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Resident Places Partners With AnswerNet

Thu, 17 May 2012 06:44:49 GMT

PHILADELPHIA, PA - Resident Places, in partnership with AnswerNet, has launched its telemarketing program to support its Philadelphia pilot. All telesales for the new Resident Places coupon program will be handled at the AnswerNet call center located in Willow Grove, PA.

Resident Places President, TJ Goulet, stated, “We are very excited to be working with AnswerNet. They are one of the largest and most respected telemessaging firms in the US and we are confident they will be able to support our initial sales operation and handle our expansion when we launch nationally later in 2012.” Goulet further stated, “What we liked most about AnswerNet was their ability to handle all aspects of our messaging needs including telesales, e-messaging, customer service, order fulfillment and direct mail.”

“At AnswerNet, we enjoy working with businesses that leverage the power of new technologies. When Resident Places approached us to be their call center partner, it was a great fit,” says Gary Pudles, President & CEO of AnswerNet. “We are very excited to be working on a program that is at the crossroads of localized online search and the multi-family housing market."

AnswerNet is the world’s largest telemessaging firm and full service provider of inbound, outbound, and E-bound contact center and fulfillment solutions. AnswerNet operates over 50 contact centers within the continental US and Canada, providing a vast range of systems to optimize order entry, telephone answering services, sales, lead qualifications, market research and other contact management solutions for a client base of over 35,000. Processing over 60 million contacts annually, AnswerNet has been recognized for a number of awards, including Inc. Magazine’s Annual “Inc. 500” List of Fastest Growing Private Companies as well as Customer Interaction Solutions magazine’s Top 50 Teleservices Agencies.

About Resident Places
Resident Places is an amenity for residential and mixed use properties where residents receive valuable money saving offers from local businesses through a co-branded coupon portal. These neighborhood deals are delivered without any sales activity by leasing staffs. Every deal printed through the co-branded portal will include the name of the property and is shareable via social networks, which expands the reach and audience of the community’s brand.

For business owners, our unique offering gives access into a typically difficult advertising market – multifamily communities, with a low cost, high tech solution. Business owners can be sure that their marketing dollars are focused on potential customers who are immediately proximate to their location.

Adler and ECI to Develop Miami Luxury Apartments

Wed, 16 May 2012 12:43:39 GMT

MIAMI, FL - A new multifamily project by Miami-based Adler Group and Atlanta-based ECI Group will meet rising demand for rental housing in South Florida. Adler and ECI will develop two luxury 20-story apartment towers overlooking Biscayne Bay on a 2.84 acre site located at 7950 NE Bayshore Court. Groundbreaking is scheduled for later this year and the development timeline is expected to last 24 months.

News of the development comes as Miami experiences an uptick in demand for multifamily living and a depletion of available rental supply. A recent market study conducted by Focus Real Estate Advisors found that overall average vacancy rates in the Miami rental market declined steadily over the past seven quarters, dropping to 4.7% as of Q4 2011. Rising demand and extremely limited supply currently in development both market-wide and in Miami’s Upper East Side indicate these trends will continue, according to the report.

The Adler-ECI development will fill a void of available rental product in the mainland Miami communities north of the Downtown/Brickell market and south of the Aventura/Sunny Isles market. The new development will be situated just north of NE 79th Street, directly across the 79th Street Causeway from Miami Beach and halfway between downtown Miami and Aventura. The site was the former home of the historic Mike Gordon’s Seafood Restaurant, a Miami dining institution for more than a half-century prior to its closing.
The property is fully entitled for multifamily development within the confines of a Major Use Special Permit (MUSP). The acquisition of the land was financed by Miami-based Apollo Bank.

“All signs indicate there is fast-growing demand for quality apartments in Miami’s well-located Upper East Side neighborhood, so this development will fill a niche in the city’s rental market,” said Adler Group CEO Michael M. Adler. “The Adler-ECI partnership brings decades of national expertise building and managing rental properties just as Miami’s multifamily market improves, with employment numbers strengthening, rental rates on the rise due to growing demand, and new supply at historically low levels.”

The rental complex will be professionally managed, offering a host of amenities for residents. Features will include up to 13 boat slips zoned for development on Biscayne Bay and a new neighborhood park that will be dedicated by Adler and ECI and owned by the City of Miami directly across 79th street from the apartment complex.

The joint venture marks Adler Group’s return to its roots in multifamily development and ECI Group’s entrance into the Miami market. Founded more than 50 years ago by high-rise apartment developer and multifamily housing pioneer Samuel I. Adler, the Adler Group developed more than 8,000 rental units in South Florida during its earliest days and has continued to build luxury residences at affordable prices. Additionally, the firm has developed, acquired and operated in excess of 20 million square feet of office parks, industrial complexes, and retail centers in recent years.

ECI Group has more than 40 years of experience building and managing top quality apartment and commercial properties across the Southeast U.S. The firm currently owns and manages approximately 9,300 apartment units at 40 properties across Georgia, Alabama, Mississippi, Louisiana and Florida.

Love Funding Closes Loan for Section 8 Community

Wed, 16 May 2012 09:48:48 GMT

WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.63 million loan refinancing for Broadmeadow Place Apartments, a 148-unit Section 8 apartment community in Covington, Tennessee.

Love Funding Senior Director William E. Jones Jr. and Director Christopher Schilling of the New York office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled the property’s owners to reduce the interest rate and extend the loan back to a 32-year term, generating more than $200,000 in annual debt service savings. The refinancing will also increase the property’s replacement reserve escrow by 75%.

Broadmeadow Place Apartments is one of eight properties that Jones and Schilling are refinancing for Dalcor Management, the borrower group. It was built in 1981 and 1982 with financing provided by HUD’s 221(d)(4) insurance program. The property contains 20 units that are age-restricted to tenants 62 or older.

The original mortgage was refinanced under the 223(a)(7) program in January 2003. The program allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term.

For more information, contact William E. Jones Jr. or Christopher Schilling at (212) 953-0204, or visit www.lovefunding.com.

About Love Funding
Love Funding is a fully-approved HUD LEAN and MAP lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach, Tampa and St. Louis. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities, including hospitals. Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. To learn more please visit our website and join us on Facebook and Twitter.

Capstone Real Estate Awarded Management Contract

Tue, 15 May 2012 13:58:17 GMT

FORT WORTH, TX - Capstone Real Estate Services, Inc. has been chosen to manage Valhalla Apartments, a market rate community located in Fort Worth, TX, as well as Camelot and Lakewood Apartments, both located in Sherman, Texas. The client sought Capstone for its expertise in repositioning distressed properties.

