The Beavercreek Twp. Board of Trustees is considering financial incentives for potential development of more than 1,000 acres near the Greene County Lewis A. Jackson Regional Airport.
The board plans to vote March 5 on a resolution to establish a tax increment financing fund (TIF) for a 19-parcel, 1,086-acre area south of U.S. 35 that could become an economic engine by serving corporate jets and new businesses. It would enable developers not to shoulder all the cost of roads, water, sewer and other infrastructure.
The mostly agricultural area stretches from Langs Chevrolet near Orchard Lane to south of the airport. The biggest parcel is a 615-acre spot owned by the Valley Springs Farm Co.
Letters of notice have been sent to the superintendents of Beavercreek, Xenia and the Greene County Career Center school districts about the proposed 10-year TIF.
“It can impact them from the standpoint that they lose revenue off of this,” Beavercreek Twp. Trustee Robert Glaser said. “But we have the option to take and make it up. We can take money out of that pool and make them whole. This puts them on notice that it’s going to happen, or it could happen.”
‘Nobody’ knows
about TIF plan
Glaser admits most public officials and residents know little of the plan. “We’ve really had no public input on this whatsoever,” Glaser said during a trustee meeting on Feb. 6. “I don’t think the public is aware that we are doing this.
“Nobody seems to know about this. We publish these reports but who reads all this stuff? I think we need to go a little extra step and make sure that the public is aware of what we’re doing, so that there’s no surprises.”
Greene County Auditor David Graham said a TIF was used to develop the land that became The Greene.
“The developer wanted somebody to pay for the infrastructure improvements that needed to be made related to that property. There were no roads, no water, no sewer,” Graham said. “Nobody likes the theory of a TIF, but it gives you an opportunity to control a development.”
A 2008 Beavercreek citizen satisfaction survey performed by Fallon Research showed 52 percent of the city’s residents favored using a TIF-like tool and 37 percent opposed it.
Airport could be economic boon
The area near the airport has long been considered a potential economic resource. With Wright-Patterson Air Force Base positioning itself for more rounds of Base Realignment and Closure, the site could be attractive to defense contractors and others.
Glaser said the runway’s expansion to 5,000 feet is nearly completed, which will enable it to accommodate more private jets per Federal Aviation Administration rules. Glaser said the airport may need a waiver since the setback from the taxiways and some hangars do not meet the FAA regulations.
In 2008, the collection of hangars and runways was in the sights of Beavercreek and Xenia city officials when both proposed joint tax agreements with the township in order to bring services to the property. Officials from both cities hoped to have their foot in the door when the property near the airport begins to develop.
“Our county airport is strategically located. It’s a real jewel,” Greene County Commissioner Rick Perales said in July 2008 after an airport plan was presented. “This gives us a foundation to work from.”
Xenia City Manager Jim Percival said he proposed a Joint Economic Development District that included the TIF idea during a July 2008 board of trustees meeting, but that he “never heard back.”
Percival said Xenia has no plans to annex any land near the airport. He did not know about the township’s newest plan. “There’s potential with the airport, no question,” he said. “We always want to work with our neighbors to provide benefits to the entire region.”
Trustees tried to acquire farm land
Glaser said the trustees tried to purchase a 60-acre parcel just south of the airport from the Beavercreek-based Deccan Group, LLC.
“We were just looking at it as a potential investment, let’s put it that way,” Glaser said of the farm land that includes a 1900 bungalow and another structure. “This was a strategic piece of property for the future of the township . . . Control of the property was important to us on a long-term basis. . . . We couldn’t reach terms with the owner.”
County auditor records show the land was purchased for $300,000 in 2003. Neither side disclosed the negotiated prices or how far apart the sides were.
Jan Venkayya, president of Deccan, said the house is rented out and the land leased to a farmer who grows soybeans and corn. She said the township’s offer was not the right price.
“For development, anyone wants to have utilities,” Venkayya said. “I think (our land) would be very useful for the airport for them to expand. It’s an emotional issue for me. I have an attachment to that land, but maybe at some point I would be willing to sell it.”
