Multi-Housing Executives on the Move
Guardian Management Appoints Vice President of Property ManagementPortland, Ore.–Guardian Management LLC, a Portland, Ore.-based real estate investment and management firm specializing in multifamily housing investment opportunities and property management services, has promoted Jim Wiard (pictured) to vice president of property management following 17 years of service for Guardian. As vice president of property management, Wiard’s role will consist of directing and supervising all company property management operations. “Jim has provided 17 years of responsible asset and property management experience to Guardian,” says Tom Brenneke, president of Guardian Management. “In his new role as vice president, he will help Guardian continue its…
RealPage Introduces Scanning Feature to Document Management System
By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc., a provider of on-demand software and services to the multifamily industry, has launched a barcode-scanning feature for clients using its OneSite property management and OneSite Document Management systems.OneSite Document Management software provides electronic scanning and storage of documents and forms associated with property management business processes and procedures. The addition of the barcode functionality enables document scanning, which is essential to automating the scan-and-file process. Typically, the process is a major bottleneck for properties dealing with large amounts of paper.“A single property generates 40 cartons of paper per year and this includes…
DEAL OF THE DAY: NorthMarq Arranges Two Million-Dollar Mortgages
Aurora, Colo.; Omaha, Neb.–NorthMarq Capital Inc. recently arranged first mortgage financing of $28 million for Liberty Creek Apartments, located in Aurora, Colo. Financing was obtained on behalf of the borrower, Woodridge Investors LLP.NorthMarq worked with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, in completing the financing. This deal was with one of NorthMarq’s undisclosed repeat borrowers. A tax-exempt bond credit enhancement enabled the lower floater bond issue.In a separate deal, the company also arranged first mortgage financing of $3.65 million for Greenfield Apartments (pictured), located in Omaha, Neb.NorthMarq organized financing for the 96-unit multifamily property through its Seller/Servicer relationship…
Regulatory Reform of GSEs Is Needed, MBA, NAHB Tell Congress
By Anuradha Kher, Online News EditorWashington, D.C–Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA), and Jerry Howard, executive vice president and CEO of NAHB, recently testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled, “Reforming the Regulation of the Government-Sponsored Enterprises.”“MBA has long advocated regulatory reform to ensure the GSEs are operating in a safe and sound manner, engaging in activities consistent with their charter purposes, and are subject to reasonable affordable housing goals that do not distort the market,” Quinn told the committee. “MBA is particularly interested in the…
San Bernardino Housing Authority Hires Company to Help Its Units Reduce Energy and Water Usage
By Erin Brereton, Content ManagerSan Bernardino, Calif.–The Housing Authority of the County of San Bernardino (HACSB) recently announced that Westborough, Mass.-based energy solutions provider NORESCO will add $14.5 million of water and energy conservation improvements to its public housing units.NORESCO will install xeriscaping–environmentally friendly landscaping that uses native and drought-tolerant plants, shrubs and groundcover–and a centralized system for irrigation to reduce annual water use by 300 million gallons.The company also plans to make plumbing fixture upgrades, add programmable thermostats and to enroll residents in an income qualified rate program for electricity and natural gas to cut costs.NORESCO estimates that its…
Merrill Lynch Shuts Down Subprime Division
New York–Merrill Lynch & Co., the second-biggest U.S. securities firm by market value, announced Wednesday that it would cease making new home loans through its First Franklin Financial subprime lending unit, Bloomberg reports.The New York-headquartered company will eliminate 650 jobs and record a $60 million charge related to the subprime division, which former Chief Executive Officer Stan O’Neal bought in 2006.Merrill also said it will place its Pittsburgh-based subprime-loan billing and collections Home Loan Services component up for sale.”After evaluating a number of strategies, we believe it is appropriate to discontinue mortgage origination,’” David Sobotka, head of New York-based Merrill’s…
LNR Property and Hopkins Real Estate to Develop $850 Million Mixed-Use Project
By Anuradha Kher, Online News EditorCarson, Calif. –LNR Property Corp. (LNR) and Hopkins Real Estate Group (HREG) have started work on the Avalon at South Bay, a mixed-use retail and residential project situated on a former landfill site in Carson, Calif. Tetra Tech Inc. has been awarded the contract to design and construct the project.The project is located along the 405 Freeway between Avalon and Del Amo Boulevards on 168 acres of land. Expected to be complete by 2011, Avalon at South Bay consists of more than one million sq. ft. of retail space, nearly 1,500 condominiums and apartments, and…
Savanna Puts WildPostings at Subway Stations to Advertise Newest Project
By Anuradha Kher, Online News EditorNew York–In a unique advertising campaign, Savanna Partners, a New York-based developer, is using WildPostings at street entrances to subway stations, to market its new residential development in Williamsburg called 125 North 10th St.The ad campaign involves putting up WildPostings on the walls of highly trafficked transportation hubs in Brooklyn, and in the east village and parts of Chelsea in Manhattan.“This promotional technique exposes our project to tens of thousands of New York City residents, commuters and visitors on a daily basis,” says Shep Wainwright, principal of New York City-based Savanna Partners.In addition to WildPostings,…
W Developers Unveils Plans for 150-Unit Luxury Building
By Anuradha Kher, Online News EditorUnion City, N.J.–W Developers, a Lakewood, N. J.-based real estate development firm, has unveiled plans for its luxury high-rise condominium, The Thread, located at 3312 Hudson Ave., adjacent to the Lincoln Tunnel in Union City, N.J. The Thread is a 14-story community featuring 150 one-, two-, and three-bedroom condominiums with amenities including a doorman, concierge, recreation room with billiards table, fitness center, children’s playroom, landscaped outdoor plaza with barbecues and an onsite parking garage. The name, Thread, refers to Union City’s history as a hub of the garment and lace manufacturing industry.Though Union City has predominantly had…
DEAL OF THE DAY: Legacy Partners Acquires 309-Unit Community
By Anuradha Kher, Online News EditorFederal Way, Wash.–Legacy Partners recently acquired the 309-unit Campus Grove, a town home apartment community in Federal Way, Wash., from Campus Grove LLC. The company plans to invest $12 million for renovation of the property.Located at 1300 SW Campus Dr. in Federal Way’s West Campus area, Campus Grove features two-, and three-bedroom town home-style units ranging in size from 1,066 to 1,399 sq. ft. The town homes also have direct access to one- and two-car garages.The 24-acre community features amenities including a 4,500-sq.-ft. recreational facility, swimming pool, spa and showers, exercise room, sport court, meeting…