News
TODAY’S DEALS: Enterprise Closes First USDA Section 538 Rural Development Loan, and Other Transactions
By Erika Schnitzer, Associate EditorMilton, Vt.–Enterprise Community Investment Inc. has closed a U.S. Department of Agriculture Section 538 Rural Development loan, providing $1.1 million in financing for Meadowlane Apartments.The financing is part of a $6 million renovation of the property by The Housing Foundation Inc. and the Vermont State Housing Authority. The program provides loans for acquisitions, new construction and rehabilitation of affordable multifamily rental properties in rural areas.The apartment community currently includes 20 age-restricted apartments that offer Section 8 housing subsidiaries. Additionally, 16 new apartments will be built on the development.Meadowlane Apartments will receive a $360,000 HOME program loan…
SPECIAL REPORT: 60+ Innovative Ideas to Enhance Competitiveness in the Multifamily Market
By Erika Schnitzer, Associate EditorDenver–Multi-Housing World’s widely popular “60 Ideas in 60 Minutes” session drew management suggestions from 11 leading multifamily experts. The panel, moderated by Anne Sadovsky, certified speaking professional, proposed innovative ideas for use across the industry and to help properties stay competitive in their marketplaces.The dynamic panel was made up of Toni Blake, president, TotallyToni.com; Eve Bradford, president, Excel Training & Consulting Inc.; Tracey Hopkins, owner, Jumpstart Marketing; Joe Kaye, director of sales & marketing, Direct Energy; Cathy Macaione, president, CMA Direct; Wendy Muse, vice president of marketing and training, Tarragon Corporation; Terri Norvell, professional speaker and…
SPECIAL REPORT: Joint Venture Equity Providers Have Exited the Market, Say MHW Panelists
By Keat Foong, Executive EditorDenver–Speakers contemplated reduced levels of capital availability at a session addressing equity financing at the Multi-Housing World 2008 Conference and Exhibition, held from Sept. 16 to 19 in Denver. The session, entitled “How to Fund Your Project (II): Finding, Negotiating and Structuring Equity Financing,” was moderated by Brian Ward, managing principal, Big Rock Partners. Panelists at the session said that institutional investors have cut back on providing equity. And while preferred equity and mezzanine capital, as well as private syndication capital, are still available, they are greatly more expensive to obtain. Ward outlined the three types…
20-Story All-Glass Condo Project Tops Off
By Anuradha Kher, Online News EditorNew York–The Ascend Group recently topped off Georgica, a 20-story condominium project in Manhattan’s Upper East Side neighborhood. All 20 stories are now up and glass paneling is being installed. Located at 305 East, 85th St., the 58-unit development features gourmet kitchens and amenities such as a children’s playroom, a fitness center and an impeccably landscaped rooftop deck with a playground. In addition, the all-glass tower offers plenty of light and air. “We are not a huge development and offer residents more of a boutique-feel with just 58 residences and two to four residences per…
SPECIAL REPORT: MHW Audience Urged to Recognize the Characteristics of the Echo Boomers
By Keat Foong, Executive EditorDenver–Panelists speaking at a session at Multi Housing World 2008 Conference and Exhibition encouraged the audience to recognize the characteristics of the children of the Baby Boomers and target their marketing appropriately. The title of the session was “Reader’s Choice: Apartments Benefit During Downturn.” Moderator Jennifer Cox Cyphers, president of Multifamily Edge, The Cyphers Group, noted that there are 70 million Echo Boomers who will be in the market over the next 10 years. Echo Boomers are collegial, civic minded, collaborative, have good manners and are close to their parents, said Jeffrey Adler, chief property operations…
SPECIAL REPORT: In the Wake of Government Takeover of Fannie & Freddie, ‘Business as Usual’ But Underwriting Remains Tough
By Keat Foong, Executive EditorDenver—The official word is that it is “business as usual” for Fannie Mae and Freddie Mac multifamily financing despite the recent government takeover of the two agencies, said Cheryl Higley, director of real estate mortgage capital at RBC Capital Markets.Higley was speaking at the session titled What is Happening in the Capital Markets and How Does it Affect Your Business at the Multi Housing World 2008 Conference and Exhibition. “The media hype” about the housing problems for the agencies falls on the single-family, and not the multifamily side, said Higley. Multifamily agency lending is “still operating…
SPECIAL REPORT: MHW Leaders Panel Highlights Reinvention while Staying True to Fundamentals
By Teresa O’Dea Hein, Managing EditorDenver–“Our world is changing fast and our customers are changing, but we as an industry are not fast to change,” pointed out Joe Peterson, president of Insight Real Estate Group, during Thursday morning’s Leaders Forum: The View from the Top. People sometimes blame market conditions for a lack of leasing activity, Peterson added, when they’re “just doing a crappy job, and still not doing the fundamentals” like first getting a prospect’s name and making sure they publish clear directions to a multifamily property.“The real key is marketing,” Peterson continued, “and that’s changed completely–today, we have…
Winners of the 2008 Design Excellence Awards
By Erika Schnitzer, Associate EditorDenver—The winners of the 2008 Design Excellence awards were announced in September at Multi-Housing World. Projects were chosen based on a number of criteria, including overall composition, functionality, aesthetics, special attributes and sustainable elements, if applicable.Click here to see all the 2008 finalists.The panel comprised of five industry professionals, including Darin Schoolmeester, AIA, LEED AP and principal at MVE & Partners in Irvine, Calif.; Susan Slotkis, Allied Member ASID, author of Foundations of Interior Design and adjunct assistant professor at F.I.T. in New York; and Bruce Englebaugh, AIA, partner at Minno & Wasko in Lambertville, N.J….
Multi-Housing New TV Launches Today
In our ongoing efforts to expand the Multi-Housing News digital products, MHN TV will launch on our Web site today. In the first segment, six industry people weigh in on the bailout of Fannie Mae, Freddie Mac and AIG.While most agreed that the bailout, while not the best thing for taxpayers, was the only action that could be taken to prevent an even bigger economic crisis. A necessary evil, one said. Not bailing them out would have had bigger repercussions, said another.In addition, MHN editors sit down for one-on-one interviews with industry thought leaders attending the Multi-Housing World 2008 Conference…
SPECIAL REPORT: Economic Experts Say the Time to Buy is Now
By Erika Schnitzer, Associate EditorDenver–In this time of ever-increasing economic turmoil, is it time to buy, sell or hold? At a Multi-Housing World conference session on the apartment investment cycle, three expert panelists seeking to make sense of the past week advise that now is the time to buy.If there are no problems in your portfolio, now is not the time to sell, advised Ron Brock (pictured), president and CEO, Pierce-Eislen Inc. However, he cautioned against purchasing certain properties, particularly luxury apartments and those located in the suburbs. “Condo development is out,” he noted. The “hot areas” are student and…