Capstone is an industry leader in property repositioning to maximize financial performance. Additionally, the company’s National Accounts program further increased incentive to the owner as its performance has proven to provide significant cost savings on operating expenses.

Capstone has had a continuous presence in the Greater Dallas/Fort Worth market since 1979. In business for over forty years, Capstone boasts an extensive and accomplished history in property management.

Capstone Real Estate Services, Inc. is a full-service, third-party management firm presently managing approximately 33,000 multi-family units and 500,000 square feet of commercial space. Founded in 1969, Capstone maintains 12 offices across 7 states and employs over 1,000 people in the field of property management, and its portfolio extends to over 95 cities. The size of Capstone’s portfolio ranks the company as the 30th overall largest management firm in the nation.

Lancaster Urban Village Breaks Ground in Dallas

Tue, 15 May 2012 13:57:03 GMT

DALLAS, TX - Construction is underway on Lancaster Urban Village in Dallas, Texas. First units are anticipated to be delivered for occupancy in early 2013. This development is a $30 million mixed use, mixed income, transit-oriented development that will contain 193 residential units, 14,000 square feet of neighborhood retail and small office space, and a 395 space parking garage.

Lancaster Urban Village will operate under the Low Income Housing Tax Credit (LIHTC) program, with all operations overseen by Capstone’s Dallas office. Capstone was selected based on its experience managing tax credit and new construction lease-ups. The company has had a continuous presence in the Dallas market since 1979.

The company has managed properties operating under a wide spectrum of programs, such as LIHTC, RTC/AHDP Affordable Housing, Tax Exempt Bond, HUD Project-Based Section 8, Military Rent-Restricted, and Public Housing. Currently, Capstone manages over 20,000 affordable units, which ranks it as the 10th largest affordable housing management company in the country. In order to ensure that all operations meet and exceed government standards, Capstone’s Compliance department offers extensive support, training, and monitoring services.

Centerline Refinances 440-Unit Multifamily Property

Mon, 14 May 2012 23:06:40 GMT

NEW YORK, NY - Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $39.6 MM Freddie Mac 10-year loan to refinance Runaway Bay Apartments, a multifamily property located in Virginia Beach, Virginia.

The proceeds of the loan will be used to pay off existing Freddie Mac debt and take advantage of current lower interest rates. The borrower is an affiliate of Harbor Group International, LLC (HGI), a Norfolk, Virginia-based private real estate investment and management firm that currently owns 48 multifamily properties and manages approximately 23,057 total apartment units, including 8,970 units in the local area.

Built in 1985, Runaway Bay Apartments is comprised of 14, three-story apartment buildings with a total of 440, garden-style units. Since purchasing the property in 2008, HGI has completed significant capital improvements that totaled over $1.1 million.

“The principals are repeat Freddie Mac borrowers with a proven track record owning and managing multifamily assets,” commented Kevin H. Smith, Director of Mortgage Banking at Centerline and the originator of the loan. “In addition, the property has enjoyed a historically stable occupancy, coupled with strong market fundamentals, which made this a highly attractive deal for Centerline.”

“Harbor Group International is pleased to have worked with Centerline Capital Group on the refinancing of Runaway Bay Apartments,” said T. Richard Litton, Jr., President, Harbor Group International, LLC. “Centerline provided exceptional service for this complex $39.6 million transaction and we look forward to working with them in the future.”

The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.

About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services, focused on affordable and conventional multifamily housing. Centerline offers a range of both debt and equity financing to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in over 1,300 assets spanning 47 states. The firm’s multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 233 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Mortgage Banking, Affordable Housing Equity, Asset Management and Affordable Housing Debt. For more information visit www.Centerline.com.

Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

Edgewood Management Appoints New President / CEO

Mon, 14 May 2012 14:34:25 GMT

GERMANTOWN, MD – Edgewood Management Corporation is proud to announce the promotion of Cindy Sanquist to the position of President and CEO, effective April 30th 2012.

Cindy has been a valued member of the Edgewood team since 1997, when she was hired to implement the strategic plans of all day to day operations for the Accounting and Finance Department, Information Services Department as well as the Payroll and Benefit Administration. She is a member of the Board of Trustees, which directs and administers policies for the entire company as it pertains to insurance benefits and retirement plans.

In her former position as Edgewood’s Chief Financial Officer and Executive Vice President, Ms. Sanquist consistently pushed the corporation to a new level of efficiency, expertise and achievement and the entire team is eager to continue to excel under her leadership.

Prior to joining Edgewood Management Corporation, Cindy was the Chief Financial Officer for Financial Management Services, Inc., served as the Controller for Dreyfuss Brothers, Inc, and served as the Comptroller for CRICO Management Corporation.

Cindy received her B.S. in Accounting from Herbert Lehman College and her M.B.A. at Pace University. She has a CPA designation and is a member of the American Institute of Certified Public Accountants (AICPA).

Quote from Cindy Sanquist-President and CEO: “Edgewood represents the qualities that were once thought of as "soft"-- values, trust and reputation. I believe these qualities are the cornerstones of our success. They are the ultimate drivers of efficiency, performance, innovation and growth. This is one of many reasons that I have spent 16 years of my career here and I am honored to continue to lead this team as President and CEO”

Quote from Gene Ford Jr.- Chairman of the Board: “I interviewed several of the top Property management CEO’s in the Mid Atlantic area, in hopes of finding the right person and discovering what talents and qualities I needed in a top drawer President and CEO. I learned that what I was looking for was already here, within the company. Cindy Sanquist embodies the values, skills, work ethic, and philosophy that were central to the creation of Edgewood. I believe her experience, judgment and heart will carry the company very well into the future. I welcome her for another 16 Year stay!”

Edgewood Management Corporation provides superior multifamily management services for a variety of residential properties and has an exceptional track record to resolve problems and reposition troubled assets in all areas: operations, administrative, financial and physical. Edgewood Management Corporation recognized as the 11th largest manager of Affordable Housing by the National Affordable Housing Management Association and the 50th largest manager by the National Multi-Housing Council.

Alliance Residential to Manage Landmark High-Rise

Mon, 14 May 2012 12:52:47 GMT

SAN JOSE, CA - In the largest multifamily property sale in the Bay Area thus far in 2012, Chicago-based Capri Capital Partners LLC acquired premier high-rise 360 Residences from SJ Real Estate Partners LLC in a $118 million deal, naming Alliance Residential Company as property manager.

