Archive for April 2008

By Anuradha Kher, Online News EditorTimothy J. O’Brien Named Senior Managing Director, Partner for Legacy Partners ResidentialIrvine, Calif.–Timothy J. O’Brien (pictured) has been named senior managing director/partner for Legacy Partners Residential’s Southern California region.As senior managing director/partner, O’Brien will be responsible for Legacy’s operations, acquisition and development activities throughout Southern California.“With Tim’s expertise and hands-on…

Bertazzoni’s Cooking RangesItalian manufacturer Bertazzoni has unveiled its comprehensive line of elegantly designed cooking systems in a multitude of sizes. The freestanding ranges, built-in cook tops, ventilation hoods and coordinated accessories offer accurate cooking performance and imaginative details.The latest Bertazzoni product offerings include the Professional Series and the Heritage Series models in gas and dual…

Washington, D.C.–The Bush administration said Wednesday it would enable the Federal Housing Administration to allow some borrowers who have defaulted to refinance into FHA-insured loans.The administration’s plan was suggested as the House Democrats discussed another proposal at a House Financial Services Committee hearing, CNNMoney.com reports.The Bush plan–designed for borrowers who are “financially capable but have…

Barcelona–The U.S. housing decline–along with lower spending in other countries–has reduced growth at Ikea, the world’s largest home-furnishings retailer, Chief Executive Officer Anders Dahlvig said Wednesday.Ikea, which operates in 37 countries, has felt the effect of reduced economic global growth “quite a lot,” Dahlvig said during a retail conference speech in Barcelona, Spain.In the fiscal…

Washington, D.C.–As the world’s biggest banks took responsibility for the credit crisis on Wednesday, the Institute of International Finance recognized “major points of weaknesses in business practices,” such bankers’ pay and risk management, the Financial Times reports.However, the Washington, D.C.-based Institute–which represents more than 375 of the globe’s largest financial companies–said it would be “completely…

Philadelphia–Roughly 22,000 people, mostly elderly, lost a total of $750 million when Philadelphia-based lender American Business Financial Services Inc. went bankrupt three years ago–and a bankruptcy trustee is now trying to get that money back.The trustee is attempting to recover the money from the investment banks that turned the American Business Financial’s loans into securities,…

By Erika Schnitzer, Associate EditorJackson, Miss.–Quantum First Capital, a Dallas-based real estate finance and advisory firm, has closed a $7 million loan for the Hampton House Apartments in Jackson, Miss.The loan, based on an 80 percent LTV, five-year term with two years of interest only payment, was funded through Quantum’s relationship with Greek Park Financial…

By Anuradha Kher, Online News EditorWoodland Hills, Calif.–The Alliant Capital Co. LLC has completed its acquisition of Seattle-based EF&A Funding, a one of 26 Fannie Mae DUS lenders. “Alliant had no debt capabilities but with its acquisition of EF&A, the company has the capacity to provide both debt and equity on tax credit equities,” Byron…

By Erika Schnitzer, Associate EditorSnowmass Village, Colo.–Related WestPac, a joint venture partnership of New York-based Related Cos. and California-based WestPac Investments Colorado LLC, has announced record sales for its residences at Snowmass Base Village.The Little Nell Residences and The Viceroy Resorts and Residences are currently 65 and 50 percent occupied, respectively. Sales began in mid-December.…