News
TODAY’S DEALS: KeyBank Closes $40M Loan for 296-Unit Garden-Style Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorLong Beach, Calif.–KeyBank Real Estate Capital recently closed a $40.2 million loan for Essex Property Trust Inc. The Freddie Mac Conventional loan will be used to refinance an unspecified amount of debt for renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach, Calif.KeyBank Real Estate Capital was able to provide Essex Property Trust a range of Agency financing options through its long-standing relationships with Fannie Mae, Freddie Mac and the FHA. KeyBank selected the Freddie Mac product with the most competitive terms for this transaction. The loan…
IREM’s New President Shares 2009 Goals, Reinforces Green Commitment
Pamela W. Monroe, CPM brings over 25 years of professional property management experience to her new role as president of the Institute of Real Estate Management (IREM) . Currently, she is also senior vice president of Community Realty Management Inc., Pleasantville, N.J., which she joined in 2002. Monroe tells MHN Managing Editor Teresa O’Dea Hein that since beginning her career in Mobile, Ala., she has overseen all types of multifamily housing in areas as diverse as the Southeast, Texas, Oklahoma, New Jersey, Pennsylvania, Maryland, Virginia and the Virgin Islands. This detail-oriented management executive sees the wide-ranging value of “green” initiatives…
Latest Version of LEED to be Introduced in 2009
Washington, D.C.–Leadership in Energy and Environmental Design (LEED) 2009, an update to the internationally recognized green building certification program, recently passed member ballot, and will be introduced in 2009 as the newest version of the existing LEED rating systems for commercial buildings. LEED 2009 includes a series of major technical advancements focused on improving energy efficiency, reducing carbon emissions and addressing other environmental and human health outcomes. The program will also incorporate highly anticipated regional credits and extra points that have been identified as priorities within a project’s given environmental zone. The program has also undergone a scientifically grounded re-weighting…
Jonathan Rose Cos. Breaks Ground on 185-Unit Mixed-Income Green Development
By Anuradha Kher, Online News EditorHarlem, N.Y.–Jonathan Rose Companies LLC, in partnership with Lettire Construction, broke ground today on Tapestry, a 12-story 185-unit mixed-income residential green development at 245 East 124th St. in Harlem, N.Y.Tapestry is the first LEED (Leadership in Energy and Environmental Design)-based mixed-income rental building in Harlem.Tapestry will create a Manhattan green gateway community at the foot of the Triborough Bridge that balances a mix of affordability between market-rate, middle-income and low-income apartments. The project is expected to receive a LEED Silver rating. In addition, it is designed to meet the Enterprise Green Communities Criteria, and is…
Condo Market Deterioration Shows Signs of Slowing, Says NAR
By Anuradha Kher, Online News EditorWashington, D.C.–Existing home sales increased 2.6 percent in from the second to the third quarter, according to the National Association of Realtors (NAR).Nationwide, sales of existing homes, including condos and single-family, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up from 4.91 million units in the second quarter, according to NAR. This number, however, is lower year-over-year by 7.7 percent compared to the 5.46 million-unit pace in the third quarter of 2007. Lawrence Yun, NAR chief economist, says conditions continue to range widely. “A pattern of sharply higher…
NCI, RetirementHomes.com Partner to Provide Content-Rich Material for Senior Living
By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Network Communications Inc. (NCI) has partnered with RetirementHomes.com to provide 55+ consumers with more home search options.The alliance will extend the reach of two of NCI’s publications, Mature Living Choices—a resource for the active adult and retirement lifestyle—and Senior Living Choices—targeted to those searching for senior living and assisted living services. Both guides are available in print and online.Combining NCI’s two publications with RetirementHomes.com “creates a database that is one of the largest available to that age group,” Rebecca Chandler, director of marketing at NCI, tells MHN.Through this partnership, the three websites are intermingled and…
EDITOR’S NOTE: Happy Accidents
By Teresa O’Dea Hein, Managing EditorDo you remember “The Accidental Tourist,” an Academy Award-nominated film based on the novel of the same name by Anne Tyler? It prompts me to propose a sequel, “The Accidental Property Manager.” When interviewing an industry’s movers and shakers, I always like to find out how they got into the business in the first place. On several occasions, I’ve been pleasantly surprised to find out that these successful people got into property management by accident. You’ve probably heard the same thing—perhaps you can even say the same thing!For example, IREM’s new president, Pam Monroe, who…
Redevelopment of Expiring LIHTC Property Preserves 500+ Affordable Apartments
By Keat Foong, Executive EditorBrooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period, and the prior owner had begun leasing the apartments at market rates. The redevelopment recapitalized the 582-unit project with new LIHTCs and will extend its affordability for another 30 years. The apartment community in Brooklyn’s East New York neighborhood is characterized as formerly severely distressed. Aaron Amitin, vice president at The Domain Cos., said the $25 million renovation, which…
NJAA Presents Two Awards to Gateways at Randolph
By Anuradha Kher, Online News EditorSomerset, N.J.–The New Jersey Apartment Association’s (NJAA) presented two awards to Value Cos. at its annual “Garden State Awards of Excellence in Apartment Living,” held recently at The Palace banquet hall in Somerset, N.J.The Clifton, N.J.-based company’s Gateways community received the Property of the Year award. In addition, Ernestine Hedle, who was celebrating her 35th anniversary as an employee of Value Cos., received the award for Leasing Consultant of the Year.”Winning two Garden State Awards of Excellence in Apartment Living validates the fact that we’ve created and continue to manage the finest apartment communities in…
TODAY’S DEALS: Alliant Capital Closes Over $14.4 Million Apartment Portfolio, and Other Transactions
By Anuradha Kher, Online News EditorOlympia, Wash.–Alliant Capital LLC has recently completed funding of three multifamily properties for one borrower, totaling $14,449,800. They include Candlewood and Northwood in Everett, Wash., and Willshire Cove (pictured) in Lynnwood, Wash. Candlewood is a 151-unit apartment community built in 1970. Northwood features 55 units and was built in 1968. The 118-unit Willshire Cove was built in 1967. Candlewood and Willshire Cove have eight-year terms with seven years of yield maintenance and 30-year amortization. The rate is fixed for the first seven years and then adjustable in the final year. Northwood has a 10-year term, the…