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May/June 2009

AHF Current Issue CoverGreen building is the right thing to do, but can your balance sheet aff ord to have a social conscience? A lack of fi nancial resources has left many market-rate developers in the lurch.

  • Ratings War
    Opinions are divided over the future of the LEED ratings system with the emergence of the new National Green Building Standard.
  • The World’s Greenest Building?
    At the end of the Oregon Trail, where early settlers pioneered westward against an unforgiving wilderness, developer Steven Ribeiro is blazing another trail.

March/April 2009

AHF Current Issue CoverAs the lending industry continues to morph through consolidation, many top lenders, like Prudential, look to maintain or even grow multifamily debt volumes throughout the credit crunch. Other top lenders, such as Deutsche Bank, Capmark, and KeyBank, are similarly hoping to provide a steady flow of Fannie Mae, Freddie Mac, and FHA debt, offering a safe harbor for borrowers in a turbulent year. (Cover phoho by Zaid Hamid)

January/February 2009

AHF Current Issue CoverThe stunning capital markets meltdown that began in late summer 2008 means that incoming Treasury Secretary Timothy Geithner will take control of an ecomnomy on the brink. Indeed, 2009 will be a difficult year for apartment developers and owners, as lenders originate less and at more conservative terms, equity providers raise their prices, and construction financing does a disappearing act. Apartment values will continue to inch down as cap rates rise. But there are some silver linings in the gloom. The year will also present many opportunities for developers to purchase distressed land and assets at deep discounts. Just how bad will 2009 be? And how can you generate and upside sooner than your peers when the market recovers? (Cover phoho of Timothy Geithner by AP Images)

November/December 2008

This past year was not a kind one for multifamily transactions. In the winter and spring, Fannie Mae and Freddie Mac were a beacon of hope, processing deals hand over fist, but they grew increasingly cautious as the year progressed. The meltdown of the capital markets as summer ended led to massive bank consolidations and the government’s takeover of the government-sponsored enterprises. Despite all the complications, several great deals still closed in 2008, each with their own story to tell. When UDR put an 86-community portfolio on the market, it pre-arranged debt financing before it found a buyer. In the end, the $1.7 billion acquisition went to Steven D. Bell & Co. and DRA Advisors.

October 2008

AHF Current Issue CoverAPARTMENT FINANCE TODAY’S Multifamily Disaster Survival Guide showcases best practices for apartment owners and developers when it comes to disaster preparedness, including how best to negotiate insurance contracts. Get an up-close look at how different owners have handled catastrophes such as tornadoes, hurricanes, and fires.

  • Special Focus: Multifamily Disaster Survival Guide
  • Ready or Not
    A multifamily operator’s guide to disaster preparedness.
    • Tornado Alley
      An Atlanta apartment owner learns about wind damage the hard way.
    • Acts of God and Man
      Having the right insurance policy is a key component in any disaster preparedness plan.
  • Guess Who’s Coming to Dinner?
    A Long Beach, Calif., apartment property accidentally invites the fire department over.
  • Hurricane Hassles
    The Mitchell Co. has lived through enough hurricanes to know how to batten down the hatches, and what to do once the storm has passed.

September 2008

If every crisis is also an opportunity, then today’s turbulent economy is providing plenty of opportunities. As the debt and equity markets grow increasingly conservative, and construction financing gets more difficult to procure, multifamily developers are finding unique ways to boost liquidity to fund development. And as sales dip and rent growth slows, many multifamily owners are finding unique ways to boost revenue and slash expenses. In this section, the industry’s top chief financial officers, such as David Gardner of Home Properties (pictured on the cover), share the creative acts of balance sheet re-engineering and the revenueboosting techniques that help their companies navigate their way through a down market.

July/August 2008

Conduit lenders, led by Column Financial and Goldman Sachs, are slowly beginning to re-emerge from the shadows and rebuild a market that suffered a severe meltdown a year ago. While the rates and terms offered through those programs remain umcompetitive with agency executions, the fact that some lenders are re-opening their shops is a very positive sign for an industry many left for dead in 2008.

June 2008

AFT's Leadership Roundtable
Board members and special guests took part in the magazine's annual Apartment Industry Leadership Roundtable as part of the APARTMENT FINANCE TODAY Conference here in April. Some panelists said they had seen little increase in cap rates in early 2008. On the other hand, they said deal velocity had slowed substantially as sellers resisted lowering their prices, leaving a substantial gap between what buyers are willing to pay and what sellers will accept.

May 2008

Wired for the Next Generation
Tomorrow's wave of renters is already having a big impact on the technology amenities offered by apartment communities. The business center is morphing into an internet cafe, and many clubhouses now include wireless access, flat-panel televisions, and iPod docking stations. Some communities are starrting to offer video-gaming rooms, and even barbecue areas are getting a high-tech makeover.

April 2008

Immigration Transformation
A flood of new immigrants continues to fill apartments and push up property values in markets both large and small. Here’s the outlook for the future and some tips on how to market to immigrant renters.

March 2008

Long-Distance Affair
Foreign capital is flowing more freely than ever into the U.S. multifamily market, thanks to the weak dollar and lack of competition from domestic investors. Many local real estate investment firms are partnering with overseas investors, such as the joint venture between Behringer Harvard and Dutch pension fund PGGM. And with less debt and equity available in today's market, many developers, such as Trammell Crow Residential, are riding this wave of international interest.

February 2008

Certainty of Execution
Johnson Capital stands out on APARTMENT FINANCE TODAY's list of Top 50 Multifamily Lenders, because it stands alone. The company is one of the few, and one of the largest, independent lending shops in the nation, which is no small accomplishment in an industry beset by consolidation. While ARCS, Collateral, and LaSalle Bank were all acquired by larger institutions last year, the biggest trend at the beginning of 2008 is the re-emergence of traditional lending programs at the expense of the once high-flying conduit lenders.

January 2008

Capital Markets Outlook 2008
How badly has the ripple effect from billions of dollars in failed home mortgages roiled the capital markets? How long will tighter loan terms and higher loan pricing spreads last, and how will they affect multifamily property values? The good news is that some owners believe the turmoil will have the positive effect of shutting down the craziest and most reckless dealmaking. On the other hand, no one knows for sure whether the capital markets are in the process of settling down, or just enjoying a relative calm before the next and more intense storm. Then there's the very real risks poised by an economy that is on the knife's edge between the threat of recession and the risk of inflation. Get the information you need to plan for a very uncertain year with our annual capital markets forecast.

High-quality custom reprints and PDFs of these articles from the print magazine may be available.

Nicholas J. Iademarco
Wright's Reprints
(877) 652-5295
niademarco@wrightsreprints.com
www.wrightsreprints.com

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