Real Estate Journal — NJAA CONFERENCE & EXPO — May 13 - 26, 2016 — 17D
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M id A tlantic
2016 NJAA C onference & E xpo
best suited to continue the pursuit of his vision of bringing sustainability, recycling and composting to every commu- nity nationwide. After meeting Heath the first time, it was evident we were aligned on the vision of being the premier ser- vices provider to the multifam- ily housing industry. The focus on sustainability is a perfect complement to our current door- step collection and recycling, as well as extend our breadth of services beyond doorstep into our continued expansion of our Maintenance Plus division, to truly be the nationwide ser- vices provider our Multifamily partners desire. ," said Shawn Handrahan, president and CEO of Valet Waste. n Valet Waste, LLC acquires Green Door Valet, LLC TAMPA, FL—Valet Waste, LLC has acquired Green Door Valet, LLC. Valet Waste provides five nights-per-week doorstep waste and recycling collection for more than 450 management compa- nies and owner groups servicing more than 800,000 units across 34 states and Washington, D.C. The company also offers comple- mentary maintenance services to the multifamily housing in- dustry including nightly main- tenance, apartment cleaning, apartment turns and porter ser- vices through its Maintenance Plus offering. "We are honored Heath Hal- lada, the president and CEO of Green Door Valet, has chosen Valet Waste as the company PROVEN RESULTS IN REAL ESTAT CAPITAL MARKETS SOLUTIONS
Ryan Ade and Jim Cadranell lead team HFF secures $45m financing for luxury apartment tower P fice space to 101,628 rentable s/f of residential space and 8,887 s/f of 100% leased ground-floor retail space in 2015.
HILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) has secured $45 million in fi- nancing for Avenir, a 180-unit, luxury mixed-use apartment and retail tower in Center City Philadelphia. Working on behalf of the bor- rower, a joint venture between the Scully Company, Alterra Property Group, LLC and Spring Creek Investment Management , HFF placed the seven-year, fixed-rate loan with Webster Bank (Webster) , a regional bank based in Water- bury, Connecticut, with local offices located in Conshohocken, Pennsylvania. Loan proceeds will replace the existing con- struction loan. Located at 1501-1515 Chest- nut St., Avenir is one block from the newly-completed Dilworth Plaza at City Hall in the heart of Philadelphia’s central business district. The 16-story building was originally constructed in 1902 and was converted from of- 5. Ongoing Costs After implementation, a prop- erty management/accounting system will incur maintenance costs. These are usually defined at purchase, whether in an on- premise or SaaS configuration. They should be estimated for the useful life of the software and included in the ongoing expense as incurred. The pro- jected expense of training new staff, or re-training existing staff when software upgrades are installed, should also be included as an ongoing cost of maximizing the investment. Cloud-based property man- agement/accounting software can be a game-changer for real estate organizations, but companies must be aware of all that it entails, as well as the processes and decisions affecting it. That awareness will set the management team up for a fast and accurate ROI calculation and, ultimately, a successful implementation. Ask the right questions and make the right decisions up front, and you will be in a great position to secure a cloud prop- erty management/accounting system that fits your organiza- tion’s needs and budget. Michael Mullin is presi- dent of Integrated Business Systems in Totowa, NJ. n continued from page 14D Considering Cloud Property . . .
The HFF deal team was led by managing director Ryan Ade and senior managing direc- tor Jim Cadranell . “Webster is pleased to be a part of this project as it will contribute to Philadelphia’s positive economic growth and development by creating jobs and attracting businesses,” said Fred Felter, senior vice president, senior relationship manager, Commercial Real Estate at Webster Bank. n
Avenir
HFF New Jersey was involved in $1.5 BILLION in Multi-housing Sale & Financing Transactions During the last 12 Months
The Crest at Princeton Meadows Property Sale 704 Units Multi-housing - Garden-style Plainsboro, NJ
REPRESENTATIVE TRANSACTIONS
The Brownstones at Englewood South Financing 350 Units - Class A Multi-housing - Mid-rise Englewood, NJ
Tower Portfolio Financing
Mid-Atlantic Apartment Portfolio Property Sale 4,035 Units (13 Properties) Multi-housing - Garden-style NJ, DE, PA
1,300 Units (11 Properties) Multi-housing - Garden-style NJ and NY
HFF New Jersey | 200 Campus Drive, Suite 410, Florham Park, NJ 07932 | (973) 549-2000 | hfflp.com
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