Q&A with David Penick: We Build Green Because It’s a Fundamental Issue of Quality and What Is Better
The CEO of real estate developer Hines Interests, Jeffrey Hines, was recently awarded the Green Building Design Award from Global Green USA at their 9th Annual New York Awards Ceremony. Hines received the award for commitment on part of his company to sustainability, which is reflected in his leadership role with the U.S. Green Building Council and the EPA’s ENERGY STAR program. Hines Interests founded a green real estate development fund with CalPERS. In addition, the company developed the ((Leadership in Energy and Environmental Design) LEED-certified luxury residential condominium, One Jackson Square in New York’s Greenwich Village. Two years ago,…
South Fla. Company Launches Condo Matchmaker to Meet Growing Rental Demand
By Erika Schnitzer, Associate EditorMiami—Developer Sales Group LLC, an interactive sales and marketing organization specializing in the South Florida real estate industry, recently launched PlumPads, a rental real estate firm specializing in matching multifamily properties with qualified leasing prospects.“We perform as a transactional broker, bringing buyers and lessors together,” explains Michael Internoscia (pictured), owner of Developer Sales Group and founder of PlumPads. Headquartered in Miami with affiliate offices in Houston, PlumPads works with developers, owners and banks who are unable to sell their properties in the current market by renting unoccupied condos quickly during the downturn. Additionally, the PlumPads management…
Alliance Breaks Ground on Houston Urban Infill Rental Community
By Anuradha Kher, Online News EditorHouston– Alliance Communities has broken ground on Broad¬stone Voss, an urban infill multifamily development located in the Galleria corridor area near the Uptown District in Houston. Designed by Meeks + Partners, this four-story community features 307 rental apartments. It is expected to be ready by the summer of 2009.Broadstone Voss is a redevelopment of apartments built in the early ’70s on a 4.89-acre site. The community serves as a transitional piece of the urban fabric shifting from an adjacent commercial retail center on the south side to less denser single-family and multifamily developments nearby.“Our main…
TODAY’S DEALS: PNC ARCS Closes Over $9M in Loan to56-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorNew York, N.Y.–PNC ARCS has closed a $9.416 million loan for the Fourth Avenue Apartments, a 56-unit community in Brooklyn, N.Y.Built in 2008, the Fourth Avenue Apartments is an A-rated, 10-story building containing 56 apartments and a 28-car parking garage. There are no other amenities in the building.The loan was for a 15-year term/30-year amortization at a fixed rate of 6.245 percent. The loan was originated by PNC ARCS’ Princeton, N.J. office through Fannie Mae.Arbor Closes $8,321,800 Fannie Mae DUS LoanLynn, Mass.–Arbor Commercial Funding LLC recently completed funding of a $8,321,800 loan under the Fannie…
Cubellis Chosen as Master Planner for Plymouth, Mass. Community
By Erika Schnitzer, Associate EditorPlymouth, Mass.–Cordage Development LLC has chosen Boston-based Cubellis, an international architecture, interior design and engineering firm, as the master planner of the redevelopment of the historical Cordage Park property, a 2.4 million-sq.-ft. site that will include 675 residential units, as well as retail, office and hotel space, at build-out.The former industrial site of rope warehouses will incorporate the state’s Chapter 40R Smart Growth affordable housing legislation, which “was enacted by the state of Massachusetts to promote affordable housing and Smart Growth design and construction in areas where this is a high density of uses, such as…
Multi-Housing News Executives Update: Arbor Names Robert Russell to Senior Vice President, and Other Moves
By Anuradha Kher, Online News EditorNew York–Arbor Commercial Mortgage has appointed Robert Russell (pictured) to senior vice president in Arbor’s New York City office. In this position, Russell is responsible for sourcing and structuring multifamily and commercial transactions. He reports to John Caulfield, executive vice president, director of operations. Prior to joining Arbor, Russell was managing director at Wachovia Securities, where his responsibilities included developing client relationships, originating loans, underwriting, structuring and closing transactions. He previously served in a similar capacity as managing director at Credit Suisse. Russell has also held positions at Nomura Asset Capital Corporation, Rosenman & Colin, LLP…
Builders Should Not Necessarily Ignore the Bankruptcy Option
By Keat Foong, Executive Editor Washington, D.C.–Bankruptcy is definitely an option that builders should learn about even if they do not pursue it, according to the presenter at a recent seminar sponsored by Builder Partnerships. Jim Weigel, of The Shinn Group, a home builder consultant, was the presenter for the seminar entitled “Financial Impacts: Is Bankruptcy an Option?” According to Weigel, bankruptcy can be used not only to liquidate a business, pay off its creditors and shut it down, but also to ensure a business’s ability to survive, for example by providing it temporary relief from creditors. It can be…
Dallas City Council Approves Development of District with Several Transit Stations
By Anuradha Kher, Online News EditorDallas–The Dallas City Council has approved its first Tax Incremental Financing (TIF) District focused on multi-station transit-oriented development (TOD). Spread across 559 acres, the new TIF District features public rights-of-way and stretches from the Lovers Lane/Mockingbird area along the DART rail line to the Lancaster/VA Medical Center region. The District will have a 30-year life, during which real property values are forecasted to grow from $320 million in 2008 to $3.52 billion by 2038. The incremental tax revenue expected to accrue to the District is projected to be approximately $328 million during the life of…
Today’s Deals: Hendricks & Partners Arranges Sale of Rental Community for $18.4M, and Other Transactions
By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Skyline Gateway (pictured), a 246-unit apartment community located at 4601 East Skyline Dr. in Tucson, Ariz., for $18.4 million.Constructed in 1985, Skyline Gateway is a gated community featuring 14 three-story, garden-style buildings. The property features one- and two-bedroom units in six floor plans. Each unit is equipped with air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators, a private balcony or patio, and cable television. Select units include fireplaces, stacked or full-sized washers and dryers, and walk-in closets. Community amenities include a clubhouse with kitchen, billiards, a…
Post, Skyrise, Greenway Mark Grand Opening of Dallas Suburb Mixed-Use Community
By Erika Schnitzer, Associate EditorRichardson, Texas–Post Properties, Skyrise Properties, and Greenway Investment Co. recently celebrated the grand opening of Eastside, a mixed-use development located in the Dallas suburb of Richardson, Texas that will offer 435 apartments, 80,000 sq. ft. of retail and 200,000 sq. ft. of office space upon its build out, slated for late March 2009.“This was a really good retail-driven intersection at Central Expressway and Campbell Road in Richardson, and it is adjacent to the Telecom Corridor, which includes several million sq. ft. of Class-A offices built in the ‘90s,” David Ward, executive vice president, regional investment director…