News
TODAY’S DEALS: NorthMarq Capital Arranges $16.1M First Mortgage Financing for 300 Units, and Other Transactions
By Erika Schnitzer, Associate Editor Grand Prairie, Texas–NorthMarq Capital has arranged first mortgage financing of $16.1 million for Indigo Pointe Apartments, a 300-unit multifamily community.Financing was based on a four-year interest-only term and was arranged by NorthMarq through its relationship with a Midwest life insurance company.Jeff Frankel, senior vice president and senior director of NorthMarq Capital Inc.’s Chicago office, arranged the financing.ARA Closes $2.3M Sale of 32-Unit Rental PropertyPhoenix—Apartment Realty Advisors (ARA) has negotiated the sale of Central Mountain Villas, a 32-unit garden-style apartment building, for $2.3 million.The sales price of the property, which had a 60-day list period and…
Property Management: Can You Afford Not to Screen Residents?
By Keat Foong, Executive EditorBefore a resident will be accepted at an apartment community, he or she needs to be background checked. But for what information? Indeed, resident screening can be a tricky process, as it is an area that is laden with potential pitfalls. What aspects of an applicant’s background are relevant? What are the ways to screen residents? What should you do or not do if you do not want to be sued? These are all questions to address. Apartment companies can try to investigate any of the following questions before accepting the applicant into the community: Can…
Innovative Insurance Products Address Green Building Risks
By Teresa O’Dea Hein, Managing EditorNew York—The latest introduction in the growing green marketplace is a primary casualty coverage from AIG Risk Management (AIG), a unit of AIG Commercial Insurance, designed for property owners and managers of green buildings. It consists of two coverages—AIGGreen Reputation Coverage and AIGGreen Indoor Environment Coverage, part of the AIGGreen product line from AIG Real Estate Solutions. This is the first casualty product addressing potential green losses to third parties, Joe Fobert, senior vice president. AIG and practice leader at AIG Real Estate Solutions, based in Tampa. Fla., tells MHN.AIGGreen Reputation Coverage provides up to…
EDITOR’S NOTE: The Season of Sharing
By Teresa O’Dea Hein, Managing EditorWith so many companies now cutting back on holiday celebrations, this could be the season when property managers can really make a difference in their residents’ lives as well as in their communities. Simple opportunities for get-togethers may now be appreciated more than in previous years when budgets were more lavish. Perhaps the time is right for a return to basics, like a homemade cookie exchange or carol singing. This is the time of year that people especially value warm greetings and times together. They’re a welcome antidote to the worrisome headlines of daily news…
Despite Credit Conditions, Commercial Real Estate Executives are Likely to Build Green
By Erika Schnitzer, Associate EditorNew York—Seventy-five percent of commercial real estate executives say that the current credit crisis has not made them less likely to build green, according to Turner Construction Company’s 2008 Green Building Market Barometer.“What the [survey] told us was that even in spite of the uncertainty in the credit market, for those people planning to build, three-quarters are still planning to build green,” says Michael Deane, vice president and chief sustainability officer at Turner, whose green multifamily buildings include New York’s Solaire, a LEED (Leadership in Energy and Environmental Design) Gold project, the Verdesian, the first LEED…
Multifamily Contemplates the Future of Fannie, Freddie
By Keat Foong, Executive Editor Washington, D.C.—Debate continues about the future of Fannie Mae and Freddie Mac. This week the Wall Street Journal reported that Congress and the future Obama administration would be likely to restructure the two entities and in doing so consider the economic crisis and conflicts between the companies’ mission to support the housing market and their need for profits. David Cardwell, Vice President of Capital Markets and Technology, has told MHN that the apartment industry has an interest in seeing Fannie Mae and Freddie Mac continue as private companies. Whatever the eventual structure of the two…
Coping with a Fire’s Aftermath
By Teresa O’Dea Hein, Managing EditorAnaheim Hills, Calif.—While fires caused by dry Christmas trees are a concern during the holiday season, outdoor fire issues are a year-round worry. Southern California wildfires recently destroyed a number of apartments apartments, rendered multiple buildings uninhabitable and displaced over 110 people at a 292-unit garden-style apartment community, the Cascades, in Anaheim Hills, Calif. As a result, over 69 renter’s insurance claims have been filed, according to the Irvine, Calif.-based LeasingDesk Insurance Services, a wholly owned subsidiary of RealPage Inc. and a provider of full participation insurance programs for the multifamily industry, along with American…
Multifamily Anticipates Potential Fannie, Freddie Restructurings
By Keat Foong, Executive Editor Washington, D.C.—Debate continues about the future of Fannie Mae and Freddie Mac. This week the Wall Street Journal reported that Congress and the future Obama administration would be likely to restructure the two entities and in doing so consider the economic crisis and conflicts between the companies’ mission to support the housing market and their need for profits. David Cardwell, Vice President of Capital Markets and Technology, has told MHN that the apartment industry has an interest in seeing Fannie Mae and Freddie Mac continue as private companies. Whatever the eventual structure of the two…
6th Annual MHN Capital Choice Awards 2008
Dear Reader,Despite all of the fluctuations in today’s economy, multifamily housing developers still need funding sources for their deals.The winners of our 6th Annual Capital Choice Awards represent excellent choices in terms of where to start that funding search.The companies shown here represent the leading edge in a fast-changing landscape. You and your peers have voted these lenders as the “best of the best” at providing valuable services, speed of processing, flexibility of terms, scope of loan products offered, and the quality of loan servicing.Some of the financial institutions listed here have been bought by larger banks. We have simply…
Kwikset Launches Keyless Touchpad Deadbolt
Kwikset recently released its SmartCode Signature Series, a keyless entry deadbolt that features a touchpad design, eliminating the need to carry keys.SmartCode Signature Series, which is available in Polished Brass, Venetian Bronze and Satin Nickel, incorporates the company’s SmartKey technology with BumpGuard protection. Additionally, when a renter moves, a property manager can change the code and re-key the lock without having to call a locksmith.The deadbolt is also accessible with a key when needed. The system allows property owners and managers the ability to create two access codes—one for everyday access and a secondary code, which can easily be changed,…