News
Phase I Construction to Start on $30M Jersey City Redevelopment Project; LEED Certification Will be Sought
By Anuradha Kher, Online Jersey City, N.J.–Whiton Street Associates LLC, a designated developer within the Monticello Avenue Redevelopment Plan Area, has initiated the first phase of The Monticello, a $30 million mixed-use redevelopment project located on the north end of Monticello Avenue in Jersey City, N.J. Construction is slated to start this spring, with completion of Phase I anticipated in 2010.The overall proposed project, consisting of four phases, is expected to create more than 500 jobs over a five-year period, through the construction process and upon completion. Located on a 96-acre site on Monticello Avenue, the 225,000-sq.-ft. Phase I of…
TODAY’S DEALS: Arbor Closes $3.4M Fannie Mae DUS Loan, and Other Transactions
By Anuradha Kher, Online News EditorArlington, Texas.–Arbor Commercial Funding LLC recently funded a $3,400,000 loan under the Fannie Mae DUS product line to refinance the 138-unit property known as Bluebonnet Springs Townhomes in Arlington, Texas.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent. “The Sponsor completed significant capital improvements over the course of two years and increased the occupancy to a stabilized level,” says Stephen York, director in Arbor’s Uniondale, N.Y. lending office. Hendricks & Partners Arranges Sale of 40-Unit Community in St. LouisSt. Louis–Hendricks & Partners has arranged the sale of 5386-5390 Pershing…
NWP Services Receives Exemplary A+ Rating from Better Business Bureau
Irvine, Calif.–NWP Services Corp. (NWP) announced it has received the Better Business Bureau’s (BBB) highest customer service and reliability rating of A+. “We are pleased with this rating from the Better Business Bureau and delighted to have our service efforts recognized,” says Angela Rodebaugh, director of Resident Care and Property Training Systems for NWP. “Multifamily property management firms continue to choose NWP with confidence and trust our company to handle their concerns in a timely, effective and professional manner,” adds Rodebaugh. Ratings assigned to businesses from the BBB range from A+ to F and are determined by a composite score of factors…
Van Metre Offers Residents the Chance to Apply 100 Percent of Rent Toward New Home Purchase
Burke, Va.—Van Metre Apartments, a subsidiary of Van Metre Companies, a privately held homebuilding, development, commercial real estate and property management company in Northern Va., has announced that 100 percent of the rent that residents currently pay for their apartments will go towards the purchase of a new Van Metre or Marquis Custom Home.The HomePlus program was designed to assist renters in saving money towards the purchase of a new home, in a time where saving money for a home is a difficult task for many. (Click here to see what other incentives developers are currently offering to attract renters…
Q&A with Kevin Wolfgang: 2009 Will be Difficult Year with Companies Making Operations a Priority
Kevin Wolfgang is the president of Evergreen Realty Inc. and a principal owner of the many apartment communities they manage. He has provided leadership and vision to establish Evergreen Realty as one of the premier apartment management companies in the state of Delaware. Wolfgang serves as the president of the Delaware Apartment Association, which represents owners and managers of over 26,000 units in the state.He talks to MHN Online News Editor Anuradha Kher about the state of multifamily in Delaware and the downturn and its impact on the apartment market in 2009.MHN: What is the state of the multifamily industry…
Broker Launches Co. Specializing in Multifamily Deals Below $100M
By Anuradha Kher, Online News EditorNew York–Moses Sioni has launched Sioni & Partners, a company specializing in the sale of multifamily buildings in New York. Sioni, who is the managing director, previously worked as an investment sales broker for Marcus & Millichap and Besen & Associates. Since the company launched just over three months ago, it is still in the process of closing four contracts.“We focus on multifamily deals below $100 million because over $100 million is hard to finance these days, and we specialize in multifamily because it is the most stable and less risky product in this market,”…
Case Study: Marketing Green Condos to an Eco-Conscious Consumer
By Erika Schnitzer, Associate Editor As the green movement continues to expand and evolve, more and more people are beginning to understand the value of living in a green apartment home. While there may have been some initial hesitation over paying a premium for such a residence, people are now weighing the costs against the benefits—and they are finding that the advantages are greatly outweighing the drawbacks. For multifamily residents, green has taken on a whole new meaning in New York’s Battery Park City, where Garden City, N.Y.-based developer The Albanese Organization accomplished many of the nation’s green “firsts” in…
TODAY’S DEALS: Colonial Properties Trust Closes $350M Fannie Mae Credit Facility, and Other Transactions
By Anuradha Kher, Online News EditorBirmingham, Ala.–Colonial Properties Trust, a multifamily real estate investment trust (REIT), has closed a $350 million secured credit facility originated by PNC ARCS LLC for repurchase by Fannie Mae. The facility has a 10-year term, carries a weighted average fixed interest rate of 6.04 percent, and is secured by 19 multifamily properties totaling 6,565 units. The proceeds from the credit facility will be used to repay all but approximately $35 million of the outstanding balance on the company’s $675 million unsecured line of credit. This facility will provide additional liquidity to address the debt maturities…
In Wake of Slowing Economy, Developers Offer Incentives to Attract Renters, Buyers
By Anuradha Kher, Online News EditorNew York–This is the year of incentives. The housing crisis, followed by the economic downturn and loss of jobs, is putting a downward pressure on demand in the multifamily market. To tackle this problem, many developers, owners and managers are offering incentives such as one month’s rent free, free gym memberships, waivers on broker’s fees and in the case of condos, reduced prices and special events to attract more buyers. For example, in the past month, several renters signed up at 140 Mayhill, a 158-unit luxury rental community in Bergen County, N.J. due to…
Market Snapshot: Hartford, Conn.
By Erika Schnitzer, Associate Editor Hartford, Conn.—Hartford County was supposed to be “New England’s Rising Star,” following New Haven, Conn. as a prime market for development, according to Marcus and Millichap’s National Multi Housing Group. Historically, the city—known as the insurance capital of the country—shut down after 6pm, when workers fled to their suburban homes, explains Steve Witten, senior director in the New Haven, Conn. office of Marcus & Millichap’s National Multi Housing Group. Over the past few years, however, new multifamily developments have been delivered and Hartford was beginning to build momentum.But then there were massive job cuts and…