Regions

By Anuradha Kher, Online News EditorClinton Township, Mich.–Alliant Capital LLC recently arranged the $10.2 million refinance of Eastwood Village, a 351-unit apartment community located in Clinton Township, Mich., on behalf of Paragon Properties Co.  Alliant Capital utilized the Fannie Mae DUS Extended Rate Lock program and locked the interest rate six months prior to closing the loan. By delaying the closing for six months, Paragon was able to avoid a prepayment penalty to the original lender and obtained a lower rate than would have been available at closing.   Eastwood Village was built in 1987 and boasts an occupancy rate…

By Anuradha Kher, Online News EditorPotomac, Md.–Willco Cos., a commercial property development and investment firm, will soon close the $100 million Willco Fund I LP. This fund, the first in the firm’s history, is targeting equity and debt investments in commercial office, multifamily residential, and industrial income-producing properties in the Washington, D.C. metropolitan area. “Given the distressed nature of the marketplace, there are a number of fund players and public players selling assets to de-leverage their portfolios,” says Chief Operating Officer Jason Goldblatt. “This situation provides the opportunity to acquire undercapitalized assets in need of repositioning or reinvestment. By modestly leveraging…

By Erika Schnitzer, Associate EditorLas Vegas—There are a number of mistakes multi-housing companies should identify and try to avoid, particularly in today’s recessionary environment, according to Bill Nye, PhD, Bill Nye Training, who spoke at last week’s National Apartment Association Conference and Exposition in a session entitled, “The Dirty Dozen: 12 Mistakes You Can’t Afford to Make in a Tough Economy.”The first so-called mistake, identified as “Making a silk purse out of a pig’s ear,” is cutting your educational budget and expecting to reach your goals. Tough times require better-trained employees, noted Nye, an idea that resonated throughout the conference—whose…

By Keat Foong, Executive EditorSebring, Fla.—Is you asset located in a Fannie Mae “pre-review state”? Here is one property that is, but it was in a very good position to obtain financing.   Walker & Dunlop provided Tanglewood Manufactured Housing Community with a $53 million acquisition loan under the Fannie Mae DUS program. The 10-year fixed-rate loan is interest-only for the first two years. According to Will Baker, vice president, Multifamily Finance, at Walker & Dunlop, the lender normally makes loans to manufactured housing that are not less than three to five stars, and Tanglewood was a five-star property. “This is…

By Anuradha Kher, Online News EditorEdgewater, N.J.–The Peninsula at City Place condominiums in Edgewater, N.J., which has been a rental building for nearly 10 years, is now in the process of condo conversion. Given the economic conditions, the developer has lowered prices by about 3 to 5 percent and the results have been favorable.“Part of the reason for improved demand is the drop in prices, low interest rates and the low common charges and Edgewater’s low property taxes,” said Angela Ferrara, vice president of sales at The Marketing Directors, which is handling sales of the Peninsula.Of the 201 units, 125…

By Anuradha Kher, Online News EditorCamarillo, Calif.–Meridian Capital Group has arranged acquisition financing of $9,750,000 for Mountain View Apartments, located at 659 N. Las Posas Road. Meridian’s Los Angeles office negotiated the non-recourse, 6.36 percent fixed interest rate for 10-years via a Freddie Mac Program/Plus Lender utilizing its Capital Markets Execution (CME) program.  Built in 1980, Mountain View Apartments offers 106 units in a two- and three-story garden-style community.  Arbor Closes $2,400,000 Fannie Mae DUS LoanPhiladelphia–Arbor Commercial Funding LLC recently completed funding of a $2.4 million loan under the Fannie Mae DUS Loan product line for the 68-unit property known…

By Anuradha Kher, Online News EditorWashington, D.C.–Mercedes Marquez has been confirmed as an assistant secretary at the U.S. Department of Housing and Urban Development. As the former general manager of the City of Los Angeles Housing Department (LAHD), Marquez will lead HUD’s Office of Community Planning and Development, which administers nearly $8 billion in programs designed to stimulate community development, affordable housing, and a variety of special needs assistance programs. “Marquez brings a vast wealth of experience to HUD as she joins the front lines of our efforts to help cities and counties recover from our economic challenges,” says HUD…

By Erika Schnitzer, Associate EditorLas Vegas—Every industry, including multifamily, is tethered to what happens in Washington, noted Jim VandeHei, co-founder and executive editor of Politico and moderator of the general session, “Knowledge is Power: How to Survive These Times,” at last week’s National Apartment Association Conference and Exposition.The panel featured Ric Campo, chairman and CEO of Camden Property Trust; Bob Faith, CEO of Greystar Real Estate Partners LLC; and Christopher Lee, president and CEO of CEL & Associates, a consulting firm that provides strategic planning, satisfaction surveys and compensation advice to the real estate industry.With this correlation in mind, the…

By Anuradha Kher, Online News EditorLas Vegas–The National Apartment Association Education Institute (NAAEI) has announced the winners of several awards including the National Apartment Leasing Award, National Apartment Management Award and the Apartment Career and Education award. All the winners were recognized at the 2009 PARAGON Awards Ceremony this weekend at the Mandalay Resort and Casino in Las Vegas.Susan E. Weston, CAM, CAPS, of Dallas, was awarded the 2009 Apartment Career and Education (ACE) Award. Weston is the vice president of learning and development for Pinnacle in Dallas, where she guides all learning initiatives for Pinnacle’s 5,300 employees. Shannon Birtwell,…

By Anuradha Kher, Online News EditorAbu Dhabi, UAE–Masdar, Abu Dhabi’s multi-faceted renewable energy initiative, a wholly owned subsidiary of the Mubadala Development Co. (Mubadala), has partnered with one of the world’s leading applied research organizations, Fraunhofer-Gesellschaft, to develop a Sustainable Cities Research Center in Masdar City. Masdar City, currently under construction, will be the world’s first carbon-neutral, zero-waste city completely powered by renewable energy. The city is said to be the most ambitious sustainable development in the world, and will be a guinea pig for clean technologies. The Sustainable Cities Research Center would be the Fraunhofer-Gesellschaft’s first Middle Eastern research hub….