Bank Financing – Better or Worse? February 2, 2010
Posted by Chip LaFleur in Uncategorized.Tags: bank financing, banking, closed banks, economy, fdic, loans, multifamily
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Until the financial markets stabilize, financing any commercial or investment property is going to remain a challenge. On January 27, CoStar posted this article: Banks Report Slowing CRE Loan Charge-Offs, that seems to present some mildly positive news on the banking front. Of course the article is very cautiously (and you might say mildly) optimistic. Midway through the article, though, CoStar references the FDIC Chief’s comments in another article here: FDIC Chief: CRE Delinquencies, Bank Failures to Keep Rising. Of course things need to get worse before they get better. In the interim, though, financing multifamily and investment acquisitions and dispositions will continue to be challenging.
One resource you might find useful is the FDIC website, located at http://www.fdic.gov. Every week the FDIC lists the banks that have closed the week before. Last week the following banks were closed down: American Marine Bank, Bainbridge Island, WA; First Regional Bank, Los Angeles, CA; Community Bank & Trust, Cornelia, GA; Marshall Bank, Hallock, MN; Florida Community Bank, Immokalee, FL; and First National Bank of Georgia, Carrollton, GA.
For a complete list of closed banks, go to the FDIC’s Failed Bank List.
All that being said, there are some opportunities in the marketplace. A strong buyer with a good track record that has shown their ability to bring under-performing properties up to speed is still able (granted with additional efforts that were not necessary two – three years ago) to find potential lenders. And some buyers with great relationships with their banks and bankers may be able to leverage that relationship to finance a project that would otherwise be unattainable.
If you have a project that you are working on or interested in pursuing, and would like to chat about the challenges you have faced or the successes you have realized, feel free to drop me an email at jmccloud@echelonpm.com, or catch me on twitter: @echelonpm.
Local Real Estate Management Firm Earns Professional Accreditation January 27, 2010
Posted by Chip LaFleur in Uncategorized.Tags: AMO, apartments, CPM, IREM, property management, real estate
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Grand Rapids, MI – January 27, 2010 – Echelon Property Management, headquartered in Jenison, MI, has earned the Accredited Management Organization ® (AMO®) accreditation from the Institute of Real Estate Management (IREM®), an affiliate of the National Association of Realtors®. The AMO® accreditation is awarded to real estate firms that have a track record of high performance, experience, stability and financial accountability and have a Certified Property Manager ® (CPM®) directing and supervising the real estate management team. In addition, AMO® firms must abide by a rigorous Code of Professional Ethics that is strictly enforced by the Institute.
John McCloud, owner of Echelon Property Management, is a Certified Property Manager (CPM), the highest designation you can achieve in real estate management. He has served as the Vice President of Legislative Affairs and the Vice President of Education for the Institute of Real Estate Management’s Chicago Chapter. He is considered an expert in apartment utility sub metering and allocation and has been cited as such in Apartment Finance Today (May/June 2004), Multi-Family Executive (January 2004), and Units (October 2003).
Founded in 1933, the Institute of Real Estate Management educates real estate managers and certifies and enhances the competence and professionalism of individuals and organizations engaged in real estate management. IREM® also serves as an advocate on issues affecting the real estate management industry. IREM® has over 16,000 individual members, 8,600 who hold the CPM® designation and 3,600 who hold the ARM® certification. In addition, it has 530 firms that hold the AMO® accreditation. IREM® also has 82 U.S. chapters, seven international chapters and several other partnerships around the world.
Echelon Property Management – New Blog July 9, 2009
Posted by echelonpm in Uncategorized.Tags: apartments, blog, multi-family, real estate
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Echelon Property Management has officially adopted our new blog! For the time being, it will be located at http://echelonpm.wordpress.com, but should soon move over to http://blog.echelonpm.com (no link because it wouldn’t work yet!).
We felt that having a way to communicate about acquisitions, dispositions, multi-family trends, company news, and other developments and news would fit with Echelon Property Management’s Mission statement, which is as follows:
Our mission is to acquire and manage real estate investments and deliver above average returns to the ownership without compromising the integrity of our company philosophy, building structures or the quality of service to our residents.
Company Philosophy:
- To be successful we cannot compromise our moral integrity and reputation
- As a professional management company we will do a better job than an owner/investor could do themselves
- Profit is a product of striving for excellence
- We will maintain our relationships with residents by offering them a quality product at an excellent value
- We will meet or exceed our customers’ expectations
- Innovation, flexibility and critical thinking are the foundation of our future
We would love to hear from you about anything having to do with property management, multi-family projects, industry news – or anything else you’d like to contribute! Feel free to comment or shoot us an email at jmccloud@echelonpm.com!