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2012年2月3日星期五
One of Nation's Top Real Estate Investment Companies Announces New Website Offering Turnkey Investment Properties For …
Provo, UT (PRWEB) February 03, 2012
Marquis Properties is among the top real estate investment companies in the Midwestern United States. Marquis offers turnkey investment properties to real estate investors interested in exceptional returns on investment, without the hassle and time it takes to find, evaluate, purchase, rehabilitate and occupy a property with a tenant to produce cash flow.
As home prices have fallen nationwide the opportunity for investing in real estate at rock-bottom prices has never been better.
“The challenge for most investors, particularly those that live in markets which don’t support feasible rental returns and long-term equity growth, is the fear and complications which can come from investing in rental properties in out-of-area markets”, quotes Mr. Deucher. “We eliminate those challenges by defining the ideal investment property markets through in-depth market analysis, handling the entire purchase and rehabilitation process and ensuring that the investor who purchases the property is generating immediate rental income with a proven property manager in place to handle ongoing property management.”
Although the principle of Marquis Properties has been investing in real estate for over 15 years, Marquis Properties officially opened its doors in 2009. Since that time Marquis Properties has purchased and resold over 500 turnkey investment properties primarily through real estate investment clubs and larger real estate investment companies.
When asked about the blazing success of Marquis Properties, Chad Deucher attributes its success to two things: “Because we have the financial backing to purchase large groups of investment properties at a time we are able to realize significant savings average investors simply cannot get due to more limited buying power.” “We are then able to offer those same properties to real estate investors at exceptional wholesale prices while maintaining a reasonable profit margin.”
The second reason which Mr. Deucher claims has lead to Marquis Properties’ fast growth is due to the company’s “Occupied Property Solution”. “The best opportunities to invest in real estate come from purchasing distressed properties which are usually in need of significant repairs,” according to Mr. Deucher. “We realize that most people interested in investing in real estate are not doing so as a full-time career and simply do not have the resources to manage and oversee the entire process of acquiring a property, overseeing the rehabilitation of the property, occupying it with a quality tenant and managing the property on an ongoing basis.”
Marquis Properties takes the guesswork out of buying investment property and even offers a 90-Day Rent Back for situations when investors purchase one of Marquis’ investment properties during the rehabilitation process or prior to the property being tenant occupied so investors can be assured of immediate returns.
So what type of returns can a potential investor expect to achieve purchasing one of Marquis’ investment properties, and where is Marquis Properties currently selling investment properties?
“The average return on investment that most of our investors receive on single family units is between 10% and 13% per year after management costs and as high as 20% or more on commercial and multi-family investment properties.” “Obviously if the investor leverages their funds using bank financing then their cash-on-cash returns will be higher than if they paid for the property using only cash from retirement accounts, funds they’ve rolled over from a 401(k) or 1031 exchange or funds available in a self-directed IRA.”
“Right now we are primarily selling Ohio investment property and Kansas City investment property as well as Indianapolis investment property primarily due the overall strength of these markets based on low unemployment, inclining population, solid rental market fundamentals and the potential for both immediate and long-term price appreciation and equity growth” says Deucher. “However, our acquisition team is constantly evaluating markets throughout the United States and we will also be purchasing property in Pennsylvania and Alabama in 2012.
Interested in finding out more about Marquis Properties or evaluating their current investment properties for sale? Just visit Marquis Properties on the web or call them today at (888) 505-8155. Marquis has agents available to assist you in purchasing investment property Monday through Friday from 9:00 AM to 6:00 PM Mountain Standard Time.
http://tourism9.com http://vkins.com/
Marquis Properties is among the top real estate investment companies in the Midwestern United States. Marquis offers turnkey investment properties to real estate investors interested in exceptional returns on investment, without the hassle and time it takes to find, evaluate, purchase, rehabilitate and occupy a property with a tenant to produce cash flow.
As home prices have fallen nationwide the opportunity for investing in real estate at rock-bottom prices has never been better.
