Regions

Avi Weinstock (pictured) is a partner and executive vice president at New York-based mortgage brokerage firm, Meridian Capital Group. As head of Meridian’s multifamily property division, Weinstock and his team have closed over 2,000 transactions annually since 2004, generating a deal volume in excess of $10 billion per year in closed loans.Weinstock talks to MHN Online News Editor, Anuradha Kher about the comeback of conduits, the direction in which capital is headed and his advice for  borrowers.MHN: What kinds of deals are getting done in today’s market?Weinstock: A variety of multifamily deals are getting accomplished in today’s market. What has…

By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc. will be offering a comprehensive online training package for its multifamily clients on the changes, impacts and implementation of the upcoming TRACS 2.0.2C and TRACSMail changes mandated by the Department and Housing and Urban Development (HUD). TRACS 2.0.2C, which will replace TRACS 2.0.2B, is a new file format through which HUD properties send monthly data. TRACSMail, a modem-based system previously used to transmit data such as HUD property vouchers, will be being replaced by iMax or Modern Integrated Multifamily Access Exchange, which is a Web-based program.RealPage has 10,000 multifamily clients, all of…

By Erika Schnitzer, Associate EditorChampionsGate, Fla.–The opening session at the Florida Apartment Association (FAA) Education Conference & Trade Show in ChampionsGate, Fla. addressed the theme of the show, “Celebrating Change.”The keynote speaker, Eileen McDargh, CSP, CPAE, discussed the importance of embracing change within the apartment industry. However, she asserted, to truly embrace such change, managers must look outside the industry itself. In the context of the housing downturn, for example, people are turning away from homeownership, creating a shift towards multifamily housing, she said. With that in mind, she encourages managers to avail themselves to think differently.McDargh noted three general…

By Anuradha Kher, Online News EditorNew York–The Brooklyn Chamber of Commerce, through its 2008 Building Brooklyn Awards, honored 17 recently completed construction and renovation projects they believe enrich Brooklyn’s neighborhoods and economy. J Condominium, a 33-story mixed-use development located on 100 Jay St. and designed by Gruzen Samton Architects was recognized for its design. J Condominium is currently the tallest building in the Down Under the Manhattan Bridge Overpass (DUMBO) neighborhood, which is located at the foot of the Manhattan Bridge. Developed by Hudson Companies Inc., the 267-unit J Condominium also features five retail spaces and two parking garages.The building…

By Erika Schnitzer, Associate EditorNew York–The Department of Justice (DOJ) has filed a lawsuit against the owners and developers of Avalon Chrystie Place (pictured), a 361-unit apartment community located at 229 Chrystie St. in New York, alleging that they have failed to provide sufficient access to disabled people.Constructed for first occupancy after March 31, 1991, the development is subject to the updated 1991 Fair Housing Act’s requirements. The DOJ claims that the defendants—AvalonBay Communities, CVP I LLC, Downtown Manhattan Residential LLC, Chrystie Venture Partners LLC and SLCE Architects LLP—-failed to design Avalon Chrystie Place so that its public spaces are…

By Anuradha Kher, Online News EditorWilloughby, Ohio–Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Tamarac Apartments, a 642-unit multifamily community in Willoughby Ohio, a suburb of Cleveland. The listing price of $48.5 million represents $75,545 per unit and a 7.6 percent cap rate.“Consistently, stellar occupancy coupled with continued rent increases makes Tamarac Apartments an appealing option for an investor seeking income growth in a cash flow-driven market,” says Dan Burkons, a senior associate and director of the firm’s National Multi-Housing Group in Cleveland.The community was constructed in various phases between 1990 and 2000 and is…

By Anuradha Kher, Online News EditorLinden, N.J.–The John T. Gregorio Towers, a seven-story, 78-unit senior affordable housing project in Linden, N.J., designed by Gran Kriegel Associates, has recently been completed. Move-ins into the Section 8 project have already begun.The Housing and Urban Development Authority (HUD) and the Linden Housing Corp. are funding the project, named after former Linden mayor John T. Gregorio. The John T. Gregorio Towers features a multipurpose room, which is served by a commercial kitchen. This communal space accommodates dining and special events, also serving the two adjacent existing buildings, which are part of the Linden senior…

By Anuradha Kher, Online News EditorCambridge, Mass.–ADD Inc recently received three awards, including the best residential multi-housing project, from The New England chapter of the International Interior Design Association (IIDA NE), at its second annual Interior Design Awards held at Boston’s Institute of Contemporary Art.IIDA NE’s Interior Design Awards recognize New England firms for outstanding interior design and excellence in teamwork.ADD Inc was one of two firms honored with three interior design awards this year. ADD Inc received the best in multi-housing award for the planning, architecture and interior design on the Archstone Boston Common, a 28-story high-density rental housing…

By Anuradha Kher, Online News EditorWashington, D.C.–Commercial and multifamily mortgage loan originations continued to fall on a year-over-year basis in the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Overall, second-quarter originations were 63 percent lower than during the same period last year and multifamily property loans saw a 42 percent decrease in the same period.“Since the onset of the credit crunch, we have seen an overall slowdown in multifamily property sales transactions, Commercial Mortgage Backed Securities (CMBS) loans and issuance of mortgages in general,” Jamie Woodwell, MBA’s vice president of Commercial/Multifamily…

By Anuradha Kher, Online News EditorBeaverton, Ore.–Guardian Management LLC recently purchased the 279-unit Waterhouse Place Apartments (pictured) in Beaverton, Ore., a suburb of Portland, for $30 million. USB Realty Investors LLC will serve as the equity partner. Guardian plans to invest an additional $3 million—approximately $7,000 per unit—for exterior and interior renovations of the complex.“The property fits perfectly into our value-add acquisition strategy,” says Tom Brenneke, president of Guardian.Built in 1989, Guardian will rehabilitate the 14.5-acre community with exterior upgrades, including updated landscaping, a resurfaced spa, new patio doors and parking and clubhouse upgrades. Guardian also plans an extensive interior…