Archive for June 2008
Two Bear Stearns Hedge Fund Managers Arrested
New York–FBI agents took former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin into custody Thursday in connection with their participation in the collapse of two funds that helped spark the subprime mortgage collapse, Bloomberg reports.The arrests–the first from a federal probe of possible fraud by banks and mortgage firms whose investments in…
Read MoreCushman & Wakefield, Reigns Capital Form Alliance to Take On Section 42 Dispositions
By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield and Reigns Capital Ltd. have entered into an exclusive alliance to expand their capabilities in the multifamily sector.Keith Misner, executive managing partner and head of multi-housing at Cushman & Wakefield, and Neil Silver, president of White Plains, N.Y.-based Reigns Capital, will be heading the alliance on…
Read MoreDEAL OF THE DAY: Rental Community Near Fort Bragg Bought for $16.85M
By Anuradha Kher, Online News EditorSpring Lake, N.C.–Sperry Van Ness has completed the sale of Village on the Lake Luxury Apartments, a 115-unit community in Spring Lake, N.C., for $16.85 million. It is located near Interstate 95 at 605 Village Lake Court and includes an adjacent parcel of land that has entitlements for the development…
Read MorePCM California Forms Multifamily Consulting Arm
By Erika Schnitzer, Associate EditorLake Forest, Calif.–Professional Community Management of California Inc., a manager of homeowner associations based in Lake Forest, Calif., has announced the formation of a sister company, PCM Consulting Services Inc.“The heritage of PCM of California, combined with the expertise of PCM Consulting Services provides a tangible value to the developer,” says…
Read MoreHow Apartments.com is Getting Renters to View Properties in the Palm of Their Hands
By Anuradha Kher, Online News EditorChicago–Apartments.com has launched Apartments.com Anywhere, a suite of mobile products that allows property owners and management companies to connect with renters through mobile phones.Apartments.com Anywhere includes “Text4Info,” “Apartments.com Mobile Web” and “Send2Phone.” Using any of the three options, renters can access Apartments.com’s database of more than three million listings nationwide.“People…
Read MoreMulti-Housing World Countdown
This year, Multi-Housing World is offering a range of networking opportunities for its attendees; a golf tournament and opening party to the show floor reception and presentation of the Design Excellence Awards.Being held in Denver, Colo. from Sept. 17-19 2008, MHW brings builders, owners, architects, property managers and other professionals together so they can get…
Read MoreQ&A with Manuel G. Gonzalez: Urban Infill Market is Big Opportunity for Seniors Housing
Manuel G. Gonzalez, AIA, CAASH, principal with KTGY Group Inc., a residential, retail and mixed-use design firm, is responsible for the design, land planning and production of developments as well as active adult and affordable multifamily communities nationwide. In his more than twenty years of practice in residential development, Gonzalez (pictured) has won numerous awards…
Read MoreAs Gas Costs Rise, Buyers Look At Downtown Living
Urban multifamily developers, start your engines: Demand is about to increase, and we have the astronomically high gas prices to thank. Americans are looking at homebuying in a new light, according to an Associated Press article reprinted in the San Jose Mercury News today. They don’t want to commute–partially because of the time it takes,…
Read MoreDEAL OF THE DAY: Alliant Capital Provides over $34M in Loans to Three Rental Communities
By Anuradha Kher, Online News EditorTucson, Ariz.–Alliant Capital LLC has completed financing of Quail Ridge, Stonybrook and La Jolla de Tucson Apartments, all located in Tucson, Ariz., for a total of $34,919,700.La Jolla de Tucson will be funded after the expiration of the existing conduit lockout.Quail Ridge Apartments, a 253-unit garden style community built in…
Read MoreEnterprise Partners with Trinity Financial, BHA to Provide $45M LIHTC Investment to Franklin Hill Redevelopment
By Anuradha Kher, Online News EditorBoston–Enterprise Community Investment Inc., along with Trinity Financial Inc. and the Boston Housing Authority (BHA), are making a $45 million Low Income Housing Tax Credit (LIHTC) equity investment for Phase II of Franklin Hill redevelopment, located at 1 Shandon Rd. in Boston’s Dorchester neighborhood.Trinity Financial and the BHA completed development…
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