Regions

By Anuradha Kher, Online News EditorCincinnati–London Computer Systems Inc. (LCS), developer of Rent Manager property management software, is partnering with CBCAmRent, a resident screening company that allows rental applications to be processed by checking criminal, eviction and credit reports.“The demand has doubled every month since incorporating it into Rent Manager,” says Dave Hegemann, president and founder of LCS. “In today’s world, it’s more important than ever to know who you’re renting to, and our customers have been very pleased with this product.”LCS’s partner, CBAmRent is an affiliate of CBCInnovis, a consumer reporting company for real estate support businesses in the…

By Keat Foong, Executive Editor Los Angeles— CB Richard Ellis Capital Markets provided a $78.3 million loan for a trophy high-rise asset, in what the company says is one of the largest multi-family transactions of the year in Southern California.    The sponsor, The Kor Group, wanted to recapitalize its equity on the property. And it also wanted to initiate renovations to bring up the building rents substantially. The challenge was that the borrower was seeking a high-leverage loan, according to Brian Eisendrath, senior vice president, Debt and Equity, at CBRE Capital Markets. The Kor Group also wanted a fixed-rate loan…

By Anuradha Kher, Online News EditorLexington, Ky.–Grandbridge Real Estate Capital LLC has closed a $17,662,000 refinance loan for the Summit (pictured), a 240-unit, class A garden-style apartment community in Lexington, Ky. Funded by Grandbridge, the loan was sold to Freddie Mac under its Early Rate Lock loan program. Constructed in 2007, the property is located on approximately 15 acres near the prestigious Brighton Place Shoppes, and is considered one of Lexington’s premier apartment communities. The development is comprised of one-, two- and three-bedroom units, each of which features nine-ft. ceilings, fireplaces, deep Roman tubs, gourmet kitchens, private balconies and patios…

By Anuradha Kher, Online News EditorAtlanta–Lane Co. and real estate private equity firm, Lubert-Adler, have formed a $250 million multifamily venture that will invest in acquisitions of multifamily properties, primarily in the Southeast and Southwest. The initial funds will be used for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers.“In this climate, with the credit markets in the shape they are in, Lane wanted a ready and reliable source of capital to invest in the opportunities we see in the market,” Eric Hade, general counsel and VP of Capital Markets at Lane Co., tells…

By Erika Schnitzer, Associate EditorIrvine, Calif.–NWP Services Corporation (NWP) has launched an automated process for generating final utility bills to apartment residents. Previously, a final utility bill could be generated in two ways: the property manager could move out residents on NWP’s Website up to 35 days in advance or NWP would receive move out information, but the property manager would still need to enter final charges manually.This process does not necessarily provide for the most current or accurate billing information, however. NWP’s automated final bill process “puts it into [property managers’] hands later, so residents get a bill that…

By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc. recently released OneSite Leasing & Rents Military Housing, a focused version of the RealPage property management software, which handles the requirements of managing privatized military family housing. This on-demand tool enables property managers to manage prospective military residents, service member housing assignments, collection of housing allowance and provision of maintenance for on-base residents. It accommodates the demographic information relevant for housing entitlements and provides for automatic processing of clearinghouse transactions in each branch of service.”United Communities is excited to be the first Air Force/Army Privatization contractor to deploy the RealPage property management…

By Anuradha Kher, Online News EditorNew York–Meridian Capital Group has arranged $65 million in a first mortgage loan for the refinance of Knickerbocker Plaza (pictured) located at Second Avenue & East 90th St. in New York City. The 578-unit building is in the process of opting out of the Mitchell-Lama Program. Developed and built in 1975 by The DeMatteis Organizations, the property includes parking, retail, and office space, including a bank, and a pharmacy. Meridian’s negotiated a five-year loan term with a local lender, enabling the borrower to benefit from a favorably low interest rate and a very appealing extension…

By Adam Perrotta, News Writer, CPNDallas–Trammell Crow, founder of the commercial real estate firm that bears his name, has died at 94. Crow, who started the company in 1948, saw it grow to a major investor and developer with more than 500 million square feet and $50 billion in assets under its belt. Crow, who passed away at his family’ farm in East Texas on Jan. 14., went from owning a single Dallas warehouse to becoming a driving force behind major developments in cities such as Dallas, Atlanta and San Francisco. In addition, he founded Wyndham Hotel Co., which was…

By Anuradha Kher, Online News EditorSan Antonio–Fogelman Management has hired Donna Schmidt (pictured), CMP, as regional vice president of the new Texas region and will be based out of the company’s San Antonio office. In this position, Schmidt will be overseeing all facets of properties operations for FMG managed properties within the region, including properties in Texas, Colorado and Arkansas.Schmidt is the current President-elect of the San Antonio Apartment Association. She has more than 17 years of experience in multifamily property operations, most recently working for Lincoln Property Company for the past eight years.Merry Morgan Promoted to Group Coordinator of…

By Anuradha Ker, Online Editor Washington, D.C.–The House Democrats this week released an expansive economic recovery plan that calls for $550 billion in spending and aid to states and $275 billion in tax cuts.As a part of this plan, they also released a draft Economic Recovery bill that includes a $2.5 billion investment to repair and green U.S. Department of Housing and Development (HUD) assisted affordable multifamily housing. If approved, this investment will create immediate jobs, improve housing conditions for many low-income families and seniors, and save taxpayer dollars in the long run. Energy costs are consuming an increasing proportion…