News
Freddie Provides $73.9M in Bond Credit Enhancements to Preserve Linden Plaza
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac provided $73.9 million in bond credit enhancements to The DeMatteis Organization, as part of a credit facility with Wachovia Multifamily Capital and Red Stone Partners. The DeMatteis Organization will use the funds to help preserve Linden Plaza, a 1,527-unit affordable housing complex in Brooklyn, New York, which has historically had a very low vacancy rate. Red Stone Partners provided the first-loss mezzanine credit enhancement for the credit facility and arranged for the direct placement of $35 million in tax credit equity with a single investor. “The rehab will address deferred maintenance and…
EPA Publishes New Regulations for Lead Paint Renovations
By Erika Schnitzer, Associate EditorWashington, D.C.–The Environmental Protection Agency (EPA) recently released new regulations for its Lead-Based Paint Renovation, Repair and Painting Program (RRP). The guidelines establish rules for lead-based paint renovations, repairs and painting in housing and child-occupied facilities constructed prior to 1978 and are designed to prevent the introduction of lead hazards created by a renovation. They do not apply to abatements.The rule states that, beginning April 22, 2010, any person or firm performing the renovation must be properly trained and certified to use safe practices. Renovation firms will be required to be EPA-certified.Effective immediately, property owners and…
Praedium, Audubon Acquire 938-Unit Atlanta Portfolio
By Gail Kalinoski, Contributing Editor, Commercial Property News Atlanta–The Praedium Group and Audubon Communities Management have teamed up to buy a seven-property multifamily portfolio in the Atlanta metro region for approximately $45 million. The seller was not identified. It is the third joint venture acquisition made by Praedium, a New York City-based national real estate investment firm, and Audubon, an owner and operator of multifamily assets in the Northeast and Gulf South regions of the U.S. Information on the other JVs was not available. The 938-unit portfolio comprises 156 buildings, constructed between 1972 and 1999, located in Fulton, Henry, DeKalb,…
Today’s Deals: KeyBank Closes $163 M Loan to Finance Acquisition of 19-Property Seniors Housing Portfolio and Others
By Anuradha Kher, Online News EditorKeyBank Real Estate Capital recently closed a $163 million acquisition financing package for Emeritus Senior Living.The package, which finances Emeritus’ acquisition of a portfolio of 19 assisted living and Alzheimer facilities nationwide, consists of 19 individual cross-collateralized and cross-defaulted commercial mortgages backed by Freddie Mac. Emeritus will own and operate the portfolio, which consists of more than 1,500 units. Freddie Mac provided the loans through its Conventional Cash Seniors Housing product. The pool of loans is cross-collateralized and cross-defaulted, and has a 10-year term with an optional 12-month extension. The initial 12 months are interest…
Spandrel Group Unites Property, Staffing, Marketing Services
By Anuradha Kher, Online News EditorNew York-based real estate executive and founder of Spandrel Property Services, Ian Levine (pictured), has now formed The Spandrel Group, the umbrella company uniting Spandrel Property Services with his newly launched ventures, Spandrel Marketing Services and Spandrel Staffing Services.Spandrel Property Services is a boutique property management and brokerage, founded in 2000. “Talk about the slowing economy and foreclosures is everywhere, and these are preeminent factors while launching a new business,” Levine tells MHN. “But what matters more is that the company is truly committed and focused on the customer.”According to Levine, each affiliate within The…
Sherwin-Williams Unveils Color Forecast for 2009
Chicago–What colors will help to define architecture and design for the 2009 season? The 24 shades selected by Sherwin-Williams color experts travel back and forth across the borders of four key trends: Techno-Color, Conscious Luxury, Local Momentum and Global Tapestry.New and recycled fiber technologies, an increased environmental awareness, and global influences–especially those of a new hot zone, Latin America and Buenos Aires in particular–have been woven together to inspire this color palette.In contrast to some previous trend forecasts, Sherwin-Williams has organized this one by color families.“Our goal with colormix ‘09 is to empower designers to use the forecast colors in…
From Porter to President: New Pinnacle Leader Shares Management Goals
Rick L. Graf was recently named president and partner at American Management Services, dba Pinnacle, the largest third-party fee manager of multifamily housing in the U.S. Currently Pinnacle’s central region president, responsible for a management portfolio of over 60,000 multifamily units, Graf moves into his new role on September 1. (Pinnacle Co-Founder Stan Harrelson will continue as CEO, concentrating on business development.)Graf, a 12-year veteran of Pinnacle, will continue to work out of the company’s much-expanded Dallas office. Under his leadership, Pinnacle’s primary focal point of operations will move from Seattle to Dallas, “based on the city’s centralized U.S. location…
DEAL OF THE DAY: 116-Unit Seniors’ Facility Sells for $5.9M
By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates recently arranged the sale of Atrium Village Apartments, a 116-unit seniors’ community located near 25th St. and Mitthoeffer on the east side of Indianapolis, for an asking price of $5.9 million.Tikijian Associates represented the seller, Barrett & Stokely Inc. in the sale to TLK Properties, a private investor based in Lakewood, N.J.Atrium Village is a community for senior citizens 55 years and older. The property features 116 two-bedroom, ground floor units with a private entrance for each. TLK Properties will continue to run Atrium Village as a seniors’ property.
DBBM Receives Three Awards at Fannie Mae DUS Conference
By Anuradha Kher, Online News EditorNew York–Deutsche Bank Berkshire Mortgage (DBBM) recently received three premiere awards at the annual Fannie Mae Delegated Underwriting and Servicing Program (DUS) conference, held in Half Moon Bay, Calif.The awards included No. 1 Fannie Mae DUS Producer for 2007, Top Credit Underwriter for 2007 and Leadership in DUS Production for 2007.“To be regarded as the best underwriting, credit and structure shop while being the highest volume producer is a great achievement,” says Steve Wendel, co-head of DBBM. “We are confident that this winning combination will continue to provide our customers with a competitive advantage in…
New York Apartment Waives Security Deposits For Renters
By Erika Schnitzer, Associate EditorNew York–Metro Loft Management, a New York-based boutique residential firm that specializes in property in the Financial District, is waiving security deposits at its 20 Exchange Place for renters with strong credit histories.”We always like to come up with an interesting incentive. In an economy such as this, people are looking for savings wherever they can,” notes Jack Berman, vice president of Metro Loft Management, explaining that the average renter moves every two-and-a-half to three years, potentially locking up—for a two bedroom—$5,000 to $6,000 at a time.The first phase of 20 Exchange Place, consisting of 350…