News

5-30-17 MSI 5th Year Training Conference

Multifamily Select Inc held it's 5th year training conference this month. The conference was delayed from late 2016 due to Hurricane Matthew. The reviews have been excellent for both the content and The Ballantyne Hotel accomodations. Awards were presented to Bernard Foy as Property Manager of the year and William Seymour as Maintenance Supervisor of the year. Congratulations to both high performers!

Some of the training topics covered were as follows:

  • Scott Neely / Dottie Troxler - State of MSI and Future Growth
  • Patricia Green, HUD - Fair Housing
  • Dan Warnock - Safety (maintenance / managers)
  • Matthew Neely / Michael Jameyson - REAC
  • Lucinda Williams - Affordable Compliance
  • Chris Loebsach - Legal Issues
  • Darlisa King, Raz Sayavong, Brian Stewart - Accounting and Finance Issues
  • Michael Jameyson - Maintenance Handbook Revision & Safety Audits
  • Matthew Neely - Payroll and Disaster Planning
  • Kevin Fitzpatrick - Maintenance Techniques and Update
  • Scott Francis (The Great Scott) - Motivational Magic
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4-2017 G.W. Holland Housing Corporation Surplus Cash Distribution

G.W. Holland Housing Corporation, the non profit owning entity for Holland Homes Apartments located in Winston-Salem, received a second surplus cash distribution for over $90,000.00. These funds are going to be used for additional elderly units creating a phase II in Winston Salem. MSI, acting as consultant and management agent, created these surplus funds with effecient and effective management along with an interest rate reduction which took place in 2015.

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04-2017 MSI to manage Shiloh Randolph Manor

Multifamily Select Inc. has been engaged to manage Shiloh Randolph Manor effective 4/1/2017. Shiloh Randolph Manor is a 72-unit nonprofit elderly site located in Sumter SC.

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1-2017 Princeton Terrace Refinanced

In January 2017 an Interest Rate Reduction was completed for the owning entity of Princeton Terrace. The IRR reduced the interest on the loan from 4.75% to 3.84% saving $3,427.91 a month and $1,398,587.00 over the remaining life of the loan.

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12-2016 Mayfield Memorial Management

Effective 12-2016 Multifamily Select, Inc. was engaged by Mayfield Memorial Inc. to manange their 60 unit elderly facility located in Charlotte, NC.

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07-2016 MSI to manage Pine Valley

Effective 7/1/2016 Multifamiliy Select Inc. will become the management agent for Pine Valley apartments in Winston Salem, NC. Pine Valley is a 108 unit Low-Income Housing Tax Credit (LIHTC) property.

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06-2016 ARP Interest Rate Reduction Completed

The IRR for ARP Manor was completed reducing the interest rate on their current loan from 5.73% to 4.25% which will create significant savings to the property over the life of the loan.

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12-2015 White Furniture opens for business

Construction at the site of the former White Furniture factory began January 2015. The property will offer residents of the 156 apartment homes with spacious living areas, high end finishes, exposed brick walls and luxurious community amenities. The property has been a huge hit with the local community and the property's residents love the short walk to Mebane's unique downtown.

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03-2016 Brockwood Successfully Refinanced and set for Phase II

Brockwood Senior Housing in Greenville, SC completed a refinance with CBRE dropping their interest rate from 5.75% to 3.7%. Creating a monthly savings for the property in the amount of $2,705.34 and a savings for the life of the loan in the amount of $1,298,563.00. Funds were also set aside in the amount of $720,000.00 for seed money on a phase II to be co-developed and managed by MSI during 2017.

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02-2016 MSI to manage Saraland Manor

Effective 2/1/2016 Multifamily Select Inc will become the management agent for Saraland Manor Apartments in Gulfport, Mississippi. Saraland Manor is a 101-unit elderly facility. MSI will act as developer in the rehab effort of this property which will take place during 2017.

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11-01-2015 Mutlifamily Select Inc to manage Grand at Day Point

MSI has been engaged to manage The Grand at Day Point, a 160-unit Section 8 family property located in Goldsboro, NC.

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07-2015 Alpha Arms IRR completed

The IRR for Alpha Arms was completed in July reducing their rate interest rate from 4.93% to 4.15% creating a monthly savings of $2,926.22 and a savings over the life of the loan in the amount of $1,293,389.24.

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08-2015 Christpoher Towers Interest Rate Reduction

The IRR for Christopher Towers was completed reducing the interest rate from 5.65% to 4.25% saving over $23,270.91 per month or $3,678,202.66 on the life of the loan.

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07-2015 Holland Homes Interest Rate Reduction

The IRR for Holland Homes was completed reducing the interest rate to 4.35% saving over $2,926.22 per month or $891,043 over the life of the loan.

