Archive for May 2008

By Anuradha Kher, Online News EditorNew Castle, Del.–Evergreen Realty Inc. of Newport, Del. recently arranged the sale of Hampton Walk Apartments, a 370-unit community located in New Castle, Del., for $17.25 million.Fannie Mae provided financing for the property, owned by Atlanta-based Miles Properties Inc. Key Bank serviced the loan.Hampton Walk Apartments features 94 building structures…

By Myles McBride, ReporterAtlanta– Pollack Partners, a new multifamily development firm has joined with BHC property group to build a $59 million luxury rental community that will open its doors to residents this month.Two Blocks Apartment Homes will be leased and managed by the Worthing Cos. after it is complete. The equity partner for the…

By Anuradha Kher, Online News EditorSarasota, Fla.–The Michaels Development Co. recently broke ground on Phase I of Janie Poe, the first public housing development to be revitalized as part of the Newtown Redevelopment Program (NRP). Senior vice president of development Milton Pratt, Jr., Sarasota Mayor Lou Ann Palmer, and others local dignitaries kicked off the…

By Anuradha Kher, Online News EditorPassaic, N.J.–The Kislak Co. Inc. recently completed the sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic, N.J., for $4.11 million.Sales associate Robert Squires represented the buyer, 37-47 Westervelt Place LLC, and the seller, OSBF LLC, in this transaction. “This was a very complex transaction,” says Squires. “The timing…

Washington, D.C.–The Senate Banking Committee approved a housing bill designed to increase the availability of government-backed mortgages Tuesday, the New York Times reports.Approved by a vote of 19 to 2, the proposal marked an agreement between Senator and Banking, Housing and Urban Affairs Committee  chairman Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., the banking committee’s…

Washington, D.C.–Because home prices are falling, home affordability has increased dramatically in many parts of the U.S., according to the Housing Opportunity Index released Tuesday by Wells Fargo and the Washington, D.C.-based National Association of Home Builders.Families with a median household income of $61,500 could afford 53.8 percent of all new and pre-existing homes sold…

London–Freddie Mac and Fannie Mae are cautiously optimistic about new legislation increasing oversight over both Freddie Mac and Fannie Mae, Bloomberg reports.Speaking to investors at a conference in London, Freddie Mac Chief Financial Officer Anthony Piszel said the legislation didn’t contain a “death blow.””The rulemaking will determine what the flexibility is that we have,” Piszel…

Zurich–As part of UBS’ ongoing efforts to reduce risk, the Zurich-based banking giant said Wednesday that it had completed the same of its troubled mortgage-backed securities at a discount to a distressed asset-fund.The Swiss bank sold subprime and Alt-A assets with a nominal value of $22 billion to a special investment vehicle led by U.S.…