Today’s Deals: KeyBank Closes $163 M Loan to Finance Acquisition of 19-Property Seniors Housing Portfolio and Others
By Anuradha Kher, Online News EditorKeyBank Real Estate Capital recently closed a $163 million acquisition financing package for Emeritus Senior Living.The package, which finances Emeritus’ acquisition of a portfolio of 19 assisted living and Alzheimer facilities nationwide, consists of 19 individual cross-collateralized and cross-defaulted commercial mortgages backed by Freddie Mac. Emeritus will own and operate the portfolio, which consists of more than 1,500 units. Freddie Mac provided the loans through its Conventional Cash Seniors Housing product. The pool of loans is cross-collateralized and cross-defaulted, and has a 10-year term with an optional 12-month extension. The initial 12 months are interest…
Spandrel Group Unites Property, Staffing, Marketing Services
By Anuradha Kher, Online News EditorNew York-based real estate executive and founder of Spandrel Property Services, Ian Levine (pictured), has now formed The Spandrel Group, the umbrella company uniting Spandrel Property Services with his newly launched ventures, Spandrel Marketing Services and Spandrel Staffing Services.Spandrel Property Services is a boutique property management and brokerage, founded in 2000. “Talk about the slowing economy and foreclosures is everywhere, and these are preeminent factors while launching a new business,” Levine tells MHN. “But what matters more is that the company is truly committed and focused on the customer.”According to Levine, each affiliate within The…
Sherwin-Williams Unveils Color Forecast for 2009
Chicago–What colors will help to define architecture and design for the 2009 season? The 24 shades selected by Sherwin-Williams color experts travel back and forth across the borders of four key trends: Techno-Color, Conscious Luxury, Local Momentum and Global Tapestry.New and recycled fiber technologies, an increased environmental awareness, and global influences–especially those of a new hot zone, Latin America and Buenos Aires in particular–have been woven together to inspire this color palette.In contrast to some previous trend forecasts, Sherwin-Williams has organized this one by color families.“Our goal with colormix ‘09 is to empower designers to use the forecast colors in…
From Porter to President: New Pinnacle Leader Shares Management Goals
Rick L. Graf was recently named president and partner at American Management Services, dba Pinnacle, the largest third-party fee manager of multifamily housing in the U.S. Currently Pinnacle’s central region president, responsible for a management portfolio of over 60,000 multifamily units, Graf moves into his new role on September 1. (Pinnacle Co-Founder Stan Harrelson will continue as CEO, concentrating on business development.)Graf, a 12-year veteran of Pinnacle, will continue to work out of the company’s much-expanded Dallas office. Under his leadership, Pinnacle’s primary focal point of operations will move from Seattle to Dallas, “based on the city’s centralized U.S. location…
DEAL OF THE DAY: 116-Unit Seniors’ Facility Sells for $5.9M
By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates recently arranged the sale of Atrium Village Apartments, a 116-unit seniors’ community located near 25th St. and Mitthoeffer on the east side of Indianapolis, for an asking price of $5.9 million.Tikijian Associates represented the seller, Barrett & Stokely Inc. in the sale to TLK Properties, a private investor based in Lakewood, N.J.Atrium Village is a community for senior citizens 55 years and older. The property features 116 two-bedroom, ground floor units with a private entrance for each. TLK Properties will continue to run Atrium Village as a seniors’ property.
DBBM Receives Three Awards at Fannie Mae DUS Conference
By Anuradha Kher, Online News EditorNew York–Deutsche Bank Berkshire Mortgage (DBBM) recently received three premiere awards at the annual Fannie Mae Delegated Underwriting and Servicing Program (DUS) conference, held in Half Moon Bay, Calif.The awards included No. 1 Fannie Mae DUS Producer for 2007, Top Credit Underwriter for 2007 and Leadership in DUS Production for 2007.“To be regarded as the best underwriting, credit and structure shop while being the highest volume producer is a great achievement,” says Steve Wendel, co-head of DBBM. “We are confident that this winning combination will continue to provide our customers with a competitive advantage in…
New York Apartment Waives Security Deposits For Renters
By Erika Schnitzer, Associate EditorNew York–Metro Loft Management, a New York-based boutique residential firm that specializes in property in the Financial District, is waiving security deposits at its 20 Exchange Place for renters with strong credit histories.”We always like to come up with an interesting incentive. In an economy such as this, people are looking for savings wherever they can,” notes Jack Berman, vice president of Metro Loft Management, explaining that the average renter moves every two-and-a-half to three years, potentially locking up—for a two bedroom—$5,000 to $6,000 at a time.The first phase of 20 Exchange Place, consisting of 350…
American Standard Offers Compact, High-Efficiency Lavatory
The Compact Cadet 3 one-piece toilet from American Standard is a high-efficiency lavatory that meets the requirements for WaterSense labeling, using 20 percent less water than standard 1.6 gpf (gallons per flush) models.The space-saving toilet, which features an elongated bowl, incorporates rolled-edge detail on the tank top and a slow-close seat. Additionally, it offers an EverClean surface, designed to prevent the growth of stain- and odor-causing bacteria, mold and mildew.All Cadet 3 high-efficiency toilets are WaterSense-certified and carry a five-year warranty.www.americanstandard-us.com
NAHB President Says Housing Legislation Can Help Turn Around Economy, Housing Market
By Keat Foong, Executive Editor Washington, D.C.— National Association of Home Builders (NAHB) President Sandy Dunn praised the Housing and Economic Recovery Act of 2008 that was signed into law on July 30. “We believe this landmark legislation is vital to address the turmoil in the financial and housing markets and to bolster the faltering economy,” said Dunn, in a teleconference with reporters. Presenters of NAHB’s teleconference included Rob Dietz, director, tax issues with NAHB; Ed Brady, president of Brady Homes, Bloomington, Ill.; and Richard Dugas, president and CEO of Pulte Homes. Provisions of the housing law includes: • a…
DEAL OF THE DAY: Meruelo Maddux Properties Closes $84M Construction Loan for 214-Unit Rental Project
By Anuradha Kher, Online News EditorLos Angeles–Meruelo Maddux Properties Inc. recently closed an $84 million construction loan on its 35-story apartment project located at 717 W. Ninth St. in Los Angeles. The loan proceeds will be primarily used to fund the remaining development needs on the 717 W. Ninth St. project as well as to fund an interest payment reserve and a real estate tax and insurance reserve. Canyon Capital Realty Advisors LLC is providing the financing. 717 W. Ninth St. will feature 214 luxury apartments with amenities including a lap pool and whirlpool spa, fitness facility, living room/library and…