Archive for January 2009
Seniors Housing Negatively Impacted by Recession
By Anuradha Kher, Online News EditorAnnapolis, Md.–The economic and financial crises may be starting to affect the performance, a well as capitalization rates, of seniors housing, according to research by the National Investment Center for the Seniors Housing & Care Industry (NIC).“Depending on the type of seniors housing, there is a 2 to 4 percent…
Read MoreLegacy Partners’ New LA Property on Track to be Fully Leased by June Despite Slow Economy
By Anuradha Kher, Online News EditorLos Angeles–Legacy Partners’ newest project, 7950 W. Sunset (pictured), a $73 million mixed-use luxury rental community in Los Angeles featuring 183 apartments and ground level retail, is now 38 percent leased. The developer expects the project to be fully leased by June 2009.“Considering everything that is going on in the…
Read More“Gimme Shelter” with Daniel Gehman: Work Hard, Think Big
Last week I had the pleasure of attending at least one day of the National Multi-Housing Council Conference in La Quinta, California. You know what? I have to tell you: I’m certainly glad that developers, as a rule, are optimists. Well, maybe not the numbers guys, but certainly the visionary guys. It provided some…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges Over $18M in First Mortgage Financing for 308-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate,…
Read MorePresident and CEO of Enterprise Community Investment Retires
By Anuradha Kher, Online News EditorColumbia, Md.–President and CEO of Enterprise Community Investment Inc., Jeffrey H. Donahue, will retire effective April 15. The company’s board of directors has appointed Charles R. Werhane, current vice chairman and chief operating officer, as Donahue’s successor. F. Barton Harvey III, the previous chairman of Enterprise Community Investment and its…
Read MoreCondo, Co-op Sales Increase, Surge Led by West
By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales for condos and co-ops rose while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors. Sales for condos and co-ops jumped 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 units in…
Read MoreBosch Washers and Dryers with Leak Protection and Energy Saving Features
Bosch’s Nexxt Laundry systems now come with AquaStop, a leak protection feature on select washers, MistCare, an energy efficient way to relax wrinkles and remove odors, and EcoAction, which increases energy savings up to an additional 10 percent. The AquaStop leak protection system automatically shuts the unit off should the overflow switch detect water in…
Read MoreMadison Equities Tops Out on Ultra-Luxury Condo Project where Residences are Priced $6M and Up
By Anuradha Kher, Online News EditorNew York–Madison Equities recently topped out on 57 Irving, its newest luxury residential building located in Manhattan’s historic Gramercy neighborhood. The glass building features modern design and offers nine large units, with a triplex townhouse, a duplex penthouse or a full-floor residence to choose from.The Audrey Matlock-designed project, which is…
Read MoreRisk Index Trend Remains Fairly Stable; Number of Applicants Decreases
By Erika Schnitzer, Associate EditorRockville, Md.—The fourth quarter of 2008 had a more risky applicant pool than the previous quarter, according to First Advantage SafeRent’s fourth quarter 2008 Multifamily Applicant Risk (MAR) Index. The MAR Index is based on traffic credit quality scores from First Advantage SafeRent’s statistical screening model and is updated quarterly. A…
Read MoreMulti-Housing Executives Update: CMG Hires New Director of Business Development, and Other Moves
By Anuradha Kher, Online News EditorIrving, Texas–CMG has recently hired Christina Aclin (pictured) as director of business development. Aclin began her career as a resident assistant and leasing manager at a private, off-campus residence hall in Austin, Texas. She then became a business development associate at Campus Advantage assisting with sourcing and retaining clients. During…
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