Archive for July 2008

By Anuradha Kher, Online News EditorWashington, D.C.–Apartment groups, as well as the National Home Builders Association (NAHB) and the Mortgage Bankers Association (MBA), praised the housing stimulus bill that passed in the Senate on Friday.“Although we feel the best solution to the current housing turmoil is to allow market forces to restore equilibrium to the…

By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed its Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007.“At a challenging time for the U.S. economy…

By Anuradha Kher, Online News EditorWashington, D.C.–The Bush administration on Sunday asked Congress to approve a rescue package that would give officials the power to inject billions of federal dollars into the troubled Fannie Mae and Freddie Mac through investments and loans.“We continue to hold more than adequate capital reserves and maintain access to liquidity…

By Anuradha Kher, Online News EditorNew York–Jones Lang LaSalle’s multifamily capital markets team has completed the sale of The Wimbledon, a 230-unit apartment complex on Manhattan’s Upper East Side, for $150,350,000. JP Morgan Investment Management purchased the building, located at 200 East 82nd St., from P & H Associates.”The credit crunch has taken its toll…

By Anuradha Kher, Online News EditorLebanon, N.J.–In an effort to enhance the company’s sustainable building practices, Kullman has recently became a member of the U.S. Green Building Council (USGBC).“Offsite construction and the green movement are natural partners,” says Avi Telyas, CEO of Kullman, a Lebanon, N.J.-based offsite builder of permanent steel and concrete multi-story buildings.…

By Erika Schnitzer, Associate EditorMiami–Wellington Construction Group Inc. has commissioned Coral Gables, Fla.-based BCArchitects to design a new workforce housing rental community in Miami’s midtown neighborhood.“Considering the type of project and what it’s geared toward, the plans are very efficient,” Adan Fons, a principal for BCArchitects tells MHN. “In conjunction with the owner, who’s also…

Kurt Kehoe To Head Altman Development Corp.’s Central Florida Office Boca Raton, Fla.–Altman Development Corp., based in Boca Raton, Fla. has appointed Kurt Kehoe as head of the company’s central Florida office in Orlando. In his new role, Kehoe will be responsible for creating and managing a business plan to increase Altman’s market presence in the central…

By Anuradha Kher, Online News EditorWashington, D.C.–Despite Fannie Mae and Freddie Mac shares falling and growing concern about possible government takeover, there are people in the multifamily industry who say that the two companies are not doing as badly as has been reported in the media.“Shares of Freddie have fallen and things are bad for…