News
MARKET SNAPSHOT: Could There Be Signs of a Recovery in New York?
By Erika Schnitzer, Associate Editor New York—Manhattan may be showing some signs of a recovery, according to CORE’s Quarterly Real Time Report, Second Quarter 2009, a culmination of snapshots of current market inventory, pricing and absorption. However, whether this is due to seasonal activity or pent-up demand remains to be seen, notes Shaun Osher, founder and CEO of CORE Group Marketing LLC, a boutique luxury real estate firm specializing in resales, new development sales, marketing and rentals.The report shows that the Manhattan residential market is in a stage of absorption recovery; June 2009 had more than four times the volume…
Q&A with General Aharon Zeevi Farkash: Multifamily Buildings Not Adequately Secure to Handle Risks Facing Us in 21st Century
General Aharon Zeevi Farkash, a security expert who previously served as head of Israeli Military Intelligence, established FST21 in 2007 with the mission of providing preventive security solutions to increase safety and enhance tenant quality-of-life in residential, commercial & mixed-use buildings. He is the chairman & CEO of FST21 Ltd. based in Tel Aviv, Israel.Farkash talks to MHN Online News Editor Anuradha Kher about the importance of security in multifamily buildings and the new technology developed by his company that provides security through face, voice, license plate and behavior recognition. MHN: What is the reason security needs to be considered…
EDITOR’S NOTE: ‘TCAP’ and ‘Exchange Funds’ Explained
By Keat Foong, Executive Editor Among the multifarious areas to which the government will direct money under President Obama’s economic stimulus package (The American Recovery and Reinvestment Act of 2009) is tax credit housing. The Low Income Housing Tax Credit (LIHTC) program has been suffering from a fall-off in investor equity owing in part to the fact that financial companies no longer needed tax credits now that they were experiencing losses in the midst of the financial crisis. This is where the two programs under the Act—the Tax Credit Assistance Program (“TCAP”) and the Low Income Housing Tax Credit Exchange…
Boston Capital Launched $150M Affordable Apartments Fund
By Anuradha Kher, Online News EditorBoston–Boston Capital has opened Boston Capital Tax Credit Fund XXXII, a $150 million diversified portfolio of affordable apartment properties throughout the U.S. “Given the high quality of assets in Fund XXXII, we anticipate strong investor interest in this offering,” says Kevin Costello, director of Institutional Investing at Boston Capital. “With the rise in LIHTC yields to the double digit, after-tax level and the drop in Treasury rates, yield spreads are back to levels not seen since 1993. These economic factors, in addition to the ability to use the credit to reduce alternative minimum tax…
Ginnie Mae Issues Over $40B in MBS Loans for First Time in 41-Year History
By Anuradha Kher, Online News EditorWashington, D.C. –The Government National Mortgage Association (Ginnie Mae) has announced that it issued more than $43 billion in mortgage-backed securities (MBS) in June. For the first six months of calendar year 2009, Ginnie Mae provided nearly $207 billion of liquidity to the secondary market, compared to nearly $107 billion for the first six months of 2008.”The extraordinary strength of our MBS program clearly demonstrates the continuing need for Ginnie Mae securities in the secondary market,” says Joseph Murin, Ginnie Mae president. “Ginnie Mae’s ability to provide a safe security for investors and critical liquidity…
TODAY’S DEALS: Walker & Dunlop Closes Over $7M Refinance Loan for 72-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorPlano, Texas–Walker & Dunlop provided a $7,400,000 refinance loan for Lockwood Avenue Apartments located in Los Angeles. The loan was structured with a five-year term and a 30-year amortization. The loan was underwritten to a 74 percent loan-to-value with a 1.28x debt-service coverage ratio. Lockwood Avenue Apartments features two three-story buildings, totaling 72 units, constructed in 1966. The property was 97 percent leased at closing. Arbor Closes $2,239,700 Fannie Mae DUS Loan Riverside, Mo.–Arbor Commercial Funding recently completed funding of a $2,239,700 loan under the Fannie Mae DUS product line for the 116-unit complex known…
Web Service Co. Partners With Fowler to Manage its Commercial Laundry Facilities on West Coast
Redondo Beach, Calif.–Web Service Company has expanded its operations by entering into a collaborative partnership with Fowler Commercial Laundry Solutions. Fowler provides commercial laundry services in several states across the country and Web Service Co. will be responsible for providing management and service for Fowler’s common area laundry facilities on the West Coast.Earlier this year, Web was named the 2008 Multiple-Housing Excellence Award winner by Maytag Commercial Laundry. Additionally, it has received the “Readers Choice Award” from Apartment Finance Today four years in a row. “In addition to its commitment to provide superior customer service and products, Web offers a variety…
Relationships: The Power of Online Social Networking
By Mike Manning, Vice President of Marketing, LoopNet Inc.Real estate marketing, be it at the corporate, property or personal level, has always relied heavily on relationships. As we know, people do business with people they like, know, trust and can rely on for good information. The surging popularity of social media sites such as Facebook, LinkedIn and Twitter (which have seen their traffic increase by between 100 and 1,000 percent over the past year) can be explained largely by the effectiveness with which some people are using them to develop and enhance relationships.At LoopNet, we have observed a significant and…
HUD to Provide $113M in Funding to Broaden Scope of HOPE VI Program
By Anuradha Kher, Online News EditorWashington, D.C.–The Department of Housing and Urban Development (HUD) s making available $113 million in HOPE VI funding. Donavan announced this while speaking on the future of urban revitalization at the National Press Club during the Brookings Institution’s event, “From Despair to Hope: Two HUD Secretaries on Urban Revitalization and Opportunity.” Former HUD Secretary Henry Cisneros and Donovan engaged in a discussion about the HOPE VI revitalization program and the Obama Administration’s proposed Choice Neighborhoods Initiative, which seeks to build on the lessons from HOPE VI and expand urban revitalization beyond public housing. “The HOPE…
Paradise Village Seniors Housing Project Forges on Despite the Challenging Economy
By Lisa Iannucci, Contributing EditorSan Diego—It’s been a difficult few years for the housing market and the economy, especially in California. Many residents have lost jobs, homes and a large chunk of their retirement plans due to the faltering economy. It might sound like a logical business decision to put any new projects on hold. But Generations LLC, the development company that’s building Paradise Village, a $130 million, 497-unit independent living senior retirement community just south of the San Diego city limit, disagrees.Portland, Oregon-based Generations LLC is forging ahead with its project, excited about what the new development will bring…