News
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…
TODAY’S DEALS: Alliant Arranges $8.7M Refi of 318-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio. “The Grove of Peoria is an anomaly in the current Chicago market,” says John Marr, senior vice president of Alliant Capital’s Stamford office and originator of this transaction. “With no population growth and an economy dealing with massive job losses, the area’s apartment market has taken…
Miami’s Down Market Compels Owner of $25M Penthouse Condo to Sell for $9.9M
By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development on the southernmost tip of Miami Beach, for $25 million, then dropped it to $15 million, and finally managed to sell it to a European bachelor for $9.9 million with help from Wall Street-based brokerage firm Platinum Properties. It took just 48 hours to close…
New Rental Syndication Advertising Service Saves Property Managers Time and Money
By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout has launched an online rental marketing service that allows property managers to create advertisements for their listings that are syndicated across the Web to rental sites and search directories.“Over 70 percent of renters start their searches online,” Misty Lackie, CEO of Go Smart Solutions LLC, the company that created RentShout and that provides self-serve advertising solutions, tells MHN. “The process it takes to enter listings in multiple directories is very time-consuming and cost-ineffective.” With RentShout, Lackie explains, property managers only have to enter their listing information into one database, which is then pushed…
$8,000 First-Time Homebuyer Tax Credit Can Now Be Applied Toward Purchase of FHA-Insured Home
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. According to Secretary Shaun Donovan, today’s action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing a first home. Families can only access this credit after filing their tax returns with…