8D — May 12 - 25, 2017 — NJAA Conference & Expo — M id A tlantic

Real Estate Journal


2017 NJAA C onference & E xpo

Refinancing helps sponsor lower annual utility expenses and cut back onmaintenance costs Eastern Union Funding Partners with Arbor Realty Trust to arrange $68m loan for apartment community E able property owners seek- ing to update equipment and reduce costs. All Fannie Mae Green products offer pricing incentives, according to Fan- nie Mae. n

astern Union Funding has arranged a $68 mil- lion loan to refinance a large apartment community in the Washington DC metro region. The deal is unique as it taps into Fannie Mae’s Green Financing program to fund energy- and water-saving improvements at the property. "This refinancing not only enables the owner to make up- grades that will lower the an- nual utility and maintenance costs, but they are also the kinds of sustainable improve- ments that tenants notice and appreciate," said Eastern

UnionManaging Director Jake Handelsman, who arranged the financing in partnership with Arbor Realty Trust Vice President Stephen York. “The improvements have a projected annual utility savings of $245,000, and the sponsor received a lower fixed interest rate, resulting in additional annual mortgage savings,” Handelsman added. While the multifamily in- vestment market has tem- pered somewhat in the DC area, Eastern Union Funding continues to close many acqui- sition and refinancing deals in

the area. Handelsman noted there are additional opportu- nities for owners to similarly add value to their properties through energy savings. Fannie Mae offers three programs for multifamily own- ers: Green Rewards, ideal for property owners investing in energy- and water-cost reduc- ing property improvements at existing properties; Green Building Certification Pricing Break, which offers a lower interest rate for properties with Green building certifica- tions; and Green Preservation Plus, targeted toward afford-

Construction manager Richter+Ratner hires “Bo” Wells as project manager

profit, educational, and in- dustrial projects. He will be a tremendous asset to both our clients and Richter+Ratner,” said R+R’s CEO and presi- dent Marc Heiman . R+R’s current and recent projects include a signifi- cant portion of the ongoing $400 million renovation of the historic Macy’s Herald Square store; the $25 million, 80,000 s/f. Uniqlo flagship store in SoHo; the eight-story residential tower at 68-70 Spring Street; and the $35 million redevelopment of the landmark Bow Tie Building in Times Square, the former Toys“R”Us flagship store, all in Manhattan. The firm is also serving as the construc- tion manager for the $18.2 million large-scale sculpture studio and fabrication facility currently under construc- tion at 193 Banker Street in Brooklyn, New York, for the famous sculptor Barry X. Ball. Established in 1912, R+R is one of the leading New York City builders with an impressive portfolio that includes numerous Manhat- tan landmarks. The firm is recognized by the real estate industry for its traditional ap- proach to construction based on the ancient Greek concept of arkhitekton, or master builder. This idea of bridging architecture, engineering, and construction processes into a streamlined and well- coordinated effort has defined R+R’s success throughout the decades. It has been proven to be the most efficient and cost- effective delivery method for some of the most challenging projects ever constructed in New York City. As part of its management approach, R+R uses its pro- prietary Technical Evalua- tion Analysis Recommenda- tion™ or T.E.A.R. Review™ process. T.E.A.R. is a com- prehensive assessment of all facets of a project aimed at eliminating design and engineering inconsistencies, correcting missing or contra- dictory specifications, and reducing complexities that might hinder the project dur- ing construction. n

New York , NY — Richter+Ratner (R+R) , a construction management firm, has hired Richard “Bo” Wells as project man- ager. Wells currently manag- es R+R’s 70,000 s/f Academy Charter School project at 555 10th Ave. in Manhattan. “Richard’s construction ex- perience includes managing large office, healthcare, non-

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