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02-2015 Forest Hills Apartments-Garner,NC

Stabilus Capital Management, LP, has engaged Multifamily Select as management agent effective February 1, 2015. Stabilus Capital is a New York based privately held investment firm which became owner on December 22,2014. This 136 unit property is a mix of tax credit, project based Sec. 8, and market rate units located in the booming Raleigh apartment market. Substantial renovation efforts should begin in the second quarter of 2015.

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02-2015 White Furniture Factory-Mabane, NC

D3 Development, LLC of Durham, NC recives HUD firm Commitment for the substantial rehabilitation of the White Furniture Factory located in Mabane, NC. The historic building will recieve state and federal historic tax credits. Renovations will begin immediatly and once completed will provide 157 market rate units to the fast growing community of Greensboro and Burlington. MSI was the consultant on this project and has been selected as management agent as well.

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01-2015 Mason Manor Apartments-High Point, NC

Willard Investments I, LLC has selected MSI as management agent effective January 1, 2015. Mason Manor is a 105 unit 223(a) 7, B+ community located in the growing triad of central North Carolina. MSI acted as consultant on the recent interest rate reduction loan with the owner and CB Richard Ellis.

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10-2014 Crestview Apartments-New Bethel Homes-L.W. Reid Apartments-Durham,NC

Effective October 1, 2014 MSI will assume management of these three properties sponsored by the Crest Street Community Council. President, Mr. Willie Patterson, notified Ms. Lucinda Williams that the non-profit board voted unanimously to engage MSI to manage as well as oversee the renovation of the apartments.

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09-2014 Waterford Apartments-Hickory,NC

MSI announces the closing of 223(a)7 loan on September 30, 2014. Waterford Apartments is a 189 unit Class A property located in north Hickory. A strong interest rate environment made it possible for the current owner to realize substantial debt service savings over the new 35 year term. MSI served as consultant broker on the transaction.

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07-2013 Topeka Heights Apartments-Fayetville, NC

MSI has been selected as the Developer/Consultant for the renovation of this 150 unit family community. FHA loan proceeds are expected to be inthe $9M range which will cover all soft and hard costs. Work is expected to begin late summer of 2013.

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Amberleigh Shores Apartments-Wilmington, NC

This 282 unit, A+ apartment community recently closed under the HUD 221(d)4 new construction program. MSI served as consultant on this $26M+loan. Construction is in progress.

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Burlington Homes, Burlington, NC

The sponsor has engaged Multifamily Select, Inc. on the renovation of this 100 unit elderly project. A new single asset entity will be formed and application will be made to the Department of Housing and Urban Development for a 221(d)4 sub rehab loan to cover the physical needs of this 40 year old property. Upgrades will include the replacement of all major mechanical systems, including the removal of the existing flat roof and replacement with a new truss system, and all interior upgrades. The existing EFIS system will be replaced with a new masonry exterior.

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11-2012 Chatham Mills Apartments - Winston Salem NC

MSI will serve as consultant on the renovation of this 170 unit project. FHA Lloans proceeds, historic and mill tax credits will be the basis for the repositioning of this historic ill in downtown Winston-Salem. Work to being in Spring 2013

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10-1-14 Crestivew Apt., New Bethel Homes - Durham, NC

Effective October 1, 2014 Multifamily Select Inc. will assume management of these three properties sponsored by the Crest Street Community Council. President Mr. Willie Patterson notified Ms Lucinda Williams that the nonprofit board voted unanimously to engage MSI to manage as well as oversee the renovation of the apartments.

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2-2014 MSI trains HUD Jacksonville, MS and Birmingham AL HUD Staff

MSI / BRC and CBRE conducted a one day training session on 2/11/14 with the Jacksonville / Tampa / Miami Fl, Jackson MS, and Birmingham, AL HUD staff live in Jacksonville FL and via remote teleconfrencing. There were approximately 87 attendees. Topics included:

  1. How to identity a troubled management compay / apartment community
  2. Changes to HUD auditing requirements
  3. FHA loan programs from the various perspectives.
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First Baptist Homes I & II - Lumberton NC

Effective July 1, 2013 MSI will begin management services on these two elderly communites. First Baptist Homes I & II is an 80 unit PRAC and S8 non profit sponsored proprty located in Lumberton NC.

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6-2013 Trinity Gardens Apartments - Greensboro, NC

Multifamily Select has been selected as the new management agent for this 152 unit, 236 property effective 6-1-2013. In addition to management services MSI will act as developer / consultant for the substantial rehabilitation of all units beginning in October 2013. Setion 8 enhanced vouchers are expected to be issued to all current resident once construction begins. MSI has waived the developers fee in order to preserve this valuable affordable housing community. Trinity building Corporation is the Sponsor for this 40 year old property.

