November 2009 – NNC Announces Disposition. NNC has announced the disposition of Kendallwood Apartments in Whittier, California. The 120 unit community was purchase for $16,200,000 in December 2003 and was sold for $17,750,000. Funds from the sale will be used to acquire additional assets and general company purposes relating to refinance of other investments. The asset was listed and sold by Hendricks and Partners.
July 2009 – NNC has selected Hendricks & Partners, Marcus & Millichap and CB Richard Ellis to provide brokerage services for certain assets in selected southern California markets. All three firms have worked with NNC in the past and are key brokerage relationships for NNC. The company expects to use the proceeds from some or all of the sales to actively purchase assets over the next real estate cycle.
June 2009 – NNC announces new strategic banking relationship with JP Morgan Chase and Western Commercial Bank. The company will work with the bankers in implementing electronic banking through its custom portals throughout its portfolio.
April 2009 – NNC has completed an early rate lock of on a $12,000,000 loan with FNMA, to exit its existing loan with Wachovia in late 2009. The loan was completed by PNC ARCS at terms favorable to the company and full replaces the existing maturity.
March 2009 - NNC announces plans to move forward with a six million dollar Resident Service Center and addition units at Via Verde Apartments in Huntington Beach, CA. Via Verde, a 266 unit community was purchased in April 2006 but has lacked a Resident Service Center. After working through various issues with the City of Huntington Beach, the company has reapplied to the planning commission and will continue to work on the project in cooperation with the city. The company intends to add a 7,500 s.f. Resident Service Center and has requested approval of 10 new residential units as part of the construction.
Jan 2009 - NNC Management Company announces its reformation as Fusion Property Management Company. As part of its strategic plan, NNC Management Company has become Fusion with Jana Nun becoming President of the company. The company expects to add new management business on an opportunistic basis within its core markets in southern California. For more information please see www.fusionpmc.com