Archive for September 2008
“All Aboard” with Erika Schnitzer
Financial crises…soaring gas prices…How does transit-oriented development fit into the bigger picture? As a native of the metro New York City area, public transit is nothing new to me. But perhaps I’m naïve. As I sat listening to Bill Sirois, manager, TOD for the Regional Transportation District RTD) in Denver this morning, I began to…
Read MoreGreen Park Financial, J.S. Watkins Partner in Small Loan Purchase Program
By Erika Schnitzer, Associate EditorBethesda, Md.–Green Park Financial has announced a partnership with J.S. Watkins Partners in a multifamily small loan pool purchase program. The program will purchase pools of multifamily loans that cannot be sold to GSEs due to size restrictions.“We see it as an opportunity to help facilitate community banks—freeing up balance sheets…
Read MoreFirst Affordable Housing Project Supported by Enterprise Rural and Native American Initiative to Open Soon
By Anuradha Kher, Online News EditorGallup, N.M.–Enterprise, Supportive Housing Coalition of New Mexico, CARE 66, the city of Gallup, the New Mexico Mortgage Finance Authority, Annenberg Foundation and the state of New Mexico will open this Friday the newly constructed Chuska Apartments, an affordable “green” housing property bordering the Navajo Nation at 2534 East Aztec…
Read MoreTODAY’S DEALS: Lincoln Property Co., INVESCO JV Sells 252-Unit Rental Community for $28.9M, and Other Transactions
By Anuradha Kher, Online News EditorDecatur, Ga. –Apartment Realty Advisors (ARA) recently executed the sale of Lincoln at Decatur Apartments, a 252-unit, Class A apartment community located in Decatur for $28.9 million, to McKinney Properties.McKinney financed the acquisition through their own self-managed private equity fund. A joint venture of Lincoln Property Co. and INVESCO Real…
Read More“CAPITAL INSIGHTS” with Jack Kern
Beware the Ides of September? What a difference a couple years can make. Between Bear Stearns becoming a term of art, as in "he got Bears Stearned," and now the news being overrun with banks failing (as many as 20 with more on the way), it just got more interesting. In the interest of full…
Read MoreTODAY’S DEALS: $55M Freddie Mac Financing for Suburban Maryland Apartments, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNCrofton, Md.–Financing to the tune of $55 million has been put in place for the Keswick Park Apartments, a 406-unit multifamily asset in Crofton, Md., about 25 miles northeast of Washington, D.C. and 25 miles south of Baltimore. Johnson Capital arranged the capital…
Read MoreProfile: Fogelman Management Focuses on Company Culture
By Rachel Block, MHN Contributing EditorMark Fogelman is president and COO of the Fogelman Management Group (FMG), a privately held, full-service property management organization founded in 1963. FMG, based in Memphis, Tenn., manages 51 properties and 18,000 apartments, covering 12 states and 21 cities throughout the Midwest and Southeast. Five hundred and fifteen employees help…
Read MoreReal Estate Private Equity Co. Raises $222M for Multifamily Fund
By Anuradha Kher, Online News EditorChicago–Waterton Associates LLC, a Chicago-based real estate private equity firm, raised $222 million of equity capital for its Waterton Residential Property Fund X. The fund is the fourth joint venture between Waterton and the California State Teachers Retirement System (CalSTRS) and targets value-added and opportunistic multifamily investments nationwide. This includes…
Read MoreLuxury Sports Condominium Hotel Breaks Ground
By Erika Schnitzer, Associate EditorBlacksburg, Va.—Virginia’s first luxury sports condominium hotel, The Colosseum, will be breaking ground this afternoon. Developed by Virginia Tech alumni, the project is located in the heart of what is known as Hokie Nation and has pledged to donation a portion of the sale of each unit to the construction of…
Read MoreCase Study: Redeveloping Long Island City with Luxury Condominiums
Kana Kakihara-Oh, ASID, partner of New York-based DeArch LLC, discusses Roe Development’s newest luxury condominium, Star Tower, located in Long Island City, Queens. She explains the project’s aesthetics and challenges, as well as how it fits into the neighborhood’s redevelopment.MHN: What were the client¹s aesthetic and functional design objectives?Kakihara-Oh: We, along with our client, Roe…
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