“The challenge for most investors, particularly those that live in markets which don’t support feasible rental returns and long-term equity growth, is the fear and complications which can come from investing in rental properties in out-of-area markets”, quotes Mr. Deucher. “We eliminate those challenges by defining the ideal investment property markets through in-depth market analysis, handling the entire purchase and rehabilitation process and ensuring that the investor who purchases the property is generating immediate rental income with a proven property manager in place to handle ongoing property management.”
Although the principle of Marquis Properties has been investing in real estate for over 15 years, Marquis Properties officially opened its doors in 2009. Since that time Marquis Properties has purchased and resold over 500 turnkey investment properties primarily through real estate investment clubs and larger real estate investment companies.
When asked about the blazing success of Marquis Properties, Chad Deucher attributes its success to two things: “Because we have the financial backing to purchase large groups of investment properties at a time we are able to realize significant savings average investors simply cannot get due to more limited buying power.” “We are then able to offer those same properties to real estate investors at exceptional wholesale prices while maintaining a reasonable profit margin.”
The second reason which Mr. Deucher claims has lead to Marquis Properties’ fast growth is due to the company’s “Occupied Property Solution”. “The best opportunities to invest in real estate come from purchasing distressed properties which are usually in need of significant repairs,” according to Mr. Deucher. “We realize that most people interested in investing in real estate are not doing so as a full-time career and simply do not have the resources to manage and oversee the entire process of acquiring a property, overseeing the rehabilitation of the property, occupying it with a quality tenant and managing the property on an ongoing basis.”
Marquis Properties takes the guesswork out of buying investment property and even offers a 90-Day Rent Back for situations when investors purchase one of Marquis’ investment properties during the rehabilitation process or prior to the property being tenant occupied so investors can be assured of immediate returns.
So what type of returns can a potential investor expect to achieve purchasing one of Marquis’ investment properties, and where is Marquis Properties currently selling investment properties?
“The average return on investment that most of our investors receive on single family units is between 10% and 13% per year after management costs and as high as 20% or more on commercial and multi-family investment properties.” “Obviously if the investor leverages their funds using bank financing then their cash-on-cash returns will be higher than if they paid for the property using only cash from retirement accounts, funds they’ve rolled over from a 401(k) or 1031 exchange or funds available in a self-directed IRA.”
“Right now we are primarily selling Ohio investment property and Kansas City investment property as well as Indianapolis investment property primarily due the overall strength of these markets based on low unemployment, inclining population, solid rental market fundamentals and the potential for both immediate and long-term price appreciation and equity growth” says Deucher. “However, our acquisition team is constantly evaluating markets throughout the United States and we will also be purchasing property in Pennsylvania and Alabama in 2012.
Interested in finding out more about Marquis Properties or evaluating their current investment properties for sale? Just visit Marquis Properties on the web or call them today at (888) 505-8155. Marquis has agents available to assist you in purchasing investment property Monday through Friday from 9:00 AM to 6:00 PM Mountain Standard Time.
http://tourism9.com http://vkins.com/
2012年1月16日星期一
China developers launch funds to bridge finance gap
BEIJING, Jan 16 (Reuters) China’s fledgling real estate investment fund market could see a surge of activity in 2012 as property developers launch their own vehicles in a desperate bid to bridge an estimated $111 billion financing gap in the year ahead.
A governmentled clampdown on bank, bond, equity and trust market financing for real estate has left developers with little choice other than to set up their own funds, which have raised barely 10 percent of the sum in the past two years that needs to be found to refinance maturing debt in 2012.
On the upside, China’s high netwealth families still favour property investment and funds give them an alternative to buying the physical asset while retaining exposure to the sector.
“Of course, it will take time, but in the next decade, you will see the Chinese property market become more institutionalised,” Frank Marriott, Savills’ senior director of real estate capital markets for the AsiaPacific, told Reuters.
Time is not on the developers’ side. Slowing sales and falling prices are hitting just as refinancing pressures are soaring.
Analysts widely expect industry consolidation to accelerate in 2012 and some players, even big ones, will have to sell assets and quit the market.
About $2.2 billion of syndicated property loans and club deals will become due this year, according to Thomson Reuters data, while a further 117 billion yuan ($18.6 billion) needs to be found to repay maturing real estate trusts.
