Archive for June 2008
DEAL OF THE DAY: Holliday Fenoglio Fowler Places $18.7M Loan For Corpus Christi Property
By Erika Schnitzer, Associate EditorCorpus Christi, Texas—Holliday Fenoglio Fowler LP (HFF) has placed an $18.7 million permanent loan with Freddie Mac for a 274-unit apartment community in Corpus Christi, Texas.The loan, which was arranged by Andy Scott, managing director of HFF, on behalf of Peek Howe Real Estate, has a seven-year fixed-rate financing term.Located at…
Read MoreMCZ Development Markets Florida Properties to International Buyers
By Erika Schnitzer, Associate EditorMiami–Chicago-based MCZ Development Corp. is beginning to market its properties towards European buyers.The location of the properties and the strength of the Euro are the two reasons Michael Lerner, president of MCZ Development, cite for the company’s marketing strategy. “MCZ is focusing on its International Broker Network,” he says. “MCZ has…
Read MoreHousing Slump May Last Longer than Usual, Says Joint Center’s Director
By Keat Foong, Executive EditorNew York—The housing downturn may last longer this cycle than is historically the norm, suggested Nicolas P. Retsinas, the director of the Joint Center for Housing Studies of Harvard University, which released its annual State of the Nation’s Housing report this week. At some point, housing demand will bounce back, says…
Read MoreThe Fed Has Many Factors to Consider–And A Big Choice To Make
It’s Federal Reserve meeting day–and the world is waiting to see how heavily inflation will weigh on the central bank’s decisions. Although the Fed won’t release a statement until the end of the meeting on Wednesday, anticipation is building that the central bank will leave interest rates alone, according to Forbes. The Fed also is…
Read MoreBond Insurers Contemplate Wiping Out $125 Billion of insurance on Debt Securities
New York–Bond insurers–including Ambac and FGIC, which are headquartered in New York, and Armonk, N.Y.-based MBIA–are considering eliminating $125 billion of insurance on risky debt securities to reduce the threat of financial damage, the Financial Times said.Talk of “commuting” the insurance contracts became more pressing after last week’s bond insurance ratings downgrades. A plan could…
Read MoreInvestors Shy Away From Providing U.S. Lender Capital
New York–Big investors are becoming increasingly nervous about pouring money into banks as bad loan and investment losses mount. Bank executives have met with a surprisingly large amount of opposition from investors to capital-raising transactions in recent weeks, The Wall Street Journal said Monday.Banks attempting to correct their balance sheets by distributing stock and securities…
Read MoreU.S. Sees More Renters, Less Buyers
Washington, D.C.–Started in 2002, President Bush’s homeownership campaign seems to have been derailed by the high U.S. apartment rental rate, the New York Times reports.The weak housing market and high foreclosure rate have helped boost rentals and drive homeownership down. The percentage of homeowner-run households descended from 69.1 percent in 2005 to 67.8 percent this…
Read MoreHarvard Housing Report Says Housing Slump is Worst in Half a Century
Boston–The current U.S. housing market deterioration is most likely the steepest decline in 50 years–and isn’t close to being over, according to the annual report from Harvard’s Joint Center on Housing Studies, which was released Monday.”The national median single-family home price fell [for] the first time in 40 years of recordkeeping, leaving several million homeowners…
Read MoreArt Deco-Inspired Bath Collection from Delta
With clean lines and geometric forms, Delta’s new Dryden Bath Collection is inspired by the Art Deco period of the early 20th century.The faucets are available in single- and two-handle centersets, mini-widespread and widespread. Additionally, they are water-efficient, with a flow rate of 1.6 gallons per minute (gpm).In the shower, the Delta MultiChoice Universal valve…
Read MoreDEAL OF THE DAY: Sperry Van Ness Completes Sale of North Carolina Apartments for $4.125M
By Erika Schnitzer, Associate EditorGoldsboro, N.C.–Sperry Van Ness has completed the sale of McArthur Apartments, a 110-unit community in Goldsboro, N.C., for $4.125 million.Concord, N.H.-based EWT LLC bought the 21-building community that was built in 1970 and 1987. The units range in size from 900 to 1,900 sq. ft. and are mostly two-bedrooms (with the…
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