mary’s Parish at 280 Washington Avenue.The four-story, 45,000-sq.-ft. project will offer 49 one-bedroom units for residents ages 62 and older…
Property Management Leader Alex Jackiw Talks Current Events, Future Goals and More
Self-avowed political junkie Alexandra (Alex) Jackiw, CPM, CAPS, is executive vice president of Buckingham Companies, AMO, an Indianapolis-based full-service real estate management, development and construction company. She is also president of Buckingham Management LLC, Buckingham’s property management subsidiary, where she oversees a diverse portfolio of conventional, market-rate and tax credit multifamily assets in Indiana, Illinois, Ohio, Kentucky, Michigan and Tennessee. This portfolio totals more than 16,000 units as well as over 300,000 square feet of commercial space.In addition, Jackiw serves as president of the National Apartment Association (NAA) Education Institute as well as an NAA regional vice president for region…
While Single Family Prices Make Biggest Drop in S&P Index’s History, Apartment Prices Show Signs of Flattening
By Anuradha Kher, Online News EditorNew York–Even though the apartment sector had the highest returns over the past 12 months among all commercial real estate types at +0.4 percent, prices remained flat, according to Standard & Poor’s July results for the S&P/GRA Commercial Real Estate Indices. Nationally, commercial real estate prices for July 2008 too were level versus July 2007. The National composite reported an annual price change that was flat, compared to July of 2007. This is down from the +1.5 percent reported in June’s data. It is also well below this cycle’s peak of +14.7 percent, reported in…
Editor’s Note: Scary Times?
By Teresa O’Dea Hein, Managing EditorBeing scared is socially acceptable this week, with Halloween creeping up fast. But with job losses and fewer households being formed and tighter credit, even multi-housing executives are wise to be nervous.FDR’s famous phrase about “the only thing to fear is feat itself” has taken on new life, to the point where one of the New York daily newspapers printed it on its cover a few weeks ago after one of the stock market’s big declines.Plus, we should remember that many aspects of property management are controllable. For example, addressing maintenance/service needs promptly and with…
EDITOR’S NOTE: Getting the Banks to Lend
By Keat Foong, Executive EditorYou can bring a horse to water but you cannot make it drink. That appears to be the situation with regards to banks that are in the $700 billion program to receive capital injections from the federal government. There are discussions in the press about banks’ planning to hoard the cash, for acquisitions or other opportunities down the road, rather than make more loans. And there is the implication that the banks, shockingly, may even be continuing to reduce their volumes of lending irrespective of the cash injection. That is not welcome news. Banks need to…
TODAY’S DEALS: The Hoffman Co. Arranges Land Deal of $30M for Construction of Mixed-Use Project
By Anuradha Kher, Online News EditorOceanside, Calif.–The Hoffman Co. recently closed a $30 million real estate transaction in Oceanside, Calif. that will allow Piazza d’Oro, a residential mixed-use project, to move forward.The property, located north of Highway 78 at Rancho Del Oro Road and Vista Way, was acquired by ConAm Group of Cos., a San Diego-based real estate management and investment firm specializing in multifamily housing. The seller was K. Hovnanian Homes, a national homebuilder that partially developed the 14.4-acre property, which includes 221 multifamily residential units with commercial office space and retail elements.“This is a great property with substantial…
IREM Elects Officers for 2009
Chicago–The Institute of Real Estate Management (IREM) installed its officers for 2009 during the professional association’s fall business and governance meetings recently held in Chicago. Pamela W. Monroe, CPM, will serve as president; O. Randall (Randy) Woodbury, CPM, will serve as president-elect, and Ronald Goss, CPM, will serve as secretary/treasurer.With more than 25 years of professional industry experience, Monroe joined New Jersey-based Community Realty Management (CRM) in 2002 and serves as CRM’s senior vice president. Since beginning her career in Mobile, Ala., she has overseen properties throughout the Southeast, in Texas, Oklahoma, New Jersey, Pennsylvania, Maryland, Virginia and the Virgin…