Regions

By Anuradha Kher, Online News EditorClaymont, Del.–The Kislak Co. Inc. recently completed the $12.8 million sale of East Pointe Apartments (pictured), an apartment complex located at 2610 Philadelphia Turnpike in Claymont, Del. “While unemployment is a concern and apartment occupancies have dipped slightly, rents will increase long-term, and investment alternatives remain scarce,” says Senior vice president and co-managing director Robert J. Holland. “The stock market is uncertain and banks are offering very low, sub-3 percent returns on money markets and CDs. Multifamily properties, some with annual returns of at least 6 percent, remain very compelling. Mortgage rates also remain relatively…

By Anuradha Kher, Online News EditorKnoxville, Tenn.–Sthenia Solutions’ LoanMarq software, which was unveiled in December of 2008, is experiencing an increased level of interest in a market where mortgage companies have had to lay off their processing staff. This has resulted in increased pressure on existing employees, something that the LoanMarq mortgage software aims to help with.The Web 2.0 framework is designed for service-oriented collaboration, workflow, productivity and process management. It brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple web-based community. “It is a web-based customer service tool, which automates loan processing stage…

By Eli Loebenberg, CPA, CEO Madison SPECSLakewood, N.J.–With the economy slowing, many multifamily owners are bracing for a tough year. Job losses, a weak stock market, declining real estate prices, and distressed financial markets all point to a challenging year ahead. This means that any business strategy that can reduce taxes and increase cash flow will be in high demand. One tax strategy that accomplishes this is cost segregation, which will make it very popular this year with owners of investment property.What is Cost Segregation?In general, buildings can be depreciated over a 27.5-year or 39-year period, but certain categories of…

By Anuradha Kher, Online News EditorIrvine, Calif.–Sperry Van Ness has named Gary Gregory (pictured), CCIM managing director for Sperry Van Ness | Gregory Interests LLC, as the Sperry Van Ness Top Advisor in 2008. In addition, Sperry Van Ness | Gregory Interests LLC was the number two ranked office in 2008.In 2008, he completed 65 sales transactions valued at $227 million including a $132 million sale of the Legacy apartment portfolio.“In the past few years, Gregory has become one of the premier brokers in the United States,” says Kevin Maggiacomo, president of Sperry Van Ness International.Since joining Sperry Van Ness,…

Boston–Love Funding’s Boston office has secured a $4,813,600 refinance loan for St. Peter Apartments (pictured), a 127-unit multifamily housing complex located in Columbia, Penn. Love Funding secured the loan through the HUD 202/223(f) loan program and used its experience with the HUD 202 refinance program to assist the borrower in meeting the HUD requirement of “single asset entity” ownership. This property had previously been legally linked to another. The challenge of this transaction was separating the two. Terms of the deal included a 6.03 percent fixed interest rate and a 26-year amortization, which accommodated the borrower’s desire to own the…

By Anuradha Kher, Online News EditorWashington–The U.S. Department of Housing and Urban Development (HUD) announced this week that it is providing nearly $1.6 billion in homeless assistance. The American Recovery and Reinvestment Act of 2009, which was signed into law this week, will also provide an additional $1.5 billion in funding for homeless prevention.The grants are being awarded through HUD’s Continuum of Care programs and will assist approximately 6,300 local homeless assistance projects throughout the U.S., Puerto Rico and the U.S. Virgin Islands. “With the foreclosure and unemployment crisis looming, millions of families – both homeowners and renters – are…

By Anuradha Kher, Online News EditorAtlanta–Hathaway Construction Co., Inc. recently completed four GO Zone apartment projects on the Gulf Coast. The four projects, Ansley Walk in Lafayette, La., Ansley Place (pictured) in Houma, La., Stone Ridge at Somerby Park in Mobile, Ala. and The Vinings at Spanish Fort in Spanish Fort, Ala., are all Class A, garden-style apartment communities featuring a total of 1,045 units. The U.S government created a number of tax incentives for investors and builders building along the Gulf Coast after the area experienced massive damage and destruction due to the hurricanes Katrina and Wilma. The Congress…

By Erika Schnitzer, Associate EditorClifton, N.J.—Value Companies, a real estate development, investment and management company, is offering incentives to renters at its northern New Jersey communities, one-third of the company’s portfolio.  “Because of current economic conditions, there is a real flight to quality and value. Renters, more than ever, want to feel like they are getting a great deal without having to compromise on the details that make a community a truly great place to live, such as amenities, space and high-level finishes,” Jon Moore, vice president of development for Value Companies, tells MHN.
While Moore says that Value Companies’ communities…

Annie Laurie McCulloh (pictured) is the new vice president of business consulting at the Rainmaker Group. She is responsible for managing LRO (Lease Rent Options) project implementations and ensuring that solutions exceed client expectations. McCulloh has helped design, deliver and support pricing solutions and has also served as the pricing manager tasked with making pricing decisions for tens of thousands of units using revolution LRO.Prior to Rainmaker, McCulloh worked for Archstone, where she served as assistant vice president, pricing and revenue management. She talks to MHN Online News Editor Anuradha Kher about the importance of revenue management in a tough…

By Anuradha Kher, Online News EditorJoliet and Morris, Ill.–Meridian Capital Group recently arranged financing in the amount of $8,830,000 for three multifamily properties located in Joliet and Morris, Ill. The two properties together feature 237 residential units and are located on Mabel Court in Morris and Larkin Avenue (pictured) in Joliet. Meridian negotiated on behalf of the borrower to secure all 10-year term mortgages with rates ranging from 5.63 percent to 5.79 percent.Arbor Closes $2.66M Fannie Mae DUS Small Loan  Terryville, Conn.–Arbor Commercial Funding LLC recently completed funding of a $2,660,000 loan under the Fannie Mae DUS Small Loans product…