News
Freddie Mac Gets New Chief Credit Officer
By Anuradha Kher, Online News Editor McLean, Va.–In the final week of 2008, Freddie Mac has named Raymond G. Romano as the company’s new chief credit officer, a position that is responsible for enterprise-wide credit risk management activities.Romano has served as senior vice president of credit risk oversight since he joined the company in 2004. In September 2008, Romano also assumed the role as acting chief credit officer while the company conducted a nationwide search for the position.”Managing credit effectively is the cornerstone of this company, particularly in a turbulent economy,” says Freddie Mac CEO David Moffett. “Romano has really demonstrated…
Sperry Van Ness Promotes COO Kevin Maggiacomo to President
Irvine, Calif.–Sperry Van Ness International will kick off 2009 with a new president. The real estate brokerage firm’s board of directors has voted unanimously to promote COO Kevin Maggiacomo (pictured) to the new position.Maggiacomo will take on responsibility for the Irvine, Calif.-headquartered company’s day-to-day operation and execution of its vision, which CEO Mark Van Ness had been supervising.Maggiacomo tells MHN Online News Editor Anuradha Kher about why Sperry Van Ness is growth potential for multifamily in 2009. What are some compromises the company will have to make in light of the economic downturn?Last December, very early on in this economic…
CaesarStone Launches New Line of Colors for Quartz Surface Collections
CaesarStone has introduced Color Expressions 09, a new series of premium quartz surfaces, featuring eight new colors to be added to its existing line of over 40 innovative colors, including multiple textures and finishes.CaesarStone’s quartz surfaces are designed to complement all applications, from traditional to contemporary.The new color series includes:Smoky Ash: This recycled color comprised of recycled glass is the color of natural smoke, volcano ash and incense burning.Chocolate Truffle: The second of the two new recycled colors is made from recycled glass, its color is that of rich caramel and fine cuisine.Buttermilk: The subtle, milky texture stirs feelings of…
LEED Gold Mixed-Use Community Planned for Houston Suburb
By Erika Schnitzer, Associate EditorPearland, Texas—Historic Real Estate Inc., a Houston-based private real estate investment and development company, has released plans for the WaterLights District, a $700 million, 155-acre master planned community designed for LEED (Leadership in Energy and Environmental Design) Gold certification.WaterLights will offer up to 1,400 residences, in addition to retail, offices, restaurants, two hotels, a conference facility, up to 5,900 parking spaces and a public park along a Grand Canal waterway. The site will also create interest with an unusual Presidential Park & Gardens, which will feature busts of all U.S. Presidents.Groundbreaking is slated for April 2009,…
TODAY’S DEALS: Alliant Capital Closes $4.5M Apartment Loan, and Other Transactions
By Anuradha Kher, Online News EditorEverett, Wash.–Alliant Capital LLC recently provided $4.5 million in financing for the Parkview Apartments (pictured), an 84-unit garden-style apartment community built in 1981. The property is comprised of seven residential buildings. Parkview is financed under Alliant’s Fixed + One program and it has a 10-year term with 30-year amortization. Meridian Capital Arranges $1M for 12-Unit PropertyChicago–Meridian Capital Group recently arranged $1 million in financing for a multifamily property situated in the Edgewater neighborhood on the north side of Chicago. The 12-unit property is located in the 5600 block of N. Winthrop Ave. Meridian’s Illinois office…
International Groups to Tackle Affordable Housing as Global Real Estate Challenge
(This story first appeared on the Commercial Property News Web site.)New York–On a global level, there are no geographical boundaries when it comes to affordable housing shortages. And with that topic in mind the United Nations Economic Commission for Europe (UNECE) recently held a seminar in New York City along with its Real Estate Market Advisory Group (REM) and the International Real Estate Federation (FIABCI) to address the affordable housing issue and the role it can play in rebuilding the real estate market. In addition to examining the source of the current real estate development plight and its social consequences,…
Average Cost for Apartment Property Insurance Fell 11% YOY
By Anuradha Kher, Online News EditorWashington, D.C.–Apartment firms benefited from lower insurance costs across the board and more insurance availability in 2008, according to the National Multi Housing Council’s (NMHC) annual Apartment Cost of Risk Survey (ACORS). On average (nonweighted), apartment firms saw a 17 percent price decrease in 2008. This compares favorably with the 10 percent to 25 percent reductions recorded in the broader commercial property sector. All three components of the total cost of risk for apartment firms (property, general liability and workers’ compensation) fell in 2008 compared to 2007.According to Conning Research and Consulting, which conducted the…
RealPage Adds New Resident Technology Solutions Group
By Anuradha Kher, Online News EditorCarrollton, Texas–Henry Pye and his JPI Resident Solutions team of multifamily technology advisors will join RealPage, effective January 1, 2009. They will continue to provide resident services and technology consulting to multifamily owners, developers, managers and builders under the newly created Resident Technology Solutions group within the Velocity division of RealPage.”The ever-increasing development of new resident services and technologies, and the complexity of coordinating their relative financial, technical, legal and operating aspects are a challenge for every owner, developer and manager,” says Jared Schenk of Schenk Realty Group. “Pye and his team excel at crafting…
Guest Column: Overcome NIMBY Opposition Before it Stalls Your Project
esolved in other ways. When negotiation is the only answer, then there are three types of concessions to consider during negotiation:Your project can be modified to remove the real or perceived threat to neighbors’ interests. Project modifications often involve physical changes related to density, height, acreage, use and so on.Unavoidable negative impacts can be reduced to less offensive levels through the incorporation of mitigation measures. For example, attractive landscaping can mitigate the view impacts of a new mixed-use project. Like project modifications, mitigation measures are aimed at meeting neighbors’ negative interests to preserve the status quo.It may be possible to…
TODAY’S DEALS: Kennedy Wilson Sells 153-Unit Rental Community for $21.9M, and Other Transactions
By Anuradha Kher, Online News EditorNorwalk, Calif.–Following its carefully constructed three-year asset disposition plan, Kennedy Wilson Multifamily Management Group (KW Multifamily) has sold The Courtyards, a 153-unit apartment community at 12401 Studebaker Rd. in Norwalk, Calif., for $21.9 million. Advanced Real Estate Services Inc., a tenants in common (TIC) syndicator purchased The Courtyards.Located at the junction of the 105, 605 and 5 freeways, The Courtyards is a garden-style apartment community with 16 two-story and one-story wood-frame structures. The project offers 72 one-bedroom/one-bath apartment homes and 20 three-bedroom/two-bathroom units. Common area amenities include two swimming pools, a whirlpool spa, arbor-covered picnic/barbeque…