Price of Average Manhattan Unit Down 16% but Sales Activity is Slightly Up
By Anuradha Kher, Online News EditorNew York–Manhattan has continued to see the effects of the recession, according to the second quarter Manhattan residential market report recently released by Brown Harris Stevens. The average apartment (includes condos and co-ops) price of $1,263,471 was down 16 percent from the first quarter of 2009, and down 24 percent from the same period a year ago. Click here to view PDF of chart.The second quarter of 2008 saw many closings at The Plaza and 15 Central Park West; if these closings are discounted, the decline in the average price would be 15 percent from…
VP Green Initiatives at Enterprise Community Partners Dana Bourland Selected to Judge MHN’s Green Initiative Awards
New York—Dana Bourland, vice president of green initiatives for the Enterprise Community Partners Inc., has been selected to judge MHN’s second annual Green Initiative Awards. Bourland directs all aspects of Enterprise’s Green Communities program, from strategic planning and program development to evaluation and public policy advocacy. She is currently leading the second phase of Green Communities to address retrofits for existing buildings and the provision of community-based green services.“Green provides the opportunity for us to rethink everything about the way we live and do business, allowing us to tap one of the most underutilized resources we have—our innovation. Finding ways…
Bader Co. Demonstrates How Incremental Gains From Renters Insurance Can Affect the Bottom Line
By Erika Schnitzer, Associate EditorIndianapolis—Bader Company recently introduced AdantEdge, a five-point renters insurance program designed to increase NOI for apartment owners and operators.An online calculator, at GoinchwormGo.com, is available for owners to see how incremental monthly gains can add positive growth to their bottom line. By plugging in the number of units they operate, owners and managers can see how each program impacts their bottom line and NOI, Matt Logue of Bader Company tells MHN. “It’s a solid risk management solution that allows the owner/operators to quantify the financial value of the AdvantEdge program to their organization.” AdvantEdge allows owners…
TODAY’S DEALS: Walker & Dunlop Closes LIHTC Loans Totaling Over $11M for Two Communities, and Other Transactions
By Anuradha Kher, Online News EditorNew Orleans–Walker & Dunlop has provided two permanent Low-Income Housing Tax Credit (LIHTC) loans totaling $11,450,000 for Avalon Park Family (pictured) and Avalon Park Seniors located in Atlanta. The loans were structured with an 18-year term and a 30-year amortization. The Avalon Park Family loan was underwritten to a 66 percent loan-to-value with a 1.12x debt-service coverage ratio. Avalon Park Seniors was underwritten to a 62 percent loan-to-value with a 1.24x debt-service coverage ratio. Walker & Dunlop converted both loans to permanent LIHTC loans utilizing Freddie Mac’s 24-month Forward Commitment. Avalon Park Family is a…
12-Story White Glove Condo Hits Park Slope Market
By Anuradha Kher, Online News EditorNew York–500 Fourth Avenue, a 12-story white glove condominium in the Park Slope neighborhood of Brooklyn is now open for sales. It is expected to be complete by late fall this year. The project will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet and priced from $342,000 to $1,077,000. The building will also feature an approximate 3,000 square-foot duplex townhouse priced at $1,426,000, providing a unique opportunity to own a new-construction townhouse in this historic Brooklyn neighborhood. All homes will benefit from a 15-year, 421-A tax…
Q&A with Adrienne Albert: Marketing 101 for Multifamily Companies
Adrienne Albert (pictured) is the founder and CEO of The Marketing Directors Inc. Albert was most recently inducted as a Legend of Residential Marketing by the National Sales and Marketing Council of the National Association of Home Builders (NAHB). The Marketing Directors, Inc., has conducted over $60 billion in residential sales including single-family homes and high-density multi-use developments. She is a member of the Real Estate Board of New York, Urban Land Institute, Institute of Residential Marketing, and she sits on the Board of Governors of the Associated Builders and Owners of Greater New York (ABO). She talks to Online…
Automating Multifamily Building Management
By David Demarest, Architecture Demarest (Click here for Part 1, The Benefits of Building Information Modeling.)More than a new design tool, BIM (Building Information Modeling) is a technology that can revolutionize the way multifamily owners manage properties, maintenance, expansions, renovations and brands. Once the project is commissioned, the BIM model becomes an as-built model quite different from traditional two-dimensional as-built drawings. Unlike CAD designs that show so many different views that it becomes difficult, if not impossible, for people untrained in reading blueprints to understand and visualize what they are looking at, BIM requires no imagination. A BIM model is a three-dimensional…
TODAY’S DEALS: Alliant Arranges Over $10M for 351-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorClinton Township, Mich.–Alliant Capital LLC recently arranged the $10.2 million refinance of Eastwood Village, a 351-unit apartment community located in Clinton Township, Mich., on behalf of Paragon Properties Co. Alliant Capital utilized the Fannie Mae DUS Extended Rate Lock program and locked the interest rate six months prior to closing the loan. By delaying the closing for six months, Paragon was able to avoid a prepayment penalty to the original lender and obtained a lower rate than would have been available at closing. Eastwood Village was built in 1987 and boasts an occupancy rate…
SPECIAL REPORT: Top Mistakes to Avoid in a Tough Economy
By Erika Schnitzer, Associate EditorLas Vegas—There are a number of mistakes multi-housing companies should identify and try to avoid, particularly in today’s recessionary environment, according to Bill Nye, PhD, Bill Nye Training, who spoke at last week’s National Apartment Association Conference and Exposition in a session entitled, “The Dirty Dozen: 12 Mistakes You Can’t Afford to Make in a Tough Economy.”The first so-called mistake, identified as “Making a silk purse out of a pig’s ear,” is cutting your educational budget and expecting to reach your goals. Tough times require better-trained employees, noted Nye, an idea that resonated throughout the conference—whose…
INSIDE THE DEAL: Walker & Dunlop Makes $53M Acquisition Loan for Property in Florida
By Keat Foong, Executive EditorSebring, Fla.—Is you asset located in a Fannie Mae “pre-review state”? Here is one property that is, but it was in a very good position to obtain financing. Walker & Dunlop provided Tanglewood Manufactured Housing Community with a $53 million acquisition loan under the Fannie Mae DUS program. The 10-year fixed-rate loan is interest-only for the first two years. According to Will Baker, vice president, Multifamily Finance, at Walker & Dunlop, the lender normally makes loans to manufactured housing that are not less than three to five stars, and Tanglewood was a five-star property. “This is…