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The American Seniors Housing Association (ASHA) recently announced a strategic alliance with the Senior Crimestoppers program for use in seniors housing communities nationwide.

"Criminal activity in a seniors housing residence can seriously damage the morale of residents and staff," says David S. Schless, ASHA's executive director. "Petty theft, the most common crime in a long-term care or seniors housing residence, can truly tarnish the reputation of a residence in the community and among residents and their families."

Created in 1994, the Senior Crimestoppers program attempts to provide the safest living and working environment for staff, residents and families of seniors housing residences and long-term care facilities. Since its inception, Senior Crimestoppers has reduced crime in participating residences by 83 percent. The three major components of the program include:

* a personal lock box to protect residents' personal items from theft, loss or misplacement;

* an ongoing educational effort to reinforce a "zero-tolerance to crime" policy in participating residences; and

* an anonymous 800 number tip-line to which anyone can provide information about incidents and receive financial rewards up to $1,000.

Besides theft, the program also protects against resident abuse and neglect, vandalism and fraud--including workers' compensation, unethical behavior and workplace violence.

Viterra Energy Services, an NAA/NSC member, is expanding its submetering operations and activities by acquiring Envirotech, a nationwide provider of submetering services. Envirotech's contribution to the Viterra Energy Services portfolio increases Viterra's national presence with strengthened support in the Southeast region. "We are very excited about the Envirotech acquisition," said Ralf Moysig, CEO and president of Viterra Energy Services, Inc. "It is an important strategic step for our organization and gives both companies an exciting growth opportunity. Envirotech's reputation for excellent services and high-quality submetering technologies fits perfectly into Viterra Energy Services. We look forward to working with the Envirotech staff to share some of our expertise in the submetering sector."

La Serena Apartments, a 160-unit apartment community in Tempe, Ariz., sold for $8.8 million to the Frost Family Trust of Scottsdale, Ariz., in August. Peter Katz and Darrell Moffitt of Marcus & Millichap Real Estate Investment Brokerage Co. represented the principals in the sale of this apartment community.

DA Management of Newport Beach, Calif., sold Paradise Point Apartments, a 136-unit apartment community in Phoenix, for $8.65 million to Elmsford Retirement Center of Forest Grove, Ore. Julie Vaughn of Marcus & Millichap Real Estate Investment Brokerage Co. represented the principals in the sale.

Cohen Financial secured $59.35 million in debt placement for two separate portfolios of apartment communities.

The first portfolio is Palm Lake Apartments in Concord, Calif. A $19.75 million non-recourse, 10-year loan with 30-year amortization and 75 percent loan-to-value ratio was secured to refinance an existing loan. The lender was a national life insurance company, and the borrower was a private investor.

The second portfolio contains seven apartment communities totaling 1,093 apartment homes that are located in California, Florida, Arizona, Oregon and Texas. A $39.6 million non-recourse load was secured with 85 percent loan-to-value ratio. It has a one-year term based on the London Interbank Offering Rate (LIBOR). The lender was a national mortgage company, and the borrower was a private investor.

Steve Koeneke, senior director of Northland/Marquette Capital Group, Inc., arranged a loan modification and second mortgage of $5 million for Sterling Pointe Apartments, a 50-building, 496-unit apartment community in Colorado Springs, Colo. The financing for the community, which was built in 1984, was arranged on the borrower's, American Apartment Communities, behalf.

Phoenix-based Keystone Mortgage Partners LLC recently closed on an $8.5 million bridge loan for Presidio Apartments, a 164-unit apartment community in Scottsdale, Ariz. The community will be converted to condominiums. Scott McPherson and Eric Inabinet of Keystone's Phoenix office placed the loan.

A bond transaction between Fannie Mae and the California Housing Finance Agency (CHFA) laid the groundwork for the successful preservation of more than 23,300 affordable housing units in 279 separate locations throughout California that could be at risk of converting to market-rate housing. Under the terms of the financing, Fannie Mae sold approximately $274 million of Section 236 mortgages to CHFA, providing CHFA the opportunity to preserve the units as affordable rental housing.

Under this groundbreaking transaction, Fannie Mae financed CHFA's purchase of the Section 236 mortgages from Fannie Mae's portfolio by purchasing $274 million in taxable bonds issued by the state finance agency. "This is truly a first-of-its kind transaction that allows the characteristics of the mortgage portfolio to remain unchanged in the form of the bonds," said Jack Gallagher, vice president of public finance for Fannie Mae. "Fannie Mae and CHFA worked together to come up with a creative financing solution that has the potential to make a positive difference for thousands of families. We are very pleased to be able to offer a solution to this problem of expiring rental subsidies."

Skyline Heights, a 256-unit apartment community in Daly City, Calif., was sold for $32.3 million to Pacific Property Co. of Palo Alto, Calif. Tyler Anderson and Sean Cunningham of the CB Richard Ellis' Phoenix office and Justin Smith and Bill Huberty of the San Francisco office negotiated the transaction on behalf of the seller, SSR Apartment Value Fund, LP of San Francisco.

Reilly Mortgage Group closed a $16.8 million loan for Main Street Village Apartments, a to-be-built garden-style apartment community in Mishawaka, Ind. The loan was financed using Fannie Mae's Market Rate Forward Program, and it has an 8.07 percent interest rate with a 10-year term and 30-year amortization, and an 80 percent loan-to-value ratio with a 1.25 DCS.
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Date:Oct 1, 2000
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