Archive for June 2009

By Erika Schnitzer, Associate EditorDelray Beach, Fla.—CDS International Holdings Inc. has received approvals for its Atlantic Plaza II, a planned $325 million mixed-use community that will transform two city blocks in Delray Beach, Fla. Sitework for the initial phase of the project is slated to begin this summer.  The 8.5-acre site will include 197 apartments…

By Anuradha Kher, Online News EditorSummit, N.J.–Diversified Properties has formed a partnership with industry veteran Jonathan Stein to form Diversified Realty Advisors (DRA), a real estate advisory and turnaround group providing lenders with interim portfolio or individual asset management services during the workout or foreclosure stage, as well as long-term strategies such as asset and…

By Keat Foong, Executive EditorRaleigh, N.C.—Now is the time for gift giving and estate planning, according to a consultant to the real estate industry. Owners of companies intending to continue as family businesses should take advantage of depressed values in the recession to pass more of the companies’ ownerships to future generations, suggests Curt Young,…

Wellington, Fla.–Heather Straub (pictured) has been promoted to regional vice president of Bainbridge Management. Her responsibilities will include supervising the firm’s operations throughout the state of Florida.  Straub has 23 years of experience in the multifamily real estate industry, including five years at Bainbridge Management. During that time she has gained extensive experience in all…

By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group arranged a $5.4 million permanent financing for two properties totaling 64 multifamily units in Southern California.Meridian’s Los Angeles office represented the local undisclosed borrowers to secure 10-year fixed interest rates of 5.57 percent and 5.72 percent respectively.   Arbor Closes $1,725,000 Fannie Mae DUS Small LoanKinston, NC.–Arbor…

By Erika Schnitzer, Associate EditorCharleston, S.C.—Greystar Real Estate Partners recently opened the final phase of its Daniel Island Village, a 283-unit development and Daniel’s Island’s only professionally managed apartment community.Built on 16 acres, Daniel Island Village is the only market-rate rental community on the island, Ashley Heggie, asset manager with Greystar, tells MHN. “It’s really…

Needham, Mass.–New Boston Fund, a real estate investment, development and management firm, has selected Resolve Technology’s Portfolio Maximizer software to automate the modeling of investment cash flows, debt and partnership waterfalls.”We were looking for a solution that would enhance the timeliness and efficiency of portfolio modeling in an integrated and scalable fashion,” says Tim Medlock,…

By Anuradha Kher, Online News EditorWashington, D.C.–The GREEN Act, which could potentially raise the bar for environmental performance in affordable housing, is getting a nod of approval from those involved in the multi-housing industry. Bill H.R. 2336 or the Green Resources for Energy Efficient Neighborhoods Act of 2009 (GREEN Act), which was recently reintroduced in…

By Erika Schnitzer, Associate EditorWashington, D.C.—As part of its “Recovery Act in Action” Week, the U.S. Department of Housing and Urban Development (HUD) is examining its role in implementing President Obama’s plans to stimulate the American economy with energy-efficient measures, neighborhood stabilization and job creation.At a Webcast held yesterday afternoon, members of the Department discussed…

By Anuradha Kher, Online News EditorLexington, Ky.–Walker & Dunlop provided a $10,680,000 loan for Spring House Apartments located in Lexington, Ky. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Spring House Apartments is a 224-unit garden-style…