The 23-story, mixed-use multifamily tower is located in the heart of downtown San Jose, at South Market and East San Salvador streets, and near the cool, artistic and creative SoFA area. The Alliance operations team is fully familiar with this burgeoning location, currently managing five communities in the immediate and neighboring markets, and 25 communities throughout the greater Northern California area.

"Alliance is excited to deliver exceptional performance for Capri Capital Partners at 360 Residences, an iconic high-rise community in downtown San Jose," says Annette Thurman, Vice President of Operations for the Northwest. "A tenured local team with an uncompromised track record is already delivering extraordinary results, and Alliance is positioned to provide excellent returns for our client."

Completed in 2010 as a for-sale condominium project, 360 Residences was converted to apartments in 2011. Since then, the community has positioned itself at the top of the San Jose market, with sweeping views and a sleek design offering fully functional layouts, high-end finishes and a posh amenity package specific to discerning renters.

Floor plans include urban one- and two-bedroom flats and lofts, townhomes with spacious terraces and balconies, as well as lavish penthouses with dramatic views on the 22nd and 23rd floors. Throughout all residences, the community features contemporary finishes and upgrades, including stainless-steel appliances, Italian Del Tongo cabinetry, stone-quartz countertops, chrome fixtures and recessed lighting. The common area amenity package includes a heated swimming pool and spa on a furnished sun deck, 24/7 fitness facility with state-of-the-art cardio and weight training equipment, a contemporary community lounge with fully-equipped kitchen and complimentary Wi-Fi, a resident business center and executive conference room with phone/web conferencing capability, outdoor barbecue and cabana areas for entertaining, and concierge services.

“Alliance is thrilled to have been given the opportunity to take this one-of-a-kind property to the next level,” Thurman adds. “We look forward to enhancing the property so that it clearly stands out as the top-performing community in the South Bay.”

For more information, visit www.360Residences.com.

Alliance Residential Company
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 12 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $7.0+ billion portfolio and 54,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.

Capri Capital Partners LLC
Capri Capital Partners is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.

Alliance Residential Turns Dirt on 164-Units in Denver

Mon, 14 May 2012 12:51:08 GMT

DENVER, CO - Alliance Residential Company is pleased to announce the purchase of a 0.79-acre multifamily development site located in the heart of the ballpark neighborhood bordering the Lodo District in downtown Denver. Alliance will begin construction on Broadstone Blake Street, a 164-unit, six-story luxury apartment community, on May 3 following a ground-breaking ceremony at the project site. This is Alliance’s second community to break ground in Colorado this year. The clubhouse and first units are expected to be delivered in the 2nd quarter of 2013, and completion is slated for 2014.

Situated adjacent to Coors Field — home of the Colorado Rockies — and amid a unique and vibrant mix of employment, transportation, higher education, arts, culture, recreation and entertainment, Broadstone Blake Street will appeal to the growing population of young professionals and individuals who appreciate the conveniences and amenities of living in downtown Denver. As a result, the majority of floor plans will be studios and one-bedroom units, with a smaller percentage of two-bedroom homes.

“Alliance focuses on building high-end communities that appeal to a broad spectrum of residents and this location at the entry to Coors Field is a perfect complement to our Cherry Creek project,” says Andy Clay, Managing Director of Development for Denver. “Although they are both boutique Alliance communities, they serve very different needs. We built our first downtown development, TwentyOne01 on Market, in 2009, which provided a great deal of insight into the Ballpark Neighborhood submarket. We’ve designed this community to address the demand trends we’ve observed at TwentyOne01 and are excited to see it take shape.”

The project will also expand upon and modernize the features that made TwentyOne01’s design a success — Broadstone Blake Street homes will offer a contemporary “soft loft” appeal with concrete ceilings, exposed ductwork on ground-floor units and textured paint finishes. Interiors will also feature granite or quartz countertops, island kitchens in most floor plans and stainless-steel appliances. The top- and ground-floor units include mezzanine-level bedrooms with sweeping views of the city and Coors Field, and street-level units feature stoops situated directly across from the first-base entry to the ballpark.

The community will also provide cutting-edge amenities, such as a state-of-the-art fitness center, Wi-Fi café, business center equipped with conference rooms, sports lounge, and small, resort-style pool equipped with barbecue areas and an outdoor fireplace.

Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 12 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $7.0+ billion portfolio and 52,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.

Alliance Residential Starts Luxury Houston Community

Mon, 14 May 2012 12:49:27 GMT

HOUSTON, TX - Alliance Residential Company is pleased to announce the purchase and construction commencement of a 3.46-acre multifamily development site in Houston’s Galleria submarket, with plans to build a 272-unit, five-story luxury apartment community. The clubhouse and first units are expected to be delivered in the second quarter of 2013, and completion is slated for the end of 2013.

Situated within the premier Lakes of Post Oak development, Broadstone Post Oak features 500 feet of private lake frontage and has been strategically designed to capitalize on the lake views and access, ultimately delivering an apartment living experience unlike any other in a Houston urban environment. Additional amenities include a business center, iCafé, resident lounge, climate-controlled corridors, two-story fitness facility overlooking the lake and two south-facing courtyards. One courtyard is designed to inspire social gatherings with its expansive pool area, plentiful outdoor seating and cooking areas, while the other will provide a tranquil environment amid lush landscaping and a water feature.

“Broadstone Post Oak presents a unique opportunity for Alliance to build in a premier Houston location on a private lake — no other multifamily tract offers lake frontage within walking distance of the Galleria and 1.5 million square feet of office space,” says Brian Austin, Managing Director of Development for South Texas.

Within the 272 one- and two-bedroom floor plans, high-end interior finishes will consist of 8-foot doors; 10-foot ceilings; hardwood floors in the living, dining and kitchen areas; Silestone kitchen and bath countertops; undermount sinks in kitchens and baths; faux stainless-steel appliances, including a French-door-style refrigerator; under-counter wine refrigerators (select units); stained wood cabinets; full-size washers and dryers; as well as garden-style tubs, and Travertine flooring and surrounds in bathrooms. Apartment homes will also feature state-of-the-art automation systems and intrusion alarms, and lakefront terraces or balconies.

Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 12 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $7.0+ billion portfolio and 54,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.

Alliance Residential Breaks Ground in South Florida

Mon, 14 May 2012 12:47:52 GMT

COCONUT CREEK, FL - Alliance Residential Company is pleased to announce the purchase of a 24-acre multifamily development site in the City of Coconut Creek, with plans to build a 396-unit, NAHB Green-certified luxury apartment community. Construction began in April, with the clubhouse and first units expected to be delivered in the first quarter of 2013. Completion is slated for April 2014.

