Regions

By Erika Schnitzer, Associate EditorWaltham, Mass.—RentBureau, the credit bureau for the multifamily industry, and RentGrow, a provider of online resident screening services, have announced that they will team to integrate their solutions. RentGrow will begin implementing RentBureau’s data this week.“For a long time, we’ve been providing our services directly to apartment companies, but we believe it’s important to make it easier for to get information. RentGrow aggregates the information to get the best screen. We know we can add a lot of value because we are based on rental histories,” Eric Hartz, president and CEO of RentBureau, tells MHN. “This…

By Anuradha Kher Online News EditorJersey City, N.J.–Gebroe-Hammer Associates completed six property transactions in the Essex and Hudson counties. One mixed-use and five multifamily communities featuring 225 units sold for a total of more than $20.7 million.The 150-unit 317-343 Fairmount (pictured) and 62 Kensington Avenues in Jersey City, N.J. sold for  $12.5 million. The five mid-rise buildings are located in close proximity to Journal Square and Saint Peter’s College. Each features an all-brick façade and a mix of one-, two- and three-bedroom units. The buildings were approximately 80 percent occupied at the time of sale.According to Gebroe-Hammer, area rental rates…

By Anuradha Kher, Online News EditorLas Vegas–Global Links Corp. has recently received financing to fully fund the final development of the Domain Studio Condo unit. The Domain Studio is a factory-made modular component, which can be placed on a commercial base, stacked on top of each other, placed in the backyard or anywhere else the buyer chooses to place it. The 576 sq. ft. condo unit is now in the final stages of development and will be ready for viewing in about two weeks. It costs $72,000 and comes with a fully equipped kitchen as well as a washer and…

By Anuradha Kher, Online News EditorWashington, D.C.–Pending home sales declined on the heels of a weakening economy as  some buyers waited on the sidelines for clarity on housing stimulus provisions, according to the National Association of Realtors (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100. “Even with many serious…

By Anuradha Kher, Online News EditorRandolph, Mass.–Arbor Commercial Funding LLC recently completed funding of a $2,693,500 loan under the Fannie Mae DUS Small Loan product line to refinance the 24-unit complex known as Thompson Drive (pictured) in Randolph, Mass. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.51 percent.78-Unit Property Receives $1,528,700 Fannie Mae DUS LoanSioux Falls, S.D.–Arbor Commercial Funding LLC recently completed funding of a $1,528,700 loan under the Fannie Mae DUS product line to refinance the 78-unit Tally Ho Apartments in Sioux Falls, S.D.The 10-year loan amortizes on a 30-year schedule and…

By Anuradha Kher, Online News EditorSan Diego– Barnhart Inc. and Naval Facilities Engineering Command (NAVFAC) Southwest have broken ground on a unique $23-million Bachelor Enlisted Quarters for marines and sailors in the Wounded Warrior Battalion West stationed at Marine Corps Base Camp Pendleton, Calif. With 100 semi-private suites modified to accommodate service members recovering from various injuries, the 66,000-sq.ft. Wounded Warrior barracks features lounges, kitchen facilities, interactive gaming areas, computer alcoves and an expansive outdoor deck with views of Lake O’Neill and the surrounding hillside. The two-story structure will be built to Leadership in Energy and Environmental Design (LEED) Gold…

By Erika Schnitzer, Associate EditorNorfolk, Va.—For Rent Media Solutions has launched the beta version of AptsVideo.com, the multifamily industry’s first video-sharing Website. “For Rent is committed to putting [our clients’] properties in front of as many potential residents as possible,” notes Sarah Johnson, mobile media manager, For Rent Media Solutions. (Click here to see other ways that ForRent.com utilizes social media.) AptsVideo.com is accessible though the watermarks on all ForRent.com videos. The site currently features all of the videos—more than 1,400—located on ForRent.com. At this time, the AptsVideo.com video is included with the purchase of a video at ForRent.com.“Based on…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac chief executive officer, David Moffett is resigning from the agency and will step down by March 13. The board of directors is now working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett.Moffett’s resignation comes merely six months after the government chose him to lead the second-largest U.S. mortgage finance company amid the housing slump. Prior to that, he served as vice chairman and chief financial officer of U.S. Bancorp.The stated reason for Moffett’s resignation is that he wants to return to a role in the financial services…

By Anuradha Kher, Online News EditorReno, Nev.–In the current economic climate, when almost every company is going through challenges, Fast Wrap USA plans to grow and even increase its sales by nearly 40 percent. Fast Wrap specializes in shrink-wrapping everything from construction material and furniture to lumber and boats. With an increasing number of construction projects—be it multifamily, hotels or office—being halted or stopped due to lack of financing or inability to put tenants in the buildings, Fast Wrap is expecting good business throughout the downturn.“When construction came to a halt, leaving projects uncompleted, the need arose to protect the…

By Anuradha Kher, Online News EditorKnoxville, Tenn. and Odessa, Texas–Arbor Commercial Funding LLC recently funded two loans totaling $5,164,500 under the Fannie Mae DUS product line. These loans include: • $3,680,000 under the Fannie Mae DUS product line for a portfolio in Knoxville, Tenn. This is a refinance of non-contiguous properties, Morningside Hills Apartments (pictured) and Magnolia Apartments. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.51 percent• $1,484,500 under the Fannie Mae DUS small loan product line for the 56-unit Cielo Vista Townhouse, in Odessa, Texas. The 10-year loan amortizes on a 30-year…