Archive for January 2008

By Anuradha Kher, Online News EditorJersey City, N.J.–Canco Lofts has started sales for the first phase of condominiums in Jersey City’s largest single-building industrial-to-residential conversion.Construction on the landmark American Can Co. factory began in late 2006. When completed in fall of this year, the building will have a total of 551 loft residences. Of these,…

By Anuradha Kher, Online News EditorSpringfield, Ill. – A new 67-unit senior housing facility, with financing worth $7.9 million from state loans and tax credit, opened in Springfield this week.Illinois Governor Rod R. Blagojevich released a statement pledging his commitment to providing affordable housing to all residents of the state. “As more and more baby…

By Erin Brereton, Content ManagerWashington, D.C.–The former site of homebuilder A&R Companies’ new Capitol Gateway development in Washington, D.C. contained affordable townhomes and apartments for families and senior citizens. But the development also was home to some unwelcome residents–crime, drugs and poverty.”It was a rather large site and was infamous,” says A&R founder Theo C.…

By Keat Foong, Executive Editor Boca Raton, Fla.—Speakers at the National Multi Housing Council’s (NMHC) Apartment Strategies Conference held here contemplated the state of the economy, apartment industry and investment conditions. There is “a lot of anxiety and insecurity out there,” acknowledged Douglas Bibby, president of NMHC, at the start of the one-day conference. However, he noted…

Encino, Calif. — Marcus & Millichap Real Estate Investment Services, a  brokerage firm headquartered in Encino, Calif., recently negotiated the sale of four Class A student housing assets, containing a total of 1,212 units, for $148.5 million.The property portfolio consists of the 504-unit Cabana Beach development (pictured) in Gainesville, Fla.; the 276-unit Cabana Beach in…

Washington, D.C.–New home construction in 2007 dropped by the largest amount in 27 years due to the housing decline, The Commerce Department said Thursday.Last year, construction began on 1.353 million new homes and apartments, a 24.8 percent decline from 2006–the second biggest annual drop on record, according to The New York Times.Construction declined in December…

California–Many economists feel that California–whose economy is so substantial it could be considered the world’s eighth-largest–and Florida may already be in recession, The Financial Times reported Thursday.Along with Nevada and Arizona, California and Florida make up approximately a fifth of the U.S. economy. Recent data suggests economic activity in Florida is contracting and may be…

New York–Merrill Lynch & Co. posted a much higher quarterly operating loss than had been forecast and announced a hefty subprime-related writedown on Thursday, CNNMoney.com reports.In addition to a $3.1 billion writedown on hedges with financial guarantors, Merrill said it would take an $11.5 billion writedown on its collateralized debt obligations and subprime home mortgages.…

Washington, D.C.–A report issued Wednesday by the Federal Reserve shows the U.S economy is regionally mixed, with some areas slowing significantly and others hardly at all. The Fed’s “beige book,” which compiles business status reports from around the U.S., reveals the nation is working to challenge the housing and credit slumps’ effects, according to The…