News
TODAY’S DEALS: Grandbridge Funds $2.6M First Mortgage for 256-Unit Class B Community, and Other Deals
By Erika Schnitzer, Associate EditorTomball, Texas—Grandbridge Real Estate Capital LLC recently funded a $2.6M first mortgage for Lakewood Apartments, a 256-unit, Class B, garden-style apartment community. The fixed-rate acquisition, originated by John Fenoglio on behalf of Tomball Apartment Company LLC, was funded by Grandbrige and sold to Fannie Mae under its DUS program.The borrower currently owns an additional luxury apartment community in close proximity to Lakewood Apartments. The loan was closed in fewer than 45 days.Lakewood Apartments offers one- and two-bedroom units, ranging from 587 to 1,283 square feet. The community was 94 percent occupied at closing.Arbor Closes $2,025M Loan…
New Index Provides Information on Condo Building Health in Miami
By Erika Schnitzer, Associate EditorMiami—CondoReports.com recently launched a BuildingHealth Index, the first measure of condominium building health county-wide throughout Miami Dade County. The index will provide ratings on nearly 2,000 condominium and townhome communities. “It is vitally important for buyers to know the stability and potential risk of the buildings they are buying into. Just because a unit appears to be cheap, doesn’t mean it may not drop in price further,” says Adam Cappel, president of CondoReports.com and creator of the index. “Beyond pricing dynamics, lower-rated buildings are more prone to special assessment or higher maintenance simply because of the…
SPECIAL REPORT: At User Conference, RealPage Launches New Products to Help Businesses in Good and Bad Times
By Anuradha Kher, Online News EditorDallas–The RealPage User Conference kicked off this morning in Dallas with an opening session presented by president and CEO Steve Winn. With football as an analogy for running an apartment business, Winn explained how the company’s new products and upgrades can result in a winning game for their customers.“Football is the perfect metaphor for where we are in the multifamily industry today,” he said. “Challenges we face in the apartment arena can be likened to butting heads in a football game. But by using our new technologies, companies can overcome and beat their competition.” “We…
Q2 Demand as Weak as Expected Across Sectors–Except Multifamily
By: Barbra Murray, Contributing EditorThe dismal economy continued its stranglehold on the commercial real estate industry, as per CBRE Econometric Advisors’ recently released analysis, pushing up vacancies in the office, industrial and retail property markets. But there was one surprise. Demand in the multi-family sector, despite the ongoing job losses that are hindering the formation of new households, was essentially unchanged from the first quarter of the year. Neither the central business district nor the suburban office markets were able to put a lid on the growing stock of available space. Suffering an increase of 80 basis points, the office vacancy…
Withee Malcolm Receives Honors for Three Multifamily Communities
By Erika Schnitzer, Associate Editor Torrance, Calif.—Withee Malcolm Architects has received three top awards for its recent multifamily commissions.“We pride ourselves in creating projects that fit the context, that deliver based on what’s around it. We want to be good neighbors, but we want to have projects that enhance the community around it. Because we do infill, lifestyle is a big part of that,” Dan Withee, principal at Withee Malcolm Architects, tells MHN.Two of the honors were 2009 PCBC (Pacific Coast Builders Conference) Gold Nugget Awards. Withee’s Carson Senior/Workforce mixed-use project (top right) received the award for “Outstanding on the…
Nichiha Fiber Cement Siding Used in LEED ND Project
Nichiha fiber cement siding was recently included in Sustainable Fellwood, a 27-acre LEED ND project in Savannah, Ga.The project will feature NichiBoard Lap Siding, which is engineered to utilize the latest eco-friendly technology in fiber cement. It available in Smooth and Cedar finishes, as well as six widths.The panels, which are moisture-, rot- and termite-resistant, do not require sealant or caulk, as they are ship lapped on four sides. Its patented clip system creates a pocket of air between the panels and substrate, reducing the potential for moisture build-up. The siding is produced in an environmentally conscious manufacturing plant that…
Editor’s Note: The Legislative Impact of Clean Energy and Security
By Erika Schnitzer, Associate EditorThe House of Representatives recently passed energy and climate legislation that would include a number of provisions for green building incentives. The Waxman-Markey bill, otherwise known as the American Clean Energy and Security Act of 2009 (H.R. 2454), would include such things as:-A building retrofit program, which would include standards for both residential and nonresidential buildings;-A building energy performance labeling program, which would encourage both owners and occupants to learn about building energy performance;-Established percentage targets for energy use reductions in new residential and commercial buildings;-The GREEN (Green Resources for Energy Efficient Neighborhoods) Act, which includes…
TODAY’S DEALS: NorthMarq Capital Arranged $10M Loan for 372-Unit Complex, and Other Transactions
By Anuradha Kher, Online News EditorMorris County, N.J.–NorthMarq Capital has closed a $10 million multifamily loan on a 372-unit garden-style apartment complex in Morris County, N.J. NorthMarq said its New Jersey team canvassed the market and quickly obtained extremely favorable financing for this upscale complex with a full amenities package. Through its relationship with a local bank, NorthMarq secured a loan for its client of $10 million for 10 years on a 30-year amortization schedule at a fixed rate of 5.70 percent on a non-recourse basis. Arbor Closes $2,025,000 Fannie Mae DUS Small LoanGrenaga, Mass. –Arbor Commercial Funding LLC recently completed…
MULTI-HOUSING EXECUTIVES UPDATE: CB Richard Ellis Appoints New President of Mexico Operations, and Other Moves
Mexico City, MEXICO–CB Richard Ellis has appointed Lyman Daniels (pictured first from top) to the position of president of CBRE Mexico. A commercial real estate executive in Mexico, Daniels will be instrumental in leading the growth of CBRE’s business in Mexico across all lines of business. Since 2006, Daniels has served as the executive director and vice president for Hines in Mexico and Central America, overseeing more than $800 million of investment in the region and providing property and asset management direction for more than 50 properties. Daniels has been instrumental in shaping the commercial real estate market in Mexico and…
Green Building in a Changing Economic Environment
By Brooks Rainwater, American Institute of ArchitectsCurrently, buildings are the largest single source of emissions to our environment. Approximately 40 percent of all carbon emissions come from buildings, and these are the places where you live, work and play. At the American Institute of Architects, we are approaching sustainability and green buildings with a solutions-based approach that embraces technological change and incorporates the business case for green buildings. The green trend has become immeasurably stronger during the past decade, as prices for green materials have decreased and knowledge of green design has increased. As green building technology has improved over…