Add in the other credit lines that need repaying and developers need to find over 700 billion yuan this year, according to Hua Xia Times, a Chinese business newspaper in Beijing.
Major developers such as China Overseas Land & Investment , Gemdale Corp and Forte, are among the first firms to have launched their own funds.
Others including China Vanke, the country’s biggest listed property firm by sales, chose to set up funds jointly with their peers to help each other survive tough times.
And more will follow.
“We must make more friends and widen our financing sources. That will help our future growth,” Zhu Tong, chairman of Sun Real Estate, a midsized developer in Beijing, told an industry forum in Beijing last week.
A total of 29 property funds raised $4.1 billion in 2011, a big improvement on the $2.9 billion raised by 28 vehicles in 2010, according to consultancy Zero2IPO.
Industry analysts expect more than $6 billion will be raised in 2012 and that the property fund market will expand at an annual rate of 4050 percent over the next few years.
The funds target wealthy entrepreneurs, with an investment threshold of 10 million yuan and above and are expected to offer annual returns of at least 25 percent, said Fu Zhe, a Zero2IPO analyst in Beijing.
“Private investors still have a strong interest in the property sector as there are really not many other options for them,” Su Xin, chairman of Gohigh Investment, which invests in commercial real estate, told an industry forum last week.
His company’s recent survey in Wenzhou, Ordos and some coalrich cities in northwestern Shaanxi province places with some of the biggest speculative property bubbles in the last decade shows that investment interest in property remains robust.
FUNDING CONSTRAINTS
That’s lucky for Chinese developers given the funding constraints in the wake of government pledges to pull home prices back to a reasonable level after a decade of rocketing real estate inflation that saw prices surge 10fold in 10 years in key cities across China.
Not only have the major statebacked banks been told to cut credit lines, the government has also halted all financial innovations to channel money into its targeted property sector.
These include nonpublic trust funds launched by Chinese trust firms in private placements to channel funds to the sector and the longawaited exchangetraded real estate investment trusts (REITs).
But it’s going to take more than luck for developers to survive the financing drought.
Banks have prolonged mortgage loan approvals, forcing developers into a handtomouth existence of surviving on downpayments and then seeing the bulk of the cash from sales going directly to the accounts of contractors and suppliers.
“That means even after you’ve sold residential units at a cheaper price, the cash in your hand still does not increase,” Ren Zhiqiang, the outspoken chairman of Huayuan Property , told a forum last week.
As a result, the balance sheets of many Chinese developers deteriorated in 2011. Greentown China, a major player in eastern China, is now struggling to survive and having to sell assets to do so.
Developers are compelled to dig deep into internal reserves for working capital. Internal funding, including new property funds raised, was 41 percent of total financing in the industry in the first 11 months of 2011, up from 38 percent and 33 percent in the same period of 2010 and 2009 respectively, according to the National Bureau of Statistics.
New loans to the property sector accounted for only 17.5 percent of banks’ total new localcurrency lending in the first three quarters of 2011, down from 31.1 percent in the year 2007, according to data from the People’s Bank of China.
With Beijing showing no mercy in cracking down on property speculation, developers like Greentown China that expanded rapidly in the past few years and have the high gearings to prove it, will have to sell land and halfbuilt projects to repay debt.
That is why the real estate fund route is considered to have so much potential. It helps developers keep control of their assets and gain control of their finances.
Cao Shaoshan, chairman of Orizon Capital, is excited about the outlook of Chinese property funds.
He believes China’s maturing real estate market means developers will specialize more on construction while outsourcing fundraising. But it won’t happen fast enough for many struggling developers.
“The Chinese property fund sector is still at an infancy stage,” Cao said. “It’s unable to change the financing landscape a lot in the short term.”
($1 = 6.3155 Chinese yuan)
http://tourism9.com/
A governmentled clampdown on bank, bond, equity and trust market financing for real estate has left developers with little choice other than to set up their own funds, which have raised barely 10 percent of the sum in the past two years that needs to be found to refinance maturing debt in 2012.
