Archive for July 2009

Fresh Meadows, N.Y.–U.S. Energy Group has launched USE-Analysis, a large-scale fuel consumption analysis study, which is designed to define the amount of oil, or gas equivalent, that buildings in New York City typically use. The aim is to apply this information to help buildings achieve peak operating efficiency. USE-Analysis, which started with U.S. Energy’s existing…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily starts have fallen again; this time by more than 25 percent, according to the Commerce Department’s latest report. With no clear trend in sight, starts for June were at 101,000 units, which is a 28.6 percent drop when compared to May and a 74.8 percent drop year over…

By Barbra Murray, Contributing Editor Two real estate industry finance veterans have come together to create Davies Ingersoll Capital Partners, a firm offering debt and equity solutions, as well as investment opportunities to clients across the country, with a particular focus on the self-storage sector. Jim Davies, a former senior vice president and shareholder of…

By Erika Schnitzer, Associate EditorBayonne, N.J.—Trammel Crow Residential’s 544-unit Alexan CityView, the largest LEED (Leadership in Energy and Environmental Design) for Homes multifamily community in the country, is officially open. Move-ins began in April and the community is 13 percent leased.“The key to being successful is making a commitment to the LEED program early on…

By Anuradha Kher, Online News EditorSterling Heights, Mich.–Love Funding recently closed a $7,327,000 refinance loan for Sterling Lake Apartments, a 261-unit multifamily complex located in Sterling Heights, Mich. Love Funding secured the funds using the HUD 207/233 (f) loan program for the borrower, LR Management. Terms of the deal include a 5.5 percent interest rate…

By Anuradha Kher, Online News EditorAtlanta–Lane Co. has named Bill Stahlke (pictured) president of investments at Lane Strategic Investment LLC. His responsibilities include developing Lane Co.’s acquisition strategy and overseeing all of the firm’s acquisitions. Lane Co.’s primary equity partner is Lubert-Adler Partners L.P. The firms announced earlier this year that Lubert-Adler will provide $250…

McLean, Va.–The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS). Last year at this time, the 30-year FRM averaged 6.26 percent.   The 15-year…

By Anuradha Kher, Online News EditorStatesboro Ga. and Columbus, Ohio–KeyBank Real Estate Capital recently provided $16.5 million from an existing $200 million Fannie Mae structured credit facility extended to Campus Apartments in January 2008. Consistent with the original terms of the facility, Key provided a $14.6 million variable rate DMBS advance for Campus Crossing at…

By Erika Schnitzer, Associate Editor New York—Manhattan may be showing some signs of a recovery, according to CORE’s Quarterly Real Time Report, Second Quarter 2009, a culmination of snapshots of current market inventory, pricing and absorption. However, whether this is due to seasonal activity or pent-up demand remains to be seen, notes Shaun Osher, founder…