EDITOR’S NOTE: Initial Look at Financial Regulatory Reform
By Keat Foong, Executive Editor Last week, President Obama put forward his proposals to make changes to the regulatory oversight of the financial system. Among the proposals, the “Financial Regulatory Reform Plan” would give the Federal Reserve and the Federal Deposit Insurance Corp. additional controls over financial institutions. It would require hedge funds and private equity funds to be registered with the Securities and Exchange Commission. And it would consolidate the agencies that oversee consumer debt banking into a regulator called the Consumer Financial Protection Agency. Where our industry is concerned, the plan would more tightly control banks that issue…
NWP Enables Cash Payments for Residents Through Western Union
By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP) will team with Western Union Global Payment Services, an operating division of The Western Union Co., to offer a new Pay by Cash payment feature, which will become part of NWP’s Resident ePay service for the multifamily industry. The service will enable residents to pay both rent and utility bills in person at more than 44,000 Western Union Agent locations in the U.S. NWP currently offers billing and payment transaction support services including resident rent and utility billing, electronic rent payment and utility management services. “More walk-in payment locations mean…
Condo, Co-op Sales Are Up 6.1%; Could Signal an Upward Trend
By Anuradha Kher, Online News EditorWashington, D.C.–Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors (NAR). May’s increase was the first back-to-back monthly gain since September 2005.Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9 percent below the 571,000-unit level in May 2008. The median existing condo price was $173,800 in May, down 21.9 percent from a year earlier.“From the sales point of view, things…
TODAY’S DEALS: Arbor Closes Two Fannie Mae DUS MBS Loans Totaling Over $47, and Other Transactions
By Anuradha Kher, Online News EditorLas Vegas–Arbor Commercial Funding recently completed funding of two loans totaling $47,493,000 under the Fannie Mae DUS MBS product line. These loans include:• $23,500,000 for the La Villa Estates, a 336-unit rental community in Las Vegas. The loan was funded under the Fannie Mae DUS MBS product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.46 percent. • $23,993,000 loan funded under the Fannie Mae DUS MBS product line for the 336-unit San Tropez Apartments also located in Las Vegas. The 10-year loan amortizes on a 30-year schedule…
TODAY’S DEALS: HFF Arranges $25M in Financing for Two Communities Totaling 357 Units, and Other Transactions
By Anuradha Kher, Online News EditorLongwood, Fla.–The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities totaling 357 units in Longwood, Fla.HFF worked on behalf of NTS Development Co. to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program. A $14.63 million loan was arranged for Golf Brook and a $9.6 million loan was secured for Sabal Park.Located at 385 Golf Brook Circle (Gold Brook Apartments) and 32 Sabal Park Place (Sabal Park Apartments), both communities are easily accessible from…
Hudson Valley Bank’s Lockbox Total Solution Helps Property Managers with Payment Challenges
Hudson Valley Bank’s new product, named “Lockbox TS” (Total Solution), is designed to automate payment processing, accelerate exception clearing and streamline record retention and research. Lockbox TS is a system for property managers that addresses current payment challenges. “With our new Lockbox TS offering, property managers are able to leverage automated data capture capabilities to revitalize traditional check and paper-based cash management services,” says James J. Landy, President and CEO of Hudson Valley Bank. “We are excited to roll out this innovative product for our customers.” The lockbox TS service combines traditional old-fashioned lockbox methodologies with revolutionary imaging technology on…
Michaels Organization Awards Over $190,000 In Grants to Students at its Affordable Housing Communities
By Anuradha Kher, Online News Editor Marlton, N.J.–The Michaels Organization recently awarded more than 70 educational grants to aspiring students who reside at its affordable housing communities. The grants can be used by the recipients to pay tuition costs at any accredited college, university, or vocational training program in the country. “We are very proud to be able to give back to the communities where we own and manage properties in this very tangible way,” says John O’Donnell, chief operating officer of The Michaels Organization. The grants, totaling $193,500, are administered through the Interstate Realty Management Educational Foundation, a non-profit entity created…
Apartment Finder Partners with International Real Estate Portal to Reach Overseas Renters Seeking U.S. Apartments
By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Apartment Finder has announced a partnership with Enormo.com, the world’s largest international real estate portal. Apartment Finder’s listings will now be displayed on Enormo.com, as well as 80 of Enormo’s country sites for renters worldwide seeking an apartment in the United States.“Websites like Enormo are looking for fresh and relevant content on their site. We download our content every night at midnight, and they select what they serve on their site,” explains Marcia Bollinger, president of Apartment Finder. “It’s an extension of our SEO effort, another way to get a better value proposition for our…
Multifamily Mortgage Delinquency Rates Rise in First Quarter ‘09
By Anuradha Kher, Online News EditorWashington, D.C.–The weakening economy and continued credit crunch led to increases in multifamily mortgage delinquencies during the first quarter of 2009, according to the Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA). “Multifamily mortgage delinquency rates continued to rise in the first quarter,” Jamie Woodwell, vice president of Commercial Real Estate Research at the MBA, tells MHN. “Numbers don’t explicitly break out for multifamily, but the sector is taking the pinch much like other sectors. In fact, multifamily properties have been more rapidly affected than say office, because the leases are short—one year or…
HUD Offers Housing Assistance to 4,000 Americans with Disabilities
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development, on the occasion of the tenth anniversary of the Supreme Court’s Olmstead decision, announced that it will offer rental assistance to 4,000 non-elderly families with disabilities, including 1,000 vouchers specifically targeted to those transitioning out of nursing homes and other care facilities. Through its funding notice, HUD is seeking comment from public housing authorities and others to ensure this critically needed assistance is distributed and administered in the most effective manner possible.The Supreme Court’s ruling in Olmstead v. L.C. & E.W., ten years ago, affirmed the…