Broadstone Cypress Hammocks will be located at 5201 W. Hillsboro Blvd., in the northern section of Broward County, which is centrally located within the South Florida MSA and is home to approximately 5.5MM residents, with the highest concentration of employment and commerce in the southeastern United States. The property offers convenient access to area employers, major highway arterials and a variety of retailers and restaurants, including Super Wal-Mart, Home Depot, Kohl’s, Bru’s Room & Sports Bar, Duffy’s Sports Grill, Starbucks, Super Target and two Publix-anchored shopping centers. Offering 396 units averaging 965 square feet, Broadstone Cypress Hammocks will reflect an “Old Florida” architectural style with metal roof accents and stacked stone exterior building detail, blending artfully into the mature wooded preserve conservation areas surrounding the property. With the creation of two large on-site lake features, nearly every apartment home in the community will enjoy views of a lake or the wooded preserve.

“Extensive efforts were made to design a site plan that allowed for the preservation of 35 mature oak trees and an on-site cypress hammock area containing 90 indigenous old-growth cypress trees,” says Michael Ging, Alliance’s Managing Director of Development for Florida. “In fact, that is what provided inspiration for the architectural style of the project.”

Luxurious one-, two- and three-bedroom apartment homes will feature nine-foot ceilings, hurricane impact-resistant windows, granite kitchen countertops, stainless-steel appliances, upgraded kitchen cabinets and plumbing fixtures and stand-up showers. As part of the community’s pursuit of green certification, homes will incorporate a variety of green features, including Energy Star appliances, programmable thermostats, tinted windows, and energy-efficient air conditioning systems and lighting fixtures. The community will also offer 72 attached and 56 detached garages, as well as additional storage opportunities.

The highly amenitized, two-story clubhouse/leasing center spans 9,500 square feet, featuring a great room with cyber café and fireplace; fully-equipped fitness center with the latest cardio and weight-training equipment, and a group fitness studio; spa treatment room; and multi-purpose entertainment room with billiards, shufflepuck, assorted gaming tables, video game room, demonstration kitchen and movie theater. Other community amenity features include a luxurious, resort-style pool offering cabanas and a pool pavilion with bar, fireplace and pool table, as well as a playground for children, a dog park and two victory gardens.

“We are very excited to begin construction on this new community,” Ging adds. “The property is located within an established upper-end submarket where no new rental communities have been built in more than 10 years. The features and finishes provided in each apartment home, combined with the extensive community amenity package, are unparalleled within this submarket area.”

Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 12 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $7.0+ billion portfolio and 54,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.

NCB Originates $51M In New Loans During April

Mon, 14 May 2012 10:29:52 GMT

NEW YORK, NY - NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $51 million in new financing activity during April for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“The financing activity at the start of the second quarter remained strong, with more New York area cooperatives securing funding to address their community’s needs,” said Mr. Howe. “We are proud to continue to be a vital source of funding for these properties as they work to ensure their financial and physical health for years to come.”

NCB Senior Vice President Mindy Goldstein arranged nearly $15 million in new loans during the month, including a $4 million first mortgage and a $750,000 line of credit for a 110-unit co-op located at 215 West 75th Street in Manhattan; a $2.3 million first mortgage and a $500,000 line of credit for a 66-unit co-op located at 511 West 232nd Street in Bronx, NY; a $1.8 million second mortgage for The Gardens 75th Street Owners Corp., a 209-unit co-op located at 35-38, 40,44, 48 and 50 75th Street in Jackson Heights, NY; a $1.3 million first mortgage and a $300,000 line of credit for Hillpark Owners, Inc., a 54-unit co-op located at 75 South Middle Neck Road in Great Neck, NY; a $1.1 million first mortgage for a 22-unit co-op located at 311-313 West 82nd Street in Manhattan; a $1.1 million first mortgage for a 38-unit co-op located at 8-10 Bethune and 791 Greenwich Street in Manhattan; a $750,000 first mortgage and a $500,000 line of credit for 48 Tenants Corp., a 13-unit co-op located at 48 Great Jones Street in Manhattan; a $200,000 first mortgage for a five-unit co-op located at 143 West 85th Street in Manhattan; and a $183,000 first mortgage for a four-unit co-op located at 63 Cranberry Street in Brooklyn, NY.

NCB, FSB Senior Vice President Sheldon Gartenstein originated over $18 million in new loans during April, including the largest loan of the month, a $15 million first mortgage for Forest Hills South Owners, Inc., a 580-unit co-op located at 112-50 78th Avenue in Forest Hills, NY; and a $3.1 million first mortgage and a $100,000 line of credit for a 62-unit co-op located at 17 East 89th Street in Manhattan.

In April, Mr. Howe arranged over $18 million in new loans, including a $3.1 million first mortgage and a $250,000 line of credit for a 73-unit co-op located at 50 North Broadway in White Plains, NY; a $2.4 million first mortgage and a $500,000 line of credit for 110-150 Draper Owners Corp., an 83-unit co-op located at 110-150 Draper Lane in Dobbs Ferry, NY; a $2.4 million first mortgage for 2525 Nostrand Owners Corp., a 108-unit co-op located at 2525 Nostrand Avenue in Brooklyn, NY; a $2 million first mortgage and a $500,000 line of credit for Park and 76th St., Inc., a 53-unit co-op located at 830-840 Park Avenue in Manhattan; a $1.9 million first mortgage for 3101 Apartment, Inc., a 106-unit co-op located at 3101 Ocean Parkway in Brooklyn, NY; a $1.7 million first mortgage for 145-95 Apartments, Inc., a 72-unit co-op located at 145 95th Street in Brooklyn, NY; a $1.4 million second mortgage for Netherland Gardens Corp., a 462-unit co-op located at 5610-5650 Netherland Avenue in Riverdale, NY; a $1 million first mortgage for 203-205 West 87th Street Owners Corp., a 39-unit co-op located at 203 West 87th Street in Manhattan; an $800,000 first mortgage and a $250,000 line of credit for a 39-unti co-op located at 71 East 77th Street in Manhattan; and a $100,000 line of credit for Alden Properties Tenant Corp., a 78-unit co-op located at 300 North Broadway in Yonkers, NY.

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

About NCB
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.

NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.

