News
TODAY’S DEALS: NCB’s New York Team Arranges $22M in New Loan Originations in June, and Other Transactions
By Anuradha Kher, Online News Editor New York–NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties.“NCB’s June activity is consistent with recent months, with many properties looking to secure financing while rates are still low,” says Edward Howe III, managing director of the NCB New York office. “For others, it was simply the right time to refinance or tackle costly improvement projects. We anticipate both of these trends to be driving factors for arranging financing in the coming months.”Howe…
Q&A: The Truth about Green Business
Gil Friend, founder, president and CEO of Natural Logic Inc., a consulting firm specializing in sustainability, recently wrote The Truth about Green Business, which reveals 52 strategies “to green your business and grow your profit.”Friend is a founding board member of the Sustainable Business Alliance, Sustainable Berkeley and the California Sustainable Business Council and serves on the executive board of OpenEco.org and the advisory boards of CleanFish, WattBot and Green World Campaign. He has also served on San Francisco Mayor Gavin Newsom’s Clean Tech Advisory Council and has worked in the California Governor’s Office, developing early sustainability policies and programs.Friend…
INSIDE THE DEAL: Apt. Sale to Affordable Developer Yields Best Price
By Keat Foong, Executive EditorSan Diego—Selling properties to affordable housing developers may sometimes be the way to go if a seller wants to obtain the best price. CB Richard Ellis recently brokered the sale of a market-rate property, the 95-unit Village Green Apartments, located at 4140-4150 Bonillo Drive in San Diego. The property was purchased by Wakeland Housing and Development Corp., an affordable housing developer that acquires, rehabilitates and develops affordable housing communities in San Diego and throughout California. According to Eric Comer, senior vice president at CBRE, the seller approached CBRE which assessed the highest and best use for…
Added Concerns for Calif. and Nev. Property Managers in an Already-Unstable Time
By Erika Schnitzer, Associate EditorSacramento, Calif.—With higher vacancies putting pressure on property managers to relax their applicant criteria somewhat, owners and operators are assuming more risk at their communities in order to lease more units. While this is mostly an increased financial risk, it is interesting to examine other areas where property managers are forced to question their standards.California and, most recently, Nevada have legislation in place that makes it illegal for a community or property management company to reject a prospective resident based on sexual offender status. (Affordable housing is excluded from this, as HUD regulations set screening restrictions…
H2Orb Can Prevent Wasted Water Flow
AquaOne Technologies LLC recently launched the H2Orb Water Management System, a new toilet technology that intercepts the flow of water to the toilet tank if the toilet begins to run excessively. Conversely, if the water level in the bowl gets too high, the H2Orb shuts off the water supply so that a second flush is not possible. H2Orb’s audible alarm and visible control panel screen also alert users that a fault has occurred in the system.The H2Orb can pay for itself in water savings within the first year just by stopping a leaky toilet. Additionally, an H2ORB system can reportedly…
Charles E. Haldeman Jr. is New CEO of Freddie Mac
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac’s board of directors has appointed finance industry veteran Charles E. Haldeman, Jr. as the company’s CEO as well as a member of the board of directors. Haldeman was chairman of Putnam Investment Management LLC, the investment advisor for the Putnam Funds, until June this year. Previously, he served as president and CEO of Putnam Investments. Freddie Mac expects that Haldeman’s employment and board tenure will begin in August 2009, following release of the company’s second quarter financial results. He will succeed John A. Koskinen who has been serving as Freddie Mac’s interim…
Charles E. Haldeman, Jr. is New CEO of Freddie Mac
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac’s board of directors has appointed finance industry veteran Charles E. Haldeman, Jr. as the company’s CEO and to the board of directors. Haldeman was chairman of Putnam Investment Management LLC, the investment advisor for the Putnam Funds, until June this year. Previously, he served as president and CEO of Putnam Investments. Freddie Mac expects that Haldeman’s employment and board tenure will begin in August 2009, following release of the company’s second quarter financial results. He will succeed John A. Koskinen who has been serving as Freddie Mac’s interim CEO since March 2009….
Rising Demand for Live/Work Housing, Says ULI
By Anuradha Kher, Online News EditorLos Angeles–With almost half (49 percent) of U.S. businesses being operated from home, the house is increasingly becoming the American office, according to a U.S. Census Bureau report from 2006, which is also the latest one available. And there are many more home businesses that have started since the downturn began last year, the Urban Land Institute (ULI) revealed at a seminar recently. Both these factors are making live/work housing increasingly popular, a topic ULI explored at the seminar. “There are so many scenarios with live/work housing,” Karin Liljegren, director of live/work housing for Killefer…
Kingsley’s Employee Engagement Program Helps MF Firms Drive Organizational Performance
The Kingsley Employee Engagement Program (KEEP) is a cost-effective tool for multifamily firms to drive organizational performance through improved employee satisfaction, loyalty and engagement. The survey-based program measures employee engagement, while identifying strengths, weaknesses and potential best practices within an organization. Through this program, multifamily firms can:• Optimize employee engagement and retention • Gauge the alignment of employee and company goals • Enhance employee/management relations • Identify ways to improve employee satisfaction and engagement After the employee engagement survey is complete, Kingsley Associates will develop actionable reports, which include: Key Performance Indicator (KPI) dashboards summarizing performance in the areas most directly…
TODAY’S DEALS: ARA Denver Brokers Largest Multifamily Sale of Over $9M in 2009 in the Denver Metro Area, and Other Transactions
By Anuradha Kher, Online News EditorArvada, Colo.–Apartment Realty Advisors (ARA) recently brokered the sale of a 182-unit property located at 6066 Lamar St. in Arvada, Colo. The buyer, a California private investor, purchased the property for a price of $9,200,000. This represents a price per unit of $50,549 and a price per square foot of $82.22, making LaMar Village the largest apartment transaction in the Denver metro area in 2009. LaMar Village was built in 1975, 1978 and 1982.According to Terrance Hunt, “Financing this deal was a challenge. It is no secret that it is tough to get even a…