News

By Erika Schnitzer, Associate EditorNorfolk, Va.—For Rent Media Solutions has launched the beta version of AptsVideo.com, the multifamily industry’s first video-sharing Website. “For Rent is committed to putting [our clients’] properties in front of as many potential residents as possible,” notes Sarah Johnson, mobile media manager, For Rent Media Solutions. (Click here to see other ways that ForRent.com utilizes social media.) AptsVideo.com is accessible though the watermarks on all ForRent.com videos. The site currently features all of the videos—more than 1,400—located on ForRent.com. At this time, the AptsVideo.com video is included with the purchase of a video at ForRent.com.“Based on…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac chief executive officer, David Moffett is resigning from the agency and will step down by March 13. The board of directors is now working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett.Moffett’s resignation comes merely six months after the government chose him to lead the second-largest U.S. mortgage finance company amid the housing slump. Prior to that, he served as vice chairman and chief financial officer of U.S. Bancorp.The stated reason for Moffett’s resignation is that he wants to return to a role in the financial services…

By Anuradha Kher, Online News EditorReno, Nev.–In the current economic climate, when almost every company is going through challenges, Fast Wrap USA plans to grow and even increase its sales by nearly 40 percent. Fast Wrap specializes in shrink-wrapping everything from construction material and furniture to lumber and boats. With an increasing number of construction projects—be it multifamily, hotels or office—being halted or stopped due to lack of financing or inability to put tenants in the buildings, Fast Wrap is expecting good business throughout the downturn.“When construction came to a halt, leaving projects uncompleted, the need arose to protect the…

By Anuradha Kher, Online News EditorKnoxville, Tenn. and Odessa, Texas–Arbor Commercial Funding LLC recently funded two loans totaling $5,164,500 under the Fannie Mae DUS product line. These loans include: • $3,680,000 under the Fannie Mae DUS product line for a portfolio in Knoxville, Tenn. This is a refinance of non-contiguous properties, Morningside Hills Apartments (pictured) and Magnolia Apartments. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.51 percent• $1,484,500 under the Fannie Mae DUS small loan product line for the 56-unit Cielo Vista Townhouse, in Odessa, Texas. The 10-year loan amortizes on a 30-year…

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corporation (CPC) has appointed F.L. Andrew Padian (pictured) as vice president for energy initiatives.  In his new role, Padian will assist in the implementation of a range of new energy efficiency projects at CPC. He will also train mortgage officers in identifying appropriate efficiency measures and will conduct energy audits. “Providing developers with the necessary tools to build quality, sustainable, affordable housing is of the utmost importance to our organization, and energy efficiency plays a large role in that mission,” says Michael Lappin, president and CEO of CPC. “We believe that helping…

Irvine, Calif.–NWP Services Corp. (NWP) has launched Multifamily Training Central, a new Web-based training/e-learning product that delivers advanced training technologies and services to its multifamily clients. “This is comprehensive web-based training for our clients who are interested in enhancing their NWP on-site training experience and gaining the ability to offer their internal training in a high impact and cost effective manner,” says Angela Rodebaugh, director of resident care and property training systems for NWP. “We understand that the demands on-site and the need to reduce expense are greater than ever.”With this product, on-site associates can connect to a system that…

By Erika Schnitzer, Associate EditorIndependence, Ore.—Independence Station, a 57,000-sq.-ft. mixed-use development, is on track to become the world’s greenest building with the highest LEED (Leadership in Energy and Environmental Design) rating ever awarded for new construction.At its completion, which is slated for early 2010, Independence Station is expected to earn between 64 and 66 points, out of a possible 69 points, and is designed for LEED Platinum certification.“We are creating not just a concept, but something that’s real, something where someone can live and work and incorporate transportation in a smart package,” says Steven Ribeiro, principal of Independence, Ore.-based Aldeia…

Washington, D.C.–With a total allocation of $47.5 billion for the housing sector, the President’s fiscal year 2010 budget restores and increases funding for many key U.S. Department of Housing and Urban Development (HUD) programs. In addition, the economic stimulus law already provides an additional $13.6 billion. These sums compare to the projected 2009 HUD budget of $40.1 billion.The budget fully funds the Community Development Block Grant (CDBG) program, while reforming the CDBG formula to better target distressed communities and promote the development of “Sustainable Communities.” It also increases funding for the Housing Choice Voucher program and the project-based rental assistance…

By Anuradha Kher, Online News Editor Odenton, Md.–KeyBank Real Estate Capital recently closed a $9.5 million Freddie Mac loan for Riverscape Apartments (pictured) in Odenton, Md. KeyBank provided a supplemental loan to Riverscape Limited Partnership for the 280-unit Class A multifamily property built in 1999. Since the initial funding in 2004, the property’s performance has improved, which allowed Riverscape Limited Partnership to increase outstanding debt on the property.Arbor Closes $7,492,700 Fannie Mae DUS LoanDallas–Arbor Commercial Funding LLC recently completed funding of a $7,492,700 loan under the Fannie Mae DUS product line to refinance the 276-unit property known as Carousel Apartments in…