News
Blanco’s New 1-3/4 Performa Sink That Fits 36-in. Cabinets
Blanco has added two new 1-3/4 Performa undermount sinks to fit 36-in. cabinets. The new models complete the collection of 37 stainless steel and Silgranit sinks for both standard and custom cabinetry. Perfoma’s luxury features include: • 18 gauge stainless – long lasting, easy-to-clean • Satin Polished Finish • Sound deadening insulation • Rear drain placement – to allow more usable sink space • Exceptional depth capacity – 10-in. deep bowls on large and 9-in. deep on small • 15-in. width x 20-in. length for the large bowl and 15-in. width x 15-1/2-in. length for small bowl minimizes the cutout…
Duo-Gard’s illumaWall Provides Colorful Daylighting
Providing translucent daylighting, Duo-Gard Industries Inc.’s illumaWall not only contributes to a lobby’s ambience but also to LEED (Leadership in Energy and Environmental Design) points. The illuminated wall, which utilizes LED lighting, is comprised of translucent polycarbonate glazings that minimize heat gain and diffuse daylighting, thereby reducing heating, cooling and lighting costs.Nanogel is an option to be added to the polycarbonates for a more energy-efficient, insulating aerogel that reduces sound transmission. The aerogel is completely recyclable and is comprised of 97 percent air.The wall is available in modular, mullion-free and custom systems and designers have a choice of four panel…
TODAY’S DEALS: NorthMarq Capital Arranges $5M Mortgage for 212-Unit Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital has arranged first mortgage financing of $5 million for Colony Apartment Homes (pictured), a 212-unit multifamily property, located in Richfield, Minn.Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Hendricks & Partners Arranges Sale of Five-Unit Property for Over $1MBel Air, Calif.–Hendricks & Partners has arranged sale of Ovada Garden Terrace, located at11378-11382 Ovada Place in Bel Air, Calif. The five-unit apartment community was sold for $1,575,000, $315,000 per unit, at 4.0 percent CAP.Ovada Partners LLC of Encino,…
PropertyBridge Launches Contest to Encourage Use of Automated Payment System
By Erika Schnitzer, Associate EditorOakland, Calif.—PropertyBridge Inc. has launched its 2009 Community Contest, a marketing promotion for property managers to boost resident payment adoption.“We hear from clients that they are feeling the pinch” in this economy, Summer Palma, marketing manager for PropertyBridge, tells MHN. “We are working with them to promote a lower-cost payment alternative. Every time a resident makes a payment [using PropertyBridge], it automatically updates in the property management system, eliminating the task for the leasing staff so they can focus on leasing.”Palma adds that the purpose of this contest is for PropertyBridge to work with its clients…
MULTI-HOUSING EXECUTIVES UPDATE: For Rent Media Solutions Selects New Regional Manager to Oversee Texas Markets, and Other Moves
By Anuradha Kher, Online News Editor Norfolk, Va.–For Rent Media Solutions has hired Carol Marple (pictured) as Texas regional manager. Marple began her career as an on-site assistant manager for Harry Reed Management. While at Reed, she transitioned into marketing and took on the position of director of marketing and training. Marple was also instrumental in the development and implementation of Greystar University, a program developed after Greystar Real Estate Partners acquired Harry Reed Management in 1993. “I look forward to playing my part in the growth of For Rent Media Solutions’ Texas region,” says Marple. “This year, I would…
Fannie Mae Invests $35.5B in MF Housing During 2008; Pledges to Mitigate Risks of Weak Rental Demand
By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae, through its lender and housing partners, financed $35.5 billion in multifamily rental housing in 2008. Fannie Mae’s multifamily financing include debt financing through lender partners and bond purchases.”Fannie Mae and its DUS lenders were pleased to provide significant liquidity and stability to the multifamily industry despite record levels of uncertainty and volatility experienced by the markets in 2008,” said Phil Weber, SVP of multifamily at Fannie Mae.Fannie Mae’s DUS lenders and affiliates delivered $33.3 billion of the company’s total investment in multifamily housing, including $21.8 billion in total DUS product. Approximately 89…
Depressed Job Market Causes Existing Home Sales to Drop, NAR Says Quick Lift Possible as Result of Stimulus
By Anuradha Kher, Online News EditorWashington, D.C.–Total sales of homes, including single-family and condo, fell 6.4 percent in the quarter as a result of job losses and low consumer confidence, according to the National Association of Realtors (NAR).Lawrence Yun, NAR chief economist, says the market is clearly depressed from job losses and consumer concerns about the economy. “Assuming housing provisions in the economic stimulus package are quickly enacted and provide enough encouragement for home buyers, we could see a quick lift in home sales for the critical spring home-buying season,” he adds.“If that occurs, we could see home prices begin…
TODAY’S DEALS: NorthMarq Capital Arranged $8.7 Million Mortgage for 184-Unit Rental Community
Las Vegas–NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments (pictured), a 184-unit multifamily property, located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with 40/86 Mortgage Capital. The borrower was only looking to refinance the existing mortgage and locked the rate early as the loan had a lock-out. The lender committed the loan early in the process and held the commitment through a turbulent market.Federal Home Loan Bank of Atlanta to Award More Than $12.4M…
Luxury Community Offers Discounts, Sees High Percentage of Closings
By Erika Schnitzer, Associate EditorAsbury Park, N.J.—The Blu at Asbury Park, a five-story, 24-unit luxury community developed by Pyramid Property Partners, has closed several sales in the past few weeks. The project is approximately 45 percent sold.Sammy Boyd, sales agent at John Conover Agency, attributes the high number of sales to the pricing of the residences, its location and its design. He says that the luxury residences are being offered at a discounted rate due to the state of the economy.The homes have been on the market for about one year, although Boyd is confident that “if these were better…
Q&A with Samuel Wagner: Reducing Rent Could Have Watershed Effect on a Property
Samuel Wagner (pictured) is chief operating officer of LeaseProbe LLC. He is also the COO of Real Diligence LLC, which offers financial due diligence for commercial real estate clients. Wagner established Real Diligence in 2006 to provide a host of technologically-savvy real estate services. In 2007, Real Diligence began working with LeaseProbe to provide comprehensive financial due diligence to LeaseProbe’s customers. LeaseProbe then merged with Real Diligence, bringing it under the Madison Commercial Real Estate Services umbrella.Wagner talks to MHN Online News Editor Anuradha Kher about the five questions multifamily developers should ask when managing their portfolios in the current…