News
Commercial/Multifamily Loan Originations Down in Q4, Says MBA Report
Orlando, Fla.–Commercial and multifamily mortgage bankers’ loan originations fell on a year-over-year basis in the fourth quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, released at the MBA Commercial Real Estate/Multifamily Housing Convention and Expo that opened in Orlando today. Fourth-quarter originations were 16 percent lower than during the same period last year. The year-over-year decrease was seen across most property types and investor groups.“The slow down comes directly from disruptions in the capital markets, although a few remaining large portfolio transactions continued to buoy the numbers,” says Jamie Woodwell, MBA’s senior director…
NWP Launches Enhanced Pay Services Package
By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP), an Irvine-based financial transaction-processing services company for the multifamily industry, has launched its enhanced service-offering package, consisting of Resident OneBill, Resident ePay and UtilityPay Manager Services.Resident OneBill is a billing solution that enables property owners to provide a monthly statement to every resident itemizing all charges including rent, and displaying their total balance due. Resident OneBill also incorporates utility charges as allocated and assessed by NWP’s utility cost recovery service, which allows property owners to transfer the cost of utility usage to residents. Resident ePay, NWP’s enhanced resident payment processing…
TOTO USA To Buy Green Energy From Georgia Power
By Anuradha Kher, Online News EditorMorrow, Ga.–TOTO USA Inc., a plumbing products manufacturing company, based in Morrow, has agreed to purchase 480,000 kilowatt-hours of Green Energy from Georgia Power, headquartered in Atlanta.Green Energy is environmentally friendly electricity generated from sources like the sun, wind, water, landfill methane and biomass.“The recent Green Energy purchase by TOTO is evidence that more and moreof our customers see the value of making renewable sources a part of their energy portfolio,” says Richard Holmes, senior vice president of Georgia Power for the Metro Atlanta region. “As our newest partner, TOTO’s commitment will raise awareness of…
Laramar Group Acquires 664 Apartment Units Across Two Properties
By Anuradha Kher, Online News EditorAlexandria, Va., Houston–Laramar Group, a Chicago-based real estate investment and management company, has acquired the 308-unit Hampton Court Apartments in Alexandria and the 356-unit Memorial Club Apartments in Houston. “This portfolio is an excellent opportunity for the Laramar Multi-Family Value Fund to acquire underperforming and undervalued metropolitan properties,” says Jeff Elowe, president of Laramar Group. “In keeping with Laramar’s strategy to purchase value-add properties in outstanding locations, both Hampton Court and Memorial Club offer excellent investment potential. Both properties are situated in supply-constrained markets, in affluent locations close to jobs, schools and shopping, with a…
DEAL OF THE DAY: Deutsche Bank Berkshire Mortgage Provides $185M Loan for BCRE Acquisition
New York–Deutsche Bank Berkshire Mortgage (DBBM) has provided BPG Properties Ltd. a $185 million Freddie Mac loan for the acquisition of Boston Capital REIT, an 11-property portfolio of multifamily assets.BPG Properties Ltd. purchased the REIT on behalf of its Fund, BPG Investment Partnership VIII & VIIIA, L.P. Ten of the 11 multifamily properties were refinanced in this package. The financing was structured to be a seven-year fixed-rate plus one-year variable-rate financing. “The success of this transaction was tied to our relationship with Freddie Mac and the financial strength of the borrower,” says Adam Randall, a vice president at DBBM. “We…
February Market Pulse
Commentary and Data Supplied by Robert Sheehan, Consulting Economist for the National Apartment AssociationBuilding Materials Prices: All of the selected building materials prices declined in December with the exception of cement. And cement prices were flat. The housing recession has taken pressure off building materials prices for the past several months. Apartment Starts:Multifamily starts in December fell to their lowest rate since February 1994 and apartment starts were at their lowest point since July 1994. A collapsing condo/co-op market is dragging down the multifamily sector, but rentals are also being impacted by a troubled economy and increased rentals of condo/co-op…
Starring Role for LA Rentals
By Amanda Nagler, Coldwell Banker Commercial WESTMACDriven by the city’s attractions and overall beauty, Los Angeles is renowned for its constant population growth and continuous influx of new residents. In fact, over the last few years, the market has added thousands of new residents and even greater gains are anticipated between 2008 and 2010. The LA market also experienced employment growth in 2007 (albeit slight), which has helped to maintain these current population increases. What continues to fuel the local Los Angeles apartment market is that a good portion of these new residents seek out rental units instead of purchasing…
‘All About Sustainability’
By Matthew Marin, Associate EditorDuring the U.S. Green Building Council’s (USGBC) Greenbuild International Conference and Expo last November in Chicago, Mayor Richard Daley pledged to help make the Windy City the most environmentally friendly city in the world. One of his initiatives was to foster the retrofit of multifamily properties with more eco-friendly products, according to Sarah Busby, president of the National Kitchen & Bath Association (NKBA). Busby observes a growing trend of multifamily developers and owners incorporating sustainable products into their properties nationwide, especially in the kitchen.From recycled countertops to energy-efficient appliances, “green” kitchen products are becoming more accepted…
Marcus and Millichap CEO to be Honored
Los Angeles–The Jewish Federation’s Real Estate and Construction Division will honor Harvey E. Green, president and CEO of Marcus & Millichap, a real estate investment brokerage company, at their annual dinner in Los Angeles in April 2008.Green directs the activities of Marcus & Millichap around the U.S., which includes more than 1,300 investment real estate specialists located in 71 offices.Green’s professional associations, memberships and affiliations include the International Council of Shopping Centers, the International Association of Corporate Real Estate Executives, the National Association of Industrial and Office Properties and the National Apartment Association. He is currently the Governor of the…
Somera and Bozzuto Partner to Build Laurel Commons Residences
By Anuradha Kher, Online News EditorLaurel, M.d.– Somera Capital Management, the owners of Laurel Commons, previously Laurel Mall, announced their partnership with Greenbelt-based Bozzuto Group, to build and design a residential community as part of the mall’s redevelopment plan.The five-story building will house 440 residential units with the first story to be used for commercial use. Three percent of the residential units will be reserved for workforce or moderate-income housing.“We are committed to creating an exciting town center where people can live, work and play,” says Tom Falatko, senior vice president, Retail Investments, Somera Capital.The building will have amenities including…