TODAY’S DEALS: NorthMarq Capital Arranges $5.5M Mortgage for 50-Unit Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorSanta Ana, Calif.–NorthMarq Capital has arranged a $5.5 million first mortgage for Siena Pointe-Trento Apartments, a 50-unit, 52,080 sq. ft. multifamily property, located in Santa Ana, Calif. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. This was a full leverage loan with a fixed interest rate of 5.54 percent.Arbor Closes $3,442,500 Fannie Mae DUS LoanGreenville, N.C.–Arbor Commercial Funding LLC recently completed funding of a $3,442,500 loan under the Fannie Mae DUS Loan…
Enterprise to Use $95M Recovery Act Allocation as Catalyst for Green Development, Job Creation
Columbia, Md.–Through its subsidiary, ESIC New Markets Partners LP, Enterprise Community Investment Inc. received $95 million in New Markets Tax Credit (NMTC) from the U.S. Treasury Department’s Community Development Financial Institutions Fund. Enterprise is one of 32 Community Development Entities (CDEs) receiving an allocation of the $1.5 billion in NMTC awards as part of the American Recovery and Reinvestment Act of 2009. This new allocation brings Enterprise’s total NMTC awards to $610 million, $515 million of which has previously been invested in low-income communities nationwide.Enterprise will dedicate its allocation to the creation of the Enterprise Green Communities New Markets Tax…
75 Wall Street Unveils Rent-To-Own Program
By Anuradha Kher, Online News EditorNew York–75 Wall Street, a 346-unit condominium project in Manhattan’s Financial District is now offering a Rent-To-Own Program, which allows buyers to rent at 75 Wall Street and apply a year’s rent toward the purchase price of the unit.178 units sold at this property were sold prior to the launch of this program two weeks ago. “Under this new plan, there are already 15 deals pending,” Larry Kruysman, sales director at 75 Wall Street, tells MHN. “The market has of course slowed down, but the biggest problem is that people are finding it very hard…
Developers of Low-Income LEED ND Community Break Ground on Phase Two
By Erika Schnitzer, Associate EditorSavannah, Ga.—The developers of Sustainable Fellwood, a new mixed-use, mixed-income LEED (Leadership in Energy and Environmental Design) for Neighborhood Development community, recently held a ribbon-cutting ceremony for its first phase, consisting of 110 units, and broke ground on phase two, which will encompass an additional 110 units.Master planner Melaver Inc. worked in partnership with the Housing Authority of Savannah, Parallel Housing Inc., Progressive Redevelopment Inc., Vanguard Developers and CHSA (Community Housing Services Agency) Development Inc. In addition to its LEED certification, Sustainable Fellwood is also registered for Southface Energy Institute’s EarthCraft Coastal Communities.Green features include cellulose…
Outlook for Multifamily REITs Stable for Now
New York–Out of the nine multifamily REITs rated by Moody’s, eight have stable outlooks and one has a negative outlook (Colonial Properties Trust). Meanwhile, the outlook for the sector is stable, according to the company’s REIT Outlook 2009 report. During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry have steadily eroded and the forecast for rental demand is more uncertain. For now, landlords face little pressure from households choosing homeownership. “While home affordability measures are rising, they are offset by an aversion to buy assets that are still falling in value, stricter…
BULBRITE’s New Line of Energy-Efficient Bulbs
BULBRITE has unveiled a full line of new GU24 Twist & Lock Compact Fluorescent lamps as addition to its existing line of energy-efficient lamping alternatives.As part of BULBRITE’s Greener Solutions, the full line of GU24 Twist & Lock CFLs fits standardized line voltage sockets promoted by Energy Star. BULBRITE’s GU24 CFLs, which are featured in the company’s Energy Wiser brand, offer a long life, with an average of 10,000 hours. The company claims that a 75 percent energy savings is achieved with their usage. All GU24 compact fluorescent lamps deliver an incandescent-like Warm White light with a minimum starting temperature…
GUEST COLUMN: Evaluating Distressed Property
By Matthew Cummings, MC Squared Consulting“These are the times that try men’s souls.”Although the situation today in no way is comparable to Thomas Paine’s take on the American Revolution, our economic crisis today truly is “trying our souls” again. A variety of actions have been taken by government to address the underlying problems created by the housing bubble and subprime lending fiasco with little to no effect. Nothing, so far, has been successful, in large part because of the reluctance to purchase existing housing and commercial property. In theory, then, if a majority of available properties were purchased and inventory…
GUEST COLUMN: Earn Green Points by Building Multifamily with Wood
By David Helmers, iLevel by WeyerhaeuserFor economic and structural reasons, wood has long been the preferred building material for low-rise multi-family housing. Now, with sustainability an increasingly important factor in construction, multi-family builders are also choosing wood for its environmental benefits. Under the National Association of Home Builder’s (NAHB) National Green Building Standard™, builders can use certified lumber, engineered wood products (EWPs) and advanced wood framing methods to earn points toward a green building rating.Green attributes of woodWood offers multiple environmental advantages, including that it comes from a renewable, natural resource that helps reduce carbon dioxide (CO2) in the atmosphere….
GUEST COLUMN: Despite Doubts, Sources Exist for Multifamily Construction Loans
By Lucas Matesa, Reznick Group, P.C. The current financial crisis has impacted many facets of the economy, including the multifamily housing sector. In a market where liquidity had been reliant on commercial mortgage backed securities (CMBS), the credit markets have frozen up and few commercial lenders are available. Many borrowers will face debt maturing in the near future, with uncertainty about options surrounding refinancing, and new projects being stalled as a result of lack of capital. Fannie Mae and Freddie Mac have also historically been large players in providing liquidity in multifamily housing financing, but there is concern that under federal conservatorship,…
MULTI-HOUSING EXECUTIVES UPDATE: Enterprise Community Partners Adds to Executive Management Team, and Other Moves
By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Partners Inc. recently made several additions to its executive management team as well as expanded roles for many of the senior leadership members.Naomi Bayer (pictured), head of national initiatives and co-head of innovation;Lori Chatman, president, Enterprise Community Loan Fund;Paul Cummings, western region executive; Michael McNeely, chief financial officer; Ali Solis, policy and corporate affairs executive; andFaith Thomas, general counsel. The individuals listed in the following section were recently elected vice president of Enterprise Community Partners. Several of those listed below are leaders of Enterprise Impact Markets, which include New York, Baltimore, Washington, D.C., the Gulf…