Regions

By Erika Schnitzer, Associate Editor New York—Ellington on the Park, a mixed-income cooperative building in Harlem that is located alongside Jackie Robinson Park at 130 Bradhurst Avenue at 148th Street, recently began sales of its “premier” collection, 23 market-rate units on the top six floors. These homes are part of a $45 million, 12-story, 133-unit development comprised of market-rate, middle-, moderate- and low-income apartments developed by 200 Bradhurst Developers LLC—a partnership of Duvernay + Brooks LLC and Pennrose Properties LLC—and designed by Magnusson Architecture and Planning PC.Ellington on the Park is the third phase of an HPD (Department of Housing…

By Anuradha Kher, Online News EditorTexas, Fla., Calif.–PNC has arranged a combined total of $51.4 million in financing for seven multifamily properties located in Texas, Florida and California, including acquisition financing for two healthcare facilities utilizing the Federal Housing Authority’s (FHA) Section 232/223(f) LEAN program. PNC originated a combined $5.9 million in FHA Section 232/223(f) financing for the acquisition of two Tampa, Fla.-based assisted living facilities operated by the Lighthouse Health Care Group, including the 20-bed Adam’s House and the 30-bed At Home With Friends. FHA Section 232/223(f) provides mortgage insurance for the refinancing or purchase of residential care facilities,…

By Barbra Murray, Contributing EditorNew York–As the recession continues to grip nations around the world, commercial real estate property transactions, including multifamily, are still moving along at a snail’s pace and, in general, without the premium price tags seen just two years ago. Global research and consulting firm Real Capital Analytics concludes in its most recent Global Capital Trends report that, while sales activity is likely to pick up soon, a full recovery is still a long way off. Across the globe, the numbers remain grim, and no property sector presents an exception. From the second quarter of 2008 to…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Transportation (DOT), the U.S. Department of Housing and Urban Development (HUD) and the U.S. Environmental Protection Agency (EPA) have jointly launched an interagency Partnership for Sustainable Communities to help improve access to affordable housing, more transportation options and lower transportation costs while protecting the environment in communities nationwide. DOT Secretary Ray LaHood, HUD Secretary Shaun Donovan, and EPA Administrator Lisa P. Jackson testified together at a Senate Banking, Housing and Urban Affairs Committee hearing chaired by U.S. Senator Christopher J. Dodd. The three outlined the six guiding “livability principles” they…

By Anuradha Kher, Online News Editor  Union City/West New York, N.J.–Governor of New Jersey Jon Corzine and New Jersey Department of Community Affairs Commissioner Joseph Doria attended the launch of plans for Horizon Heights, an affordable housing property that straddles West New York and Union City, N.J. Horizon Heights is part of a plan to construct 14 new affordable housing projects across the state to be built with the help of federal tax credits. Del-Sano Contracting Corp. is the general construction contractor and Regan Development is the project owner. Construction will be completed by next year and occupancy is expected…

By Erika Schnitzer, Associate Editor Nashville, Tenn.—Compared with other Southeast markets, “Nashville is, in general, the best story,” reports Vince Lefler, an associate in Apartment Realty Advisors’ Atlanta office.On a year-over-year comparison, the market is softer, having declined 3 percent in terms of occupancy. However, the market is still holding steady at about 90 percent. Much of this is due to the shadow market from condos and single-family homes, Lefler tells MHN. Currently, there are 3,200 units under construction—which is close to the city’s historical high—in the Nashville MSA, which, Lefler notes, will impact occupancy and concessions once they are…

By Anuradha Kher, Online News EditorAtlanta–Walker & Dunlop provided a $15,033,000 acquisition loan for Governor Mifflin, a 320-unit rental community located in Shillington, Penn. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio.  Governor Mifflin is a Class B, 330-unit garden-style apartment community featuring a clubhouse, pool, playground, basketball court, fitness center and laundry facility. The property was 92 percent leased at closing. Arbor Closes $1,125,000 Fannie Mae DUS MAH LoanSpokane, Wash.–Arbor Commercial Funding LLC recently completed funding of a $1,125,000 loan…

By Erika Schnitzer, Associate EditorChicago—With construction contracts becoming more cost-based and billed up to a guaranteed maximum price, owners must assume more responsibility for monitoring construction costs, asserted Jim Schmid, CPA, CFE, national construction advisory services practice leader for Grant Thornton LLP, at a recent Webcast, “Construction Contract Terms Critical to Mitigating Fraud During the Payment Process.”Owners should be involved with the first payment application, first change order and first schedule of values in order to set a precedent. Schmid warned against waiting until the end of the project to do a final audit, as he noted that it is…

Irvine, Calif.–NWP Services Corp. (NWP) has introduced a new Business Intelligence Data Warehouse, called ConsumptionSmart, now available as an additional feature with the company’s UtilityPay Manager product offering. “Data warehouse/business intelligence applications have become an integral part of the multifamily housing industry landscape,” says Jim Charles, senior vice president of product management and engineering. “Property managers want a flexible decision making and planning utility data infrastructure that supports their utility management requirements, and that is where NWP helps. “With ConsumptionSmart’s data mining capabilities, customers go beyond simple query and reporting capabilities to incorporate predictive power in utility expense management decisions,” adds…

By Keat Foong, Executive Editor Goleta, Calif.—Loans financed before the mid- to late-2000s are the ones that will be refinanced more easily because they have had time for adequate price appreciation, correct? In the case of Oasis Apartments, that is true. Kevin Burkhalter senior vice president at Johnson Capital’s Los Angeles office funded $10,500,000 in permanent financing for the privately held entity that owns the 125-unit garden-style apartment property.Johnson Capital also provided the refinancing at very favorable terms. Taking advantage of the currently low adjustable rates, the owner replaced the 8 percent interest on the former loan with a 3.32…