By Anuradha Kher, Online News EditorWashington, D.C.–Treasury Secretary Henry M. Paulson Jr.’s proposal to overhaul the regulatory apparatus that oversees the country’s financial system is expected to significantly expand the authority of the Federal Reserve over financial markets, but will likely not have a major impact on multifamily borrowers, according to David Cardwell, vice president [...]

By Anuradha Kher, Online News EditorLos Angeles–Snyder Langston recently completed construction of Phase III of the Catholic Charities/Good Shepherd Center Women’s Village, a 35,892-sq.-ft. mixed-use building that will provide services to residents of Good Shepherd Center’s facilities. Construction on the property, located at 1671 Beverly Blvd. in Los Angeles, started in November 2006. Move-ins are [...]

By Anuradha Kher, Online new EditorArlington, Va.–The Fisher House apartments, a 33-unit rental community for individuals and families earning 60 percent or less of area median income in Arlington, Va., recently re-opened after undergoing a two-year rehabilitation of its four three-story buildings. The renovation process retained original building materials and details matching the period layout [...]

Washington, D.C.–The Fed may announce another rate cut at the end of its two-day meeting in Washington, D.C. Wednesday, but more action may be needed to increase lending, Bloomberg reports.Since the Federal Open Market Committee’s last meeting in March, the cost of acquiring funds for three months has increased by 0.33 percentage points. And banks [...]

Baltimore–The housing market won’t recover until 2010, according to the head of Fannie Mae.Speaking Tuesday at the Society of American Business Editors and Writers’ annual conference in Baltimore, Fannie Mae CEO and President Daniel Mudd said he doesn’t think the economy will see “some recovery and growth” until housing sales grow and prices stabilize, the [...]

By Erika Schnitzer, Associate EditorSan Francisco–BRE Properties Inc., a real estate investment trust, has named Henry L. Hirvela as its executive vice president and CFO. In his new role, Hirvela will be responsible for the company’s financial activities, investor relations, capital formation, internal audits and information technology services.Hirvela has more than 30 years of experience [...]

By Anuradha Kher, Online News EditorMt. Crested Butte, Colo.–Hudson Realty Capital, a New York-based real estate fund manager, has made a $6.08 million equity investment in a 44-unit apartment complex, The Marcellina, and nearly two acres of adjacent land located that can be developed, in Crested Butte, Colo. The money was used to purchase the [...]

Washington, D.C.–The housing decline and low consumer confidence hampered the economy in the first three months of 2008–but inventory growth and exports helped prevent a contraction, the Commerce Department said on Wednesday.In the first quarter, the gross domestic product increased at a 0.6 percent annual rate.But the economy slowed. G.D.P. had grown at a 4.9 [...]

London–Writing Wednesday in the Financial Times, Sheila Bair, chairman of the Federal Deposit Insurance Corporation, proposed using low-cost government loans to help homeowners pay down pricey mortgages.The new government loans–which would be interest-free for the first five years–would fund up to 20 percent of the value of pre-existing mortgages. Lenders would in turn lower payments [...]

By Anuradha Kher, Online News EditorWilmington, N.C.–New York Hatters, Plantation Building Corp’s eighth and most recent project in Wilmington, N.C. is now complete. The three-story condominium project, located at 105 Grace St. in downtown Wilmington, features nine residential units and 1,600 sq. ft. of commercial space.The property is an infill development that used to be [...]