On the upside, China’s high netwealth families still favour property investment and funds give them an alternative to buying the physical asset while retaining exposure to the sector.
“Of course, it will take time, but in the next decade, you will see the Chinese property market become more institutionalised,” Frank Marriott, Savills’ senior director of real estate capital markets for the AsiaPacific, told Reuters.
Time is not on the developers’ side. Slowing sales and falling prices are hitting just as refinancing pressures are soaring.
Analysts widely expect industry consolidation to accelerate in 2012 and some players, even big ones, will have to sell assets and quit the market.
About $2.2 billion of syndicated property loans and club deals will become due this year, according to Thomson Reuters data, while a further 117 billion yuan ($18.6 billion) needs to be found to repay maturing real estate trusts.
Add in the other credit lines that need repaying and developers need to find over 700 billion yuan this year, according to Hua Xia Times, a Chinese business newspaper in Beijing.
Major developers such as China Overseas Land & Investment , Gemdale Corp and Forte, are among the first firms to have launched their own funds.
Others including China Vanke, the country’s biggest listed property firm by sales, chose to set up funds jointly with their peers to help each other survive tough times.
And more will follow.
“We must make more friends and widen our financing sources. That will help our future growth,” Zhu Tong, chairman of Sun Real Estate, a midsized developer in Beijing, told an industry forum in Beijing last week.
A total of 29 property funds raised $4.1 billion in 2011, a big improvement on the $2.9 billion raised by 28 vehicles in 2010, according to consultancy Zero2IPO.
Industry analysts expect more than $6 billion will be raised in 2012 and that the property fund market will expand at an annual rate of 4050 percent over the next few years.
The funds target wealthy entrepreneurs, with an investment threshold of 10 million yuan and above and are expected to offer annual returns of at least 25 percent, said Fu Zhe, a Zero2IPO analyst in Beijing.
“Private investors still have a strong interest in the property sector as there are really not many other options for them,” Su Xin, chairman of Gohigh Investment, which invests in commercial real estate, told an industry forum last week.
His company’s recent survey in Wenzhou, Ordos and some coalrich cities in northwestern Shaanxi province places with some of the biggest speculative property bubbles in the last decade shows that investment interest in property remains robust.
FUNDING CONSTRAINTS
That’s lucky for Chinese developers given the funding constraints in the wake of government pledges to pull home prices back to a reasonable level after a decade of rocketing real estate inflation that saw prices surge 10fold in 10 years in key cities across China.
Not only have the major statebacked banks been told to cut credit lines, the government has also halted all financial innovations to channel money into its targeted property sector.
These include nonpublic trust funds launched by Chinese trust firms in private placements to channel funds to the sector and the longawaited exchangetraded real estate investment trusts (REITs).
But it’s going to take more than luck for developers to survive the financing drought.
Banks have prolonged mortgage loan approvals, forcing developers into a handtomouth existence of surviving on downpayments and then seeing the bulk of the cash from sales going directly to the accounts of contractors and suppliers.
“That means even after you’ve sold residential units at a cheaper price, the cash in your hand still does not increase,” Ren Zhiqiang, the outspoken chairman of Huayuan Property , told a forum last week.
As a result, the balance sheets of many Chinese developers deteriorated in 2011. Greentown China, a major player in eastern China, is now struggling to survive and having to sell assets to do so.
Developers are compelled to dig deep into internal reserves for working capital. Internal funding, including new property funds raised, was 41 percent of total financing in the industry in the first 11 months of 2011, up from 38 percent and 33 percent in the same period of 2010 and 2009 respectively, according to the National Bureau of Statistics.
New loans to the property sector accounted for only 17.5 percent of banks’ total new localcurrency lending in the first three quarters of 2011, down from 31.1 percent in the year 2007, according to data from the People’s Bank of China.
With Beijing showing no mercy in cracking down on property speculation, developers like Greentown China that expanded rapidly in the past few years and have the high gearings to prove it, will have to sell land and halfbuilt projects to repay debt.
