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 ...
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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 ...
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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 ...
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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 ...
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Grenfell Tower: Fire risk in cladding
Grenfell Tower: Fire Risk in Cladding
Nova, Inc., joins the rest of the world in mourning the victims of the tragic fire that occurred at London’s Grenfell Tower on June 14, 2017. At least 80 people were killed and many more injured.
Nova is paying special attention to this devastating situation because it has been reported that the residential building’s cladding system played some part in the tragedy. Grenfell Tower had been recently renovated and re-clad with an aluminum composite material (ACM). This exterior ...
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Changes to HUD MAP Program
Changes to HUD MAP Program
In recent months, there have been some changes in the Department of Housing and Urban Development (HUD) Multifamily Accelerated Processing (MAP) program. Revisions to the MAP Guide were posted on January 29, 2016, with some additional minor changes implemented in January 2017. Some of these changes include the new HEROS forms, updated radon regulations for Phase I Environmental Site Assessments (ESAs), intrusive testing required for properties older than 30 years, and the Capital Needs Assessment (CNA) e-Tool ...
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Case Study – A Solution for Site Closure
Case Study: A Solution for Site Closure
A regional bank client had foreclosed on a property impacted by petroleum contamination to the soil and groundwater. Working with another consultant, a cleanup had been underway for several years when the client received a shut-down notice from the local air regulatory agency saying that permit conditions had been violated. The client wanted Nova to review existing information and either take over the cleanup, come up with a better solution to get site closure, or ...
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Commercial Real Estate Outlook with Ryan Severino
We have turned to Ryan Severino, Senior Economist and Director of Research at Reis, Inc., to opine upon the current market and offer some guidance and insight. We always enjoy and value hearing Ryan's outlook and hope you appreciate his "cautious optimism."
The New Year certainly has gotten off to an inauspicious beginning. With equity and commodity markets gyrating, fear has crept into the US economy and the real estate markets. However, as we look forward to what 2016 holds, we need to ...
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Petroleum Vapor Intrusion: What you need to know
This white paper was created by Nova Consulting Group, Inc. (Nova), for environmental due diligence users and environmental risk managers as a tool to assess petroleum vapor intrusion (PVI) risk to buildings that overlie or are near petroleum-contaminated soil and/or groundwater.
In June 2015, the EPA produced a document titled Technical Guide For Addressing Petroleum Vapor Intrusion At Leaking Underground Storage Tank Sites (EPA PVI Guide – EPA 510-R). This document states that “in contrast to chlorinated solvents, petroleum hydrocarbons generally biodegrade ...
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Overview of Recent Changes at Fannie Mae and Freddie Mac
For both Fannie Mae and Freddie Mac, 2014 was a banner year in terms of loan origination. In terms of total volume of loan dollars, the two government-sponsored enterprises (GSE) were neck and neck to the finish, with Fannie Mae providing $28.9 billion in financing to the multifamily market during the year and Freddie Mac providing $28.3 billion. In the past year, Nova prepared 450 Fannie Mae-scope Physical Needs Assessments and 360 Freddie Mac-scope Property Condition Reports, as well as commensurate ...
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