Regions

By Anuradha Kher, Online News EditorMorris County, N.J.–NorthMarq Capital has closed a $10 million multifamily loan on a 372-unit garden-style apartment complex in Morris County, N.J.  NorthMarq said its New Jersey team canvassed the market and quickly obtained extremely favorable financing for this upscale complex with a full amenities package.  Through its relationship with a local bank, NorthMarq secured a loan for its client of $10 million for 10 years on a 30-year amortization schedule at a fixed rate of 5.70 percent on a non-recourse basis.  Arbor Closes $2,025,000 Fannie Mae DUS Small LoanGrenaga, Mass.
–Arbor Commercial Funding LLC recently completed…

Mexico City, MEXICO–CB Richard Ellis has appointed Lyman Daniels (pictured first from top) to the position of president of CBRE Mexico. A commercial real estate executive in Mexico, Daniels will be instrumental in leading the growth of CBRE’s business in Mexico across all lines of business.
Since 2006, Daniels has served as the executive director and vice president for Hines in Mexico and Central America, overseeing more than $800 million of investment in the region and providing property and asset management direction for more than 50 properties. Daniels has been instrumental in shaping the commercial real estate market in Mexico and…

By Brooks Rainwater, American Institute of ArchitectsCurrently, buildings are the largest single source of emissions to our environment. Approximately 40 percent of all carbon emissions come from buildings, and these are the places where you live, work and play. At the American Institute of Architects, we are approaching sustainability and green buildings with a solutions-based approach that embraces technological change and incorporates the business case for green buildings. The green trend has become immeasurably stronger during the past decade, as prices for green materials have decreased and knowledge of green design has increased. As green building technology has improved over…

By Erika Schnitzer, Associate EditorSan Francisco—San Francisco Mayor Gavin Newsom recently passed an ordinance that would require residential and commercial building owners to sign up for both recycling and composting services.“Cities have been struggling with recycling rates that have been pretty stagnant; they haven’t increased as much as recycling program managers would have liked,” notes Kendall Christiansen, a recycling industry expert who helped to launch New York’s recycling program and who is principal of Brooklyn-based Gaia Strategies, a public affairs consultancy for environmental business. The challenge of recycling at multifamily buildings is “the anonymity of residents, which makes it hard…

By Anuradha Kher, Online News EditorMartinez, Calif.–Nonprofit developer Resources for Community Development (RCD) and KTGY Group Inc., Architecture and Planning, are proposing to contribute to the renaissance of Martinez’s downtown area. Using the inspiration of the local architecture and the latest in green building technologies and design, RCD is in negotiations to purchase 1.03 acres at 310 Berrellesa St. in Martinez as the site to build Berrellesa Palms.Designed by KTGY, Berrellesa Palms is a proposed environmentally- and pedestrian-friendly, transit-oriented community, which will provide 48 one-bedroom apartments (plus an on-site manager’s unit) for active seniors 55 years of age and over,…

By Erika Schnitzer, Associate EditorWashington, D.C.—Sustainability is a buzzword for today’s consumers and likely a requirement for them tomorrow, noted Bobby Bowling, president of Tropicana Building Corp. and moderator for an NAHB Multifamily Webinar, entitled “Green Building: A Cost/Benefit Analysis.”Speakers Sanford Steinberg, AIA, principal of Steinberg Design Collaborative LLP, and Patrick Dennis, regional construction manager at Wood Partners, discussed ANSI’s (American National Standards Institute) new National Green Building Standard (NGBS) and its application to the multifamily industry, as well as the cost of going green.(Click here for MHN’s coverage of the National Green Building Standard.)“What’s unique is that it gives…

Lynette R. Hegeman recently joined Gables as vice president of marketing. She has 17 years of experience in marketing, sales management and development primarily for the hospitality and real estate industries. Most recently Hegeman ran her own marketing company focused on helping developers of residential communities in resort locations create and execute effective marketing strategies.She talks to MHN Online News Editor Anuradha Kher about marketing strategies during a downturn, the role social media plays and how small multifamily companies can effectively market to their prospects. MHN: What will you change with regards to marketing at Gables? Hegeman: Gables has done a…

By Anuradha Kher, Online News EditorLexington, Ky.–Hendricks & Partners arranged the sale of Chinoe Creek, located at 3522 Creekwood Dr. in Lexington, Ky., for $17 million. The 356-unit apartment community was constructed in 1985 and features 19 three-story, garden-style buildings situated on 22 acres. The property offers four floor plans of one- and two-bedroom apartments ranging in size from 676 square feet to 1,000 square feet with an average unit size of 843 square feet. Units feature private patios/balconies with additional storage, laundry room, private entrance, walk-in closets, and fully equipped kitchen with dishwasher and disposal while select units feature…

By Anuradha Kher, Online News EditorWilmington, Del.–The Wilmington Housing Authority (WHA) has selected Michaels Development Co. as its master developer for a planned multimillion redevelopment of Lincoln Towers, an outdated public housing complex located in the Wilmington’s Trolley Square neighborhood. The complex will be demolished to make way for a new mixed-use community featuring both affordable and market-rate housing. The WHA distributed a request for proposals and moved quickly to select a development partner in order to meet a July 6 funding request deadline from the U.S. Department of Housing and Urban Development (HUD). The federal government is distributing economic…

By Anuradha Kher, Online News EditorNew York– The Apthorp, a 32-unit historic condominium project is now selling at substantially reduced pricing starting at $1,535,000. A recent report released by the Real Estate Board of New York found that across New York City, average home prices are down 22 percent in second quarter 2009. This project is no different.In addition, a $30 million capital improvement program is currently in progress that will restore the property to its turn-of-the-century architecture but also modernize it to 21st Century standards. Closings are expected to begin in fall 2009.“This is a once-in-a-lifetime opportunity to own…