Archive for May 2009
‘Editor’s Notebook’ with Diana Mosher: Countdown to San Diego
Spotlight on Operations Track A recent assessment by the Wharton School shows a dramatic surge in economic losses from natural catastrophes worldwide, up from just over $50 billion in the 1950s to almost $800 billion in the 1990s. William Gray, a forecaster and the head of the Tropical Meteorology Project at Colorado State University, warns…
Read More‘Foong on Finance’ with Keat Foong: HUD Secretary Affirms Recommitment to Rental Housing
In announcing the proposed Department of Housing and Urban Development (HUD) budget this week, HUD Secretary Donovan seemed to affirm a shift in direction from the Bush years—towards a renewed emphasis on rental housing. Speaking in a teleconference to reporters, he said that the focus has been missing for “too long” from rental housing. He…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges $13.11M Mortgage for 240-Unit Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorChapel Hill, N.C.–NorthMarq Capital recently arranged first mortgage financing of $13.11 million for The Pointe at Chapel Hill, a 240-unit multifamily complex, located in Chapel Hill, N.C. Financing was based on a five-year interest-only term and was arranged for the borrower, a Chicago-based apartment owner and manager, by NorthMarq through…
Read MoreINSIDE THE DEAL: Private Co. Moves Ahead on $70M Acquisition in Southern Calif.
By Keat Foong, Executive Editor Rancho Santa Margarita, Calif.—Has the apartment market bottomed? Here is one company that is currently in acquisitions mode for conventional apartments. The Newport Beach-based Stoneridge Capital Partners purchased the Class A, 498-unit Avila Apartment Homes here from The Northwestern Mutual Life Insurance Company for $70 million. According to Greg Merage,…
Read MoreNew Solatube Series Provides Daylighting in Residential Applications
Solatube’s Brighten Up series is designed to make daylighting easier and more affordable for most interiors. It features an energy-efficient design that minimizes heat loss and gain between the interior space and outdoor environment.The Raybender 300 Technology lens directs low-angle light down from the tube for enhanced performance during the morning and afternoon. It also…
Read MoreVillas of Hillcrest Becomes First Affordable Housing Project to Win McSam Award
By Anuradha Kher, Online News EditorDallas–The Villas of Hillcrest (pictured first from top), designed by Humphreys & Partners Architects L.P., is the first affordable housing development to win a McSAM Award in the 30-year history of the Home Builders Association of Greater Dallas’ annual competition. The project, located in North Dallas, won the “Best Multifamily…
Read MoreBrooklyn Condominium Brought Up to Code, Now Ready for Sale
By Erika Schnitzer, Associate EditorBrooklyn—Scarano Architects PLLC has helped to bring Olive Park, a seven-story, 87-unit luxury condominium development located at 100 Maspeth Ave. in Brooklyn, up to code and ready for sale.Brought in as troubleshooters, Scarano Architects helped developer Aron Deutsch and George Schwartz Architects complete the project without having to start from the…
Read MoreMulifamily Starts Plunge Whopping 74% Y-O-Y to 78K Units; Can They Fall Further?
By Anuradha Kher, Online News EditorNew York–New home construction fell to its lowest pace on record in April, according to the Census Bureau’s latest report. Multi-housing starts for April are down to 78,000 units, a 42 percent drop from last month and a whopping 74 percent drop year-over-year. This dragged down the overall housing starts…
Read MoreDeveloper of 100 Gold Street Anthony Morena Selected to Judge MHN’s Green Initiative Awards
New York—Anthony Morena, AIA, architect and principal at The REDD Group, a firm that designs, develops and manages properties, has been selected to judge MHN’s second annual Green Initiative Awards. Morena’s eco-friendly residential work includes the 10-unit 100 Gold Street and the eight-unit project at 294 Ainslie Street, both in Brooklyn. At 100 Gold, REDD…
Read MoreTODAY’S DEALS: HFF Arranges $23.28M Refinancing for 260-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorRancho Cucamonga, Calif.–HFF (Holliday Fenoglio Fowler, L.P.) recently arranged a $23.28 million refinancing for Ironwood Apartments (pictured), a 260-unit multifamily community in Rancho Cucamonga, Calif.Working on behalf of institutional investors advised by J. P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox placed the seven-year,…
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