That is why the real estate fund route is considered to have so much potential. It helps developers keep control of their assets and gain control of their finances.
Cao Shaoshan, chairman of Orizon Capital, is excited about the outlook of Chinese property funds.
He believes China’s maturing real estate market means developers will specialize more on construction while outsourcing fundraising. But it won’t happen fast enough for many struggling developers.
“The Chinese property fund sector is still at an infancy stage,” Cao said. “It’s unable to change the financing landscape a lot in the short term.”
($1 = 6.3155 Chinese yuan)
http://tourism9.com/
2012年1月9日星期一
New state plan pairs loans and utility bills
Homeowners will soon have the option to repay energy-related home improvement loans of up to $25,000 on their monthly utility bills.
Gov. Andrew Cuomo touted the new service last week in his State of the State address as a convenience that is expected to spur interest in state-sponsored energy-efficiency programs.
Customers who borrow to pay for insulation, air sealing, high-efficiency furnaces or other approved items can use so-called “on-bill financing” to pay back the loan as part of their monthly utility bill.
Besides convenience, the new option may offer lower costs when it becomes available Jan. 30.
The fixed interest rate for on-bill financing will be 3 percent, said Dayle Zatlin, speaking for the New York State Energy Research and Development Authority, which operates the revolving loan fund.
That’s 25 percent lower than the 4 percent NYSERDA charges for traditional loans through its Home Performance with Energy Star program, and 14 percent less than the 3.5 percent interest rate for customers who arrange for automatic bill payment.
Because the loan installments are included on the utility bill — and carry the same penalties for nonpayment, including service termination — the on-bill loans are considered less risky, said Zatlin, of NYSERDA.
“We anticipate the financial markets will provide the funds to NYSERDA at a lower interest rate because of the added assurance of repayment,” she said.
Buyers must sign a mortgage to get on-bill financing, which means interest payments may be tax deductible, NYSERDA officials said. They advise borrowers to consult with a tax professional.
The NYSERDA mortgage is subordinate to other home mortgages and cannot be used to foreclose on the property, Zatlin said. But the mortgage ensures that any purchaser of the property is informed of the debt, which will remain on the home’s utility bill if the property changes hands before the balance is paid off, she said.
The loans are typically repaid over five to 15 years, Zatlin said.
State regulators have been working with utilities to implement on-bill financing by next June. Cuomo said Wednesday that he pushed up the schedule to make it available this month. The service will be available to residential customers by Jan. 30, and to business customers within the next few months, Zatlin said.
To qualify for a loan, a homeowner must participate in NYSERDA’s Home Performance with Energy Star program. The first step is to contact a certified contractor, who will assess the home’s energy performance and recommend improvements.
NYSERDA uses a loan servicing company, Energy Finance Solutions, to process the loans. Customers pay EFS a processing fee of $150. NYSERDA also pays EFS $175 per loan.
NYSERDA uses part of the money collected from interest payments to reimburse utilities for their costs to provide billing. Utilities get $100 per loan, plus 1 percent of each loan’s value.
The state will limit the availability of on-bill financing for the time being, until its effectiveness can be assessed, Zatlin said. For the Upstate territory of National Grid, the option will be limited to 6,665 residential customers, she said.
To learn moreMore information about NYSERDA’s residential energy-efficiency programs and links to loan applications are available at nyserda.ny.gov/residential or by calling 877-697-6278.
Contact Tim Knauss at tknauss@syracuse.com or 470-3023.
http://tourism9.com/
Gov. Andrew Cuomo touted the new service last week in his State of the State address as a convenience that is expected to spur interest in state-sponsored energy-efficiency programs.
Customers who borrow to pay for insulation, air sealing, high-efficiency furnaces or other approved items can use so-called “on-bill financing” to pay back the loan as part of their monthly utility bill.
Besides convenience, the new option may offer lower costs when it becomes available Jan. 30.
The fixed interest rate for on-bill financing will be 3 percent, said Dayle Zatlin, speaking for the New York State Energy Research and Development Authority, which operates the revolving loan fund.
