Archive for May 2009

By Anuradha Kher, Online News EditorLivingston, N.J.–Gebroe-Hammer Associates has closed six separate multifamily housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties. The largest trade was the $1.425…

By Anuradha Kher, Online News EditorWashington D.C.–The U.S. Department of Housing and Urban Development has appointed Helen Kanovsky, Peter Kovar and John Trasviña as the general counsel, assistant secretary for congressional and intergovernmental affairs, and the assistant secretary for fair housing and equal opportunity. The U.S. Senate unanimously confirmed all three.HUD Secretary Shaun Donovan said…

By Erika Schnitzer, Associate EditorChicago—While the Windy City has been faring relatively well on its supply side, its demand leaves much to be desired, according to Greg Willett, vice president of research and analysis at M|PF Yieldstar.Occupancy is sitting at an average of 92.4 percent, down 190 basis points year-over-year. While this number may not…

By Dees Stribling, Contributing Editor, Commercial Property News New York–In light of the current doldrums for both commercial and residential real estate, what’s a developer to do? Be ready for the eventual turnaround, if possible. Development is typically a multi-year activity, after all. It also helps to plan your project in an area that’s more…

Washington, D.C.–Urban Investment Partners (UIP) has completed its full-building rehabilitation of The Shelby, a 24-unit luxury apartment building located at 1706 T Street, N.W. in Washington, D.C.’s Dupont Circle-Adams Morgan neighborhood. Move-ins have begun. (Kitchen before on right) UIP, through its $60 million Washington Residential Fund II (WRF II), purchased the property, formerly known as…

By Anuradha Kher, Online News Editor     Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has…

By Erika Schnitzer, Associate EditorLos Angeles—KTGY Group Inc., Architecture and Planning has been awarded the 2009 Best of 50+ Housing Gold Award by the National Association of Home Builders’ (NAHB) in the category of “Best Multifamily Rental 50+ Community (Affordable)-On the Boards” for its design and planning of Echo Park. The property is a 90-unit…

By Anuradha Kher, Online News EditorWashington, D.C.–The Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) has been expanded to cover commercial real estate backed securities (CMBS) and loans. In addition, the loans provided to investors under TALF to purchase the securities will have five-year terms, which better match the needs of CMBS investors. Previously,…