Bayland Condo is a 121-unit garden style condo community located in Havre de Grace, MD, just outside Baltimore. Recently, the Board opted to explore options for the management agreement while still considering its ongoing relationship with FirstService Residential. Coincidentally, the association’s insurance coverage was up for renewal at same time. FS Insurance Brokers was engaged…
CASH MANAGEMENT Palm Beach Point POA – Palm Beach, FL: Reallocated funds to protect $100,000 with FDIC Exposure and increased annual interest yield by more than $2,600 L’Hermitage II Condominium Association – Fort Lauderdale, FL: Increased Association’s annual interest yield by $5,200+ by moving operating funds to partner banks The Ivy Condominium – Miami, FL:…
Signal Hill, a 222-unit strata building in Fort McMurray, Alberta, recently engaged FS Insurance Brokers to obtain a quote for their insurance renewal resulting from poor service on the part of the incumbent provider. This condo corporation had just two claims on file: one from the 2016 wildfires and another as a result of sewer…
LOANS CLOSED $3,475,000: James Monroe Owners, Inc. – Forest Hills, NY $850,000: Galleria – Edina, MN $600,000: Grand Cove II Condominium – Edgewater, NJ $300,000: Riss Lake Community Association – Kansas City, MO $146,000: Condos at Lake Harriet I – Minneapolis, MN $117,848: Summerhill Association – Bloomington, MN CASH MANAGEMENT The Keys Condominium –…
Click here to view a recorded version of the webinar. Click here to download a copy of the slide presentation.
Click here to view a recorded version of the webinar. Click here to view and download the slide presentation.
Earlier in 2017, FirstService Residential assumed management of 225 Rector Place, a 289 unit, 24-story, luxury condo building located in the Battery Park City neighborhood of lower Manhattan. Soon after completing takeover, the residential management team engaged subject matter experts at FirstService Financial to help deliver additional value to the association. The goal was to…
INSURANCE PLACEMENTS Brickell House Condominium – Miami, FL: Partner agent was able to save the association over $29,000 while lowering the Hurricane deductible from 3% to 2% Il Villaggio Condominium – Miami Beach, FL: By renewing the insurance program with our partner agent, the association realized over $54,000 in savings and lowered their Hurricane deductible…
Click here to view and download the slide presentation Click here to view and download water-related Did You Know? handouts Click here to view a recorded version of the webinar Click here to learn about water mitigation procedures
CASH MANAGEMENT Milton Landing Condo – Milton, MA: Reallocated $711,286 in reserve portfolio to earn an additional $2,197 per year in income Riverhouse Condominium – Boston, MA: Reallocated $692,000 in reserve portfolio to earn an additional $1,803 per year in income Lenox Station – Norwood, MA: Reallocated $207,299 in their reserve portfolio to increase interest…
Did you know that Crime insurance provides more than just the Fidelity Bond requirement in a management contract? All of our associations are required to have Fidelity Bond coverage and to satisfy that requirement, our associations buy Crime coverage that provides an Employee Theft limit based on financials. However, a standalone Crime policy offers additional…
LOANS CLOSED $12,900,000: Ardsley Tenants – New York, NY $3,000,000: Sanderling Condominium – Centreville, VA $868,916: Core Commercial Parking – Toronto, ON $184,552: The Creek Condominium – Minneapolis, MN CASH MANAGEMENT Braintree Hills Condo – Braintree, MA: Reallocated $362,000 reserve portfolio to earn an additional $1,062 per year in income The Rialto-Capitol Condominium –…
Ever wondered why board members need to provide personal information to be a signer on the association’s bank accounts? In the wake of the September 11 terrorist attacks, the USA PATRIOT Act was enacted to help combat future threats to the United States. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct…
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The Gibson, an 80-unit condominium located in the heart of Washington, DC, was constructed in 1981. As could be expected with a building of this age, the glass and windows were due for replacement, and the association board was tasked with sourcing a loan to cover the expense. Not only would this project serve to…