First Multifamily Development in Houston Heights to Celebrate Grand Opening
By Erika Schnitzer, Associate Editor Houston—Allied Realty Services Ltd. will celebrate the grand opening of 212 Yale, a six-story, 195-unit urban infill development located in the Heights neighborhood of Houston, this month.Houston Heights “is one of the oldest parts of Houston. It’s full of a bunch of old Victorian homes and has its own downtown that has been turned into antique shops and restaurants in the area, all within walking distance” of 2125 Yale, Tim Myers, managing partner at Allied Realty Services Ltd., tells MHN. The project is the only multifamily development in the neighborhood, and in fact, Myers says…
Weathering the Capital Crunch: A New Approach to Interim Financing of Commercial Real Estate Projects
By Jeff Burton, American Dream DevelopmentIn today’s economic environment, there is no shortage of potential projects on the books of experienced commercial developers. There are also billions of investor dollars looking for an opportunity to go to work.Stabilized, commercial real estate—including residential rental developments—has become less available as even the best performers are not catching the valuation potential their current owners perceive.The collapse of the credit markets has bred fear into the lending institutions and equity investors alike, especially where real estate is involved. Overcoming these obstacles of tightened investment is possible through a fundamentally new business model for equity…
TODAY’S DEALS: NCB Originates Nearly $60M in Financing for 24 NY Area Properties, and Other Transactions
By Anuradha Kher, Online News EditorNew York–NCB has originated almost $60 million in financing in December for 24 New York area properties. This includes $46.7 million in mortgages and $12.9 million in lines of credit. “Activity during December more than tripled from the prior month, as many cooperatives looked to take advantage of low interest rates before year end,” says Edward Howe III, managing director of the NCB New York. “While other areas of the financing market have slowed dramatically, underlying mortgages and lines of credit lending for housing communities remain strong, as more buildings arrange loans to meet varying…
Q&A with John Hitchcox: We Will Build More Rentals Because Market Wants That
John Hitchcox (pictured) is the chairman of yoo, an international branding, design and investment property company he founded with Philippe Starck. Yoo currently has 57 projects under development. The company recently announced it decision to shift its focus from condos to rentals. Hitchcox talks to MHN Online News Editor Anuradha Kher about this change, how it will be implemented and what yoo will offer renters that isn’t already offered.MHN: Why the change in focus? Hitchcox: I believe rentals have not been given much attention. It is a slightly neglected side of residential construction, especially in the U.K. It is like…
What Multifamily Needs to Know about the Employee Free Choice Act
By Erika Schnitzer, Associate EditorWashington, D.C.—Union workers convened on Capital Hill yesterday to lobby for the passage of the Employee Free Choice Act (EFCA). Since taking office, President Obama has made his pro-labor stance clear with the signing of the equal-pay law, the establishment of a task force for middle-class families and his choice for Labor Secretary. With the campaign for the Act reignited and a top priority for labor unions, how will multi-housing be affected if it is passed?“The question is whether we are going to create enough impetus for on-site associates to unionize,” Terry Danner, CEO of Riverstone…
Latest Homebuyer Tax Credit Voted by Senate is The Real Thing, Says NAHB
By Anuradha Kher, Online News EditorWashington, D.C.–The Senate voted yesterday to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000. The measure, introduced by Sen. Johnny Isakson, a Republican from Georgia, is expected to add as much as $18.5 billion to the already-massive stimulus package.This tax credit, unlike others proposed previously, is a real tax credit, according to the National Association of Homebuilders (NAHB), as long as it is claimed within two years. There is no automatic recapture of this money unless the buyer sells the property within two years of purchasing it. NAHB…
National Association of Home Builders
The National Association of Home Builders is a trade association that helps promote the policies that make housing a national priority.
Mortgage Bankers Association
Offers information on buying a home, financing, market data, conferences and industry news.
Urban Land Institute
Nonprofit education and research institute with focus on the use of land in order to enhance the total environment.
Web Site Helps Managers, Owners Find Short-Term Renters
By Anuradha Kher, Online News EditorNew York–Roomorama.com, new peer-to-peer online platform for short-term room and apartment rentals, recently launched its improved web site.The service is available in Los Angeles, Miami, San Francisco, Vancouver, Washington D.C., Boston, Chicago, New York and Toronto. The free web-based program allows hosts to post and manage listings to the user community.“We want to provide a transparent place for guests looking for accommodation and a way for hosts to manage their rental activity for short-term rentals,” Federico Folcia, co-founder of the site, tells MHN. He also says there has been considerable amount of interest from property…