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How the City Nails Landlords for Their Tenants’ Illegal Airbnb Rentals – Commercial Observer

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

Senior Housing Finance Activity: KeyBank, Love Funding

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KeyBank Arranges Loans for Affordable Seniors Housing Projects Cleveland- based KeyBank Real Estate Capital (NYSE: KEY) has arranged a $23. 8 million Fannie Mae loan for Harmony Housing , a 501(c)(3) non- profit organization based Douglassville , Georgia. KeyBank’s John Gilmore, IV, and Jeff Rodham arranged the financing. The funds will be used to acquire three affordable and senior housing properties in Texas and Wisconsin, including the acquisition of Prairie Park Senior Apartments , a 96-unit, low- income housing tax credits (LIHTC) property in Madison, Wisconsin. The company has also arranged a $6. 9 million FHA loan for Millennia Housing Development Ltd., for the renovation of Sherman Thompson Towers Apartments , a 151- unit affordable seniors housing community in Ironton, Ohio. The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA), and has a housing assistance payments (HAP) contract that provides rental assistance to 150 of the 151 units. KeyBa...

AvalonBay Communities (AVB) Q2 2017 Results - Earnings Call Transcript

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AvalonBay Communities, Inc. (NYSE:AVB) Q2 2017 Earnings Call August 03, 2017 1:00 pm ET Executives Jason Reilley - AvalonBay Communities, Inc. Timothy J. Naughton - AvalonBay Communities, Inc. Sean J. Breslin - AvalonBay Communities, Inc. Matthew H. Birenbaum - AvalonBay Communities, Inc. Kevin P. O'Shea - AvalonBay Communities, Inc. Analysts Nicholas Joseph - Citigroup Global Markets , Inc. Nick Yulico - UBS Securities LLC Richard Allen Hightower - Evercore ISI Juan Sanabria - Bank of America Merrill Lynch Andrew T. Babin - Robert W. Baird & Co., Inc. Austin Wurschmidt - KeyBanc Capital Markets , Inc. Dennis Patrick McGill - Zelman & Associates Wes Golladay - RBC Capital Markets LLC Alexander Goldfarb - Sandler O'Neill & Partners LP Vincent Chao - Deutsche Bank Conor Wagner - Green Street Advisors , LLC Richard Hill - Morgan Stanley & Co. LLC Robert Stevenson - Janney Montgomery Scott LLC Operator Good morning, ladies and gentlemen, and welcome to AvalonBay...