Archive for July 2008
First Houston Luxury High-Rise Rental in 40 Years Tops Out
By Erika Schnitzer, Associate EditorHouston–The first Houston luxury high-rise rental tower in over 40 years has topped out. The 37-story, 346-unit One Park Place is adjacent to the 12-acre Discovery Green, Houston’s new downtown park.“What motivated me to take this step was the fact that the city created the new park. If they are going…
Read MorePublic/Private Partnership Breaks Ground on $400M TOD Project in Bay Area
By Anuradha Kher, Online News EditorContra Costa County, Calif.–AvalonBay Communities Inc., Millennium Partners, the San Francisco Bay Area Rapid Transit District (BART) and the county of Contra Costa today broke ground on a transit-oriented, mixed-use development, Avalon Walnut Creek at the Contra Costa Centre.The four-partner public/private venture is jointly investing $400 million in the project,…
Read MoreQ&A with Dominic J. De Simone and David A. Barksdale: Down Markets Create Excellent Buying Opportunities
David A. Barksdale and Dominic J. De Simone are partners in the Real Estate Department of Ballard Spahr Andrews & Ingersoll LLP and co-heads of the firm’s Distressed Real Estate Initiative. De Simone practices general real estate law, with extensive real estate finance experience on behalf of both lenders and borrowers involving acquisitions, construction, syndicated,…
Read MoreIndyMac Shutdown Means Little to Multifamily, Says NAHB
By Anuradha Kher, Online News EditorWashington, D.C.–From the IndyMac shutdown to the takeover plans for Fannie Mae and Freddie Mac, each headline in recent weeks has brought more bad news for the economy than the previous one. While none of this news has been good for the housing industry, multifamily industry experts tell MHN that…
Read MoreKnock, Knock … It’s the U.S. Government
This week, the U.S. government said it would step in to help bolster Fannie Mae and Freddie Mac. Despite the fact they each have access to a $2 billion line of credit from the government, the two mortgage companies are, for the most part, private firms. On Sunday, Treasury Secretary Henry Paulson suggested increasing that…
Read MoreDEAL OF THE DAY: Bascom Group Secures $18.45M Loan for Acquisition, Renovation of 446-Unit Apartment Community
By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged $18.45 million in financing for Cameron Creek Apartments, a 446-unit, garden-style community in Fort Worth, Texas. The borrower, The Bascom Group, secured the 36-month, fixed-rate loan through GE Real Estate. Loan proceeds are being used to acquire and renovate…
Read MoreBipartisan Commission Launched to Investigate Housing Crisis, Fair Housing
By Erika Schnitzer, Associate Editor Chicago–A national bipartisan commission has been launched to investigate the current state of housing in the United States. Co-chaired by former Department of Housing and Urban Development (HUD) Secretaries Jack Kemp and Henry Cisneros, the commission marks the 40th anniversary of the passage of the Fair Housing Act. “This is a commission…
Read MoreMoMa’s Newest Exhibition to Showcase Contemporary Building Issues
By Anuradha Kher, Online News EditorNew York–For the first time since the mid-century ‘House in the Garden series,’ the Museum of Modern Art (MoMA) is now showcasing now showcasing model buildings erected on site, which can be occupied, to demonstrate contemporary building issues, in its newest exhibit called ‘Home Delivery: Fabricating the Modern Dwelling.’There are…
Read MoreCapital Foresight Leases Hollywood Property to AMDA for 12 Years
By Anuradha Kher, Online News EditorHollywood, Calif.–The American Musical and Dramatic Academy (AMDA) has signed a 12-year master lease valued at more than $13 million for a 69-unit historic apartment building in Hollywood, Calif.Capital Foresight bought the brick building, built in 1928, and conducted historically sensitive renovations on it including interior upgrades such as finishes…
Read MoreIn Slowing Economy, Apartment Vacancy Rates Remain Stable
By Anuradha Kher, Online News EditorNew York–Amidst headlines of doom and gloom in the economy, the multifamily industry is holding relatively strong. “Vacancy rates in the apartment sector have been stable in the last three quarters and apartment rent growth in the second quarter of 2008 has seen the strongest gain as compared to all…
Read More