By Erika Schnitzer, Associate EditorNew York—Davis Development Holdings has announced that 1055 Park Avenue, a 12-story, five-unit condominium, is scheduled for occupancy this summer.“These are exceptional homes and unlike anything that is on the market today,” Adrienne Albert, CEO of The Marketing Directors, the exclusive marketing agent of 1055 Park Avenue, tells MHN. She adds [...]

By Anuradha Kher, Online News EditorNew York–The U.S. economy shrank at an annual pace of 6.1 percent in the first quarter, almost as much as it did in the fourth quarter of 2008, according to a government report. This is a much bigger drop when compared to the most commonly predicted initial number of 4.7 [...]

Washington, D.C.–The American Institute of Architects (AIA) recently recognized three outstanding apartment and condominium designs through its Housing Awards Program, which is now in its ninth year. Both high- and low-density projects for public and private clients were considered. In addition to architectural design features, the jury assessed the integration of the buildings into their [...]

Kenneth Olson is the president and CEO of POKO Partners LLC, a Port Chester, New York-based development and management company whose projects are focused mostly in the tri-state area. While POKO Management initially served as a fee management company, it transitioned into portfolio management due to the company’s experience as both owners and operators.Olson talks [...]

By Anuradha Kher, Online News EditorFremont, Calif.–Walker & Dunlop provided a $5,600,000 refinance loan for Villas Papillon Apartments located in Fremont, Calif. The loan was structured with a five-year term and a 30-year amortization and was underwritten to a 52 percent loan-to-value with a 1.95 Debt Service Coverage ratio. Walker & Dunlop locked in the [...]

By Anuradha Kher, Online News EditorRockville, Md.–The credit quality of rental applicants to multifamily homes has gone up as a result of the recession, according to the Multifamily Applicant Risk Index (MAR Index) released by First Advantage SafeRent Inc. The first quarter national MAR Index, including studios, one-, two-, three- and four-bedroom units, was 100, [...]

By Erika Schnitzer, Associate EditorLos Angeles—Compared with other regions in the nation, Southern California’s apartment markets show some long-term growth potential, according to the 2009 Southern California Multifamily Market Report put out by the University of Southern California’s Lusk Center for Real Estate.Despite this, falling rents and occupancies in Los Angeles County reflect the high [...]

 By Anuradha Kher, Online News EditorWashington, D.C.–The National Housing Conference (NHC) and its research affiliate, the Center for Housing Policy, have jointly received the “2009 MacArthur Award for Creative and Effective Institutions,” receiving a total of $650,000 from the John D. and Catherine T. MacArthur Foundation. As co-recipients of the award, NHC and the Center [...]

By Keat Foong, Executive Editor Some multifamily developers are contemplating the purchase of distressed loans. This can be a back-door way to acquiring the underlying real estate. Stuart Salins, senior managing director at HFF, says that the level of interest in purchasing mortgages, both distressed and performing, is firm. So far, the vast bulk [...]

New York, N.Y.–CPC Resources (CPCR) and East Brooklyn Congregations (EBC), along with New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corp. (HDC) broke ground on a 103-unit affordable housing project in the Brownsville section of Brooklyn, N.Y. Located on former HPD-owned land along Watkins Street, this project [...]