News
Green Building is Bright Spot in Otherwise Tough Economy: Multifamily Projected to Spend $41B in Green Dollars in 2009
By Anuradha Kher, Online News EditorNew York–The U.S. green building market is accelerating at a dramatic rate, McGraw-Hill Construction’s Green Outlook 2009: Trends Driving Change report says. The value of green building construction starts was up five-fold from 2005 to 2008 (from $10 billion to $36-$49 billion), and could triple by 2013, reaching $96-$140 billion, according to the report. While the report does not break down values for each property type, McGraw Hill predicts that $44 billion will be spent on green multifamily housing by the end of this year. For 2009, the company forecasts this number will be $41…
Q&A: Going Green in Senior Living
Steve Leone, AIA, LEED AP, is a principal and director of sustainable design at Cubellis. The Boston-based firm offers architecture, interior design and engineering services throughout the United States, as well as in Dubai. Leone’s responsibilities at Cubellis include business development, client relations, architectural design and sustainable design. He has won several awards for architectural design excellence and was presented with the 2005 Architect of the Year award by his local AIA Chapter.Leone recently spoke at the American Association of Homes and Services for the Aging’s (AAHSA) 2008 annual meeting & exposition, held in Philadelphia, at a session entitled Green…
Serious Materials Releases Energy-Efficient Windows that Exceed Energy Star Requirements
Serious Materials has launched its ThermaProof energy-efficient windows, designed to save up to 40 percent in heating and cooling costs. Offering R-values of R-5 to R-11, the windows reportedly perform up to four times higher than current Energy Star requirements and exceed the proposed 2013 standards.The ThermaProof windows combine an insulated glass package with fully insulated framing systems to achieve a high insulation performance across the full frame. Additionally, the product features the following eight technologies: suspended mylar convection-reducing film system, inert noble gas fill, double seal, EcoSpacer, wet glazing of the insulated glass unit, new frame system with ultra-wide…
Survey Finds Majority Residents Are Happy with Guardian’s Year-Old Smoking Ban
By Anuradha Kher, Online News EditorPortland, Ore.–Guardian Management LLC, in conjunction with the Oregon Public Health Division, recently surveyed residents at 17 of its federally subsidized rental communities regarding its no-smoking policy and found a majority of the respondents are satisfied with the ban while also experiencing a reduction in second-hand-smoke exposure. Guardian introduced its no-smoking policy last year.Nearly three-quarters of all residents were very or somewhat happy with the no-smoking policy. Even among smokers, 30 percent felt the same way. The survey, which has 839 reponses, also found that the percentage of non-smokers who reported never being exposed to…
TODAY’S DEALS: Arbor Closes $2,256M Fannie Mae DUS Loan, and Other Loans
By Anuradha Kher, Online News EditorMidland, Texas–Arbor Commercial Funding LLC recently arranged a $2,256,000 loan under the Fannie Mae DUS product line to acquire the 74-unit community known as Garden Court (pictured) Apartments in Midland, Texas.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.68 percent with 80 percent Loan-to-Value.Guardian Signs Preliminary Agreements to Acquire 4,000-Unit PortfolioPortland, Ore.–Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Atherton-Newport Investments (ANI), for an undisclosed amount. ANI is a multifamily housing firm, based in Orange County Calif., which has been working under Chapter…
Q&A: Busting the Myth that Green Costs More
James D. Qualk (pictured), LEED AP, is vice president of the Sustainable Solutions Group (SSG) at SSRCx LLC, a subsidiary of Smith Seckman Reid Inc., an engineering design and facility consulting firm based in Nashville, Tenn. Of the firm’s approximately 520 employees, 64 are LEED (Leadership in Energy and Environmental Design) Accredited Professionals, and Qualk’s team of 13 is either certified or is in the process of becoming certified. Qualk is responsible for the operations management and direction of marketing and sales of sustainable consulting services, including LEED facilitation, LEED feasibility analysis and energy modeling. Qualk has presented at a…
Apartment Firms Spend 0.7% of Gross Revenue on IT, NMHC’s IT Investment Benchmarking Survey Reveals
Washington, D.C.–The National Multi Housing Council’s recently released Information Technology Investment Benchmarking Survey aims to help firms make informed decisions regarding their technology spending and staffing.”The apartment sector has embraced technology in virtually all aspects of their operations,” says Dave Cardwell, NMHC’s vice president of technology and capital markets. “They use it to recruit and retain both residents and employees. They use it to improve their ability to serve their existing residents. And they use it to streamline their operations and reduce costs.” “While there is no right answer as to how much a firm should be investing in technology,”…
NYHC, NHC Announce This Year’s Affordable Housing Honorees
By Anuradha Kher, Online News EditorNew York–The New York Housing Conference (NYHC) and the National Housing Conference (NHC) will present its 35th annual awards luncheon on December 11 at the New York Marriott Marquis in New York City, where NYHC and NHC will honor those who continue to create and preserve affordable housing in New York and nationwide. New York City Mayor Michael R. Bloomberg is slated to attend the event where he will talk about the need for affordable housing.The recipients of this year’s awards are:Atlantic Development Group, Housing Developer Award;The New York City Housing Authority, Special Recognition Award;…
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…