Editor’s Note: The Legislative Impact of Clean Energy and Security
By Erika Schnitzer, Associate EditorThe House of Representatives recently passed energy and climate legislation that would include a number of provisions for green building incentives. The Waxman-Markey bill, otherwise known as the American Clean Energy and Security Act of 2009 (H.R. 2454), would include such things as:-A building retrofit program, which would include standards for both residential and nonresidential buildings;-A building energy performance labeling program, which would encourage both owners and occupants to learn about building energy performance;-Established percentage targets for energy use reductions in new residential and commercial buildings;-The GREEN (Green Resources for Energy Efficient Neighborhoods) Act, which includes…
TODAY’S DEALS: NorthMarq Capital Arranged $10M Loan for 372-Unit Complex, and Other Transactions
By Anuradha Kher, Online News EditorMorris County, N.J.–NorthMarq Capital has closed a $10 million multifamily loan on a 372-unit garden-style apartment complex in Morris County, N.J. NorthMarq said its New Jersey team canvassed the market and quickly obtained extremely favorable financing for this upscale complex with a full amenities package. Through its relationship with a local bank, NorthMarq secured a loan for its client of $10 million for 10 years on a 30-year amortization schedule at a fixed rate of 5.70 percent on a non-recourse basis. Arbor Closes $2,025,000 Fannie Mae DUS Small LoanGrenaga, Mass. –Arbor Commercial Funding LLC recently completed…
MULTI-HOUSING EXECUTIVES UPDATE: CB Richard Ellis Appoints New President of Mexico Operations, and Other Moves
Mexico City, MEXICO–CB Richard Ellis has appointed Lyman Daniels (pictured first from top) to the position of president of CBRE Mexico. A commercial real estate executive in Mexico, Daniels will be instrumental in leading the growth of CBRE’s business in Mexico across all lines of business. Since 2006, Daniels has served as the executive director and vice president for Hines in Mexico and Central America, overseeing more than $800 million of investment in the region and providing property and asset management direction for more than 50 properties. Daniels has been instrumental in shaping the commercial real estate market in Mexico and…
Green Building in a Changing Economic Environment
By Brooks Rainwater, American Institute of ArchitectsCurrently, buildings are the largest single source of emissions to our environment. Approximately 40 percent of all carbon emissions come from buildings, and these are the places where you live, work and play. At the American Institute of Architects, we are approaching sustainability and green buildings with a solutions-based approach that embraces technological change and incorporates the business case for green buildings. The green trend has become immeasurably stronger during the past decade, as prices for green materials have decreased and knowledge of green design has increased. As green building technology has improved over…
San Francisco’s Mandatory Recycling Program Encompasses Multifamily
By Erika Schnitzer, Associate EditorSan Francisco—San Francisco Mayor Gavin Newsom recently passed an ordinance that would require residential and commercial building owners to sign up for both recycling and composting services.“Cities have been struggling with recycling rates that have been pretty stagnant; they haven’t increased as much as recycling program managers would have liked,” notes Kendall Christiansen, a recycling industry expert who helped to launch New York’s recycling program and who is principal of Brooklyn-based Gaia Strategies, a public affairs consultancy for environmental business. The challenge of recycling at multifamily buildings is “the anonymity of residents, which makes it hard…
KTGY’s Proposed Seniors Community Will Contribute to Revitalization of Downtown Martinez
By Anuradha Kher, Online News EditorMartinez, Calif.–Nonprofit developer Resources for Community Development (RCD) and KTGY Group Inc., Architecture and Planning, are proposing to contribute to the renaissance of Martinez’s downtown area. Using the inspiration of the local architecture and the latest in green building technologies and design, RCD is in negotiations to purchase 1.03 acres at 310 Berrellesa St. in Martinez as the site to build Berrellesa Palms.Designed by KTGY, Berrellesa Palms is a proposed environmentally- and pedestrian-friendly, transit-oriented community, which will provide 48 one-bedroom apartments (plus an on-site manager’s unit) for active seniors 55 years of age and over,…
The Good, The Bad, and The Bottom: The Investor’s Never Ending Quest For The Elusive Bottom
By Nick Klein, HFO investment Real EstateEvery investor wants to find the best deal in the market. The fundamental, albeit cliché, principle of any business is “buy low and sell high.” Multifamily investing provides no exception to this rule. Buyers want to invest at the bottom of the market in hopes to ride the wave up and capitalize as the market returns.The problem is, nobody knows when we will hit the bottom of the market.It is perfectly natural to feel nervous about moving forward in a declining market. Chances are good that if you are completely comfortable with your transaction…
Standardize Your Leasing Practices for a Healthier Bottom Line in a Challenging Market
By Richard Schreiber, SureDeposit and Dennis Smillie, Multifamily Solutions, Inc. When the apartment industry is healthy, owners and property management firms invest in property management software. Today, with “same store” rental applications down 7.4 percent year over year, the industry is more focused on maintaining occupancies as a matter of preserving property valuations than on disciplined processes and back-office efficiency.Faced with this pressure to maintain occupancy and NOI performance, owners now have to choose between taking on more renter performance risk by offering larger concessions to applicants or keeping rents/concessions at existing levels and risk losing prospects to another property…
More Revenue with Less Hassle
By Anuradha Kher, Online News EditorWhether times are good or bad, disciplined revenue management itself, or unique ways of generating additional revenue, can increase a property’s bottom line. How are savvy owners/managers boosting their revenue in this tough economic environment?WestCorp Management, formerly Alliance Residential of Texas, uses technology to streamline bill paying and rental collection. Managing 45,000 multifamily units across the U.S., WestCorp Management is part of the Nevada West Development (NWD) group of companies. It has found that automation is impacting its net operating income (NOI) and the overall bottom line in a positive manner. The company recovered $1…
Weighing the Cost Against the Benefits of Green Building
By Erika Schnitzer, Associate EditorWashington, D.C.—Sustainability is a buzzword for today’s consumers and likely a requirement for them tomorrow, noted Bobby Bowling, president of Tropicana Building Corp. and moderator for an NAHB Multifamily Webinar, entitled “Green Building: A Cost/Benefit Analysis.”Speakers Sanford Steinberg, AIA, principal of Steinberg Design Collaborative LLP, and Patrick Dennis, regional construction manager at Wood Partners, discussed ANSI’s (American National Standards Institute) new National Green Building Standard (NGBS) and its application to the multifamily industry, as well as the cost of going green.(Click here for MHN’s coverage of the National Green Building Standard.)“What’s unique is that it gives…