Renovation of Historic Apartments by UIP Is Underway
By Anuradha Kher, Online News EditorWashington, D.C.–Urban Investment Partners of Washington, D.C. (UIP) has begun a $2.6 million renovation of The Biltmore, a 94-year-old apartment building that once housed luminaries such as President William Howard Taft and journalist Carl Bernstein. Located at 1940 Biltmore St., N.W., The Biltmore overlooks Rock Creek Park in Washington’s Kalorama Triangle neighborhood. It features 24 apartments on six levels. UIP has completed renovating five units and is now working on three more. The work is going on while the building remains occupied. “The Biltmore enjoys a central location in one of the most desirable residential…
Hudson Tea: Three Distinct Model Units Speak to Different Demographics at Toll Brothers’ Hoboken Condo
By Erika Schnitzer, Associate EditorFor a slide show of this project see “Hudson Tea: Three Distinct Model Units.”Originally the Lipton Tea headquarters, Hudson Tea in Hoboken, NJ boasts 13-ft. ceilings with oversized picture windows, hardwood floors, marble bathrooms, granite countertops and stainless steel appliances. “The ceiling height is not something that exists in many places at all on the [New] Jersey side,” notes Ben Jogodnik, division senior vice president, Toll Brothers City Living. That, coupled with the waterfront views of Manhattan and the desirability of redeveloped Hoboken, he believes, provides “something that’s really unparalleled.”“It [also] helps dramatically when you spend…
Montgomery County, Md. Launches First Workforce Housing Sponsored under New Local Legislation
By Erika Schnitzer, Associate EditorRockville, Md.—The Housing Opportunities Commission (HOC), the Department of Housing and Community Affairs (DHCA) and the city of Rockville, Md. recently launched Montgomery County’s first workforce housing condominiums sponsored under the county’s new legislation. These condos are called the Village at King Farm, a 49-unit community in Rockville.“What we want to do here is give people an opportunity to have a stake in the future of Montgomery County,” Maryanne Dillon, director of real estate at HOC, tells MHN. “This is one of the highest-income counties in the country, which makes it out of reach for the…
Housing Agencies Praise Shaun Donovan’s Appointment as New HUD Secretary
By Anuradha Kher, Online News EditorWashington, D.C.–President-Elect Barack Obama has appointed Shaun Donovan, New York City’s former commissioner of Housing Preservation and Development (HPD), as the new secretary of the Department of Housing and Urban Development (HUD). Obama said Saturday that Donovan will play a key role in tackling the mortgage crisis and helping families stay in their homes.Donovan will bring “fresh thinking” to HUD, Obama said, pledging that his nominee will abandon “old ideology and outdated ideas” that have stymied some of the agency’s past efforts.”We can’t keep throwing money at the problem, hoping for a different result,” Obama…
Multi-Housing Executives Update: For Rent Media Solutions Promotes Terry Slattery to President, and Other Moves
By Erika Schnitzer, Associate Editor Norfolk, Va.—Terry Slattery has been promoted to president of For Rent Media Solutions, a resource for searching apartments nationwide. In this position, Slattery will oversee all aspects of print, Internet, production and operations for the company’s publications and Websites, including ForRent.com, For Rent Magazine, Apartamentos Para Rentar, CorporateHousing.com and After 55 Housing and Resource Guide.Slattery has worked in the multifamily industry since 1993, when he joined For Rent Magazine as account executive. Since then, he has held the positions of national marketing director, vice president of marketing, and vice president of national sales and marketing.He…
TODAY’S DEALS: KeyBank Closes $29M in Loans for Three Senior Housing Properties, and Other Transactions
By Erika Schnitzer, Associate Editor Bakersfield, Calif.—KeyBank Real Estate Capital has closed $29 million in Fannie Mae loans for three Pacifica Companies’ “Oakdale Heights” senior housing properties.KeyBank’s financing included $10.7 million for a 78-unit property in Bakersfield, Calif. (pictured), $9.3 million for an 86-unit community in Virginia Beach, Va., and $9 million for 87 units in Wilmington, N.C.Gebroe-Hammer Closes $8.7M Sale of 97-Unit N.J. Property South Bound Brook, N.J.—Gebroe-Hammer Assciates recently closed an $8,778,000 sale of Towne Oaks, a 97-unit community located in South Bound Brook, N.J.Joseph Brecher, senior vice president at Gebroe-Hammer, negotiated the sale on behalf of the…
U.S. Energy Group Launches Solar Power Initiative; Co-Op Used in Prototype
By Erika Schnitzer, Associate EditorFresh Meadows, N.Y.–U.S. Energy Group, a firm that develops and integrates energy control, monitoring and analysis systems for large residential properties, has launched USE Solar, a new solar energy initiative that focuses on the potential for multifamily and commercial buildings to use solar power.U.S. Energy Group manufactures and monitors approximately 4,000 energy control systems. In addition, the company delivers emergency alerts to clients via text message, email or fax, explains Jerry Pindus, founder and CEO of U.S. Energy Group and president of TedPin Realty Co., an owner and operator of apartments and co-ops in the N.Y….
Housing Meeting Anticipates ‘Fresh Start’ Under Obama Administration
By Keat Foong, Executive EditorNew York—The New York Housing Conference (NYHC) and National Housing Conference’s (NHC) 35th Anniversary Awards Luncheon meeting this week evidenced a sense of anticipation in the affordable housing industry on the eve of an incoming Obama Administration. An experts’ briefing entitled “A Fresh Start? Affordable Housing in the Obama Administration—a National Perspective” was held before the luncheon. Conrad Egan, NHC president and CEO, said at the briefing that “we are already encouraged” by how quickly President-elect Barack Obama has moved in preparation for his incoming administration. Egan said the Government Sponsored Enterprises are now “GOEs”—Government Owned…
Scoring Tool Ranks Impact of Internet Listing Services
By Teresa O’Dea Hein, Managing EditorNorfolk, Va.— Vitrue’s Social Media Index (SMI), a recently launched free tool that measures a brand’s online conversations, reports that ForRent.com leads in social media involvement in the multi-housing industry.Based on patent-pending technology, SMI scores are comprised of various online conversations, ranging from text-dense micro-blogs to multi-dimensional video sites. Vitrue explains that ForRent.Com is actively utilizing social media tools such as Twitter, MySpace, Facebook and YouTube.”The Vitrue Social Media Index provides invaluable insight for marketers to understand how they are stacking up in the social media space,” explains Reggie Bradford, CEO of Vitrue Inc. “Brands…
Q&A with Thom Cox: When it Comes to Transit, Not All Cities Walk the Walk
Thom Cox is the founder and CEO of Thomas P. Cox: Architects Inc. (TCA). He is also the managing partner at the firm and known for his work in mixed-use, high-density urban infill and multifamily architecture. As a member of the Urban Land Institute, he serves on the Multifamily Blue Council. Cox is also a member of the Congress for the New Urbanism (CNU), the United States Green Building Council (USGBC) and he supports and participates in projects for Habitat for Humanity.Cox describes his vision as “Excellent Housing for Excellent Clients.” His goal is to produce first-class housing solutions that…