Michael Shadeed, director for Franklin Street Insurance Services of Atlanta, shares his insight on how multifamily, office, industrial and retail property owners can work with insurers to expedite their Hurricane Florence policy claims, as well as how the loss damages will impact commercial property insurance premiums.
1. How is Florence’s impact on commercial real estate different from other major storms like Irma or Maria? The impact was driven mainly by severe flooding, which brings bacteria and rotting exposure to commercial real estate assets. With the consistency of storms over the last few years, Florence will have a profound effect on the federal government’s National Flood Insurance Program although it’s still too early to tell how rates will change.
In the last five years, New York, Florida, Texas, Louisiana, South Carolina, and North Carolina have all suffered billions in loss damages from individual events, all of which were substantially larger than the total amount of premiums collected for the program. The government continues to bear the brunt of these losses. The program is $20.5 billion in debt and losing money at a considerable rate.
The U.S. Department of Energy (DOE) and the Department of Housing and Urban Development (HUD) recognized Jersey City Housing Authority (JCHA) as the nation's first public housing authority to achieve its 20 percent energy savings goal as a partner in the Better Buildings Challenge. JCHA actually exceeded its goal, reaching 26 percent savings in only six years.
NEW YORK - Inc. magazine has revealed that LandSouth Construction, a Jacksonville-based general contractor specializing in multifamily, senior living and mixed-use development is on its 37th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies.
Yesterday, at the Senate Committee on Legal and Constitutional Affairs, CFAA President John Dickie urged Senators to “to prohibit all cannabis growing in all dwellings.”
South Florida private direct lender projected to generate $400 million in deals this year
According to the Washington Post, the U.S. Department of Housing and Urban Development is considering removing the words “free from discrimination” from its mission statement, as it reduces from 63 words to 23 words. According to a memo sent The Huffington Post, the memo was being updated “in an effort to align HUD’s mission with the Secretary’s priorities and that of the Administration.”
Statement from the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) in response to President Trump’s State of the Union address:
Apartment market conditions continued to soften according to results from the January National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions. The Market Tightness (36), Sales Volume (40) and Debt Financing (38) Indexes landed below the breakeven level of 50, while the Equity Financing Index increased to 58. In addition, the survey found that half of respondents expect green financing to increase in 2018.
Market conditions for the apartment industry remained soft in the National Multifamily Housing Council’s (NMHC) October Quarterly Survey of Apartment Market Conditions. While the Market Tightness (37), Sales Volume (45) and Equity Finance (46) Indexes remained below the breakeven level of 50 – with the Debt Financing Index (51) edging just above 50 – there was little change compared with three months earlier.