In October 2017, we approached our client The Vaux, a 19-story high-rise condominium in NYC’s Upper West Side. Their $4 million reserve fund was underperforming and not taking advantage of exclusive products available to FirstService Residential clients. Overall, the portfolio was earning just $4,500 annually with an average yield of only 0.12%. They also had…
In 2015, FirstService Residential assumed management of Sanderling Condominium, a 318-unit condominium in Centreville, VA. Located thirty minutes west of Washington, DC, Sanderling consists of 13 separate buildings of garden-style units. FirstService Financial proactively reviewed the association’s reserve portfolio and identified an opportunity to help them significantly increase interest income to help their bottom line….
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…
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…
As the premier high-rise tower in Myrtle Beach, SC, Margate Tower at Kingston Plantation boasts 251 oceanfront units overlooking white sandy beaches. Under FirstService Residential management since January 2015, the property is fully funded for their reserves and has benefitted from our annual analysis to properly address their funding needs. In 2016, FirstService Financial was…
Since 2013, FirstService Residential has proudly managed the Poinciana Villages, an unincorporated community of 25,000 homes and over 50,000 residents in central Florida. The Association, while entrusting day-to-day operations of the community to our team, opted to maintain full control of its financials. The Property Manager, Mark Maldonado, and the Senior Vice President, Fernando Dominguez,…
LOANS CLOSED $1,500,000: Huron Pointe Condominium Association – Chicago, IL $60,000: Katy Oaks HOA – Katy, TX CASH MANAGEMENT Preserve Master Maintenance Corp – Chino, CA: Designated as agent to manage CD ladder for client’s $3,400,000 portfolio Arrowood Master Association – San Diego, CA: Designated as agent to manage CD ladder for client’s $2,700,000…
LOANS CLOSED $17,000,000: 200 East 57th – New York, NY $3,100,000: 141-60 East 84th – Queens, NY $2,000,000: Sanderling Condominiums – Centreville, VA $1,700,000: Residences at Brambleton II Condo. Assoc. – Ashburn, VA $1,500,000: Fordham Terrace – Bronx, NY $1,000,000: Morgan Court Condominium– New York, NY $993,750: Evans Tower Condominium – New York, NY $950,000:…
FirstService Financial strives to help our clients find customized solutions for their banking needs. Since Boards have a fiduciary responsibility to protect the assets of the associations that we manage, we recognized that an enhanced deposit insurance product would be a valuable resource to our clients. We understand that many clients have large reserve portfolios…
LOANS CLOSED $9,300,000: Gentry Apartments – Brooklyn, NY $8,150,000: Chesapeake Owners Corporation – New York, NY $2,850,000: 125 Beach 124th Street – Rockaway, NY $1,540,000: Briarwood at Forest Park – Woodhaven, NY $850,000: Whitley Park – Bethesda, MD CASH MANAGEMENT Park Claridge Condominium Association – Deerfield, IL: Moved approximately $500,000 to partner banks, tripling…
LOANS CLOSED $2,600,000: Towamencin Condominium – Harleysville, PA $1,000,000: The Carlyle House – Arlington, VA $1,120,000: INDX Condominium – Toronto, ON $850,000: Karma Condominium – Toronto, ON CASH MANAGEMENT Union Square at Broadway HOA – San Diego, CA: Rebalanced portfolio resulting in $12,000 increase of yearly interest income Icon Owners Association – San Diego,…
LOANS CLOSED $13,700,000: 2077 Tenants Corp. – Fort Lee, NJ $3,000,000: Copper Ridge Condominium – Charlotte, NC $2,200,000: River Station Condominium – Minneapolis, MN $2,000,000: Marlborough Condominium Association – Chicago, IL $285,000: Summit Village Condominium – Hidden Valley, PA CASH MANAGEMENT Bridgeview Owners Assoc. – San Francisco, CA: Placed $8.2 million in settlement funds…
Deposit insurance, as the name implies, covers the depositor’s funds in the case of a bank failure. In the US, deposits of up to $250,000 per bank are insured by the FDIC (Federal Deposit Insurance Corporation), an independent agency created by Congress to maintain stability in the banking system. In some cases, clients have deposits…
Did you know that FirstService Financial accesses independent bank-rating systems to help select financial partners? In order to safeguard clients’ deposits and funds, we use information from unbiased, third party sources to identify, research, and cultivate partnerships with the best available banks and financial institutions. Banks and financial institutions are required to file a detailed…
LOANS CLOSED $3,500,000: 351 Marine Ave – New York, NY $2,500,000: 825 West End Condominium – New York, NY $1,900,000: 720 Owners Corp. – New York, NY $1,500,000: Grande at Riverview Condominium – Conshohocken, PA $1,050,000: 950 W Huron – Chicago, IL $800,000: The A Condominium – Jersey City, NJ CASH MANAGEMENT Harveston Community…