Archive for May 2008

By Erika Schnitzer, Associate EditorLas Vegas–RealPage Inc., a Carrollton, Texas-based provider of on-demand services to the multi-housing industry, has selected BitBand, a Netanya, Israel-based provider of video content delivery solutions for broadband Internet Protocol (IP) networks, as its affiliate vendor for implementing on-demand IPTV (IP television) services and offering triple play options to apartments.“This recent…

Washington, D.C.–U.S. employment dropped for the fourth consecutive month in April, but fell at a slower pace than in the months prior–indicating the economy may be leveling out, according to government data released Friday.Factory orders grew beyond forecasts in March; services employment recovered, but manufacturing and construction firms continued to reduce jobs, The Wall Street…

Washington, D.C.–The U.S. and European central banks announced a new plan to battle global dollar money market issues, the Financial Times reported Friday.The Federal Reserve plans a 50-percent increase for its credit auction facility–the Term Auction Facility, which gives one-month loans to banks. As a result, the facility will increase to $150 billion.To increase the…

Atlanta–Atlanta-based home improved retailer Home Depot announced Friday it would close 15 stores and suspend the development of 50 stores, the Atlanta Journal-Constitution reports.Home Depot attributed its difficulties to the housing slump and slowing economy. The store closings–at locations primarily in the Northeast and Midwest–will affect 1,300 employees. “Closing a store is always a difficult…

Washington, D.C.–The House Financial Services Committee approved the bill designed to help troubled homeowners–which would allow the Federal Housing Administration to guarantee to $300 billion in new mortgages–on Thursday, CNN.comreports.The committee passed the bill with a vote of 42 to 21; the entire House should weigh the measure next week.Democratic House Financial Services Committee members…

By Anuradha Kher, Online News EditorPhoenix–The San Diego office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $24.7 million construction loan for West Town Court, a 274-unit multifamily development in Phoenix.Real estate development, management and construction services firm, The Greystone Group headquartered in Newport Beach, Calif., received the 36-month, adjustable-rate loan with U.S. Bank.…

By Erika Schnitzer, Associate EditorChicago–Sperry Van Ness Chicago is merging with Chicago-based Fisher/Sears and Associates Inc., a firm specializing in the sale of multifamily properties throughout Illinois, Indiana and Wisconsin.“This is a good mix of the culture of the two companies,” Jim Sears, (pictured) a certified public accountant who previously headed Fisher/Sears and Associates Inc.,…

By Erika Schnitzer, Associate EditorNew York–Construction on Dutch architect Ben van Berkel’s first major American building, Five Franklin Place, has recently begun. New York-based Sleepy Hudson LLC is developing the 20-story 55-unit condominium tower, located in New York’s TriBeCa neighborhood. Construction is expected to be complete in the next two years.In an attempt to keep…

By Anuradha Kher, Online News EditorLos Angeles–Two Los Angeles real estate principals, Mory Barak, formerly of Buchanan Street Partners and Jeff Weller, formerly with CB Richard Ellis, have formed a new privately held real estate investment company called Lion Real Estate Group LLC.Lion Real Estate will focus on acquisitions of value-add and opportunistic multifamily projects…