McKinley Hires Alexandra Jackiw as Managing Director

Mon, 14 May 2012 07:15:08 GMT

ANN ARBOR, MI – McKinley is pleased to announce that Alexandra Jackiw has accepted the position of Managing Director - Residential Client Services effective May 29, 2012. Jackiw is a seasoned multifamily professional and within the past 10 years has built a long term management portfolio of more than 12,000 units with clients including blue chip institutional firms as well as an impressive list of private investors. Jackiw is also the Chair-Elect of the National Apartment Association (NAA), a past president of the NAA Education Institute and a frequent speaker at national conferences. Jackiw will partner with Ken Polsinelli, Director of Real Estate at McKinley to expand the McKinley's long term management and client services portfolio while also assuming responsibility for Midwest Client Services, Southeast Client Services and The Villages of Taylor.

"We are excited to have Alexandra (Alex) join McKinley. Her passion for customer service and the education and development of team members makes her a perfect fit at McKinley," said Ken Polsinelli, Director of Real Estate at McKinley. "Alex shares McKinley's focus on execution and operational excellence and will be a great asset as we expand our platform to continue to meet the needs of our clients and customers."

"I am absolutely thrilled that Alex has joined the McKinley Team, " commented Albert M. Berriz, CEO of McKinley. "Alex is a highly respected and experienced real estate operator and her addition to our team, along with Kristin Berg, who recently joined us after being with Freddie Mac for over 20 years, will allow McKinley to better serve our clients, as well as take our client service platform to a new level of excellence."

About McKinley: Founded in 1968 and headquartered in Ann Arbor, McKinley is a leading owner and manager of multifamily real estate. Currently ranked #37 in the NMHC Top 50 list of national apartment management companies, McKinley owns and manages more than 33,000 units throughout 25 states. McKinley specializes in solving complex real estate problems for its own portfolio, as well as a select clientele of institutional investors, private equity clients and special servicers. McKinley is on the Board of Directors of the National Multi Housing Council (NMHC) and is recognized by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO).

Centerline Provides Financing for Student Housing

Thu, 10 May 2012 11:40:32 GMT

NEW YORK, NY - Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $11.625 MM DUS Student Housing facility to Realco Capital Partners for the acquisition of University Suites, a student housing property located in Greenville, North Carolina.

Realco Capital Partners is a New York-based real estate investment and development organization with extensive experience in all facets of real estate investments and development. Founded in 1974, Realco currently owns student housing assets in North Carolina, Texas, Florida, and Louisiana.

University Suites is a garden style student housing facility that consists of a total of 171 units encompassing 503 beds. Property amenities include a clubhouse with kitchen, 2 tanning beds, pool table, lounge area with fireplace and big-screen TV, 24-hour computer lab, and 24-hour fitness center, as well as an outdoor pool, sand volleyball court, and basketball court. The property is located approximately 1 mile south of East Carolina University, and is conveniently situated on the ECU campus bus route providing routine bus service to the University.

The deal was brought to Centerline by Austin, Texas-based GRC Capital, Inc. Commented Nick Gonzalez, President of GRC Capital, "Vic Clark, Colin Cross, and the Centerline Capital team worked tirelessly and seamlessly to deliver a commitment in 23 days and close the deal in 37. Their timely efforts helped my client acquire the project quickly and enabled them to begin influencing the pre-leasing efforts for the coming school year. We look forward to working with Centerline again."

“University Suites is a well located student housing property that draws from students attending East Carolina University,” noted Vic Clark, Managing Director, Originations at Centerline. “We were pleased to partner with GRC Capital to provide Realco Capital Partners the funding they needed to complete their fourth student housing deal. We hope to work with them on future acquisitions as they work to expand their student housing portfolio.”

About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management. To learn more about Centerline, visit www.centerline.com

Orion Real Estate Services Makes NMHC Top 50 List

Wed, 09 May 2012 10:31:59 GMT

HOUSTON, TX - Orion Real Estate Services, Inc. has been named one of the top 50 largest apartment management companies in the nation for 2012 by the National Multi Housing Council (NMHC). With more than 27,500 units managed nationwide, this is the first year that Orion has received this distinction.

“Orion continues to grow and expand by providing personalized service to ensure the success of each community,” said Gene Blevins, Chief Operating Officer for Orion Real Estate Services, Inc. “Our company is based on our core values of hard work, integrity, teamwork and excellence. We would like to thank each and every Orion employee for their hard work and ‘whatever it takes’ attitude that helped us earn this recognition.”

Orion Real Estate Services, Inc. is a full-service, multi-family residential management company with a growing portfolio of more than 27,500 apartment homes under management throughout the nation. Orion is certified by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO). For more information visit www.ores.com

Centerline Provides Financing for Student Housing

Tue, 08 May 2012 10:57:33 GMT

NEW YORK, NY - Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $11.625 MM DUS Student Housing facility to Realco Capital Partners for the acquisition of University Suites, a student housing property located in Greenville, North Carolina.

About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management. To learn more about Centerline, visit www.centerline.com

Sam Shannon Awarded CCIM Designation

Tue, 08 May 2012 10:08:46 GMT

AUSTIN, TX - Sam Shannon, CCIM, Regional Vice President, Capstone Real Estate Services, Inc., Austin, has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM Institute. The designation was awarded during the Institute’s spring business meetings April 25 in Kansas City, Missouri.

Sam Shannon was among the 141 commercial real estate professionals who earned the designation by passing the Institute’s Comprehensive Examination, the final element in the designation process. This new group of CCIM designees hails from 34 states, as well as Canada and Mexico. “We’re thrilled to welcome the newest CCIM designees,” said 2012 CCIM Institute President Leil Koch, CCIM. “Earning the designation is a great achievement, and we congratulate all those who are now a part of the organization’s history.”

The CCIM designation is awarded to commercial real estate professionals upon successful completion of an advanced analytical curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses financial analysis, market analysis, user decision analysis and investment analysis – the cornerstones of commercial investment real estate. CCIMs are recognized experts in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis.

The CCIM business network encompasses more than 1,000 markets throughout North America, Asia, Europe and the Caribbean. Of the estimated 125,000 commercial real estate practitioners in North America, more than 9,000 currently hold the CCIM designation. CCIM Designees include professionals who work in brokerage, investment and development, the corporate environment, property management, appraisal and related segments of commercial real estate.

The Chicago-based CCIM Institute is an affiliate of the National Association of Realtors® and is the governing body of the largest commercial real estate network in the world. Visit www.ccim.com to learn more, or call 800-621-7027.

