Archive for June 2008
Multifamily Financings Fall 27% in First Quarter, Less than in Other Real Estate Sectors
By Anuradha Kher, Online News EditorWashington, D.C.–Loan originations for commercial and multifamily mortgages fell on a year-over-year basis in the first quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. First quarter originations were 53 percent lower than during the same period last year. The year-over-year decrease was seen…
Read MoreA Tough Week for New York’s Rental, Construction Market
Two news stories this week showcased the New York apartment market’s current troubles–both with building, and with renting. Last week, we covered the sad news of yet another fatal crane collapse at a residential building site in New York–the city’s second in recent weeks. Not surprisingly, the city has reacted strongly: They’ve stopped use of…
Read MoreSpecial Report from AIA National Convention: Top Architecture Trends
By Erika Schnitzer, Associate EditorBoston–In keeping with the concerns of today’s society, this year’s AIA (American Institute of Architects) national convention and design exposition placed great emphasis on the role of social responsibility within architecture. Many of the growing trends demonstrated at the show involved awareness of the impact architecture has on the world, as…
Read MoreContinued Mortgage Woes Prompt Executive Changes at Wachovia, WaMu
Charlotte, N.C.– As the mortgage market fallout continues, Charlotte, N.C.-headquartered Wachovia Corp. fired its chief executive and Seattle-based Washington Mutual Inc. removed its CEO from his chairman’s post this week.Both banks are big players in the home loan market and have lost billions, which has had a huge effect on the stock market, according to…
Read MoreBank of America CEO Expresses Approval of Planned Countrywide Purchase
Charlotte, N.C.– Bank of America CEO Ken Lewis reaffirmed his belief Monday that–despite housing market issues–purchasing mortgage company Countrywide Financial Corp. is still a solid investment, the New York Times said.Speaking to investors on a conference call sponsored by Deutsche Bank, Lewis said the housing market would pick up by early 2009. Countrywide’s sales force…
Read MoreDeclining Home Prices Take Valuations to Pre-Bubble Levels
Cleveland–Lower U.S home prices have brought valuations–the difference between a home’s price and what it should cost–to pre-housing boom levels, according to a survey released Monday by research firm Global Insight and Cleveland-based banking company National City Corp.In the first three months of the year, home prices dropped in 262 of the 330 metropolitan areas…
Read MoreBiggest U.K. Building Equipment Manufacturer Says Lower Demand Is Spreading to Europe
Rocester–JCB–the U.K.’s largest construction equipment manufacturer–says that reduced North American demand for its building equipment is now prevalent in some western European countries, according to the Financial Times.Due to growing demand in emerging markets including Russia, India, Poland and South America, the company–headquartered in Rocester in the U.K.–is set to announce record sales, profits and…
Read MoreDEAL OF THE DAY: Quantum First Closes $22.61M Loan to Finance 25-Building Rental Community
By Anuradha Kher, Online News EditorDallas–Quantum First Capital recently closed a $22,610,000 loan to finance the Vail Quarters Apartments in Dallas. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program. The loan was structured at a seven-year term with full-term interest-only payments at a…
Read MoreFirms Compete in LA’s RFP Process for 5.2-Acre Project
By Anuradha Kher, Online News EditorLos Angeles–A panel of city agencies and local citizen groups in Los Angeles will decide which of the three short-listed design firms will design a mixed-use project slated for a 5.2-acre site at the intersection of First and Almaeda streets in Los Angeles.The property, located in an area that is…
Read MoreStarrett City Will Remain Affordable, Says HUD Secretary
By Anuradha Kher, Online News EditorNew York–Senator Charles E. Schumer, Gov. David A. Paterson and local politicians and tenant advocates released a detailed blueprint this week for evaluating any potential sale of Starrett City, a 5,881-unit affordable housing community in Brooklyn, New York, which is the largest federally subsidized development in the United States. In…
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