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Big-Box Retailers: How Are They Being Repurposed and Who Are the Major Players Taking Them Over?

Big-Box Retailers: How Are They Being Repurposed and Who Are the Major Players Taking Them Over? Big-box stores were once hailed as the future of retail, but in 2019, they’re rapidly becoming part of the past. Given that these huge structures usually required costly infrastructure changes — like new roadwork and high-demand utility connections — when they were built, it would be wasteful to simply abandon or demolish them. With more than 10.4 billion square feet of retail space measured in 2016, there’s a ... Read more

Environmental Due Diligence in the Garden State

Environmental Due Diligence in the Garden State  Are you doing the right environmental due diligence when purchasing property in New Jersey? Nova Consulting Group recommends that a purchaser of New Jersey property conduct both a Phase I Environmental Site Assessment (“Phase I”) and a Preliminary Assessment prior to acquisition. Here are some reasons why: In most states, conducting a Phase I satisfies a buyer’s “all appropriate inquiries” requirement for a limitation to liability under that state’s environmental liability law; however, not so in New Jersey. In ... Read more

The Implications of Tariffs on the Construction Industry

The Implications of Tariffs on the Construction Industry There has been a great deal of discussion of late about impending tariffs, including a lack of clarity bordering on confusion about their structure and the short- and longer-term implications for the U.S. construction industry. These concerns are well warranted; the imposition and often mere threat of tariffs can cause price fluctuation in building materials. Steel, lumber, aluminum, and other materials see artificial volatility, thus affecting construction costs from top to bottom on projects ... Read more

Industry Forecast: What to Expect for Commercial Real Estate in 2019

Industry Forecast: What to Expect for Commercial Real Estate in 2019 With a growing economy that’s on track to have the longest period of expansion in decades, if not centuries, the strength of the U.S. commercial real estate market is likely to continue. A recently published report from Deloitte highlights what to expect within the industry throughout 2019, and agility is key. Investor confidence is strong, but there have been shifts in where that capital is going. Here are three key takeaways to help prepare for ... Read more

New Tax Law a Win for Commercial Real Estate

New Tax Law: A Win for Commercial Real Estate If you’re not already investing in commercial real estate, maybe you should be. The Tax Cuts and Jobs Act of 2017, signed into law last December, represents the most significant and sweeping US tax reform of the last 30 years and is generally viewed as a big win for the commercial real estate (CRE) industry. While it may take years to see the law’s full effects, certain new provisions will have substantive impact ... Read more

A Refresher on the HUD CNA e-Tool

Helping you Streamline the HUD CNA e-Tool Process Download the current version of the CNA e-Tool here: https://www.hud.gov/program_offices/housing/mfh/cna/atu Validate the CNA e-Tool here: https://webapps.hud.gov/CNAeTool/faces/CnaValidation CNA e-Tool instruction: https://www.hud.gov/sites/documents/INSTRUCTFORCNATOOL.PDF   The Value of the CNA e-Tool The Capital Needs Assessment (CNA) e-Tool automates and standardizes the preparation, submission, and review of a capital needs assessment. As of February 1, 2018, use of the CNA e-Tool is mandatory for all Federal Housing Administration (FHA) multifamily mortgage insurance applications, Rental Assistance Demonstrations (RAD) conversions, and 10-year update capital needs assessments ... Read more

Notes from Lake Minnetonka

Notes from Lake Minnetonka For those of you who are Seinfeld fans, I say to you, “The sea was angry that day, my friends….” I started to write this as a humorous account of Nova’s very own three-hour-tour on Lake Minnetonka on June 11, 2018, but as I kept thinking about it, it morphed into something else. First a bit about me, which you may or may not know: I was a yacht master for seven years, with over 100,000 nautical miles to ... Read more

It’s A Good Time To Be Green

It's A Good Time To Be Green Green Financing for Multifamily Housing For just over a year, the Fannie Mae Green Rewards and Freddie Mac Green Advantage programs have been running at full speed. Both programs offer attractive benefits, in the form of pricing discounts and underwriting of cost savings, to borrowers looking to purchase or refinance a multifamily property.  Borrowers are incentivized to make energy- and water-saving improvements to their properties, and the benefit is multifaceted. Borrowers both save money over the ... Read more

A Look Into a Vapor Mitigation Project

A Look Into A Vapor Mitigation Project Nova Consulting Group, Inc., provided a potential property buyer in Boise, Idaho, with Phase I environmental due diligence services in August 2017. This led to a discovery that the property had used a Perchloroethylene (Perc) machine for spot-cleaning rugs for the past 40 years. The machine was still on site. The owner of the property (with the original client’s permission) then hired Nova to do a Phase II investigation that measured sub-slab vapor and indoor air ... Read more

Freddie Mac announces multifamily green building financing initiative

Freddie Mac announced earlier this month their Multifamily Green Advantage program, a suite of offerings rewarding borrowers who improve their properties to save energy and water with discounted loan pricing. Tipping the scales for financing upgrades to multifamily housing toward sustainability, this new program from Freddie Mac has the potential to unleash large amounts of capital for green building improvements. This is very good news for green building. Property owners who commit to reduce energy and water consumption by at least 15 percent ... Read more
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