Regions

By Erika Schnitzer, Associate EditorAtlanta—Viridian Asset Management LLC, a newly formed nationwide asset management and advisory company, recently launched its BankonGreen program, which is designed to provide energy-efficient rehabilitation to properties owned by banks and financial institutions.“We started looking at how to make the home more energy-efficient and do it where the bank is the bottom line. From the social responsibility side, we knew they wouldn’t buy into it unless we came up with a process of netting them out. The selling of the property is what is really getting bogged down with depreciating values and the number of [foreclosed]…

By Teresa O’Dea Hein, Managing EditorDenver—The Apartment Association of Metro Denver (AAMD) recently recognized Legacy Partners Residential, Inc.’s Denver regional office with 11 of its 2008 Tributes Awards, including the prestigious Grand Tributes Award for Best Management Company. In all, Legacy took home the most awards of any finalist.The association presents these awards every three years, Betty Knecht, AAMD manager of special events, tells MHN. This year, Knecht reports, saw record numbers both of entries and attendees at the awards ceremony, held at the Colorado Convention Center.Pat Hutchison, vice president of Legacy’s Denver regional office, tells MHN, “The foremost reason…

By Erika Schnitzer, Associate Editor Pembroke, Mass.—Fantini & Gorga has arranged $29.7 million in first mortgage financing of Alexan Pembroke Woods, a 240-unit Class-A apartment community in Pembroke, Mass.The loan was placed on behalf of BC Pembroke Woods LLC, a joint venture between Boston Capital Real Estate LLC and Trammell Crow Residential. George J. Fantini, Jr., chairman; Tim O’Donnell, principal; and Derek Coulombe, analyst; arranged the financing.Alexan Pembroke Woods features a fitness center, swimming pool, community center and business center.PNC ARCS Provides $8.7M for 168 Units in Las VegasLas Vegas—PNC ARCS recently provided an $8.769 million loan for Autumn Ridge…

By Erika Schnitzer, Associate EditorEast Palo Alto, Calif.—The City of East Palo Alto has dropped its lawsuit against Page Mill Properties, which represent the owners and investors of over 1,700 apartments, or 53 properties, in East Palo Alto’s Woodland Park neighborhood, maintaining that rent increases for 1,000 of its units are legal after all.The debate is based on a rent control ordinance that includes a provision allowing owners to increase rents in line with increases in the cost of living index. “Under the ordinance, landlords were allowed to cumulate or ‘bank’ authorized cost-of-living rent increases that had not been charged…

By Teresa O’Dea HeinAtlanta–A Web-based insurance confirmation system enables property managers to quickly verify the status of their residents’ required coverage. Assurant Specialty Property, a provider of renters insurance programs to the multifamily industry, recently launched this service through VerifyIns.To access the service, property managers and leasing consultants log in into aspecial database via an external URL. This process allows property managersto quickly verify whether residents are complying with the insurancerequirement for the duration of their lease agreements.Steve Hein, vice president for national sales at Assurant Specialty Property,says this tool helps property managers avoid exposure to claims involvinguninsured residents. “If,…

By Keat Foong, Executive EditorWashington, D.C.—Chapter 11 may not be such a bad thing after all. It can provide the borrower leverage in negotiating with the lender on project loans. That was among the suggestions made by experts at a recent teleseminar sponsored by the National Association of Home Builders entitled “Alternative Funding Sources: Ideas and Perspectives to Keep Your Business on Track.” “Banks know what their rights are. You need to know what your rights are,” said Harley Riedel of Sticher Riedel, Blain & Prossner, P.A., Tampa, Fla. Riedel has served as counsel for the debtor in possession in…

By Erika Schnitzer, Associate Editor Grand Prairie, Texas–NorthMarq Capital has arranged first mortgage financing of $16.1 million for Indigo Pointe Apartments, a 300-unit multifamily community.Financing was based on a four-year interest-only term and was arranged by NorthMarq through its relationship with a Midwest life insurance company.Jeff Frankel, senior vice president and senior director of NorthMarq Capital Inc.’s Chicago office, arranged the financing.ARA Closes $2.3M Sale of 32-Unit Rental PropertyPhoenix—Apartment Realty Advisors (ARA) has negotiated the sale of Central Mountain Villas, a 32-unit garden-style apartment building, for $2.3 million.The sales price of the property, which had a 60-day list period and…

By Teresa O’Dea Hein, Managing EditorNew York—The latest introduction in the growing green marketplace is a primary casualty coverage from AIG Risk Management (AIG), a unit of AIG Commercial Insurance, designed for property owners and managers of green buildings. It consists of two coverages—AIGGreen Reputation Coverage and AIGGreen Indoor Environment Coverage, part of the AIGGreen product line from AIG Real Estate Solutions. This is the first casualty product addressing potential green losses to third parties, Joe Fobert, senior vice president. AIG and practice leader at AIG Real Estate Solutions, based in Tampa. Fla., tells MHN.AIGGreen Reputation Coverage provides up to…

By Erika Schnitzer, Associate EditorNew York—Seventy-five percent of commercial real estate executives say that the current credit crisis has not made them less likely to build green, according to Turner Construction Company’s 2008 Green Building Market Barometer.“What the [survey] told us was that even in spite of the uncertainty in the credit market, for those people planning to build, three-quarters are still planning to build green,” says Michael Deane, vice president and chief sustainability officer at Turner, whose green multifamily buildings include New York’s Solaire, a LEED (Leadership in Energy and Environmental Design) Gold project, the Verdesian, the first LEED…

By Keat Foong, Executive Editor Washington, D.C.—Debate continues about the future of Fannie Mae and Freddie Mac. This week the Wall Street Journal reported that Congress and the future Obama administration would be likely to restructure the two entities and in doing so consider the economic crisis and conflicts between the companies’ mission to support the housing market and their need for profits. David Cardwell, Vice President of Capital Markets and Technology, has told MHN that the apartment industry has an interest in seeing Fannie Mae and Freddie Mac continue as private companies. Whatever the eventual structure of the two…