Archive for April 2008

Washington, D.C.–An “anemic” housing market and reduced consumer spending has slowed economic growth in nine of the 12 Federal Reserve districts since February, Bloomberg reports.”Economic conditions have weakened since the last report,” the Fed said in its Beige Book regional business survey. Nine districts reported a lesser economic pace; the other three said activity was…

Basel, Switzerland–The world’s top banking regulators on Wednesday suggested new regulations to prevent another global financial crisis.The Basel Committee on Banking Supervision–an organization headquartered in Basel, Switzerland which determines international banking regulation standards–rules illustrate the pressure being put on the committee to adapt new policies quickly after the credit fallout, according to the Financial Times.…

Washington, D.C.–The amount of U.S. workers filing new unemployment benefit claims increased last week, the Labor Department said Thursday.After seasonal adjustments, initial jobless claims grew by 17,000 to 372,000 in the week that ended April 12.The four-week new claims average dropped last week by 750–from 376,750 to 376,000, The Wall Street Journal reports.New claims for…

By Anuradha Kher, Online News EditorNew York–In a unique marketing campaign, New York-based real estate developer, Extell Development Co. is using interactive television screens installed in New York City taxis to sell the company’s newest condos, located on the Upper East Side at 151 East 85th St. The company is airing a television segment from…

By Erika Schnitzer, Associate EditorRialto, Calif.–National Community Renaissance  (National CORE), a Rancho Cucamonga, Calif.-based nonprofit developer of affordable housing, has revitalized the former Willows-Winchester neighborhood with a newly refurbished 152-unit affordable housing project. National CORE partnered with the city of Rialto to complete the $37 million rehabilitation.Since National CORE took over the development in 2005,…

By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding LLC recently closed a funding of a $13 million loan under Fannie Mae DUS to refinance the 200-unit apartment complex, The Meadows in Montgomery, Ala.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.78 percent. Ronen Abergel, director in Arbor’s New…

By Anuradha Kher, Online News EditorIrving, Texas–Collegiate Development Services LP has recently been selected to develop and construct Midwestern State University’s new on-campus residence hall with 96 apartment-style units, to be complete by August 2009.The project will meet all the requirements set forth by the Historically Underutilized Business for the State, a program that encourages…

By Anuradha Kher, Online News EditorAnnapolis, Md.–Despite the slowing economy, seniors housing and care “held its own” in the fourth quarter of 2007, according to the National Investment Center for the Seniors Housing & Care Industry (NIC). The report is based on NIC’s Key Financial Indicators and is updated quarterly.Capitalization rates remained stable compared in…