News

By Keat Foong, Executive Editor Woodbridge, N.J.—The Kislak Company Inc. completed a $27.5 million sale in North Brunswick, N.J. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties and yield high returns in the process,” says Kislak vice president, Barry Waisbrod, who represented the seller. The property, Northwood Estates, was listed for $34 million and eventually negotiated down to $27.5 million. The owner, with whom Waisbrod said he have been in touch over the years, had passed away, and the property was being sold by the owner’s estate….

By Anuradha Kher, Online News Editor Joppatowne, Md.–Meridian Capital Group has recently arranged a construction loan in the amount of $10 million for Harborside Apartments in Joppatowne, Md. Meridian’s New York office successfully negotiated on behalf of the borrower a three-year interest-only LIBOR-based term.The loan will be used to construct the third phase of a 300-unit garden-style apartment community located along the Chesapeake Bay and built and operated by the borrower since the mid-1970s. Harborside is the only multifamily rental property in this bedroom community of Baltimore, and the third phase is expected to accommodate the expansion of Aberdeen Proving Ground,…

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Investment has utilized all $515 million of its New Markets Tax Credit (NMTC) allocations from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) to help finance real estate projects and business opportunities in low-income communities across the country. As one of the largest recipients in the NMTC program, Enterprise has used its five rounds of allocations to catalyze more than $3 billion in commercial and mixed-use development. These projects are in urban centers and rural communities in 18 states and Washington, D.C., resulting in six million sq. ft of new…

By Erika Schnitzer, Associate EditorChicago—With the troubled economy providing greater risks of fraud, as well as allegations of fraud taking over the national spotlight, Grant Thornton LLP’s national Construction Advisory Services group recently hosted a webinar to shed light on the most common forms of construction fraud and provided key tips for how project owners can protect themselves against fraudulent third-party contracting relationships.According to Jim Schmid, CPA, CFE, national Construction Advisory Services practice leader at Grant Thornton, construction fraud has grown significantly over the past three years, as it becomes more complex and difficult to identify. Furthermore, in today’s tough…

By Anuradha Kher, Online News EditorNew York–Vantage Properties LLC has begun a major initiative, in partnership with U.S. Energy Group, to reduce the carbon footprint of its 139-building multifamily portfolio in New York City. Using U.S. Energy’s energy management and control technologies to optimize usage, waste and pollution will be dramatically reduced for each property. The company estimates that the $5 million investment it is making towards this initiative will result in 15 percent energy conservation savings per property annually. Work on all the buildings will be complete by end of 2009.“We view this investment as a way to consume…

By Anuradha Kher, Online News EditorOrange County, Calif.–Western National Property Management recently launched its Layoff Protection Program, which allows those residents who lose their jobs to cancel their leases without penalties.“We understand that in the current economic climate, some people are hesitant to commit to leases, knowing that if they lose their job they could find themselves in a bind,” Thomas K. Shelton, president of Western National Property Management, tells MHN. “We want to provide our residents with peace of mind when they move in or renew their leases and instill some confidence in people’s thinking,” he adds. For a…

By Erika Schnitzer, Associate EditorRogers, Ark.—The M. Kaplan Cos. LLC, a Houston-based owner, operator and developer of multifamily properties, recently converted its Ranch at Pinnacle Point, a 392-unit Class A apartment community in Rogers, Ark., into a corporate housing solution that enjoys a 95 percent occupancy rate.Kaplan Acquisitions and Development, the development arm of M. Kaplan Cos., had completed the project in February 2007 and expected to see solid returns. “At the time this property was developed, the market conditions in Northwest Arkansas were really good,” notes Matthew Summers, president of management at Kaplan Management Company Inc., the property management…

By Anuradha Kher, Online News EditorMiddlesex County, N.J.–NorthMarq Capital through its affiliate AmeriSphere has closed a $20 million multifamily loan on a 244-unit luxury apartment complex (pictured) in Middlesex County, N.J. NorthMarq New Jersey closed the loan in 28 days from deal identification. The borrower secured a 5.66 percent rate on a 10-year loan based on a 30 year amortization.Arbor Closes $11,025,000 Fannie Mae DUS Loan Holt, Mich.–Arbor Commercial Funding LLC recently completed funding of a $11,025,000 loan under the Fannie Mae DUS product line for Aspen Lakes Estates II, a130-unit apartment community in Holt, Mich.   The 79-month loan amortizes…