Archive for May 2009
Jersey City Mixed-Income Community is the Next Step toward Creating the City of 2050
By Erika Schnitzer, Associate EditorJersey City, N.J.–Franklin Development Group and the Jersey City Redevelopment Agency (JCRA) recently broke ground on Margaret S. Herbermann Manor, a 45-unit mixed-income community located in the Heights neighborhood of Jersey City, N.J. The development is just one component of a larger, ongoing redevelopment effort.The expected $16 million development, which is…
Read MoreFour Affordable Housing Developments Receive HUD Design Awards
San Francisco—The U. S. Department of Housing and Urban Development (HUD), in conjunction with the American Institute of Architects (AIA), has selected four affordable housing developments as the recipients of the HUD Secretary’s Housing and Community Design Award for excellence in residential housing design. The awards were presented during the 2009 AIA National Convention…
Read MoreQ&A with Scott Reithel: Obama Administration is Doing A Lot More for Affordable Housing
Scott Reithel recently joined Community Housing Partners (CHP), a non-profit community development corporation, as vice president of property management. Reithel is active with the National Affordable Housing Management Association (NAHMA) located in Alexandria, Va., where he is the president-elect and will serve as president in 2010. He also serves as the vice president of the…
Read MoreTODAY’S DEALS: Alliant Capital Provides Over $5M Refi Loan to 102-unit Townhouse Community, and Other Transactions
By Anuradha Kher, Online News Editor Tucson, Ariz.–Alliant Capital LLC recently arranged $5.5 million refinance of Cottonwood Creek (pictured), a 102-unit townhouse community located one mile from the University of Arizona in Tucson. The transaction closed with a 10-year term with two-year interest only and a 30-year amortization. “Utilizing our partnership with Fannie Mae’s Choice Refinance…
Read MoreYardi Voyager Upgrades Senior Housing Software
By Anuradha Kher, Online News EditorSanta Barbara, Calif.–Yardi Systems, developer of property management software, has recently unveiled an upgrade to Yardi Voyager Senior Housing, which includes a redesign of the marketing prospect workflow, inspired by client feedback. This features greater functionality along with a much simpler interface, which have been put in place to maximize…
Read MoreGUEST COLUMN: The Long-Term Prospects of Multifamily Investments
By Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, Inc. Most experts agree that 2009 will be challenging for all commercial property types, including the market’s perennial bright-spot, the multifamily market. Although apartments have suffered less than other commercial real estate sectors, apartment vacancy rates are expected to rise an average of…
Read More“Eye on the Economy” with Adam Perrotta
The nation’s economic data has turned from a seemingly endless parade of bad news, to more of a mixed bag as of late, with some positive (or relatively positive) readings sprinkled in among the doom-and-gloom. The dichotomy is of course providing optimists and pessimists alike with plenty of grist for their respective mills. We’ll try…
Read MoreTODAY’S DEALS: Walker & Dunlop Provides $12M Loan for 408-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorOmaha, Neb.–Walker & Dunlop provided a $12,100,000 loan for Legacy Crossing Apartments (pictured) located in Omaha, Neb. The loan was structured with a 10-year term with two years interest-only, followed by a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value and a 1.25x debt-service coverage ratio. Legacy…
Read MoreIREM Becomes Executive Member of OSCRE, Appoints Toothaker as Rep to Board of Directors
By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) recently became an executive member of the Open Standards Consortium for Real Estate (OSCRE), North America’s foremost standards development organization for the real property supply chain. Following this development, IREM selected Robert (Bob) Toothaker, CPM, who served as the organization’s president in 2007,…
Read MoreEDITOR’S NOTE: HUD Secretary Affirms Recommitment to Rental Housing
By Keat Foong, Executive Editor 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…
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