Financing the Need: Quick Guide to Association Lending
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The Gibson – Washington, DC: Lending Superheroes!
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…
February Highlight Reel
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…
January Highlight Reel
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:…
December Highlight Reel
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…
Financing vs. Special Assessment
http://firstservicefinancial.com/wp-content/uploads/2016/11/FirstService-Financial-Financing-vs.-Special-Assessment.mp4
November Highlight Reel
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,…
October Highlight Reel
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…
Funding Capital Improvement Projects
If you live in a community association, chances are your governance board has set aside insufficient reserve funds. Studies show that 72% of association-governed communities are under-funded, a 12% increase from ten years ago[1]. Many associations have not increased assessments at the pace required to adequately service an aging property. This deficiency has rendered some…
July Highlight Reel
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…