NCB Announces 2012 Board of Directors

Mon, 07 May 2012 09:27:50 GMT

WASHINGTON, DC - NCB, a leading financial services company serving cooperatives nationwide, held its annual meeting on May 3rd in the Jefferson Building of The Library of Congress in Washington, D.C. During the meeting, NCB announced its 2012 Board of Directors with Al Plamann, President and CEO of Unified Grocers in Commerce, CA, now serving as Chair, and Michael Mercer, President and CEO of Georgia Credit Union Affiliates located in Duluth, GA, stepping in to the role of Vice Chair.

“We are excited to have Al and Mike in the role of Chair and Vice Chair, respectively. Their service on the Board to date made them a natural choice to serve in these positions, and share their considerable cooperative knowledge with our organization,” said Charles E. Snyder, President and CEO of NCB. “We know under their strong guidance the Bank will continue to find new, innovative ways to serve the cooperative community.”

The 2012 Annual Meeting also celebrated another important initiative, the 2012 International Year of Cooperatives (IYC), a United Nations declaration and global effort to educate the public on the benefits of cooperatives. In support of this campaign, NCB invited Dame Pauline Green, President of the International Co-operative Alliance to be the key note speaker at the meeting. NCB is proud to be a strong supporter of the IYC and to help build awareness of cooperatives in all fields of business. One of the ways it accomplishes this is through the diversity among its board members, many coming from different industries where cooperatives play an important role.

In addition to Plamann and Mercer, NCB’s 2012 Board Members are: Stuart Saft, Partner at Holland and Knight LLP in New York City; Ray Moncrief, Executive Vice President and Chief Operating Officer of Kentucky Highland Investment Corporation located in London, Kentucky; Peter A. Conrad, President and CEO of The Co-operative Central Bank in Boston, Massachusetts; Jane Garcia, CEO La Clinica de La Raza, located in Oakland, CA; Janis Herschkowitz, President and Chief Executive Officer of PRI, Inc. in Cornwall, Pennsylvania; Kenneth Rivkin, Managing Director 227 East 57th Street Corporation in New York, New York; Robynn Shrader, CEO of National Cooperative Grocers Association located in Iowa City, Iowa; Walden Swanson, CEO of Co-op Metrics in Andover, Massachusetts; Nguyen Van Hanh, Professor of Economics at California State University in Sacramento, California , Doug Wille, CFO of Wakefern Corporation and Judy Ziewacz, Former Executive Director, State of Wisconsin, Office of Energy Independence located in Madison, Wisconsin.

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.

NAA Announces 2012 PARAGON Award Winners

Thu, 03 May 2012 14:54:34 GMT

ARLINGTON, VA - The National Apartment Association (NAA) is pleased to announce the 2012 PARAGON award winners. The annual awards program recognizes the multifamily housing industry’s top communities, executives, employees and affiliate programs.

The awards will be presented during the 2012 NAA Education Conference & Exposition, June 28-30, in Boston. The NAA PARAGON Awards recognition also will include the announcement of the NAA Community of the Year during the Opening General Session on Thursday, June 28. The winner will be chosen among the communities that won category-specific PARAGON Awards listed below.

NAA Individual Awards
Apartment Association of Metro Denver’s Mark Williams was named Association Executive of the Year. Pioneer Creek Townhomes Owner Bradley J. Sumrok, Arlington, Texas, was named Independent Rental Owner (IRO) of the Year (101-500 units). Tony Sculthorpe of Orlando, Fla.-based Coinmach Corporation received the National Suppliers Council (NSC) Achievement Award.

NAAEI Individual Achievement Awards
Tracy Williams (CAM, CAPS) of WRH Realty Services, Jacksonville, Fla., was named Professional Designate of the Year. Sandra Fick (CAM, NALP) of Charter Properties, Charlotte, N.C., was named Certified Apartment Manager (CAM) of the Year. Johanna Llorente (NALP) of Gables Residential, Austin, Texas, was named National Apartment Leasing Professional (NALP) of the Year. Lazarus Luna (CAMT) of WinnResidential, Worcester, Mass., was named Certified Apartment Maintenance Technician (CAMT) of the Year.

Affiliated Association Awards
The Atlanta Apartment Association received the Communications Award and Membership Development Award. The Bryan College Station (Texas) Apartment Association received the Community Service Award. The Austin Apartment Association received the Education Award. The Apartment Association of Greater Philadelphia received the Government Affairs Award.

Builders, Owners and Developers Awards
Best Community, Less than 5 Years (under 150 units) was awarded to Alta Henderson, Wood Residential Services, Dallas. Best Community, Less than 5 Years (over 150 units) was awarded to Alta 1900 Lofts, Greystar, Dallas. Best Community, 5-20 Years (over 150 units) was awarded to Mansions at Hemingway, Perry Reid Properties, Johnston, Iowa. Best Community, 20+ Years (under 150 units) was awarded to 26 West, Buckingham Companies, Indianapolis. Best Community, 20+ Years (over 150 units) was awarded to Camelot Court, First Realty Management, Brighton, Mass. Best Community, Green Housing was awarded to Gables Park Plaza, Gables Residential, Austin, Texas. Best Community, Specialty Housing – Affordable was awarded to Wilber School Apartments, Beacon Residential Management, Sharon, Mass.

NAA President Douglas Culkin, CAE, said, “The PARAGON awards recognize the outstanding contributions of multifamily builders, professionals and affiliated associations. By shining a light on these winning individuals, communities and organizations, all members of our industry benefit.”

A list of all winners and details about each will appear in the September 2012 issue of units magazine.

About NAA: The National Apartment Association (NAA) is America's leading advocate for quality rental housing. Based in Arlington, Va., NAA's mission is to serve the interests of multifamily housing owners, managers, developers and suppliers and maintain a high level of professionalism in the multifamily housing industry to better serve the rental housing needs of the public. NAA is a federation of 170 state and local affiliates, comprised of more than 55,000 multifamily housing companies representing more than 6.3 million apartment homes throughout the United States and Canada. Members in good standing of any affiliated association are automatically considered members of NAA and entitled to NAA benefits.

Pacific Urban Residential Sells 255-Unit Community

Thu, 03 May 2012 11:42:04 GMT

PALO ALTO, CA - Pacific Urban Residential announced today it has sold The Residences at Waterstone located in the Pikesville, Maryland. The 255-unit core investment was sold to a private REIT buyer. Constructed in 2002, the apartment community was 96% occupied at the time of sale.

