Archive for February 2009
Avalon Morningside Park, Cathedral Church of Saint John the Divine Team Up for Affordable Housing
By Anuradha Kher, Online News EditorNew York–The Cathedral Church of Saint John the Divine’s housing mission fund recently contributed $200,000 towards 59 affordable housing units at the Avalon Morningside Park (pictured), a 295-unit mixed-income community located at 1 Morningside Drive in New York. Residents began moving in in July 2008. This is the first of…
Read More70,000 Affordable Housing Units to be Preserved with MacArthur Grants
By Erika Schnitzer, Associate EditorChicago—In the last 10 years, two million affordable rental homes have been lost, whether sold, demolished or priced out, said Jonathan Fanton, president of the MacArthur Foundation, in a teleconference today. Now, in an effort to preserve affordable housing, the Foundation has announced its investment of $32.5 million—$9.5 million in grants…
Read MoreSnaidero USA Adds Line of Green Cabinets, Aims to Serve Eco-Friendly Multi-Housing Developers
By Anuradha Kher, Online News Editor Los Angeles–Following the increasing demand for eco-friendly products in the furniture sector, Snaidero USA has added a whole line of “green” cabinets that meet the North-American criteria established by the USGBC (United States Green Building Council). The new line is in addition to its existing E1/ISO 14001 certified products.LEED standards…
Read More“Capital Insights” with Jack Kern: Senior Housing, Senior Moments…
“I’ve learned more in my lifetime, than you’ll probably ever know, because, wait, what were we talking about?”–My Grandfather, 1964 There is a lot of interest in multi-housing for all of the sectors, but lately there have been some great questions on continuing care retirement communities and nursing facilities. The biggest difference, as the claim…
Read MoreMARKET SNAPSHOT: Lack of New Construction Helps When Vacancies are Increasing in Orlando, Fla.
By Erika Schnitzer, Associate EditorOrlando—The lack of new construction in the Orlando market is not such a bad thing, according to Cole Whitaker, partner at Hendricks & Partners’ Orlando office. The downturn in new construction should help a softening rental market.“We, unfortunately, are sitting here with declining rent rolls due to increased concessions, so to…
Read MoreTODAY’S DEALS: Arbor Closes $10,614,100 Fannie Mae DUS Loan, and Other Transactions
By Anuradha Kher, Online News EditorRoswell, Ga.–Arbor Commercial Funding LLC recently completed funding of a $10,614,100 loan under the Fannie Mae DUS ARM product line to refinance the 312-unit complex known as Kings Bridge (pictured) in Roswell, Ga.The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.Meridian Capital Arranges…
Read MoreEDITOR’S NOTE: Three Economic Plans in Eight Days
By Keat Foong, Executive EditorA whirlwind of actions under the new Obama Administration. In quick succession, in the space of a little more than seven days, we have seen the following developments: (1.) Feb. 10: The announcement by Treasury Secretary Timothy F. Geithner of the White House’s financial rescue effort, the Financial Stability Plan, that…
Read MoreNAR Foresees Increase in Home, Condo Sales by Summer as a Result of Very Favorable Buying Conditions; Inventory is Almost Back to Normal
By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales declined in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to the National Association of Realtors. At the same time, inventories fell to a two-year low.Lawrence Yun, NAR chief economist, says there was understandable hesitation by some…
Read MoreRent Manager Partners with Paychex, Adopts Automated Payroll Import Feature
By Anuradha Kher, Online News EditorCincinnati, Ohio–London Computer Systems Inc. (LCS), developer of Rent Manager software, is partnering with Paychex, provider of payroll and payroll tax services, Human Resource services, 401(k) plans, insurance and time and labor solutions. The Rent Manager software was developed in 1982 to help property owners/managers more efficiently handle their properties,…
Read MoreNLIHC Study Highlights Plight of Renters in Market Going Through High Number of Foreclosures
By Anuradha Kher, Online News EditorWashington, D.C.–While there has been ample coverage on foreclosures and how they are affecting buyers, the impact of foreclosed homes on renters is often ignored.According to a new report, “Without Just Cause,” sponsored by the National Low Income Housing Coalition (NLIHC) and the National Law Center on Homelessness & Poverty…
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