By Lucas Matesa, Reznick Group, P.C. The current financial crisis has impacted many facets of the economy, including the multifamily housing sector. In a market where liquidity had been reliant on commercial mortgage backed securities (CMBS), the credit markets have frozen up and few commercial lenders are available. Many borrowers will face debt maturing in the [...]

By David Helmers, iLevel by WeyerhaeuserFor economic and structural reasons, wood has long been the preferred building material for low-rise multi-family housing. Now, with sustainability an increasingly important factor in construction, multi-family builders are also choosing wood for its environmental benefits.  Under the National Association of Home Builder’s (NAHB) National Green Building Standard™, builders can [...]

By Matthew Cummings, MC Squared Consulting“These are the times that try men’s souls.”Although the situation today in no way is comparable to Thomas Paine’s take on the American Revolution, our economic crisis today truly is “trying our souls” again. A variety of actions have been taken by government to address the underlying problems created by [...]

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. According to Secretary Shaun Donovan, today’s action will help stabilize the [...]

By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout has launched an online rental marketing service that allows property managers to create advertisements for their listings that are syndicated across the Web to rental sites and search directories.“Over 70 percent of renters start their searches online,” Misty Lackie, CEO of Go Smart Solutions LLC, the company that [...]

By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development [...]

By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio.  “The [...]

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Partners Inc. recently made several additions to its executive management team as well as expanded roles for many of the senior leadership members.Naomi Bayer (pictured), head of national initiatives and co-head of innovation;Lori Chatman, president, Enterprise Community Loan Fund;Paul Cummings, western region executive; Michael McNeely, chief financial officer; Ali [...]

By Anuradha Kher, Online News EditorIndio, Calif.–Horizons at Indio, an affordable housing community developed by Urban Housing Communities (UHC) and Heritage Community Housing (HCH), has received an Honorable Mention in the Senior Housing category of the 15th Annual Charles L. Edson Tax Credit Excellence Awards program. Architectural firm KTGY Group, Inc. designed the development with [...]

By Anuradha Kher, Online News EditorHouston–Architectural firm Meeks + Partners is launching M+P Green Studio, which will help incorporate sustainable strategies into the planning and design of multifamily developments. A three-man team of LEED-accredited professionals, including Associate Partner Keith Malone, AIA, LEED AP, will run the studio. In addition to LEED guidelines, the M+P Green [...]