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6-2013 Alpha Arms Apartments - Goldsboro NC

Alpha Arms Incorporated has engaged Multifamily Select Inc. as the new management agent effective June 1, 2013. Previously MSI served the Sponsor as developer / onsultant on the substantial renovation of this 104 unit property.

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6-2013 MSI Trains HUD Staff in Columbia

MSI and Bernard Robinson conducted a one day training seminar with the Columbia SC HUD staff on 6-2013. Topics were similar to those presented to the Greensboro HUD staff in May 2013.

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Ms. Lucinda Williams joins MSI

After 17 years with Professional Realty in Charlotte, NC, Lucinda has accepted the position of Senior Vice President of Affordable Housing Devision of MSI. A licensed North Carolina real estate broker and CAM certified Lucinda brings her 17 years of experience to our fast growing firm. She is one of the premier property managers in the industry and MSI feels very fortunate that she made the decision to join MSI.

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Holland Homes - Winston Salem, NC

The $5,280,000.00 renovation of Holland Homes has been completed. A gut rehabilitation on the unit interiors and new office building has brought this 35 year old property up to current code and positioned the community to compete with newer projets being brought to market. The 114 units are now structurally sound and are functionally prepared to service the new 40 year FHA insured loand. MSI acted as Developer /Consultant to the sponsor.

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5-2013 MSI Training presented to HUD

MSI / Bernard Robinson conducted a one day training seminar with the Greensboro HUD asset Management and Production staff on May 16, 2013. Approcimately thirty five HUD staff were in attendance. Topics included:

  1. Interpreting the annual Audited Financial Statement
  2. Compliance
  3. Liability
  4. Signs of a troubled project / management company
  5. Basic asset and property management techniques

The response from both branches was very positive.

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11-2012 Construction Completed

MSI served as the Developer / Consultant on these three properties. Final endorsement will occur on each in early spring 2013.

InChuCo Apartments, Chapel Hill, NC 221 (d)4 sub rehab $4,171,600.00

Mt. Sianai Apartments, Fayetteville, NC 221 (d)4 sub rehab $6,169,400.00

Alpha Arms Apartments, Goldsboro, NC 221 (d)4 sub rehab $5,659,400.00

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Spencer Brown thomas Homes - Burlington NC

First Baptist Apple Street Housing Foundation has executed a housing consultant contrct with MSI for the refinance and upgrade of their existing 40 unit projet under the HUD 202 / 223f loan program. Closing is expected in the Spring of 2013.

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1-1-2012 Princeton Terrace Apartments - Greensboro NC

Beginning January 1, 2012 Multifamily Select, Inc. will be the new management agent of this 144 unit market rate property. MSI was the original consultant under the 221 (d)4 new construction program and oversaw the recent FHA a7 loan process.

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Waterford Apartments - Hickory, NC

MSI acted as orginator for the refinance and cash out of this 180 unit market rate project under the HUD 223f loan program. Unit upgrades, required by HUD, were less than the $6,500.00 threshold.

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Puller Place Apartments - Jacksonville NC

This 240 unit property was recently refinanced under the HUD 223f loan program. The ownership entity was very pleased with the cash proceeds available for distribution. MSI brought this investment opportunity to the attention of the current owners in 2004. MSI identified the market, oversaw the rezoning process, assembled the evelopment team, and guided the application through the HUD maze.

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Grand at Kannapolis - Kannapolis, NC

the 240 Class A units were developed under the HUD 221 (d) 4 new construction program. MSI:

  1. Identified the market.
  2. Located and rezoned the site.
  3. Assembled the development team.
  4. Guided the appliction through the HUD process.

The property is performing at or aboe projections.

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The Lofts at Reynolds Village - Asheville, NC

Only the second project in North Carolina developed under the HUD 220 program this project has just recently completed construction. With 201 Class A units and 65,000 square feet of commercial space this is a true urban village development. MSI manages this property.

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Swathmore Court Apartments - High Point NC

Multifamiliy Select took over management on April 1, 2012 since that time:

  1. The property has generated cash flow for the first time in the history of the 12 year old project.
  2. HUD management review (8/1/12) went from Unsatisfactory to an above average.
  3. Cut expenses by $450.00 / PUPA and increased revenue by 12.1%
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4-1-2012 Hunters Point Apartments - High Point NC

MSI has been engaged as management agent for Hunters Point Apartments in High Point, NC. Hunters Point is a 204 unit HUD assigned project. MSI has increased occupancy by nearly 30% since assuming management.

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4-1-2012 Christopher Towers Management - Columbia SC

Navigator Corp engages Mulitfamily Select on 4-1-2012 as the management agent on their 225 unit elderly high rise property adjacent to the USC campus. Prior MSI was the consultant on a $13 million, 221 (d) 3 sub rehab loan.

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