Regions

By Erika Schnitzer, Associate EditorMcLean, Va.—Kettler Management Inc. has announced the expansion of its multifamily property management division, offering its property management and marketing services to clients throughout the Mid-Atlantic region.“Particularly in poor economic times, good managers are at a premium,” Cindy Clare, CPM, president of Kettler Management Inc., tells MHN. “There are new properties coming online that were not supposed to be apartments, and owners are looking for assistance with them.”This expansion, which marks the first time the company has expanded beyond its headquarters service area of Virginia, Maryland and Washington, D.C., includes the addition of an apartment community…

By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $48.925 million first mortgage financing for Avondale at Warner Center (pictured), a 446-unit multifamily complex, located in Woodland Hills, Calif. Financing was based on a 10-year fixed term with a one-year floating option and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Walker & Dunlop Closes $4.6M Acquisition Loan Ridgeland, Miss.–Walker & Dunlop provided a $4,578,000 acquisition loan for Parc at Ridgeland Apartments located in Ridgeland, Miss. The loan was structured with a five-year term and a 30-year…

By Erika Schnitzer, Associate EditorSan Jose, Costa Rica—Gensler, the global architecture, design and planning firm, recently organized a public conference on sustainable development in San Jose, Costa Rica, alongside the international engineering firm Buro Happold. “We wanted to focus on the vision of being able to give back to the communities we work in,” says Bob Balder, director of planning at Gensler, which has an office in San Jose.“San Jose: The Livable City” featured presentations by experts in multiple fields that focused on the sustainable growth of San Jose. At the forum—at which there were an estimated 400-500 attendees—a new…

By Anuradha Kher, Online News Editor Greenwich, Conn.–Richman Property Services Inc. has introduced SureDeposit’s risk management and marketing program throughout its national property management portfolio, which includes 11,000 units.Richman now offers SureDeposit to all its residents in communities across six states, including California, Colorado, Connecticut, Florida, Maryland and Texas. The Richman portfolio is comprised of conventional, affordable and senior housing properties.“Different companies use our program for different reasons; Richman wanted to increase occupancy across its communities,” SureDeposit President Richard Schreiber tells MHN. “The current economy has made our program even more compelling because property managers can successfully compete for residents in…

By Anuradha Kher, Online News EditorLos Angeles, Anaheim, Calif.–The Villas del Lago Apartments (pictured right half of image box) in the Westlake/MacArthur Park district of Los Angeles, and Elm Street Commons (left half of image box ) in Anaheim, Calif.’s Colony Historic District, both affordable housing projects opened recently with 100 percent occupancy. AMCAL Multi-Housing Inc. was the developer for Villas del Lago, and a team of Squier Properties, ADI Inc. and the City of Anaheim developed Elm Street Commons.The two developments represent substantial steps forward in providing well-designed affordable homes with community amenities. “We have a long commitment to…

By Anuradha Kher, Online News EditorWashington, D.C.–Foreign investors too often overlook the U.S. apartment industry and the investment returns it has provided, even during recessionary periods, mainly because of misunderstandings about how the U.S apartment market functions, according to a new report titled “A Case for Investing in U.S. Apartments,” commissioned by the National Multi Housing Council (NMHC) and produced by Torto Wheaton Research. “Apartments have a long track record of having the highest risk-adjusted investment returns compared to other property types,” says Doug Bibby, NMHC President. “Yet our sector remains largely overlooked by foreign capital.” “For the most part,…

By Anuradha Kher, Online News Editor Houlton, Maine–Love Funding recently closed a $1.1 million HUD 232/223(f) loan to finance the acquisition of a skilled nursing facility. Love is a fully approved LEAN HUD lender; however, this loan was started under HUD’s MAP processing. Love Funding closed the loan to finance MAAKF Inc.’s acquisition of the Gardiner Healthcare Facility, a 55-bed skilled nursing and residential care facility located in Houlton, Maine. The property, originally built in 1963, sold for $950,000 or $17,273 per bed. The non-recourse loan represents a loan-to-acquisition cost ratio of 116 percent because the loan also provided $155,000 for…

By Tonie Auer, Southwest Correspondent Commercial Property News Chicago–Adding its name to the list of firms looking to capitalize on opportunities in the down commercial property market, Wrightwood Capital has closed a $243 million fund. The company’s High Yield Partners II Fund will be invested in recapitalizations, acquisitions and selected new development projects.Wrightwood Capital’s mezzanine and equity program is available for assets with sponsor equity and provides capital structured as either a mezzanine loan or a preferred equity investment, company executives said. As the commercial real estate investment market has seen prices fall as the credit crunch and economic downturn…

By Erika Schnitzer, Associate EditorColumbia, Md.—Enterprise Community Partners has released a report that reviews the impact of NSP (Neighborhood Stabilization Program) funds allocated from the Department of Housing and Urban Development (HUD). The report concludes that many of the NSP grantees are planning to use the funds for innovative and effective programs that can provide examples for additional neighborhoods.”These are innovative program ideas that are likely to be high-impact and high success,” said Amanda Sheldon, research and policy analyst at Enterprise, during a Webcast presentation of the findings of the report, which is entitled “The Challenge of Foreclosed Properties: An…

Woodbridge, N.J.–The Kislak Co. Inc. has promoted Don Baxter (pictured) to vice president. Baxter received the Rookie of the Year award in 2007 and the Salesperson of the Year award in 2008. “Baxter has a passion for hard work, a dedication to his clients and a keen sense of the investment real estate market, and for this he is a well-respected and valued employee of his company,” says Jeffrey Wiener, president and co-managing director.  Noted Affordable Housing Lawyer Monique DeLapenha Joins Ballard Spahr As PartnerPhiladelphia–Monique DeLapenha, a real estate lawyer well known for her work in public and affordable housing,…