News
RULES & REGS: Stalled Green Building Standard Moves Forward; Third Round of Public Comments Expected Early Next Year
By Erika Schnitzer, Associate EditorWashington, D.C.—Proposed Standard 189.1P: Standard for the Design of High-Performance Green Buildings, Except Low-Rise Residential Buildings (SPC 189.1P), which will apply to all buildings that are four stories and higher, is being created by ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), the Illuminating Engineering Society of North America (IESNA), and the United States Green Building Council (USGBC).Late last month, ASHRAE disbanded the volunteer committee working on the standard’s development, raising doubt that the code would ever come to fruition. However, ASHRAE recently issued an open call for members interested in serving on the project…
TODAY’S DEALS: Capmark Finance Originates $13.5M for 221-Unit Rental Community, and Other Transactions
By Erika Schnitzer, Associate Editor Avon Lake, Ohio—Capmark Finance Inc. recently arranged a $13.5 million loan through its Freddie Mac CME program for the acquisition of Somerset Apartments, a 221-unit garden-style apartment community.The 6.02 percent fixed-rate, 77 percent LTV loan features a 10-year term with two years of interest-only payments followed by a 30-year amortization.Stewart Campbell, vice president of Capmark’s New York office originated the transaction for the borrower. The loan closed within 60 days of application.The 19-acre Somerset Apartments, which was constructed in 2005, is 98 percent occupied. Average monthly rents are $851.HFF Secures $10M in Financing for 55-Unit…
Ed Peete Company Opens Newest Arlington, Va. Rental Community
By Erika Schnitzer, Associate EditorArlington, Va.—Ed Peete Company’s Zoso Flats, a 114-unit loft-style apartment community in Arlington, Va., has opened its resident lounge and fitness center. Leasing and move-ins are currently underway.Denver-based Simpson Housing LLLP is currently managing Zoso Flats and will be purchasing the development from Ed Peete Company.The project was originally intended to be a condominium, but Ed Peete Company decided to convert it into apartments last year. “We thought it had more value as an apartment development than as a condo development,” Ed Peete, president, tells MHN. Peete converted many of his Arlington, Va. buildings in 2007.Designed…
Standard and Poor’s to Track Condo Prices in Five U.S. Metro Areas
By Erika Schnitzer, Associate EditorNew York—Standard and Poor’s has launched a new index to track condominium prices in five major U.S. metropolitan areas—Boston, Chicago, New York, San Francisco and Los Angeles. The indices will include historical data beginning in January 1995.“Having access to a broader range of indices will allow property owners, investors and others to better understand how these different residential property types behave, while also providing a more complete picture of the overall existing residential property market,” says David M. Blitzer, managing director & chairman of the index committee, Standard & Poor’s.The five cities that were chosen for…
Housing Group Calls for Economic Stimulus Package to Bring Back Section 8 Production Program
By Keat Foong, Executive EditorWashington, D.C.— President-elect Barack Obama’s introduction this week of his economic team and his call for swift action to adopt an economic stimulus plan were welcomed by the National Leased Housing Association (NLHA).Denise Muha, executive director of NLHA, which represents affordable housing owners and managers, said that “bold action” is needed to stimulate the economy. “Some sort of stimulus program is absolutely needed,” she told MHN. Housing groups seem to be generally supportive of the government’s enactment of a big program to stimulate the economy. The National Association of Home Builders (NAHB) has also called for…
IREM Brochure Highlights Career Opportunities
By Teresa O’Dea Hein, Managing EditorChicago—The wide array of career opportunities in real estate management are detailed in a new, 25-page brochure published by the Institute of Real Estate Management (IREM). Written in a fresh, upbeat style, this comprehensive brochure describes what the different jobs in real estate management entail, what the market opportunities are, how to access them, and who the employers in general can be.“We realized that no one had put together a top-down view of the industry for young people or career-changers,” Craig Cardwell, CPM, president of Allen & O’Hara Education Services Inc., Memphis, Tenn., tells MHN….
Perspective: Free Up Valuable Investment Capital by Reducing Insurance Collateral
By Tate McCoy, Lockton Companies, DenverMarket uncertainty has led to tightening of global credit markets and increased the cost of raising capital. To make the situation even more painful, real estate developers and apartment owners are likely to face increased insurance premiums. The property/casualty industry has seen a decrease in revenues of between 30 to 40 percent from last year due to lower premium volumes, large catastrophe losses from tornadoes, hail and hurricanes and reduced investment income from the downturn in the stock market. All of these factors make the amount of capital a company has tied up in collateral with…
Sanyo Introduces Double-Sided Solar Panels
Sanyo recently introduced the HIT Double bifacial solar panel, which generates power from both sides simultaneously and is reportedly designed to achieve the highest power per square foot of any solar panel in the world.Designed for maximum energy performance, the HIT Double produces up to 30 percent more electricity than the single-sided Sanyo HIT power panels, depending on the system’s design, location and surface reflectance.The solar panel is comprised of two glass layers, allowing sunlight to pass through the panel, which, along with the light reflected off surrounding surfaces, is captured by the back of the panel.The HIT Double may…
TODAY’S DEALS: Marcus & Millichap Lists 310 Units for $20.69M, and Other Transactions
By Erika Schnitzer, Associate Editor Orlando, Fla.—Marcus & Millichap has retained the exclusive listing for two Orlando apartment communities, totaling 310 units. The listing price of $20.695 million for Pendelton Park Villas (pictured) and Carlyle Court Apartments equates to $66,758 per unit.Stephen M. St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, is representing the seller, a Mass.-based private investment group.The two communities, which offer studios, one-, two- and three-bedroom units, are located across the street from each other. They are comprised of 27 one- and two-story buildings situated on 17.5…
NDR Group Completes Westchester’s First Green Affordable Senior Housing Project
By Erika Schnitzer, Associate EditorNew Rochelle, N.Y.—The NDR Group (formerly the New Rochelle Neighborhood Revitalization Corporation, or NRNRC) has completed Garito Manor at Union Square, a 102-unit green senior housing community.The LEED (Leadership in Energy and Environmental Design)-certified project is Westchester County’s first affordable green independent living community with resident services. It is available for seniors ages 62 and older. Income limits are between $35,550 to $42,660 annually for singles or a combined salary of $40,650 to $48,780 annually for couples.Garito Manor was financed with New Rochelle Industrial Development Agency (IDA) tax-exempt bonds, along with tax credits from WNC &…