Regions
YapStone Clients to be Eligible for MasterCard’s New Payment Processing Rate
By Anuradha Kher, Online News EditorSan Francisco–Till recently, credit card usage has been limited in the multifamily market primarily because of perceived high costs to either property managers or renters. But with MasterCard’s new lower rates for payment processing of rent and rent-related fees, companies like YapStone, an electronic payments processor, could see a rise in number of clients.Beginning April 2008, property management and real estate companies that utilize YapStone’s processing platform, including RentPayment, will be eligible for MasterCard’s new processing rate.“Since 1999, YapStone has been committed to electronic payments for the real estate industry, and MasterCard’s new processing rate…
DEAL OF THE DAY: Johnson Capital Provides $135M in Financing Using New Freddie Mac Mortgage Product
By Anuradha Kher, Online News EditorNorwood, Mass.–Johnson Capital, one of Freddie Mac’s first Seller/Servicers to do so, is using the Freddie Mac Acquisition Rehabilitation MortgageSM product to provide $135 million in financing, for the rehabilitation of the 914-unit Windsor Gardens Apartments in Norwood, Mass.The borrower is using Freddie Mac’s Early Rate-Lock delivery option, choosing to wait 90 days after rate-lock until Freddie Mac’s purchase of the loan.The borrower proposes to make several improvements to Windsor Gardens, including adding washing machines and dryers to the garden-style units, new countertops, cabinet faces and knobs, tubs, shower surrounds, toilets, ceramic flooring, lighting, plumbing…
The New American Home Celebrates 25th Anniversary at IBS
By Anuradha Kher, Online News EditorOrlando, Fla.–The New American Home, a ‘real-world’ laboratory demonstrating concepts, materials, designs and construction techniques that can be replicated, celebrated its 25th anniversary at the International Builders’ Show this year.People attending the show received a tour of the New American Home, a 6,725-sq.-ft, plantation-style house located in the prestigious Waters Edge subdivision, a gated, 11-lot development in a private golf and country club community along the banks of Orlando’s Lake Nona.The latest in interior design, green features, energy efficiency and cutting-edge technology is on display this year at the New American Home.Some of the green…
From the International Builders’ Show: Product Debuts
Orlando,Fla,–The Turbochef 30-inch Double Wall Speedcook Oven from TurboChef Technologies, the McKinley Collection from Shenandoah Cabinetry featuring a range of kitchen cabinetry styles and the Silestone MURO from Cosentino North America, an eco-friendly line of tumbled mosaic backsplashes are the products that caught our attention at the International Builders’ Show.TurboChef TechnologiesThe Turbochef 30-inch Double Wall Speedcook Oven from TurboChef Technologies features the company’s restaurant-proven technology that has been adapted to suit the needs of home cooking. The TurboChef oven cooks meals up to 15 times faster than conventional methods.What makes it faster is the TurboChef Airspeed technology in which the…
NAHB Economist Predicts Home Prices Will Help Spur Demand
Orlando, Fla.– Economists cautioned Wednesday at the International Builders’ Show in Orlando, Fla., that the nationwide drop in residential building would continue through early 2009–but said that lower home prices would help correct the current U.S. housing decline, the Orlando Sentinel reports.National Association of Home Builders chief economist David Seiders told members of the media attending the conference that single-family home starts could decline another 27 percent in 2008. Although Seiders said lower home prices can cause money crunch fears and threaten consumer spending, he called the home price decline “part of the solution.”Seiders said the reduced prices would spur…
Survey Released at IBS Shows Buyers Want Energy Savings, Versatile Room Design
Orlando, Fla.–Homebuyers are prioritizing energy-efficient designs, outdoor areas and flexible floor plans in subdivisions, according to two consumer preference surveys released Wednesday at the International Builders’ Show in Orlando, Fla.Consumers surveyed by the National Association of Home Builders last year indicated that they no longer are in the market for huge homes and said the top two things they looked for in a new home were multi-use living spaces and energy efficiency, MarketWatch reports.Other features–including solid insulation, Energy Star-rated windows and ceiling fans–made the list of top 10 desired home amenities.NAHB staff vice president of research Gopal Ahluwalia said that…
Multifamily Properties Flourish in Current Housing Market, IBS Speakers Say
Orlando, Fla.–Multifamily developers got some good news Wednesday at the International Builders’ Show, the Sarasota Herald-Tribune reports.Many non high-rise condo developers have switched to building apartments because of the changing market–but buyer traffic has increased in condo sales offices that are still open, according to Bill Donges, CEO of the Atlanta-based Lane Company.Because the condo market is fairly new in large southern cities such as Atlanta and Dallas, dealing with inventory and declined sales is something the developers aren’t used to, Donges said.”This is the time to buy,” said panelist and Orlando-based condo developer Steve Patterson.Patterson also said luxury properties…
DEAL OF THE DAY: Perseus Realty Capital Arranges $11M Loan for The Spire Construction
By Anuradha Kher, Online News EditorDenver–Perseus Realty Capital LLC (PRC), a Washington, D.C-based real estate investment and development company, has secured $11 million in mezzanine financing for the construction of The Spire, a 503-unit high-rise residential condominium under development in downtown Denver.The Nichols Partnership Inc, a Denver,Colo.-based real estate development company, is building the 41-story tower, which when complete will be one of Denver’s tallest and most energy-efficient buildings. The total cost of the project is $172.5 million. Located at 891, 14 St. (at the corner of 14th and Champa Streets), The Spire features 33 floors of residential condos atop…
NAHB Green Building Program to Debut Today at International Builders’ Show
Orlando, Fla.–The National Association of Home Builders will officially launch its green building program on Thursday at the International Builders’ Show in Orlando, Fla.Builder trade associations across the nation are expected to fine-tune the new guidelines to create even more stringent local requirements based on climates and conditions, Newsday reports.The NAHB National Green Building Program will include education and ongoing training and a certification program for industry professionals. New homes will receive points in seven categories, which will cumulatively earn the homes a bronze, silver or gold rating.The group’s creation of a national model indicates it feels the NAHB membership should…
NAHB Launches National Green Building Program
By Anuradha Kher, Online News EditorOrlando, Fla.—On occasion of Green Day, declared by the National Association of Home Builders (NAHB), the organization launched its National Green Building Program, an education, verification and certification program, during a press conference at the International Builders’ Show in Orlando today.The program allows builders anywhere to build green homes. It features an online scoring tool at www.nahbgreen.org, which shows the builder how to accrue points in seven categories namely water, energy and resource efficiency, lot and site development, indoor environmental quality, and global impact and homeowner education. The program sets point requirements in each category…