Archive for February 2009

Los Angeles–Figueroa Capital Group has reached an agreement with Charles Dunn Real Estate Services Inc. to develop asset management business for them with financial institutions.  Figueroa Capital Group will identify and approach financial institutions needing assistance with management of their real estate assets, providing comprehensive asset services including:  property management, long-term investment and risk analysis,…

By Anuradha Kher, Online News EditorAtlanta–Luxe (pictured), the recently completed 22-story condominium tower at 222 12th St. between Piedmont Avenue and Juniper Street in Atlanta has opened its sales center. The project has already sold 30 percent of the units before construction was completed, a fact that co-developers Paces Properties Inc. and Trammell Crow Residential…

By Anuradha Kher, Online News EditorIrvine, Calif.–LeasingDesk recently launched advanced criminal record search logic in its resident screening offering. This enhancement increases the accuracy of the returned data, reducing the possibility of false positive matches, and improves an owner’s ability to identify quality residents, according to the company.According to LeasingDesk, the weakened economic landscape reinforces…

By Keat Foong, Executive EditorNew York, N.Y.—Who says construction financing is not obtainable? LCOR Inc. secured construction financing in this very difficult environment to finance the $69 million rental 34 Berry Street, which is located in the trendy neighborhood of Williamsburg, Brooklyn. The 142-unit development was able to secure financing for a number of reasons. …

By Anuradha Kher, Online News EditorNewport News, Va.–Alliant Capital closed an $11 million loan for the refinance of Village at Stoneybrook Apartments (pictured). The 256-unit garden-style community was built in 1974 and features 16, two-story residential buildings. Alliant’s loan has a 10-year term with nine years of yield maintenance and a 30-year amortization. The rate…

Washington, D.C.–President Barack Obama plans to nominate Ron Sims, county executive of King County, Wash., to become the deputy secretary at the U.S. Department of Housing and Urban Development (HUD). As the deputy secretary, Sims will be charged with managing HUD’s day-to-day operations, a nearly $39 billion annual operating budget and the agency’s 8,500 employees.“Sims’…

By Anuradha Kher, Online News EditorWashington, D.C.–While the performance forecast for the rental multifamily market in 2009 is bleak, sales of condos and co-ops seem to be looking upward.The Pending Home Sales Index, a forward-looking indicator based on contracts signed for condos and co-ops as well as single-family homes, in December rose 6.3 percent to…

By Erika Schnitzer, Associate EditorWashington, D.C.—The American National Standards Institute (ANSI) has approved the National Green Building Standard (NGBS) for all residential construction, which includes apartments, condominiums, land development and single-family homes, as well as remodeling and renovation.This is the first and only consensus-based green building standard for residential properties. A joint effort between the…