News
MBA Study Names PNC Real Estate Top Multifamily Lender in 2008
By Anuradha Kher, Online News EditorWashington, D.C.–PNC Real Estate was the top multifamily originator in 2008, followed by Wachovia, Capmark Financial Group, Wells Fargo and Deutsche Bank Commercial Real Estate. PNC made $8,130 million in loans while Wachovia made $6,882 million and Capmark Financial Group Inc. made $6,547 597, according to the Mortgage Bankers Association’s latest study. Eight different companies topped the 11 lists reporting originations by investor groups:• Capmark Financial Group as the top originator for Freddie Mac, FHA/Ginnie Mae, and specialty finance; • Bank of America for commercial banks/savings institutions and conduits; • MetLife Real Estate Investments for…
P&F Acquires 1,500 Distressed Multifamily Units, Continues to Deliver New Product
By Anuradha Kher, Online News EditorHillside, N.J.–Despite the current economic climate and challenges faced by the residential real estate market, P&F Management Co. LLC, is continuing to provide solutions for a variety of underutilized real estate assets and portfolios, as well as real estate-backed securities. Currently, P&F Management has more than 750 units in the planning and/or development stages along with another 250 units under construction in New Jersey. The company has acquired more than 1,500 distressed residential units so far. “P&F Management is very optimistic about the future,” says Glen Fishman, founder and CEO, P&F Management. “Because of our smart-buy strategies,…
Download ENTRY FORM: 2009 Green Initiative Awards
Make sure your green program/green product or service receives all the attention it deserves. Enter MHN’s Green Initiative Awards Competition. Winners will be published in the November 2009 issue of Multi-Housing News Magazine. Deadline for entries is August 1.THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (writeable pdf format/can not be saved on all computers).THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (in a non-writeable pdf format).The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by apartment communities, developers, suppliers, manufacturers and others in the multifamily sector.There are two ways to enter:1) Corporate Initiative: A program launched by a multifamily…
Riverstone Provides Unemployment Protection to Renters in its Communities
By Anuradha Kher, Online News EditorDallas–Joining the ranks of several other multifamily companies, Riverstone Residential is now offering a pink slip protection program to residents across its communities.Residents who lose their jobs can remain in their apartments under Riverstone’s protection plan. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident’s rent for up to two months.Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential has teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop the Pink Slip…
TODAY’S DEALS: PNC Arranges $101M Fannie Mae Dus Refi Loan, and Other Transactions
By Anuradha Kher, Online News EditorPittsburgh–PNC recently arranged Fannie Mae DUS refinancing totaling $101.9 million by two of its real estate businesses for multiple Associated Estates Realty Corp. properties, along with St. Mary’s Villa Apartments, Mountain View Estates and Convict Hill Apartments. Red Mortgage Capital Inc., now a part of PNC, provided Fannie Mae DUS refinancing loans totaling $54.4 million for Courtney Chase (pictured), a 288-unit complex located in Orlando, Fla., Steeplechase at Shiloh Crossing, consisting of 264 units in Avon, Ind. and Saw Mill Village Apartments with 340 units in Columbus, Ohio. In addition, Red provided Fannie Mae DUS…
Fagor Products are Ideal for Universal Design and ADA-Compliant Kitchens
Fagor’s side-opening 24-in. European convection wall ovens are available in right or left hinge swing door options. This convenient design eliminates the need for bending over a hot oven door and can be installed at any height for added convenience. The ovens can be mounted at any height to suit the layout and limitations of a kitchen space or the user’s preferences or needs. They are installed to fit flush into the cabinetry and can be used comfortably. In addition, Fagor’s dishwasher column storage center is ergonomically designed to position the dishwasher 18 inches above the floor, eliminating the need for…
McShane Construction Completes 352-Unit Apartment Community Ahead of Schedule
By Erika Schnitzer, Associate EditorRincon, Ga.—McShane Construction Co. of Rosemont, Ill. has completed The Springs at Effingham, a 430,000-sq. ft., 352-unit apartment community, for developer/owner Continental Properties Co. Inc., based in Menomonee Falls, Wis.The project, which broke ground in November of 2007 and was completed in February 2009, was finished ahead of schedule, despite the recession. “We had a quality team of subcontractors who were committed to getting the job done quickly,” Scott Hoppa, vice president-Southeast, McShane Construction Co., tells MHN.Located on a 32-acre site in an outlying community of Savannah, the garden-style project encompasses 22 buildings.Designed by Miami-based MSA…
Private Security Services Become Increasingly Common Across Multifamily Communities
By Anuradha Kher, Online News EditorSacramento, Calif.–Private security services, provided as an amenity as well as necessity, have become increasingly common on site at multifamily communities. When small problems such as domestic disturbance or petty theft occur on a property, having private security services can be more efficient than calling 911. As a result, some renters prefer staying in communities where private security is offered.USA MultiFamily is one such property manager. The company uses Paladin private security services across six of its properties in Sacramento featuring 1,041 units. “We believe private security is an amenity as well as a necessity…
National CORE Consolidates Systems, Selects Yardi Voyager
Santa Barbara, Calif.—Affordable housing provider National Community Renaissance (National CORE) has selected Yardi Voyager for its reporting, compliance and property management processes. Prior, National CORE utilized two separate property management systems to manage more than 70 properties. With Yardi Voyager Affordable Housing, National CORE now draws data from across the entire organization into one centralized database, reducing the time and effort required to consolidate reports and facilitating portfolio-wide oversight. Having fast access to all relevant information helps National CORE meet the strict government compliance standards required of affordable housing providers. “Yardi Voyager helps us operate more efficiently because with Voyager we…
Eco-Friendly Pest Management
By Patrick T. Copps, Orkin, Inc. As the demand for multifamily living grows, competition for residents is higher than ever. This trend, coupled with the fact that consumers are required to make tough decisions in the current economic climate, means your property must go beyond standard amenities to attract residents and remain at maximum capacity. Multifamily properties can’t afford to ignore the growing demand for eco-friendly living environments. Today’s consumers are more likely to spend their “green” on products and services created with sustainability in mind. You’ve likely heard about ways your property can become more environmentally friendly, but you may…