News
TODAY’S DEALS: HFF Secures $5.3M Financing for 196-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorWest Palm Beach, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) has recently secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Fla.HFF placed the 6.11 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae). The loan has a 10-year term that is interest-only and is open at par after Year Five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades. Located at 1441 Brandywine Rd. overlooking the Bear Lakes Country Club in West…
First Green Affordable Townhomes in Marrero, La. Add to GO Zone Housing Supply
By Erika Schnitzer, Associate EditorMarrero, La.—Providence Community Housing, CLB Porter LLC and Enterprise Community Investment recently celebrated the grand opening of St. Bakhita Apartments, a 100-unit green affordable rental property and a first of its kind in Jefferson Parish. Providence Community Housing, a non-profit affordable housing developer founded in the aftermath of Hurricane Katrina, and CLB Porter LLC, a New Orleans-based real estate development and financial advisory firm, developed the community, which also encompasses a 4,000-square-foot clubhouse.Financing for the $21.7 million development includes over $17 million in Low-Income Housing Tax Credit equity, a $3 million mortgage from Enterprise and a…
Q&A with Valerie Neng: Retrofits Now Starting to Become Part of Language Used by MF Building Managers
Valerie Neng (pictured), director of Housing & Community Development, joined WHEDCo in 2007. She leads WHEDCo’s green building efforts, including programs for whole building health, tenant education, green property and asset management practices, and implementing a multi-year energy retrofit project. She also seeks new development opportunities in the South Bronx that align with WHEDCo’s mission to provide beautiful, green and affordable housing. Prior to WHEDCo, Neng worked in several capacities at the NYC Department of Housing Preservation & Development (HPD), including project management and underwriting for multifamily new construction projects. Before entering public service, Neng was a researcher with consulting…
Meeks + Partners Launches Green Studio
By Anuradha Kher, Online News EditorHouston–Architectural firm Meeks + Partners is launching M+P Green Studio, which will help incorporate sustainable strategies into the planning and design of multifamily developments. A three-man team of LEED-accredited professionals, including Associate Partner Keith Malone, AIA, LEED AP, will run the studio. In addition to LEED guidelines, the M+P Green studio team members will incorporate the green initiatives set forth in the newly adopted National Green Building Standards.The other two members of the team are Ryan Meeks and Trevor Meeks. “This is a very important step for the firm, because many of our development partner…
KTGY Community Receives National Award for Outstanding Senior Affordable Housing
By Anuradha Kher, Online News EditorIndio, Calif.–Horizons at Indio, an affordable housing community developed by Urban Housing Communities (UHC) and Heritage Community Housing (HCH), has received an Honorable Mention in the Senior Housing category of the 15th Annual Charles L. Edson Tax Credit Excellence Awards program. Architectural firm KTGY Group, Inc. designed the development with emphasis on creating a walkable, pedestrian-friendly senior environment.“We’re thrilled to receive this recognition for our community in Indio,” says John Bigley, chief operating officer, Urban Housing Communities. “Horizons exemplifies our commitment to excellence in affordable housing, and it’s gratifying to be recognized for our efforts.”…
TODAY’S DEALS: Love Funding Closes Construction/Permanent Loan of $47M for 432-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News Editor Palm Beach, Fla.–Love Funding recently closed a $47,212,900 new construction/permanent loan for the Village at Secret Lake, a planned 432-unit multifamily housing community in Kissimmee, Fla. Upon completion, the Village at Secret Lake will be comprised of 12 separate four-story elevator buildings, and residents will be able to enjoy views of a conservation area, pond and an oversized resort-style pool. Love Funding was able to provide funds for the construction of the proposed development through an FHA-insured loan based on a 1.17:1 debt cover ratio. By utilizing HUD’s 221(d)(4) loan program. Love Funding was…
EDITOR’S NOTE: Multifamily Conference Offers Advice on How to Circumvent the Credit Crunch
By Keat Foong, Executive Editor Construction financing is still attainable, if you know where to look. Learn about obtaining and negotiating for debt financing—including construction, acquisition and refinancing—in today’s difficult environment at the upcoming Multi-Housing World Leadership Summit 2009. The conference, which is produced in conjunction with Multi-Housing News magazine by Nielsen Business Media as part of the Nielsen Co., will be held from Sept. 29-Oct. 1 in San Diego. One panel in the Finance and Investment Track is called “Show Me the Money: How to Find, Negotiate and Secure Construction, Acquisition, Rehab and Permanent Financing.”The panel will be led…
GUEST COLUMN: Despite Doubts, Sources Exist for Multifamily Construction Loans
By Lucas MatesaReznick Group, P.C. The 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, they…
Northland Investment Expects Its Vacancies to Fall With Roll Out of Rent Assurance Program
By Anuradha Kher, Online New EditorNewton, Mass.–Northland Investment Corp. has launched its Rent Assurance Program (RAP), which will allow a resident to walk away from his or her lease, without paying termination fees, in case he/she loses his or her income involuntarily. RAP is a program similar to the ones that many other multifamily developers have rolled out since the economy starting slowing down. It will apply to Northland’s entire multifamily portfolio, which includes 16,670 units in nine states—Massachusetts, Connecticut, Rhode Island, North Carolina, South Carolina, Tennessee, Florida, Texas, and Arizona. However, it will be offered to new move-ins and…
Pinnacle, Samsung Sign MOU for Future Military Housing Efforts in South Korea
SEOUL, Korea–Chief Executive Officers Sang Dae Lee of Samsung and Stan Harrelson of the Pinnacle Family of Cos. signed two Memorandums of Understanding, one memorializing the terms of an exclusive partnership to work jointly on all future military housing projects on the Korean peninsula for the next five years and the second one establishing an Employee Internship Exchange Program. Through this program, highly motivated Samsung employees will intern with Pinnacle in the U.S. “The signing of these two MOUs is symbolic of the growing cooperation between Pinnacle and Samsung,” says Harrelson. “Our two firms have been working together on very…