Latest news with #HIF
Business Journals
24-04-2025
- Business
- Business Journals
Takoma Park apartment building sells under city's TOPA law
The deal stands out for the speed with which the buyer and the county cooperated on financing. An apartment building in Takoma Park has sold for $11 million, after the tenants organized to exercise their first right of refusal under the city's Tenant Opportunity to Purchase law. An affiliate of Orlo, a multifamily investor based in Laurel, acquired the 101-unit Deauville Apartments at 7520 Maple Ave., about half a mile west of Washington Adventist University, on March 5, the building's tenant association having transferred its purchase rights to that firm. The deal will result in the long-term preservation of affordable rents there. To make the acquisition, Orlo got a $13 million loan through Montgomery County's Housing Initiative Fund. Orlo didn't return a request for comment. But people with knowledge of the deal told me the HIF funding is temporary, giving Orlo time to apply for more permanent Low-Income Housing Tax Credit financing, a federal subsidy to investors administered competitively by the state. Both HIF and LIHTC financing come with requirements to cap unit rents at certain affordability thresholds for specified periods. The Deauville has six stories and was constructed in 1960. The seller was Deauville Associates LLC, which owned the building for decades, and from public records appears to represent a private family trust. The tenant association originally assigned its priority acquisition right to a different party, which backed out. It then assigned its right to Orlo, instead, which was able to close the deal on a short timeline. The deal stands out for the speed with both Orlo and the county cooperated, Rick Eisen from Eisen & Rome PC, who represented the Deauville tenants, told me in an interview. LIHTC is widely employed for affordable housing, but it takes time to nail down, making it hard to use for seizing acquisition opportunities when they pop up in a fast-moving market. Orlo's ability to close the deal quickly, matched by the county's ability to deploy HIF dollars quickly, made the deal possible. The deal also stands out because of the size of the building. It's not easy to organize that many households, Devin McNally, Takoma Park's deputy director housing and community development, told me. McNally estimated that perhaps one in 10 apartment transactions in the city involve TOPA, usually for smaller apartment buildings. He's seen two TOPA deals since taking a job with the city government in 2022, he said. When a building owner strikes a deal to sell, TOPA gives a tenant association priority to match the offer and pay the same market price; or assign that right to another party, like a company with more resources to bring to the table. In assigning its right, tenants can negotiate favorable terms with the assignee, such as affordability covenants or required renovations. When you hear about TOPA, the District probably comes to mind first. Similar but separate programs exist in Montgomery County and the city of Takoma Park, an independent municipality within the county's borders. The county's is rarely used, since it gives tenants the first crack at buying their building, but doesn't allow them to transfer their priority rights, Eisen said. Without the ability to assign their rights, it can be hard for tenants to come up with the necessary cash.
West Australian
23-04-2025
- Business
- West Australian
West Perth sign three-year deal for home ground to be known as HIF Health Insurance Oval
West Perth have signed a new sponsorship deal at its Joondalup venue. The Falcons' home ground will be known as HIF Health Insurance Oval in a three-year deal, which will include HIF-sponsored games and fan days. HIF chief executive Glenn Oellermann said West Perth was quintessentially West Australian as the oldest WA Football League club. 'As a proud not-for-profit West Australian-based health fund serving the community for over 70 years, we see a strong alignment in partnering with the club,' he said. 'Our shared values on health, wellness and the importance of community in WA are further highlighted by the importance of supporting grassroots football in our home state. 'It's exciting to see the Falcons perform on the field this 2025 season.' West Perth chief executive Joe McCarthy said as proud advocates around the importance of sport in the community, 'our values align perfectly with those that are displayed at HIF'. 'This three-year partnership not only gives our club financial sustainability, it also allows us to grow additional areas within health and wellbeing. 'Our unique game day proposals of both night and twilight football will showcase HIF Health Insurance Oval to all and we encourage all Falcons fans to come down and enjoy the atmosphere.'
Perth Now
23-04-2025
- Business
- Perth Now
Falcons in new naming rights deal for Joondalup home ground
West Perth have signed a new sponsorship deal at its Joondalup venue. The Falcons' home ground will be known as HIF Health Insurance Oval in a three-year deal, which will include HIF-sponsored games and fan days. HIF chief executive Glenn Oellermann said West Perth was quintessentially West Australian as the oldest WA Football League club. Your local paper, whenever you want it. 'As a proud not-for-profit West Australian-based health fund serving the community for over 70 years, we see a strong alignment in partnering with the club,' he said. 'Our shared values on health, wellness and the importance of community in WA are further highlighted by the importance of supporting grassroots football in our home state. 'It's exciting to see the Falcons perform on the field this 2025 season.' West Perth chief executive Joe McCarthy said as proud advocates around the importance of sport in the community, 'our values align perfectly with those that are displayed at HIF'. 'This three-year partnership not only gives our club financial sustainability, it also allows us to grow additional areas within health and wellbeing. 'Our unique game day proposals of both night and twilight football will showcase HIF Health Insurance Oval to all and we encourage all Falcons fans to come down and enjoy the atmosphere.'