According to Pacific Urban Residential CEO Al Pace, The Residences were acquired in 2007 as a wholly-owned investment. “While perhaps a late cycle investment, the property remained competitive throughout the downturn, largely due to its master planned location and quality of the condominium-like floorplans. The property always performed well, notwithstanding the capital markets collapse of the 2008-2010 period. We are pleased to be selling Residences profitably, a testament to our research-based strategy of identifying compelling investment opportunities in job centric markets. I believe the buyers of the Residences see similar investment characteristics and an opportunity to own a great property in a solid, growing market.” Will Balthrope of the Institutional Property Advisors group of Marcus & Millichap handled the successful transaction on behalf of Pacific Urban Residential.

Pacific Urban Residential continues to expand its investment activities. It has recently acquired several West Coast apartment communities including the core quality Livorno Square (Northern California) and Madison Toluca (Southern California). Additionally, the firm is irrevocably committed to acquire additional apartment investments in downtown Seattle and in Northern and Southern California.

“We continue to see solid rental improvement within our existing 6,500 apartment home portfolio and expect to further acquire apartment communities on behalf of the firm and our aligned strategic partners,” states Al.

Pacific Urban Residential is a Western region focused multifamily operator. Since inception in 1998, the firm has acquired 17,000 apartment homes at consideration of over $2.5 billion. The firm is headquartered in Palo Alto, CA and has additional offices in Seattle, Los Angeles and Irvine.

Thomas R. Shuler to be Inducted to NAA Hall of Fame

Wed, 02 May 2012 15:17:53 GMT

ARLINGTON, VA - The National Apartment Association (NAA) is pleased to announce that Thomas R. Shuler, CAPS, will be inducted into the NAA Hall of Fame.

Induction into the NAA Hall of Fame represents the highest honor that can be bestowed upon an apartment professional. Shuler is the 16th person inducted during the 73-year history of NAA and will be recognized at the 2012 NAA Education Conference & Exposition, June 28-30, at the Boston Convention & Exhibition Center.

Shuler, 1994 President of NAA (now recognized as Chairman of the Board), retired from Berkshire in December 2011 after serving as Senior Partner and Chief Operating Officer for nearly a decade, was responsible for the oversight of both Berkshire’s Property Management and Redevelopment & Engineering organizations and supervised an employee base of more than 700 professionals covering more than 30 markets and 30,000 apartment homes.

Shuler served in a variety of NAA leadership positions, and his industry peers hold his efforts in advocacy and education in high esteem. He served on the Government Affairs Task Force (2009), NAA Education Institute (NAAEI) Campaign Investor (2007), NAAEI Campaign Cabinet (2006), NAA Education Foundation (1997), and Joint Legislative Committee (1997).

Shuler was Legislative Vice President in 1989 (established by then-President Paul Nichols to assist NAA’s affiliates with the adoption and implementation of the five-year Grassroots Legislative Plan) and Chairman of the Certified Apartment Leasing Agent Committee (CALA) from 1988 to 1989 (CALA was a new education program leading to the designation of leasing agents).

Shuler was instrumental in developing and implementing the Joint Legislative Agreement between NAA and National Multi Housing Council (NMHC) in 1991 that has been one of the multifamily housing industry’s most effective advocacy tools.

Prior to joining Berkshire in July 2002, Shuler was a real estate consultant to the multifamily housing industry. From 1991 to 1998, he served as President of Insignia Management Corp., Chief Operating Officer of Insignia Residential Group and Executive Managing Director of the New York Stock Exchange-listed Insignia Financial Group, Inc.

During Shuler’s eight years with Insignia, the company initiated a growth program that involved acquiring 42 companies and resulted in the expansion of the managed portfolio from approximately 55,000 apartment homes to nearly 230,000.

Prior to his time at Insignia, Shuler worked at Hall Financial Group as President of Hall Management Corporation and oversaw a portfolio of 68,000 apartment homes.

About the National Apartment Association: The National Apartment Association (NAA) is America's leading advocate for quality rental housing. NAA's mission is to serve the interests of multifamily housing owners, managers, developers and suppliers and maintain a high level of professionalism in the multifamily housing industry to better serve the rental housing needs of the public.

NAA is a federation of 170 state and local affiliates, comprised of more than 55,000 multifamily housing companies representing more than 6.2 million apartment homes throughout the United States and Canada. Members in good standing of any affiliated association are automatically considered members of NAA and entitled to NAA benefits. NAA members represent all facets of the multifamily housing industry: apartment owners, management executives, developers, builders, investors, property managers, leasing consultants, maintenance personnel, suppliers and related business professionals throughout the United States and Canada. www.naahq.org

Jerry D. Warshaw Inducted into NAA Hall of Fame

Wed, 02 May 2012 15:15:55 GMT

ARLINGTON, VA - The National Apartment Association (NAA) is pleased to announce that Jerry D. Warshaw, CPM, CAPS, Founder and President of Atlanta-based Warshaw Properties, will be inducted into the NAA Hall of Fame.

Induction into the NAA Hall of Fame represents the highest honor that can be bestowed upon an apartment professional. Warshaw is the 15th person inducted during the 73-year history of NAA and will be recognized at the 2012 NAA Education Conference & Exposition, June 28-30, at the Boston Convention & Exhibition Center.

Warshaw, 1990 NAA President (now recognized as Chairman of the Board), has been a real estate professional for more than 40 years, during which he has been actively involved in the planning, development, ownership and management of multifamily communities as well as other income-producing real estate developments.

Warshaw has served in leadership roles in many professional associations, including President of the Georgia Apartment Association (GAA), President of the Atlanta Apartment Association (AAA) and two terms as President of the Greater Atlanta Chapter of the Institute of Real Estate Management.

Warshaw returned to the NAA Board of Directors from 2001 to 2003. During this time he chaired the Strategic Growth Committee from 2001 to 2003, responsible for chartering 18 new affiliates representing over 165,000 apartment homes. He was awarded the NAA President’s Award (now Chairman of the Board Award) in 2003.

From 2004 to 2011, Warshaw served on the NAA Education Institute (NAAEI) Board of Directors and Apartment Career Committee. In June 2010, Warshaw was recognized by NAAEI for his lifelong commitment to promoting career opportunities through public and private partnerships for relevant career education with its Apartment Career and Education (ACE) Award.

Warshaw also served as President of Private Housing ’96, the officially sanctioned Private Housing Coordinator for the 1996 Olympic Games. This organization included a diverse cross-section of leaders in Atlanta’s real estate community.

