Archive for July 2008
Could Multifamily Property Sales Be a Sign of Hope for the Overall Market?
On Thursday, the National Association of Realtors reported overall existing-home sales–including single-family, townhomes, condominiums and co-ops–declined 2.6 percent. However, as MHN wrote, not all real estate sectors showed a decline. Single-family sales fell 3.2 percent. But condominium and co-op sales increased 1.7 percent. Yes, condo and co-op sales are still below last year’s level. But…
Read MoreFannie Mae Announces Multifamily Financing Modifications, Record $2B in First Half Volume
By Keat Foong, Executive EditorHalf Moon Bay, Calif. — Fannie Mae is working on a number of enhancements to its multifamily financing offerings, including a combined construction-permanent financing product. The agency says it is cooperating with several DUS lenders who have construction lending expertise to combine construction financing with permanent debt. “The construction-to-permanent product will…
Read MoreDEAL OF THE DAY: CPC, HPD Provide Over $4.7M Construction Loan for Rehab of Three Brooklyn Buildings
By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) recently provided a $4,700,764 construction loan for the top-to-bottom rehabilitation of one partially occupied, and two vacant residential buildings in the Flatbush section of Brooklyn, New York.After rehabilitation, the buildings located at…
Read MoreTallest Building in Austin Will also be Green
The Austonian is seeking a four-star rating from Austin’s Green Builder designation.
Read MoreNew IRS Utility Allowance Regulations Good For LIHTC Properties
By Anuradha Kher, Online News EditorWashington, D.C.–The Internal Revenue Service has published long-awaited regulations changing the way rents are adjusted on Low-Income Housing Tax Credit (LIHTC) properties where residents pay for their own utilities. This gives LIHTC property owners more flexibility in the way they calculate utility allowances for their low-income residents.”Considering the exponential increases…
Read MoreBarclay Tower in Lower Manhattan Full Leased
By Anuradha Kher, Online News EditorNew York–The residences at Barclay Tower, located at 10 Barclay St., are now 100 percent leased. The 396-unit apartment project developed by New York-based Glenwood started leasing in May 2007. It is the developer’s newest building and one of three properties that Glenwood owns downtown.“We are delighted by how quickly…
Read MoreFannie, Freddie Troubles Cloud Employment Prospects in the Multifamily Investment Sector
Robert Baron, a real estate employment specialist, assesses the current outlook for jobs in the multifamily investment and finance marketplace. By Robert Baron American Real Estate Executive Search Co.When a lack of available debt brought turmoil to the commercial and residential real estate markets, multifamily investment remained strong. When the conduit market collapsed and skittish…
Read MoreDEAL OF THE DAY: Sterling, Collier Cos. Jointly Acquire 540-Unit Apartment Community for $38.35M
By Anuradha Kher, Online News EditorTampa, Fla.–Sterling American Property Inc., in a joint venture with The Collier Cos., recently acquired St. Croix Apartments, a 540-unit resort-style apartment community located in Tampa, Fla. for $38,350,000. “We are cementing this property’s position as the ideal live/play environment for the 20- to 30-year-old age demographic that populates this…
Read MoreAMCAL Partners with Labor Committee to Help Local Youth Build Affordable Housing Project
By Erika Schnitzer, Associate EditorAgoura Hills, Calif.–AMCAL Multi-Housing Inc. has partnered with Watts Labor Community Action Committee (WLCAC)’s YouthBuild program to help local youth develop leadership skills by constructing Casa de Angeles, a 49-unit affordable housing development in south Los Angeles.“When YouthBuild participants see Casa de Angeles, whether it’s next year or 10 years from…
Read MoreCase Study: Luxury Living in Atlanta’s Buckhead District
John Williams and Clark Butler, co-founders of Atlanta-based City Centre Properties LLC, discuss The Mansion on Peachtree, the first ultra-luxury hotel and residential development in Atlanta.Name of Project:The Mansion on Peachtree, a Rosewood Hotel & ResidenceLocation:Atlanta’s Buckhead DistrictType of project:The Mansion on Peachtree, which opened May 2008, combines 45 residences, including three private garden villas,…
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