That’s 25 percent lower than the 4 percent NYSERDA charges for traditional loans through its Home Performance with Energy Star program, and 14 percent less than the 3.5 percent interest rate for customers who arrange for automatic bill payment.
Because the loan installments are included on the utility bill — and carry the same penalties for nonpayment, including service termination — the on-bill loans are considered less risky, said Zatlin, of NYSERDA.
“We anticipate the financial markets will provide the funds to NYSERDA at a lower interest rate because of the added assurance of repayment,” she said.
Buyers must sign a mortgage to get on-bill financing, which means interest payments may be tax deductible, NYSERDA officials said. They advise borrowers to consult with a tax professional.
The NYSERDA mortgage is subordinate to other home mortgages and cannot be used to foreclose on the property, Zatlin said. But the mortgage ensures that any purchaser of the property is informed of the debt, which will remain on the home’s utility bill if the property changes hands before the balance is paid off, she said.
The loans are typically repaid over five to 15 years, Zatlin said.
State regulators have been working with utilities to implement on-bill financing by next June. Cuomo said Wednesday that he pushed up the schedule to make it available this month. The service will be available to residential customers by Jan. 30, and to business customers within the next few months, Zatlin said.
To qualify for a loan, a homeowner must participate in NYSERDA’s Home Performance with Energy Star program. The first step is to contact a certified contractor, who will assess the home’s energy performance and recommend improvements.
NYSERDA uses a loan servicing company, Energy Finance Solutions, to process the loans. Customers pay EFS a processing fee of $150. NYSERDA also pays EFS $175 per loan.
NYSERDA uses part of the money collected from interest payments to reimburse utilities for their costs to provide billing. Utilities get $100 per loan, plus 1 percent of each loan’s value.
The state will limit the availability of on-bill financing for the time being, until its effectiveness can be assessed, Zatlin said. For the Upstate territory of National Grid, the option will be limited to 6,665 residential customers, she said.
To learn moreMore information about NYSERDA’s residential energy-efficiency programs and links to loan applications are available at nyserda.ny.gov/residential or by calling 877-697-6278.
Contact Tim Knauss at tknauss@syracuse.com or 470-3023.
http://tourism9.com/
2012年1月2日星期一
RioCan Real Estate Investment Trust Announces Completion of Sheppard Centre and Alamo Ranch Purchases
TORONTO, ONTARIO–(Marketwire -12/05/11)- RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) is pleased to announce that RioCan has completed the purchase of the Sheppard Centre on a 50/50 joint venture basis with its partner KingSett Capital. RioCan also purchased Alamo Ranch in San Antonio Texas on an 80/20 joint venture basis with Inland Western Retail REIT (“Inland Western”) (80% RioCan / 20% Inland Western).
On December 1, 2011, RioCan completed the acquisition of Sheppard Centre. Sheppard Centre, located at the northeast corner of Yonge and Sheppard, is a 673,000 square foot urban mixed use centre that contains retail, office, and residential uses. RioCan purchased the property on a 50/50 joint venture basis with KingSett Capital at a purchase price of $218 million at 100% ($109 million at RioCan’s interest). $190 million has been allocated to the income producing property and $28 million has been allocated to the excess residential density. The capitalization rate on year one income is 6.11%. RioCan will manage the property, act as leasing manager for the property and will be development manager in connection with any redevelopment of the property on a market fee basis. RioCan has entered into a new US$67.5 million bank credit facility to fund part of its portion of the purchase price.
The retail portion of the property has a weighted average lease term of 5.3 years, is 96.1% leased, and contains 257,039 square feet of retail space on four levels. The major tenants in the retail portion of the property are Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC, and TD Canada Trust. The office portion of the property has a weighted average lease term of 6.8 years, is 100% leased, and contains 415,815 square feet of office space in two towers, 19 and 9 storeys, respectively. Major tenants in the office portion of the property include Bank of Montreal and Aon Hewitt, who together lease approximately 82% of the office space. The property has direct access to both the Yonge and Sheppard subway lines and has three levels of underground parking that can accommodate more than 2,100 vehicles. Beyond the current retail and office uses, this property also has the potential for additional intensification through retail expansion and the addition of a residential/condominium component.