In December 1999, Warshaw was appointed to serve on the Georgia Real Estate Commission, serving two terms as Chairman of the Commission. He has also served on the State of Georgia Small Business Development Task Force and the Affordable Housing Task Force Committee. Warshaw was a recipient of the GAA Hall of Fame Award in 2007.

Warshaw currently serves as President and CEO of the Georgia Apartment Industry Education Foundation (GAIEF). The GAIEF is a tax-exempt foundation supporting educational opportunities at the University of Georgia, Georgia Institute of Technology and local career academies. He serves as a member of the Housing and Demographics Research Center at the University of Georgia.

About the National Apartment Association: The National Apartment Association (NAA) is America's leading advocate for quality rental housing. NAA's mission is to serve the interests of multifamily housing owners, managers, developers and suppliers and maintain a high level of professionalism in the multifamily housing industry to better serve the rental housing needs of the public.

NAA is a federation of 170 state and local affiliates, comprised of more than 55,000 multifamily housing companies representing more than 6.2 million apartment homes throughout the United States and Canada. Members in good standing of any affiliated association are automatically considered members of NAA and entitled to NAA benefits.  NAA members represent all facets of the multifamily housing industry: apartment owners, management executives, developers, builders, investors, property managers, leasing consultants, maintenance personnel, suppliers and related business professionals throughout the United States and Canada. www.naahq.org

NCB Arranges $72M in New Loans During March

Mon, 30 Apr 2012 09:15:41 GMT

NEW YORK, NY - NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $72 million in new financing activity during March for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“March was another strong month of lending activity, with another 25 cooperatives turning to the Bank to address a host of financing needs,” said Mr. Howe, “We are pleased to close this quarter with strong numbers, and are looking to continue this level of financing activity in the coming months.”

Financing highlights in March included:
• NCB, FSB Senior Vice President Sheldon Gartenstein originated over $17 million in new loans during March, including a $7.4 million first mortgage for Hudson View Gardens, Inc., a 353-unit co-op located at 116 Pinehurst Avenue in Manhattan;
• In March, Mr. Howe arranged nearly $35 million in new loans, including the largest loan of the month, a $10 million first mortgage and a $500,000 line of credit for a 129-unit co-op located at 2400 Johnson Avenue in Riverdale, NY;
• NCB Senior Vice President Mindy Goldstein arranged nearly $20 million in new loans during the month, including a $7 million first mortgage and a $500,000 line of credit for Fontaine Owners Corp., a 130-unit co-op located at 353 East 72nd Street in Manhattan;

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

About NCB
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.

Boston Capital Invests in Affordable Multifamily Project

Thu, 26 Apr 2012 14:51:18 GMT

BOSTON, MA - Boston Capital is investing in the construction of Poets Landing Apartments, a 72-unit multifamily development for families in Dryden, NY. Poets Landing Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Conifer, LLC, based in Rochester, New York.

"Low to moderate-income families in need of high-quality affordable housing in the Dryden area will benefit from Boston Capital's investment in Poets Landing Apartments," said Jack Manning, president and CEO of Boston Capital. "Boston Capital and Conifer Realty have a long-standing relationship, partnering in 40 multifamily developments resulting in the creation of 2,634 units of affordable housing across the Northeast."

Located on 18 acres, Poets Landing Apartments will feature 24 one-bedroom, 32 two-bedroom and 16 three-bedroom units in nine, two-story buildings. The development will include a playground, community room with a kitchen, fitness center, computer room and central laundry. Units will feature central air and will be equipped with a dishwasher, patio or balcony and storage. Poets Landing Apartments offers excellent access to shopping, schools, and community services. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).

Boston Capital's investment in Poets Landing Apartments adds 72 units of affordable housing to its apartment portfolio. The construction of this property will generate $9 million in local income and create approximately 109 jobs in the Dryden area. To date, Boston Capital has invested in more than 6,150 units of affordable housing in New York.

About Boston Capital: Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.

Affordable Housing Community Opens in Miami

Wed, 25 Apr 2012 15:51:01 GMT

MIAMI, FL - Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, is teaming up with Miami-Dade County and the Florida Housing Finance Corporation to provide much-needed permanent housing and supportive services for 300 individuals with the launch of Dr. Barbara Carey-Shuler Manor affordable housing complex. Located at 1400 NW 54th Street in the heart of Miami-Dade County’s Liberty City neighborhood, the $30 million mixed-use community includes 100 affordable housing apartments.

Fifty of Dr. Barbara Carey-Shuler Manor’s units are designated for formerly homeless families transitioning from life on the streets in Miami, with another fifty units set aside for elderly residents and low-income families earning at or below 60% of the Area’s Median Income. Among the community’s 250 residents are dozens of American military veterans who served their country before falling into cycles of homelessness and drug addiction. At the same time, development of the project produced approximately 200 construction jobs and six permanent positions.

“Dr. Barbara Carey-Shuler Manor is a good example of a project that provides a safe place for our community’s needy while also stimulating the local economy,” said Carrfour President Stephanie Berman. “Not only is this complex providing homes for hundreds of families and individuals in need of an affordable, safe place to live, but it is also serving as a catalyst for expanded housing and job opportunities for local residents.”

With units ranging in size from studios to three-bedroom apartments, Dr. Barbara Carey-Shuler Manor offers amenities including an exercise facility, multi-purpose community room, parking garage and 16,000 square feet of ground-floor office space. The community will also offer an array of amenities and supportive services aimed at helping residents achieve independence and revitalizing one of Miami-Dade’s most distressed neighborhoods.

Carrfour celebrated the grand opening of Dr. Barbara Carey-Shuler Manor during a special reception attended by former Miami-Dade Commissioner Dr. Barbara Carey-Shuler, County Commissioner Audrey Edmonson, Miami Commissioner Francis Suarez, and Miami-Dade County Deputy Mayor Russell Benford.

The development was named in honor of the former Miami-Dade County Commissioner Dr. Barbara Carey-Shuler, who has demonstrated a longtime commitment to the Liberty City neighborhood and advocacy for affordable housing.

About Carrfour Supportive Housing
Carrfour is a non-profit organization founded in 1993 by the Homeless Committee of the Greater Miami Chamber of Commerce. The organization’s mission is to provide permanent housing and supportive services for formerly homeless individuals and families in Miami-Dade County and other cities in Florida through joint ventures with partner nonprofits. As the leading provider of supportive housing in Miami-Dade, Carrfour has assembled more than $200 million to develop and operate 1,140 units of supportive housing across the County. Learn more at www.carrfour.org