TEMECULA, CA – MIG Real Estate, a Newport Beach, California-based real estate investment company, has bought the luxury apartment community of Cape May at Harveston, a 300-unit garden-style apartment community in Temecula, California, ideally situated near upscale shopping and dining, central to area high-tech and biotech industries, and within walking distance of some of the region’s highest-performing schools.

Cape May, which was brokered by Tom Moran Jr. with Moran & Company, is located within the premier master-plotted community of Harveston, which is situated around a gorgeous 17-acre lake and park, and includes walking paths, an Olympic pool and ongoing community activities, offering the most in carefree, low-maintenance living.

Located in Temecula, Cape May is part of a community known for its skilled and educated population, award-winning schools, biotech industry, safe neighborhoods and more than 40 prestigious wineries and vineyards, which provide a robust tourism market that attracts and supports specialty markets, restaurants and entertainment venues. This unique blend of both lifestyle and convenience draws an affluent demographic to the city.

Built in 2006, Cape May’s superior location and product affords the opportunity for value-add enhancements that will place the property at the peak of the city’s luxury rental market.

“Cape May is a gorgeous community with the potential to outshine all other Class A assets in the market,” said Greg Merage, CEO of MIG Real Estate. “Riverside County continues to be one of the fastest growing regions in California, and Temecula is one of its most desirable cities, drawing a younger, high-income demographic that is in search of the ideal community in which to settle down.”

Residents of Cape May at Harveston have the unique advantage of using the Temecula Trolley, which provides simple access to fantastic shopping and dining destinations, neighborhoods, employment centers, schools and entertainment venues throughout the city. Some regular stops include Ancient Town Temecula, a vibrant pedestrian-friendly, walkable downtown destination; and Promenade Temecula, an upscale open-air retail center that includes Lululemon, Apple Store and Williams-Sonoma.

The Temecula Valley Unified School District boasts 16 California Distinguished/Gold Ribbon schools, two of which are within the attendance boundary of Cape May. One of those schools is Chaparral High School, which received the silver medal in U.S. News Best High School rankings awarded by U.S. News and world Reports. The other, Barnett (Ysabel) Elementary School, has the second highest API score in the district.

“As our second West Coast buy in the past year, the acquisition of Cape May allows MIG to continue to strategically expand upon its presence in the region,” said Chris McCormick, Senior Manager of Financing and Investments.

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HOUSTON, TX – SkyHouse Main, downtown Houston’s newest apartment tower, will host its grand opening celebration on October 20, 2016. With the first residents went in, SkyHouse Main joins SkyHouse Houston in remaking two full blocks of the Central Business District into a live-work-play neighborhood.

Opened in the summer of 2014, SkyHouse Houston is leased up and the new tower, a mirror-image of the first, has experienced strong early demand.

“We join Batson-Cook Development Company and our local partner, Peter W. Dienna, in welcoming the first residents to SkyHouse Main,” said Jim Borders, President, Novare Group. “We had confidence from the start and have received tremendous support and encouragement from the City of Houston on this project, and this success is a result of everyone pulling together to make a concerted vision for this part of town a reality.”

SkyHouse Main is located at 1725 Main Street and features 336 residences, is 24 tales and has 7,200 square feet of street-level retail space. The mixed-use project will be home to renter-by-choice professionals, who want to live in urban centers close to public transportation, employment centers and cultural institutions.

The apartment homes all have floor-to-ceiling glass and nine-foot-plus ceiling heights with high-end finishes, including stainless steel appliances, granite counter tops, wood floors, expansive balconies and high speed internet. The market-leading amenity package includes the signature “SkyHouse” on the top floor including a club room, fitness center, pool, and grilling area, with unimpeded views of much of Houston.

The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. It is near the Bell Station Metrorail stop, providing residents with access via public transportation to the surrounding areas including the Texas Medical Center, the largest medical center in the world and a large economic driver within the Houston metro.

The project is a collaboration between Atlanta developers Novare Group, Batson-Cook Development Company and Houston-based development partner Peter W. Dienna. Sumitomo Mitsui Banking Corporation provided financing for SkyHouse Main along with NGI Investments, LLC, led by Borders, and Batson-Cook Development Company.

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WASHINGTON, DC – Fannie Mae announced enhancements to its Green Rewards product that eliminate the cost of a required energy and water audit report and increase loan proceeds to borrowers by enabling lenders to underwrite 75 percent of the owners’ projected cost savings. These enhancements come on the heels of a product that already provides better pricing for borrowers.

“At Fannie Mae, our goal is to be the undisputed leader in providing innovative products and affordable financing for owners and operators who want to reduce their properties’ environmental impact on the planet,” said Bob Simpson, Vice President for Multifamily Affordable, Green, and Small Loan Financing, Fannie Mae. “Since the beginning of the year, we have proven that leadership by providing more than $1.2 billion in financing for green properties through July, and by continuing to innovate in ways that make it simpler and more affordable for borrowers to make energy- and water-efficient improvements.”

In addition to increasing the underwriting of an owner’s projected energy and water cost savings to 75 percent, Green Rewards continues to allow 25 percent of tenants’ projected cost savings to be underwritten, a feature offered only by Fannie Mae. Another significant improvement is that Fannie Mae will now pay 100 percent of the cost of the energy and water audit report, which includes the ASHRAE Level 2 report required for all Green Rewards and Green Preservation Plus loans.

“Our Green Financing solutions are making positive, measurable changes at multifamily properties,” said Chrissa Pagitsas, Director Green Financing Business, Fannie Mae. “The product enhancements that we’ve made further remove barriers for owners to make smart green investments, for tenants to live in better quality properties and for sustainability-focused investors to access a consistent supply of Green MBS.” 

Fannie Mae’s Green Financing business supports loans for properties that will save 20 percent or more on their annual energy or water consumption by upgrading to energy- or water-efficient equipment, as well as for properties that have been awarded a green building certification, such as LEED, ENERGY STAR, or National Green Building Standard.

For nearly 30 years and through every market cycle, Fannie Mae has provided liquidity, stability, and affordability to the rental market working with its 25 Delegated Underwriting and Servicing (DUS®) Lenders. Fannie Mae’s unique DUS platform relies on shared risk, with lenders retaining some of the underlying credit risk of the loans they sell to Fannie Mae. Our DUS Lenders are delegated the ability to underwrite, close, deliver, and service loans on all types of multifamily properties, which means quicker decisions and quicker closings for customers. 

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