Regions

By Erika Schnitzer, Associate EditorJersey City, N.J.—Genesis Cos., a Jersey City, N.J.-based developer of urban communities, recently celebrated the opening of Webb Apartments, a five-story, 40-unit mixed-use community that will be the first 100 percent affordable, green residential building in the state of New Jersey.The redevelopment project is a public-private partnership between Genesis Cos., the state of New Jersey and the City of Jersey City.Designed by GF55 Partners, a New York-based architecture firm, Webb Apartments is LEED (Leadership in Energy and Environmental Design) Silver- and Energy Star-certified and will consume 20 percent less energy than a non-green building. Green features…

By Anuradha Kher, Online News EditorNew York–As consumer confidence dips and uncertainty abounds over the possible impact of the administration’s new policies, buyers and renters in the multifamily market are feeling increasingly wary. To tackle this, a number of developers and managers are offering a variety of incentives. The most common of them is the ability for a renter to get out of their lease in case of a layoff, without any penalties. Similarly, Solaria condominium, a luxury community located in New York’s Riverdale neighborhood, is offering a program through which it will pay the mortgage, common charges and real…

By Erika Schnitzer, Associate EditorWinter Park, Fla.—The first phase of The Sage at Winter Park, an Energy Star-certified, 72-unit townhome community developed by Winter Perch LLC, is expected to be the first green certified multifamily development in the state of Florida.According to Ian McCook, founder and president of Nvision, an Orlando, Fla.-based real estate development management company, who worked on the $15 million project, there are currently no completed LEED (Leadership in Energy and Environmental Design) residential projects in the state. “We weren’t originally planning [The Sage] as a green community, but everything we have done has made it such,”…

By Anuradha Kher, Online News EditorShreveport, La.–Arbor Commercial Funding LLC recently completed funding of a $17.5 loan under the Fannie Mae DUS ARM product line to finance the 168-unit complex known as Reflections of Island Park (pictured) in Shreveport, La.The 10-year loan amortizes on a 30-year schedule and carries an adjustable note rate of 4.58 percent. Avant Capital Closes $4.575M Bridge Loan for Acquisition, Renovation of 209-Unit Rental CommunityOklahoma City, Okla.–Avant Capital Partners has closed a bridge loan of $4,575,000 for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City, Okla. The interest-only loan was secured through Avant’s…

By Anuradha Kher, Online News EditorIrvine, Calif.–Western National Group has appointed Laura Khouri (pictured) as the president of the Multifamily Ancillary Group (MAG), a subsidiary of Western National Group. Included under the MAG umbrella are California Utility Billing Services (CUBS), a utility billing service provider, and iMAG, a renter’s insurance provider. In addition to CUBS and iMAG, MAG specializes in finding the partners for each community, negotiating the contracts and then managing the process after the contract is operational. As president, Khouri will oversee all of MAG’s activities and continue in her role leading Western National Group’s Human Resources, Training…

By Anuradha Kher, Online News EditorWashington, D.C.–EverGreen Solutions is working with affordable housing developer and manager, National Community Renaissance (National CORE), to assist the company in upgrading to software platform Yardi Voyager 6.08.22.EverGreen Solutions will be involved in business process re‐engineering, implementation of modules such as construction, PaySCAN for invoice processing, check scanning within the accounting system for accounts receivable, combining multiple databases, adding an on‐line payment solution, and extensive training in accounting and operations. EverGreen’s role will be to ensure that National CORE is using the latest technology to its fullest extent in order to maximize operations and to…

By Anuradha Kher, Online News EditorLos Angeles–As the California market continues to look for new sources of capital to fund construction of much-needed affordable housing, Enterprise Community Investment Inc. and four long-term financial partners have launched a green affordable housing fund for the Golden State.The $40 million Enterprise California Green Communities Fund will help finance the creation of 500 energy-efficient, affordable homes in Los Angeles, Oakland, and metropolitan San Francisco through the syndication of federal low-income housing tax credit (LIHTC) equity. “The Enterprise California Green Communities Fund offers financing with a nod to sustainability,” says Rich Gross, vice president of…

By Anuradha Kher, Online News EditorOverland Park, Kan.–NorthMarq Capital’s Kansas office has arranged combined first mortgage financing of $22.26 million for two apartment complexes located in Overland Park, Kan. Claremont Apartments features 336 units and was financed at $18.86 million. The 98-unit Coventry Oaks Apartments was financed at $3.4 million. Financing for both these multifamily properties was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrowers by NorthMarq through its seller/servicer relationship with Freddie Mac. Prime Property Investors Completes Student Housing Purchase for Undisclosed Amount South Bend, Ind.–Prime Property Investors Ltd. have completed…

By Anuradha Kher, Online News EditorChicago–Alliant Capital LLC has named Aaron Abelson as senior vice president for its Chicago office, a role in which he hopes to elevate the company’s visibility in the Midwest region.In his new position, Abelson will manage the analysis, evaluation and origination of permanent, fixed-rate apartment loans utilizing the Fannie Mae DUS program for the Midwest region. He will be responsible for increasing Alliant Capital’s investor network through active referrals and client contacts primarily in Illinois, Indiana and Wisconsin. “Abelson has extensive experience with the Fannie Mae DUS transactions,” says Byron Steenerson, president of Alliant Capital…

By Erika Schnitzer, Associate EditorStone Mountain, Ga.—Isakson Living, a Norcross, Ga.-based developer of senior retirement communities, is offering a new plan to help current and prospective residents sell their existing homes, allowing them to move into Park Springs, a 54-acre, 392-unit community, now.“With this economic climate that we have right now and with the housing market as it is, we realized it was going to greatly affect our occupancy and ability to market new units, as well as maintain some of the residents who already live there who had not sold their homes,” Don Garner, senior vice president of development,…