News
Maximizing the Revenue Potential of Your Fitness Center
By Bryan Green It is not uncommon for apartment management personnel to view a fitness center as merely a “value-added” amenity, established to reinforce a positive tenant experience. Granted, this is without question, a valuable role. But, at the risk of sounding harsh, it’s a perspective that is often short-sighted and may eliminate a wealth of profit-generating potential inherent to any fitness center when managed with an eye toward generating revenue. When fitness is embraced as a valuable business-development platform for your property, there exist significant opportunities to drive revenue. These are in addition to passive revenue channels, such as…
TODAY’S DEALS: Walker & Dunlop Closes Over $61M for 12-Property Portfolio Acquisition, and Other Transactions
By Anuradha Kher, Online News EditorLittle Rock, Ark.–Walker & Dunlop provided $61,021,300 in HUD-insured financing for a portfolio of nursing homes in Arkansas. The 12-property, 1,255-bed portfolio was purchased by CSCV – Arkansas. Each loan was structured with a 35-year term and a 35-year amortization utilizing HUD LEAN 232/223(f) loans. The loans were underwritten to an 85 percent loan-to-cost. This deal marks the first portfolio closed through the LEAN process and demonstrates the growing acceptability of FHA financing in the healthcare industry. Steve Ervin, senior vice president and Group Head of FHA Finance, says, “Before the LEAN program, acquisitions of…
Hybrid Air-Conditioning System Powered by Solar Energy or Electricity Reduces Energy Use by 60%
DuCool’s DuHybrid air-conditioning system is powered by solar thermal energy or electricity to reduce the energy required for cooling by up to 60 percent compared to standard air conditioning. The DuHybrid system combines desiccant dehumidification with evaporative or geothermal cooling to eliminate the need for conventional mechanical cooling. It utilizes solar thermal energy when available and automatically switches to electric power when needed. The DuHybrid system can also be integrated with a cogeneration system and can be powered by other renewable energy sources or waste heat. The DuHybrid system operates in one of two modes. The renewable energy mode is…
Green Building Legislation Could See Amendments Before Reaching Senate
By Tonie Auer, Contributing EditorGreen building efforts continue to gain momentum with the House passage of energy and climate legislation that provides incentives while accelerating the benefits of sustainability and environmental performance. But the bill isn’t ready for the Senate yet.“The American Clean Energy and Security Act of 2009 (ACES), informally known as the Waxman-Markey bill, narrowly passed the U.S. House of Representatives on June 26 and is headed for the Senate at the end of July,” Dan Probst, chairman of Energy and Sustainability Services for Jones Lang LaSalle, tells CPN.But most experts believe there will be several amendments before…
HUD’s Rental Assistance Vouchers Will Allow Low-Income Residents to Rent from Private Landlords
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development is awarding 2,500 rental assistance vouchers to 37 public housing authorities across the U.S. to reunite more than 7,500 children with their parents. The children are currently in foster care. “As a father of two sons, I can’t imagine the pain parents must feel when the family is separated because of the lack of affordable housing,” says HUD Secretary Shaun Donovan. “These vouchers will allow thousands of children to live with their families.” HUD is providing nearly $20 million in funding through its Family Unification Program…
Roger Development Taps Fullerton Diaz to Design Housing for University of Florida
By Erika Schnitzer, Associate EditorGainesville, Fla.—Coral Gables-based Fullerton Diaz Architects has been tapped by Roger Development Group Inc. to design One College Park, a mixed-use project containing three buildings conveniently located to the University of Florida, Gainesville campus. The $55 million project, which sits on 1.77 acres, will include a 56-unit loft apartment building, a 170-suite hotel, 15,000 square feet of retail, and a 580-space subterranean parking garage. “It’s a perfect location for [the area’s] revival, and a very convenient location to the [Ben Hill Griffin] Stadium and campus in general and to all the commercial areas that surround the…
Price of Average Manhattan Unit Down 16% but Sales Activity is Slightly Up
By Anuradha Kher, Online News EditorNew York–Manhattan has continued to see the effects of the recession, according to the second quarter Manhattan residential market report recently released by Brown Harris Stevens. The average apartment (includes condos and co-ops) price of $1,263,471 was down 16 percent from the first quarter of 2009, and down 24 percent from the same period a year ago. Click here to view PDF of chart.The second quarter of 2008 saw many closings at The Plaza and 15 Central Park West; if these closings are discounted, the decline in the average price would be 15 percent from…
VP Green Initiatives at Enterprise Community Partners Dana Bourland Selected to Judge MHN’s Green Initiative Awards
New York—Dana Bourland, vice president of green initiatives for the Enterprise Community Partners Inc., has been selected to judge MHN’s second annual Green Initiative Awards. Bourland directs all aspects of Enterprise’s Green Communities program, from strategic planning and program development to evaluation and public policy advocacy. She is currently leading the second phase of Green Communities to address retrofits for existing buildings and the provision of community-based green services.“Green provides the opportunity for us to rethink everything about the way we live and do business, allowing us to tap one of the most underutilized resources we have—our innovation. Finding ways…
Bader Co. Demonstrates How Incremental Gains From Renters Insurance Can Affect the Bottom Line
By Erika Schnitzer, Associate EditorIndianapolis—Bader Company recently introduced AdantEdge, a five-point renters insurance program designed to increase NOI for apartment owners and operators.An online calculator, at GoinchwormGo.com, is available for owners to see how incremental monthly gains can add positive growth to their bottom line. By plugging in the number of units they operate, owners and managers can see how each program impacts their bottom line and NOI, Matt Logue of Bader Company tells MHN. “It’s a solid risk management solution that allows the owner/operators to quantify the financial value of the AdvantEdge program to their organization.” AdvantEdge allows owners…
TODAY’S DEALS: Walker & Dunlop Closes LIHTC Loans Totaling Over $11M for Two Communities, and Other Transactions
By Anuradha Kher, Online News EditorNew Orleans–Walker & Dunlop has provided two permanent Low-Income Housing Tax Credit (LIHTC) loans totaling $11,450,000 for Avalon Park Family (pictured) and Avalon Park Seniors located in Atlanta. The loans were structured with an 18-year term and a 30-year amortization. The Avalon Park Family loan was underwritten to a 66 percent loan-to-value with a 1.12x debt-service coverage ratio. Avalon Park Seniors was underwritten to a 62 percent loan-to-value with a 1.24x debt-service coverage ratio. Walker & Dunlop converted both loans to permanent LIHTC loans utilizing Freddie Mac’s 24-month Forward Commitment. Avalon Park Family is a…