News

By Anuradha Kher, Online News EditorOrange County, Calif.–Western National Property Management recently launched its Layoff Protection Program, which allows those residents who lose their jobs to cancel their leases without penalties.“We understand that in the current economic climate, some people are hesitant to commit to leases, knowing that if they lose their job they could find themselves in a bind,” Thomas K. Shelton, president of Western National Property Management, tells MHN. “We want to provide our residents with peace of mind when they move in or renew their leases and instill some confidence in people’s thinking,” he adds. For a…

By Erika Schnitzer, Associate EditorRogers, Ark.—The M. Kaplan Cos. LLC, a Houston-based owner, operator and developer of multifamily properties, recently converted its Ranch at Pinnacle Point, a 392-unit Class A apartment community in Rogers, Ark., into a corporate housing solution that enjoys a 95 percent occupancy rate.Kaplan Acquisitions and Development, the development arm of M. Kaplan Cos., had completed the project in February 2007 and expected to see solid returns. “At the time this property was developed, the market conditions in Northwest Arkansas were really good,” notes Matthew Summers, president of management at Kaplan Management Company Inc., the property management…

By Anuradha Kher, Online News EditorMiddlesex County, N.J.–NorthMarq Capital through its affiliate AmeriSphere has closed a $20 million multifamily loan on a 244-unit luxury apartment complex (pictured) in Middlesex County, N.J. NorthMarq New Jersey closed the loan in 28 days from deal identification. The borrower secured a 5.66 percent rate on a 10-year loan based on a 30 year amortization.Arbor Closes $11,025,000 Fannie Mae DUS Loan Holt, Mich.–Arbor Commercial Funding LLC recently completed funding of a $11,025,000 loan under the Fannie Mae DUS product line for Aspen Lakes Estates II, a130-unit apartment community in Holt, Mich.   The 79-month loan amortizes…

By Anuradha Kher, Online News EditorSan Francisco–HFF (Holliday Fenoglio Fowler, L.P.) has hired Kevin Redford as a director in its debt placement group in its San Francisco office.  Redford will focus on debt and structured finance transactions with a particular emphasis on multifamily properties in Northern California and throughout the Western United States. Prior to joining HFF, Redford was a vice president of finance with San Francisco-based Fowler Property Acquisitions Co. (FPC), a private real estate firm focused on multifamily and commercial investments. Prior to FPC, Redford was a tenant representative broker with Cornish & Carey, a boutique brokerage firm. …

By Anuradha Kher, Online News EditorWeehawken, N.J.–In this tough economy, where developers are under pressure to sell units, they are increasingly turning to auction marketing to close out their inventories. One such developer is Ernesto Garcia, who on April 19 is auctioning 16 units at his condominium project Aristocrat (pictured)in Weehawken, N.J. The Aristocrat, which features one- and two-bedroom units, is located at 34-48th St. off Blvd. East. The condos will be sold with a five-year tax abatement, with the added bonus that no taxes will be charged the first year. Eight of the condos will be sold absolute, regardless of…

By Anuradha Kher, Online News Editor Irvine, Calif.–Following a high number of layoffs in January this year, and rising uncertainty over the economy, foreclosures in February across the U.S. went up by 6 percent from the previous month and nearly 30 percent year-over-year. RealtyTrac collects and aggregates foreclosure data from more than 2,200 counties, covering more than 90 percent of U.S. households (including multifamily).  Despite many of the foreclosure moratoria that were in place in January as well as February, RealtyTrac’s February Foreclosure Market Report showed 290,631 U.S. properties filing for foreclosure— default notices, auction sale notices and bank repossessions —during…

By Erika Schnitzer, Associate EditorNew York—Solar Energy Systems LLC (SES), a Brooklyn-based integrator of commercial solar power systems, has installed New York’s largest multifamily residential solar array at Kips Bay Towers, a 1,120-unit property designed in the 1960s by I.M. Pei and known for its use of cast-in-place concrete.In late 2007, the new management, New York-based Cooper Square Realty, approached SES—a company that typically focuses on warehouses due to their flat roofs—to determine whether installing solar panels on a new roof would be feasible for the project, David Buckner, president of SES, tells MHN. “We went to the site—it’s a…

By Anuradha Kher, Online News EditorEscondido Calif.–CB Richard Ellis arranged the purchase of Park Terrace Apartments (pictured) on behalf of Conrad Prebys Trust from Nordiego Capital Ltd. for $12.4 million. Located at 151 Gayland St., in Escondido Calif., the 117-unit property features two laundry facilities, a pool and spa plus carport parking.The apartments were built in 1974 on 5.49 acres with a unit mix of 40 one-bedroom, one-bathroom units; 44 two-bedroom, one-bathroom units; 32 two-bedroom, two-bathroom units; and one four-bedroom, two-bathroom house.NCB’s New York Team Arranges Almost $16M in New Loan Originations During FebruaryNew York–NCB has originated nearly $16 million…

By Anuradha Kher, Online News EditorLong Island City, N.Y.–The landmark Sohmer Piano Factory, a historical structure dating back to 1886, has been converted into a 69-unit condominium in Long Island City, N.Y. Sales for the building have begun and occupancy is expected by fall 2010.Caliendo Architects have transformed the six-story building, located at 31-01 Vernon Blvd., on the corner of 31st Ave. and the East River. “These residences capture the historical, industrial aesthetic of Long Island City, while offering a comfortable and modern lifestyle,” says Andy Gerringer, managing director of the Prudential Douglas Elliman Development Marketing Group.  The Piano Factory…