News
TODAY’S DEALS: PNC Arranges $101M Fannie Mae Dus Refi Loan, and Other Transactions
By Anuradha Kher, Online News EditorPittsburgh–PNC recently arranged Fannie Mae DUS refinancing totaling $101.9 million by two of its real estate businesses for multiple Associated Estates Realty Corp. properties, along with St. Mary’s Villa Apartments, Mountain View Estates and Convict Hill Apartments. Red Mortgage Capital Inc., now a part of PNC, provided Fannie Mae DUS refinancing loans totaling $54.4 million for Courtney Chase (pictured), a 288-unit complex located in Orlando, Fla., Steeplechase at Shiloh Crossing, consisting of 264 units in Avon, Ind. and Saw Mill Village Apartments with 340 units in Columbus, Ohio. In addition, Red provided Fannie Mae DUS…
Fagor Products are Ideal for Universal Design and ADA-Compliant Kitchens
Fagor’s side-opening 24-in. European convection wall ovens are available in right or left hinge swing door options. This convenient design eliminates the need for bending over a hot oven door and can be installed at any height for added convenience. The ovens can be mounted at any height to suit the layout and limitations of a kitchen space or the user’s preferences or needs. They are installed to fit flush into the cabinetry and can be used comfortably. In addition, Fagor’s dishwasher column storage center is ergonomically designed to position the dishwasher 18 inches above the floor, eliminating the need for…
McShane Construction Completes 352-Unit Apartment Community Ahead of Schedule
By Erika Schnitzer, Associate EditorRincon, Ga.—McShane Construction Co. of Rosemont, Ill. has completed The Springs at Effingham, a 430,000-sq. ft., 352-unit apartment community, for developer/owner Continental Properties Co. Inc., based in Menomonee Falls, Wis.The project, which broke ground in November of 2007 and was completed in February 2009, was finished ahead of schedule, despite the recession. “We had a quality team of subcontractors who were committed to getting the job done quickly,” Scott Hoppa, vice president-Southeast, McShane Construction Co., tells MHN.Located on a 32-acre site in an outlying community of Savannah, the garden-style project encompasses 22 buildings.Designed by Miami-based MSA…
Private Security Services Become Increasingly Common Across Multifamily Communities
By Anuradha Kher, Online News EditorSacramento, Calif.–Private security services, provided as an amenity as well as necessity, have become increasingly common on site at multifamily communities. When small problems such as domestic disturbance or petty theft occur on a property, having private security services can be more efficient than calling 911. As a result, some renters prefer staying in communities where private security is offered.USA MultiFamily is one such property manager. The company uses Paladin private security services across six of its properties in Sacramento featuring 1,041 units. “We believe private security is an amenity as well as a necessity…
National CORE Consolidates Systems, Selects Yardi Voyager
Santa Barbara, Calif.—Affordable housing provider National Community Renaissance (National CORE) has selected Yardi Voyager for its reporting, compliance and property management processes. Prior, National CORE utilized two separate property management systems to manage more than 70 properties. With Yardi Voyager Affordable Housing, National CORE now draws data from across the entire organization into one centralized database, reducing the time and effort required to consolidate reports and facilitating portfolio-wide oversight. Having fast access to all relevant information helps National CORE meet the strict government compliance standards required of affordable housing providers. “Yardi Voyager helps us operate more efficiently because with Voyager we…
Eco-Friendly Pest Management
By Patrick T. Copps, Orkin, Inc. As the demand for multifamily living grows, competition for residents is higher than ever. This trend, coupled with the fact that consumers are required to make tough decisions in the current economic climate, means your property must go beyond standard amenities to attract residents and remain at maximum capacity. Multifamily properties can’t afford to ignore the growing demand for eco-friendly living environments. Today’s consumers are more likely to spend their “green” on products and services created with sustainability in mind. You’ve likely heard about ways your property can become more environmentally friendly, but you may…
TODAY’S DEALS: Love Funding Secures Over $9M for 216-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorWashington, D.C.–Love Funding has closed a $9,401,500 refinance loan for a multifamily housing complex located in Colorado Springs, Colo. The firm was able to secure FHA financing for the transaction.Love Funding closed the loan for the 496,623 sq. ft., 216-unit Apollo Village (pictured). By utilizing HUD’s 223(f) loan program, Love Funding was able to secure a 6.25 percent fixed interest rate with a 35-year amortization for the borrower, Apollo Apartments LLC. This transaction brings the total amount Love Funding has secured for Apollo Apartments, LLC to more than $13 million.Arbor Closes $8,775,000 Fannie Mae DUS…
MULTI-HOUSING EXECUTIVES UPDATE: Ric Holway Joins Hendricks & Partners as Partner in Phoenix Office, and Other Moves
Phoenix–Ric Holway (pictured) has joined Hendricks & Partners as a partner in the firm’s Phoenix office. Prior to this, Holway worked with a national investment brokerage competitor, where he was a senior vice president and was consistently ranked one of the firm’s top apartment brokers nationwide. “After investing 17 years of my life growing relationships and assisting clients build their net worth, the shift in today’s market caused me to reconsider the needs of my clients,” says Holway. “Today’s market demands more than just business as usual, it requires experience in dealing with today’s issues, as well as focus, innovation…
Growing Number of Builders Seek Certified Green Professional Designation to Distinguish Themselves From Competition
By Erika Schnitzer, Associate EditorWashington, D.C.—The National Association of Home Builders’ (NAHB) Certified Green Professional (CGP) designation is growing in popularity, with over 2,700 home building industry professionals having achieved this status.”It is designed to give those who achieve it a better understanding of what green building is and allows them to separate themselves from their competition to their clients,” Chad Reidy, program manager of green building technologies at NAHB, tells MHN.The designation, which was first launched in 2008 at the International Builders Show (IBS), is awarded after the successful completion of 24 hours of classroom instruction on green building…
Increasing Number of Renters are Taking Energy Conservation Measures, Study Finds
By Anuradha Kher, Online News EditorChicago–The availability of on-site recycling programs at multifamily communities has increased by 16 percent and that of energy-efficient windows by nine percent since 2007, according to a recent study conducted by Apartments.com.Simultaneously, it seems that renters are becoming more conscious of the environmentally friendly measures they can take in their homes. For example, to conserve energy, 52 percent of renters are turning off lights and computers when not in use, setting air conditioners and heaters on timers and using energy-efficient light bulbs, according to the latest national survey conducted by Apartments.com. An additional twenty-two percent…