Archive for December 2008
Starrett City Down to One Bid; Asking Price is $600M to $700M
By Anuradha Kher, Online News EditorNew York, N.Y.–Bids for sale of the 5,881-unit Starrett City, the country’s largest federally subsidized public housing project located in Brooklyn, New York, have now narrowed down to one.The owners of the 46-building project, which spans over 153 acres in Jamaica Bay, Brooklyn, are now negotiating with a group that…
Read MoreINSIDE THE DEAL: One of the First Freddie Mac Capital Markets Transactions Closes with 79% LTV, Favorable Pricing
By Keat Foong, Executive EditorLincoln, Neb.–Freddie Mac is closing the first financings under its conduit program. The Capital Markets Execution is supposed to bring more flexibility, lower spreads, a more favorable Early-Rate Lock option–and even more loan dollars as this transaction, which carries a 79 percent Loan-to-Value (LTV), attests. The Links at Lincoln was one…
Read MoreCondo, Co-op Sales Drop 23% from Year Ago, Prices Fall 15%
By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors (NAR). Existing condominium and co-op sales dropped 13.0 percent to a seasonally adjusted annual rate of 470,000 units in November from 540,000 units in October, and are 23.1 percent lower than the…
Read MoreLucien Lagrange Expands International Portfolio with Projects in Romania and Italy
Cluj-Napoca, Romania—Chicago-based Lucien Lagrange Architects recently broke ground on its latest European venture, Sigma Tower, a 26-story, mixed-use tower located in one of Romania’s largest cities, Cluj-Napoca.Developed by S.C. Sigma Tower S.R.L., Sigma Tower will include 100 condominiums, a five-star, 202-key hotel, retail and approximately 130,000 sq. ft. of office space. Amenities will include fitness…
Read MoreEnvironmental Liabilities: Are Your Property Transfers and Acquisitions at Risk?
By John J. Heft, Vice President, New Day Underwriting Managers, LLCOver the past several years, exclusions for mold, microbial matter and lead-based paint have consistently appeared on general liability policies to create substantial coverage gaps. As a result, uncovered claims can be significant. Take, for instance, the discovery of mold in an apartment community in…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges $9.3M Mortgage for 156-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorRamona, Calif.–NorthMarq Capital Inc.’s Los Angeles office recently arranged a $9.3 million first mortgage financing for Summer Creek Apartments (pictured), a 156-unit garden-style apartment complex, located in Ramona, Calif. Financing was based on a seven-year interest-only term and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere…
Read MoreHighfield’s Electric Meter Bar Prevents Tampering
Highfield Manufacturing Co. has introduced the Multi-Maxx electric meter bar, a patented security device designed to lock off banks of ringless-type electric meter enclosures in apartment and multifamily complexes. “As tampering, energy diversion and meter theft become increasingly common, Highfield’s Multi-Maxx offers property managers solutions for addressing this growing problem and ensuring a safe environment…
Read MoreQ&A with David Penick: We Build Green Because It’s a Fundamental Issue of Quality and What Is Better
The CEO of real estate developer Hines Interests, Jeffrey Hines, was recently awarded the Green Building Design Award from Global Green USA at their 9th Annual New York Awards Ceremony. Hines received the award for commitment on part of his company to sustainability, which is reflected in his leadership role with the U.S. Green Building…
Read MoreSouth Fla. Company Launches Condo Matchmaker to Meet Growing Rental Demand
By Erika Schnitzer, Associate EditorMiami—Developer Sales Group LLC, an interactive sales and marketing organization specializing in the South Florida real estate industry, recently launched PlumPads, a rental real estate firm specializing in matching multifamily properties with qualified leasing prospects.“We perform as a transactional broker, bringing buyers and lessors together,” explains Michael Internoscia (pictured), owner of…
Read MoreAlliance Breaks Ground on Houston Urban Infill Rental Community
By Anuradha Kher, Online News EditorHouston– Alliance Communities has broken ground on Broad¬stone Voss, an urban infill multifamily development located in the Galleria corridor area near the Uptown District in Houston. Designed by Meeks + Partners, this four-story community features 307 rental apartments. It is expected to be ready by the summer of 2009.Broadstone Voss…
Read More