Recent Acquisition Activities – United States
On December 2, 2011, RioCan completed the purchase of Alamo Ranch, located in San Antonio, Texas. This is RioCan’s first acquisition in the San Antonio market. RioCan’s strategy has been to focus on the four large urban markets (Dallas-Fort Worth, Houston, San Antonio, and Austin) in Texas. The 465,000 square foot property was built in 2008. The centre is 88% occupied and has a weighted average lease term of 6.6 years. The property is shadow anchored by Target, JC Penney and Lowe’s. Major tenants at the property include Best Buy, Marshalls, Ross Dress for Less, and Dick’s Sporting Goods. The property was acquired on an 80/20 joint venture basis with Inland Western (80% RioCan / 20% Inland Western) for US$93.0 million (at 100%) or US$74.4 million at RioCan’s interest, which equates to a cap rate of 7.2%. The property was acquired free and clear of financing. The joint venture is in the process of securing conventional third party financing.
About RioCan
RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $11.9 billion as at September 30, 2011. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 314 retail properties, including 10 under development, containing an aggregate of over 75 million square feet. RioCan owns an interest in 38 grocery anchored and new format retail centres in the United States through various joint venture arrangements. For further information, please refer to RioCan’s website at http://www.riocan.com/.
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On December 1, 2011, RioCan completed the acquisition of Sheppard Centre. Sheppard Centre, located at the northeast corner of Yonge and Sheppard, is a 673,000 square foot urban mixed use centre that contains retail, office, and residential uses. RioCan purchased the property on a 50/50 joint venture basis with KingSett Capital at a purchase price of $218 million at 100% ($109 million at RioCan’s interest). $190 million has been allocated to the income producing property and $28 million has been allocated to the excess residential density. The capitalization rate on year one income is 6.11%. RioCan will manage the property, act as leasing manager for the property and will be development manager in connection with any redevelopment of the property on a market fee basis. RioCan has entered into a new US$67.5 million bank credit facility to fund part of its portion of the purchase price.
The retail portion of the property has a weighted average lease term of 5.3 years, is 96.1% leased, and contains 257,039 square feet of retail space on four levels. The major tenants in the retail portion of the property are Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC, and TD Canada Trust. The office portion of the property has a weighted average lease term of 6.8 years, is 100% leased, and contains 415,815 square feet of office space in two towers, 19 and 9 storeys, respectively. Major tenants in the office portion of the property include Bank of Montreal and Aon Hewitt, who together lease approximately 82% of the office space. The property has direct access to both the Yonge and Sheppard subway lines and has three levels of underground parking that can accommodate more than 2,100 vehicles. Beyond the current retail and office uses, this property also has the potential for additional intensification through retail expansion and the addition of a residential/condominium component.
Recent Acquisition Activities – United States
On December 2, 2011, RioCan completed the purchase of Alamo Ranch, located in San Antonio, Texas. This is RioCan’s first acquisition in the San Antonio market. RioCan’s strategy has been to focus on the four large urban markets (Dallas-Fort Worth, Houston, San Antonio, and Austin) in Texas. The 465,000 square foot property was built in 2008. The centre is 88% occupied and has a weighted average lease term of 6.6 years. The property is shadow anchored by Target, JC Penney and Lowe’s. Major tenants at the property include Best Buy, Marshalls, Ross Dress for Less, and Dick’s Sporting Goods. The property was acquired on an 80/20 joint venture basis with Inland Western (80% RioCan / 20% Inland Western) for US$93.0 million (at 100%) or US$74.4 million at RioCan’s interest, which equates to a cap rate of 7.2%. The property was acquired free and clear of financing. The joint venture is in the process of securing conventional third party financing.
About RioCan
RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $11.9 billion as at September 30, 2011. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 314 retail properties, including 10 under development, containing an aggregate of over 75 million square feet. RioCan owns an interest in 38 grocery anchored and new format retail centres in the United States through various joint venture arrangements. For further information, please refer to RioCan’s website at http://www.riocan.com/.
http://tourism9.com/
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