Regions
Growth in Green Building Materials to Continue
Alex Palmer, MHN ContributorNew York–The already substantial market for green building materials for both the commercial and residential properties will continue to grow, per NextGen Research. The global green building materials market valued at $455.3 billion last year is expected to reach $571 billion by 2013, per its new report “Green Building Materials: Making Cement, Insulation and Wood Products Increasingly Environmentally Friendly.” NextGen Research conducts research on the potential of new technologies, forecasting and quantifying near and mid-term market opportunities, and assessing the strengths and weaknesses of the players involved.The greatest growth is forecast in green insulation, which is expected…
Preiss Co. Partners with SIFE to Promote Environmental Sustainability to Student Residents
By Anuradha Kher, Online News EditorCharlotte, N.C.–University Village at Charlotte and University Club recently joined with University of North Carolina at Charlotte’s Students in Free Enterprise (SIFE) to participate in the SIFE/University Village GREEN3 Project. The GREEN3 community project is meant to serve as an interactive learning experience between the university, property residents, and the property management company.Both Charlotte properties are owned and managed by The Preiss Co., provider of off-campus student housing at North Carolina State University, Clemson University, Auburn University in Alabama, the University of Texas in Austin and at UNC Charlotte.Five apartments participated in the project, which…
TODAY’S DEALS: HFF Secures Financing Totaling Nearly $50M on Behalf of TCR, and Other Transactions
By Anuradha Kher, Online News EditorHouston, Texas–HFF (Holliday Fenoglio Fowler, L.P.) has secured nearly $50 million in financing on behalf of Trammell Crow Residential for Alexan Woods and Alexan Main Street, two Class A multifamily complexes in Houston, Texas. Working on behalf of the borrower, HFF placed two, seven-year adjustable-rate loans with Freddie Mac (Federal Home Loan Mortgage Corp.). A $22.16 million loan was secured for Alexan Woods and a $27.63 million loan was arranged for Alexan Main Street. Proceeds will be used to retire the existing construction loans, while recapitalizing both assets with assumable, non-recourse financing and flexible prepayment…
VP of Energy Initiatives at CPC, Padian Selected to Judge MHN’s Green Initiative Awards
New York—Andrew Padian, vice president for energy initiatives for the Community Preservation Corporation (CPC), has been selected to judge MHN’s second annual Green Initiative Awards. At CPC, Padian assists with the implementation of the Energy Efficiency Loan Program, working with CPC staff and building owners across the tri-state area. The Green Initiative Awards, presented by MHN, recognize eco-friendly corporate initiatives by apartment communities, developers, suppliers, manufacturers and others in the multifamily sector. Winners will be published in the November 2009 issue of Multi-Housing News magazine. Deadline for entries is August 1. Click here for more information and to enter MHN’s…
Multi-Housing Executives Update: Pinnacle Hires New Central Region VP, and Other Moves
Dallas—Pinnacle has hired Lynne Shirley as its new central region vice president. She will be responsible for new business development, recruiting and developing strong management teams for Pinnacle’s Gulf Coast portfolio.Shirley has over 26 years of property management experience. Before joining Pinnacle, Shirley worked for Greystar Real Estate Partners for 15 years and held numerous positions within Greystar’s several divisions including management, development and most recently as a senior director in their Charleston, S.C.-based asset management division. Kaled Management Forms Asset Management GroupNew York–Kaled Management Corp. has formed a new division to provide third-party asset and property management to institutional…
Prodigy Launches Division for International Investors to Buy Distressed Condos in U.S.
By Anuradha Kher, Online News EditorNew York– Prodigy International recently launched the Prodigy Network, a company that plans to purchase available condominiums for international investors.The company will purchase approximately $100 million worth of new condominium units in New York and Miami on behalf of investors located in Latin America, Europe, and Asia in the first 60-90 days and $500 million in the next 12 months. While the Prodigy Network plans to invest in properties not more than two years old, they must all be distressed properties being sold at a discount.“The sweet spot will be in the range of $350,000…
SPECIAL REPORT: REITs Seen to Dominate Real Estate Markets Again as They Did in Early-1990s
By Keat Foong, Executive EditorNew York—REITs will be the top players again, much as they were in the 1990s, when the markets move forward in the next few years, predicted speakers at National Association of Real Estate Investors’ (NAREIT) REITWeek conference held in New York City this week. Speakers at REITWeek suggested that REITs will be the few players in the commercial real estate market that will have access to capital, and that they could take advantage of their superior capital-raising abilities to accumulate real estate assets at distressed prices. “Public companies will have the opportunity to dominate the next…
As Rent-Stabilized Properties Encounter Difficulties, NYC Firm Forms Division to Provide Third-Party Services
By Keat Foong, Executive EditorNew York—Kaled Management Corp. announced it has formed a division to provide third-party asset and property management services to owners of rent-regulated apartment properties in New York City. The division, Kaled Residential Asset Management, will be spearheaded by Jordan Platt, the company’s vice president of Operations. “We are uniquely qualified to take over the management of stabilized apartment buildings on behalf of lenders and institutions that are now holding the keys to assets that are among the most complicated and challenging to run profitably and well,” said Edward Kalikow, president of Kaled Management. During the financing-fueled…
Q&A with Guy Ackermann: Bank Execs Have Reservations About Government Being Equity Partner in Legacy Loans Program
Guy Ackermann (pictured) is a partner in the Real Estate, Finance & Construction Group of Plante & Moran, a public accounting and business advisory firm that provides financial, human capital, operations, strategy, technology and family wealth management services. Ackermann has more than 27 years of experience representing real estate owners and developers in arranging financing, creating joint ventures, consulting for the acquisition and disposition of real estate and more. He talks to MHN Online News Editor Anuradha Kher about original plans for the now-delayed Legacy Loans Program, whether he thinks the program has the potential to work in the way…
TransUnion Adds RentBureau Data to Rental Screening Solutions
By Erika Schnitzer, Associate EditorChicago—TransUnion announced that it has integrated RentBureau’s data into its rental-screening platform, joining other resident screening companies that have become RentBueau Data Illuminated by gathering as much up-to-date and accurate information on potential residents as possible.“From the multifamily angle, we provide our data and our score to TransUnion customers to better evaluate applicants that come in, identifying applicants that are more risky. That translates to significant savings,” explains Eric Hartz, president and CEO of RentBureau.RentBureau’s database collects rental payment histories every 24 hours from its national network of property owners and managers, which currently includes nearly…