Archive for September 2008

By Erika Schnitzer, Associate EditorWashington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) have announced plans to end their joint legislative program, effective March 1, 2009.For the past 17 years, NMHC has represented both organizations before Congress, federal agencies and the judiciary.“We will not be changing anything we’re doing. We’ve been able…

By Anuradha Kher, Online News EditorNew Rochelle, N.Y.–The NDR Group recently completed its $4 million rehabilitation of MacLeay Apartments, a 180-unit affordable housing complex located in New Rochelle, N.Y. The complex will be renamed Parkside Place. The MacLeay Apartments was originally acquired in 1986 and rehabilitated by the New Rochelle Revitalization Corp., which is today…

By Anuradha Kher, Online News EditorLittleton, Colo.–Reaction Web has launched ListingLab.com, a Web site hosting service customized for commercial real estate brokers. ListingLab.com enables users to develop and manage individual property listing Web sites with security, confidentiality agreements and due-diligence war rooms, for $25 per month per property. “ListingLab.com is similar to blog hosting services…

By Anuradha Kher, Online News EdiorFargo, N.D.; Bellevue, Wash. and Newark, Calif.–NorthMarq Capital Inc.’s (NorthMarq) Minneapolis regional office recently arranged first mortgage financing of $2 million for Oak Court Apartments as well as $2.55 million for Rosegate Apartments, both located in Fargo, N.D.Financing for the 81-unit Oak Couty Apartments and the 90-unit Rosegate Apartments was…

By Erika Schnitzer, Associate EditorNew York–Douglaston Development and Montagu Square Development have announced the release of the final penthouse at TriBeCa’s Zinc, a 21-unit loft condominium.“It’s two units marketed as one,” explains Matt Feldman, vice president, Douglaston Development. “We held it off the market and sold the rest of the units off the plans, but…

By Anuradha Kher, Online News EditorWashington, D.C.–While most investor groups increased holdings, Commercial Mortgage Backed Securities (CMBS) declined in the second quarter of 2008, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data. The level of commercial/multifamily mortgage debt outstanding grew by 1.5 percent in this period,…

By Anuradha Kher, Online News Editor Washington, D.C.–The House last week passed the Green Resources for Energy Efficiency Act (the G.R.E.E.N. Act, H.R. 6078) as part of the Comprehensive American Energy Security and Consumer Protection Act (H.R. 6889) by a vote of 236 to 189.The G.R.E.E.N. Act, bipartisan legislation introduced by Rep. Ed Perlmutter (Colo.),…

By Anuradha Kher, Online News EditorLondon–Sovereign Wealth Funds (SWFs) will potentially invest as much as $725 billion in the world’s commercial property markets over the next seven years, according to a new global report from CB Richard Ellis Group Inc. Although more than half of the SWFs are believed to already hold direct commercial real estate…