Archive for March 2009
Community to House Formerly Homeless Vets Celebrates Grand Opening
By Erika Schnitzer, Associate EditorBronx, N.Y.—Inner City Development, the Community Preservation Corporation (CPC), ENPHRONT Veteran Services, and city and state housing officials recently celebrated the grand opening of the $5.8 million Jackson Avenue Veteran Complex, seven three-family row homes that were built to house formerly homeless veterans. CPC provided $4 million in permanent financing, which…
Read MoreTODAY’S DEALS: Alliant Arranges $7.9M Refi Loan for Affordable Housing Project, and Other Transactions
By Anuradha Kher, Online News EditorTucson, Ariz.–Alliant Capital LLC has arranged a $7,928,800 loan to refinance La Jolla de Tucson on behalf of Holualoa Arizona Inc. La Jolla de Tucson, a 223-unit affordable housing community, was the final property to close as part of a three-property Tucson purchase transaction. The loan has a nine-year term…
Read MorePresident Obama Appoints BRIDGE President and CEO to Position at HUD
San Francisco–President Barack Obama has appointed Carol Galante, president and CEO of BRIDGE Housing, as deputy assistant secretary for Multifamily Housing Programs at the U.S. Department of Housing and Urban Development (HUD). As deputy assistant secretary, Galante will be responsible for HUD’s financing support for the development and preservation of privately-owned rental housing (a current…
Read MoreHousing Starts Surge in February is an Aberration, Bottom Still Not Reached, Say MF Industry Leaders
By Anuradha Kher, Online News EditorNew York–Overall housing starts in February surged 22 percent from January, mainly due to a nearly 80 percent increase in multifamily starts during the same period. The total number of multifamily starts in February rose to 212,000 as compared to 118,000 in January, while the overall starts totaled 583,000. Even…
Read MoreThe Benefits of Building Information Modeling
By David Demarest, Architecture DemarestFor several years, architectural firms and construction companies have been experimenting with building information modeling (BIM). In the course of experimentation, they have discovered that the application can decrease both design and construction costs. Implementation of BIM technology has passed the experimental phase as designers and builders familiar with the application…
Read MoreASI Introduces Sustainable Hardwood Floors
Architectural Systems Inc. (ASI) has introduced VenCork Flooring, a collection that combines real wood veneers with a cork substrate to create a sustainable hardwood flooring.A range of color options and woods are available, including oak, mahogany, cherry, walnut, mutene and sucapira, in addition to custom colors. The durable surface is credited to the anti-scratch transparent…
Read MoreINSIDE THE DEAL: Kislak Brokers Sale in New Jersey Market
By Keat Foong, Executive Editor Woodbridge, N.J.—The Kislak Company Inc. completed a $27.5 million sale in North Brunswick, N.J. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties and yield high returns in the process,” says Kislak vice president, Barry Waisbrod, who represented…
Read MoreTODAY’S DEALS: Meridian Arranges Construction Loan of $10M for 300-Unit Garden-Style Apartment Community, and Other Transactions
By Anuradha Kher, Online News Editor Joppatowne, Md.–Meridian Capital Group has recently arranged a construction loan in the amount of $10 million for Harborside Apartments in Joppatowne, Md. Meridian’s New York office successfully negotiated on behalf of the borrower a three-year interest-only LIBOR-based term.The loan will be used to construct the third phase of a 300-unit…
Read MoreENERGY STAR Qualified Under-Cabinet Range Hoods from Broan
Broan’s QDE series of ENERGY STAR qualified under-cabinet range hoods offer savings of 564-kilowatt hours compared to an equivalent model featuring halogen lights. Certified by the Home Ventilating Institute (HVI) and ENERGY STAR qualified, the QDE series features an energy-efficient 280 CFM blower that is controlled by a two-speed rocker switch.The QDE series meets all…
Read MoreEnterprise Uses NMTC Allocations from CDFI in Low-Income Communities
By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Investment has utilized all $515 million of its New Markets Tax Credit (NMTC) allocations from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) to help finance real estate projects and business opportunities in low-income communities across the country. As one of the largest recipients in…
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