Monthly Archives: March 2013

Apartments: Building Beyond Amenities

Apartments: Building Beyond Amenities

By John M. Huskey, president of Meta Housing Corp.

Representative Apartment Community - pic via apartments.com

Representative Apartment Community – pic via apartments.com

Is there a pool? As a multifamily developer, we know this question well. Amenities are essential in today’s apartment communities, as renters continue to evolve their needs and wants based on ever-growing lifestyles.

But a new question has emerged which pushes beyond the now-standard pool and fitness center: How can we offer features that go beyond basic apartment amenities?

As family and senior housing specialists for over 20 years, Meta Housing Corp. has been asking and answering this question repeatedly. The result is an ever-evolving group of apartment communities which feature not only the luxury amenities today’s renter might expect, but also a series of activities and programming that enrich the lives of our residents.

For example, in our family housing projects, we discovered that we can significantly improve total resident satisfaction by providing both a place and opportunity for primary school kids to engage in safe, after-school learning opportunities. Over time, we have expanded this insight into ongoing after-school mentoring programs which are offered at no additional cost to our renters.

The benefits of these programs were immediately apparent. Children living in our apartments now have a safe, positive environment in which to spend after-school time, in many instances keeping them away from risky situations and associations. In addition, participants in these programs experience increased confidence at school, which helps to improve their overall performance as students.

As a developer, the success of these programs meant an evolution of common areas. Once we knew the programs were working, we began to design spaces for these specific activities…

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Multifamily Not Overheating…Yet

Multifamily Not Overheating…Yet

VIDEO <—===

By Ian Ritter

There are concerns about the multifamily sector overheating, but it hasn’t happened yet, says Art Pasquarella, COO of Equus Capital. He spoke with us at the recent RealShare Philadelphia conference.

Pasquarella also touched on:

The possibility of overbuilding in multifamily, and that it hasn’t happened yet.
Competition from the single-family market.

For full article and complete video, CLICK HERE <————-===================

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MVP Restaurant Partners buys land for Sarasota PDQ location

MVP Restaurant Partners buys land for Sarasota PDQ location

PDQ restaurant - pic via Business Observer

PDQ restaurant – pic via Business Observer

BY: SEAN ROTH | REAL ESTATE EDITOR
March 01, 2013

An affiliate of Tampa-based MVP Restaurant Partners LLC purchased 1.5 acres of commercial-intensive zoned land on U.S. 41 for $1.35 million.

The price equated to $877,846 per acre. That figure is in line with the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.

MVP Restaurant Partners purchased the land as the site of a future PDQ restaurant location. The chicken restaurant chain already operates seven restaurants in Florida and North Carolina. The Sarasota restaurant is scheduled to open this summer.

The chain also has new restaurants scheduled to open around that same time in West Palm Beach and Wake Forest and Cary, N.C.

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Binder & Binder partners buy Sarasota Business Center II building

Binder & Binder partners buy Sarasota Business Center II building

For Sale - Sold - article and picture via Business Observer

For Sale – Sold – article and picture via Business Observer

PLANS, DESCRIPTION: Harry and Charles Binder, the partners behind the national social security disability law firm Binder & Binder, purchased a 24,000-square-foot flex building for $900,000.

The price equated to $37.50 per square foot.

The eight-unit office-warehouse condominium building was the last of five buildings constructed in the Sarasota Business Center II in 2008. It was never occupied, and its interior was never completed. The main portion of the building is 18,000 square feet and it features a 6,000-square-foot balcony.

Harry Binder says he is relocating a 20-person die striking and casting manufacturing company to the building from Long Island, N.Y.

“The attraction to Florida was the tremendous tax savings (income, sales tax, real estate tax, etc.), the savings on costs of doing business (electric, other utilities, insurance, building costs), a substantial decrease in the cost of living for employees, and the lack of snow and other weather-related business interruptions,” Binder wrote in a statement to the Business Review.

Binder says the Economic Development Corp. of Sarasota County helped persuade him to locate the firm in Sarasota, but that the company did not receive any incentives.

Loyd and Kevin Robbins of Harry E Robbins Assoc. Inc. represented the seller.

At roughly the same time, AGI Group, an import and export company, agreed to lease 10,600 square feet in another building in Sarasota Business Center II from DMH LLC. Loyd and Kevin Robbins also handled the lease transaction. AGI Group is expected to take occupancy in August.

Both transactions should push the occupancy in the park up from 70% to 95%.

“Filling a building that’s sat totally vacant for the past four years,” Kevin Robbins says, “ I would say that’s a very positive sign for that corridor and the market.”

BY: SEAN ROTH | REAL ESTATE EDITOR
May 25, 2012

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Banks Edge Back Into Investment Property Lending

Via Co-Star Newsletter
Focus Is Still on Multifamily, and on Core Markets and Borrowers
By Mark Heschmeyer
March 6, 2013

CRE at NAI with Sean Dreznin

CRE at NAI with Sean Dreznin

After tentatively testing the water in 2011, banks increased their overall lending for commercial real estate in 2012 with total CRE loan balances outstanding at year-end up 3% year-over-year. Investment property loans outstanding showed the biggest gain, ending 2012 up 11% from 2011. And multifamily loans outstanding were up 7% year-over-year.

Banks also continued to shrink their loan exposure in areas that caused the biggest problems during the Great Recession. Construction and development loans outstanding ended down 16% year-over-year.

Still, a great deal of disparity exists between which banks are lending again and which borrowers and markets are benefitting.

“Larger institutions have historically been significantly under-allocated to CRE relative to the banking universe,” said Matthew Seminerio, a financial analyst for CoStar Group’s Property and Portfolio Research (PPR). “The largest banks (those with more than $50 billion in assets) are down 0.4% year-over-year, while banks with $10 billion to $50 billion in assets are up 7%. Smaller institutions are down even more. Banks with $1 billion to $10 billion were down 0.3%, and those with less than $1 billion, down 4.5%.”

“However, the larger banks are better positioned from a balance sheet perspective, and thus have also been able to take more writedowns,” Seminerio said. “For example, if you remove the impact of construction loans, the more than $50 billion change is actually up 3.6%, vs. 9.6%, 1.6%, and -3.1% for the other three categories, respectively.”

Here is how CRE lending for the six largest banks fared in 2012.

Bank — % Change in CRE Lending YoY (excluding construction & development)

PNC Bank — 15.02%

JPMorgan Chase Bank — 13.36%

Bank of America — 9.32%

U.S. Bank — 2.44%

Branch Banking and Trust Co. — 1.56%

Wells Fargo Bank — 1.45%

Pittsburgh-based PNC’s 2012 numbers include its acquisition of more than 400 branches across six Southeastern states from RBC Bank (USA) last year. This was PNC’s seventh acquisition in the past eight years.

For banks in the $10 billion to $50 billion asset range, here is how the six fared that had the largest amount of CRE loans on their books at year-end.

Bank — % Change in CRE Lending YoY (excluding construction & development)

People’s United Bank — 769.15%

Signature Bank — 39.81%

New York Community Bank — 6.14%

Synovus Bank — 2.87%

For complete article, CLICK HERE <————–====================

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