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GMAC Finances Six Multifamily Properties.

Done Deals

NAA member GMAC Commercial Mortgage Corp., has arranged $102.5 million in permanent financing for six multifamily properties totaling 2,304 units in northern and central New Jersey. Financing terms for each community include a 10-year mortgage with the borrower paying interest only in the first year with a 30-year amortization. The properties include: Mill Run Apartments in Union; Bound Brook Apartments in Bound Brook; Ken Gardens in Aberdeen; Royal Crest Apartments in Hamilton Township; Douglass Gardens in Somerset; and Dutchtown Manor in Lakewood.

Funding Incorporated of Houston, Texas, has written three FHSA-insured construction and permanent mortgages totaling $31.15 million through FHA's 221(d)(4) program. The mortgages were for the Texas communities of Enclave at Cornerstone in Harris County; Enclave at Quail Crossing in Friendswood; and Enclave at Copperfield in Harris County.

NAA member Charles E. Smith Residential Realty, Inc., of Arlington, Va., recently announced the closing of a 10-year, $300 million secured line of credit with Freddie Mac.

NAA member Malone Mortgage Company of Dallas, Texas, has loaned $23.2 million for the new construction of the Reserve at Lake Town, a 179-unit community in Dallas. Malone Mortgage also provided a $21.3 million loan for new construction of Desertscape Residences, a 266-unit community in Mesa, Ariz.

NAA members SafeRent Inc., and SiteStuff.com have agreed to a partnership that will offer SafeRent services online through SiteStuff. The agreement signifies continued momentum for both companies and a broadened market reach for SafeRent.

SSR Realty of White Plains, N.Y. and San Francisco, recently acquired Renaissance at North Bend, formerly Reserve at North Bend, a Class A 366-unit community in Austin, Texas, for $26.7 million on behalf of an SSR public pension plan client.

NAA member Continental Realty Corp., of Towson, Md., recently purchased Cricket Lake Apartments, a 188-unit community in Naples, Fla., for $7.44 million from Josef Magdalener and Karl Kubel of Marco Island, Fla.

Movers and Shakers

Former National Apartment Association President Jerry Molique, CAPS, CPM, has joined Partner Communications & Services, Inc., in St. Louis, Mo., as Director of Corporate Development. Molique, NAA's 1998 President and a current Board Member, will lead Partner's efforts to establish and maintain a strong presence in key Midwest and selected markets.

Homestore.com, Inc. of Thousand Oaks, Calif., has appointed Patrick R. Whelan as president of SpringStreet.com, Homestore.com's full-service multifamily housing site. Whelan brings more than 18 years of experience in commercial real estate and corporate finance, most recently serving as chief operating officer of Archstone Communities Trust and president of Archstone Communities, Inc.

Trend Talk

In cooperation with the U.S. Consumer Product Safety Commission (CPSC), Universal Security Instruments, Inc., of Owings Mills, Md., is voluntarily recalling about 34,000 smoke alarms. The smoke alarms can fail to alarm when smoke or fire is present. A capacitor in the alarm can burn out, releasing smoke and melting the cover.

The models can be identified by removing the alarm cover from its base and looking for the manufacture date code and model number. The smoke alarms are made of white plastic and have the manufacture date code and model number imprinted on the back of the alarm. The following models are being recalled: Safe T Alert, SA-785; Universal, SS-785; Universal, SS-795; USI Electric USI-1203.

Some alarms do not have the brand name printed on the unit. Look for the model number to determine if it is a recalled alarm. Alarm owners should call Universal Security Instruments at 800/390-4321 between 8 a.m.-5 p.m. Monday-Friday to receive a free replacement alarm.

NAA member Rent Net and its parent company, move.com, will exclusively promote CAIS, Inc., as the preferred provider of high speed Internet services to the more than 13,000 client communities represented on Rent Net. The multi-year agreement will offer high-speed Internet connections to residents nationwide and new revenue opportunities for property owners and managers.

Ace Hardware Corp. is recalling about 87,000 vinyl window blinds. These blinds contain lead exceeding government guidelines, and do not have required labeling warning they contain lead. Over time, vinyl deteriorates from exposure to sunlight and heat, forming lead dust on the surface of the blind. Young children can ingest lead by wiping their hands on the blinds and then putting their hands in their mouths. Lead poisoning in children is associated with behavioral problems, learning disabilities, hearing problems and growth retardation. CPSC and Ace Hardware are not aware of any lead poisonings involving these window blinds. This recall is being conducted to prevent the possibility of lead poisonings. The recalled vinyl blinds are white miniblinds and woodgrain roll-up blinds.

Sizes of the blinds range from 23-inches wide by 42-inches long to 72-inches wide by 120-inches long. Writing on the label of the white miniblinds reads "Safe Nonleaded Vinyl Formulation." Writing on the label of both blinds reads "MANUFACTURED IN THAILAND FOR ACE HARDWARE CORE." Ace Hardware and other hardware stores nationwide sold the window blinds from August 1999 through May 2000 for between $6 and $27. Consumers should remove the window blinds from windows and keep them away from children. Consumers can return the window blinds to the store where they were purchased for a refund. For more information, call Ace Hardware Corp. toll-free at (877) 223-4391 between 7 a.m. and 6 p.m. CT Monday through Friday. Notice of this product warning was sent via email to SafeMail www.safetyalerts.com/what_is.htm subscribers June 8, 2000.
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Publication:Units
Geographic Code:1USA
Date:Jul 1, 2000
Words:917
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