Regions

By Keat Foong, Executive EditorIndianapolis—The owner of a 98-year-old building in downtown Indianapolis put his property on sale in late-2006. It did not sell in 2006 or in 2007, when the market was still strong, or in 2008. It finally sold this year—in the midst of the credit crunch. How did that happen? The owner, Tony Wishart held out on his asking price and refused to go down on it until this year, says the broker George Tikijian, principal of Tikijian Associates, Indianapolis. “The owner stuck pretty close to what he wanted. A number of offers were not high enough,”…

By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group recently arranged permanent financing for a substantial undisclosed regional sponsor in excess of $27 million for an 11-property multifamily portfolio (pictured top) located throughout Southern California encompassing 395 units. Meridian’s Los Angeles office negotiated the non-recourse, 5.60 percent fixed interest rate for 10 years. The most challenging facet of these deals in today’s credit environment was the in-place ownership structures, since the deals involved an extensive number of tenants in common (TICS). HFF Arranges $8.45M Loan for 192-Unit Luxury CommunityIndianapolis–The Iocal office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $8.45…

By Erika Schnitzer, Associate EditorSan Jose, Calif.—Gish Apartments, a 35-unit transit-oriented, mixed-use affordable housing community, was named as one of the American Institute of Architects Committee on the Environment (AIA-COTE)’s Top Ten Green Projects of 2009.Gish Apartments is the only affordable housing development in the nation to receive both LEED (Leadership in Energy and Environmental Design) for Homes Gold and LEED NC (LEED for New Construction) Gold certification. In addition, the community received 145 points from Build it Green—a non-profit organization that promotes energy-efficient homes in California—GreenPoint rating, the highest ever achieved for a multi-housing project. Developed by First Community…

By Anuradha Kher, Online News EditorWashington, D.C.–PNC Real Estate was the top multifamily originator in 2008, followed by Wachovia, Capmark Financial Group, Wells Fargo and Deutsche Bank Commercial Real Estate. PNC made $8,130 million in loans while Wachovia made $6,882 million and Capmark Financial Group Inc. made $6,547 597, according to the Mortgage Bankers Association’s latest study. Eight different companies topped the 11 lists reporting originations by investor groups:•    Capmark Financial Group as the top originator for Freddie Mac, FHA/Ginnie Mae, and specialty finance; •    Bank of America for commercial banks/savings institutions and conduits; •    MetLife Real Estate Investments for…

By Anuradha Kher, Online News EditorHillside, N.J.–Despite the current economic climate and challenges faced by the residential real estate market, P&F Management Co. LLC, is continuing to provide solutions for a variety of underutilized real estate assets and portfolios, as well as real estate-backed securities. Currently, P&F Management has more than 750 units in the planning and/or development stages along with another 250 units under construction in New Jersey. The company has acquired more than 1,500 distressed residential units so far. “P&F Management is very optimistic about the future,” says Glen Fishman, founder and CEO, P&F Management. “Because of our smart-buy strategies,…

Make sure your green program/green product or service receives all the attention it deserves. Enter MHN’s Green Initiative Awards Competition. Winners will be published in the November 2009 issue of Multi-Housing News Magazine. Deadline for entries is August 1.THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (writeable pdf format/can not be saved on all computers).THE 2009 ENTRY FORM AND COMPETITION GUIDELINES (in a non-writeable pdf format).The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by apartment communities, developers, suppliers, manufacturers and others in the multifamily sector.There are two ways to enter:1) Corporate Initiative: A program launched by a multifamily…

By Anuradha Kher, Online News EditorDallas–Joining the ranks of several other multifamily companies, Riverstone Residential is now offering a pink slip protection program to residents across its communities.Residents who lose their jobs can remain in their apartments under Riverstone’s protection plan. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident’s rent for up to two months.Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential has teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop the Pink Slip…

By Anuradha Kher, Online News EditorPittsburgh–PNC recently arranged Fannie Mae DUS refinancing totaling $101.9 million by two of its real estate businesses for multiple Associated Estates Realty Corp. properties, along with St. Mary’s Villa Apartments, Mountain View Estates and Convict Hill Apartments. Red Mortgage Capital Inc., now a part of PNC, provided Fannie Mae DUS refinancing loans totaling $54.4 million for Courtney Chase (pictured), a 288-unit complex located in Orlando, Fla., Steeplechase at Shiloh Crossing, consisting of 264 units in Avon, Ind. and Saw Mill Village Apartments with 340 units in Columbus, Ohio.  In addition, Red provided Fannie Mae DUS…

By Erika Schnitzer, Associate EditorRincon, Ga.—McShane Construction Co. of Rosemont, Ill. has completed The Springs at Effingham, a 430,000-sq. ft., 352-unit apartment community, for developer/owner Continental Properties Co. Inc., based in Menomonee Falls, Wis.The project, which broke ground in November of 2007 and was completed in February 2009, was finished ahead of schedule, despite the recession. “We had a quality team of subcontractors who were committed to getting the job done quickly,” Scott Hoppa, vice president-Southeast, McShane Construction Co., tells MHN.Located on a 32-acre site in an outlying community of Savannah, the garden-style project encompasses 22 buildings.Designed by Miami-based MSA…

By Anuradha Kher, Online News EditorSacramento, Calif.–Private security services, provided as an amenity as well as necessity, have become increasingly common on site at multifamily communities. When small problems such as domestic disturbance or petty theft occur on a property, having private security services can be more efficient than calling 911. As a result, some renters prefer staying in communities where private security is offered.USA MultiFamily is one such property manager. The company uses Paladin private security services across six of its properties in Sacramento featuring 1,041 units.  “We believe private security is an amenity as well as a necessity…