Multi-Housing Executives Update: Douglas Woodward Joins Enterprise Land Fund as Managing Director, and Other Moves
By Erika Schnitzer, Associate EditorIrvine, Calif.—Douglas Woodward has been named managing director of Enterprise Land Fund LLC, a partnership of IHP Capital Partners and LARO Properties LP. In this role, Woodward will initially be focusing on the purchase, entitlement and development of land in the cities of Ventura, Los Angeles, Orange and San Diego, including infill properties.“We believe in working with property owners to create value with well-designed residential projects that will be highly desired by homebuilders as we move into a positive market environment,” Woodward says.Prior to joining Enterprise Land Fund, Woodward served as president and founder of TDAC…
Fannie and Freddie Will Probably be Backed by Government as Long as is Necessary, Says Analyst
By Keat Foong, Executive EditorWashington, D.C.—The government will likely continue to support Fannie Mae and Freddie Mac as long as is necessary, suggested a senior fellow at the conservative think-tank American Enterprise Institute. “Fannie Mae and Freddie Mac will continue in business into the future under the government’s control,” Peter Wallison tells MHN. Wallison said the $200 billion the Treasury has so far committed to backstop Fannie Mae and Freddie Mac to keep them solvent will not be nearly enough. There are huge amounts of supprime and other debt that the companies contracted between 2005 and 2007, he said. These…
$150M Transit-Oriented Adaptive Reuse Project Opens in California
By Erika Schnitzer, Associate Editor Los Angeles—Milbank Real Estate, a Los Angeles-based developer and real estate investment firm, recently opened its newest condominium, The Roosevelt, a 222-unit adaptive reuse project. The transit-oriented development is situated directly above the Seventh Street Metro station.Bank of America provided the construction loan for the $150 million project, which will also be receiving a tax credit from the Los Angeles Conservancy.“Over the last few years, there has been a trend of either converting some of the older office buildings into residential or building brand-new units into downtown L.A. to create a residential neighborhood in downtown,”…
How to Prep for the Digital TV Transition
By Teresa O’Dea Hein, Managing EditorWashington, D.C.–While many people may be counting down the shopping days to Christmas, there are only 74 days left, as of December 5, until the end of analog television broadcasts. Are you, and your communities, prepared for Feb. 17, 2009 transition to digital TV?To highlight this issue, the National Multi Housing Council (NMHC) recently held a Webinar to point out what property owners and managers need to consider to prepare for the elimination of analog TV broadcasting. Interestingly, said Steven Hill, vice president of training and technology for the Satellite Broadcasting and Communications Association, February…
Executive Insight: Brighter Skies Ahead
Michael B. Cohen is a research strategist with Property & Portfolio Research Inc. (PPR), an independent real estate research and portfolio strategy firm in Boston. Cohen tracks the U.S. multifamily market, is frequently quoted in the national press and is the author of several white papers on the state of the apartment market, including “The End of the Housing Party: Will Commercial Real Estate Investors Wake Up With a Hangover?” He shares his views with MHN Contributing Editor Jeffrey Steele.How is the credit crisis impacting multifamily, regarding both the approval of new renters and getting new projects financed?An obvious casualty…
Limited Range
Commentary and Data Supplied by Dean Crist, Senior Economist, National Association of Home Builders (NAHB)Interest Rates: The prime rate has at an 18-monthly low — and it looks as if the mortgage rate is responding by dropping slightly as well. That should help move some bargain-hunters move off the dime and shrink the housing inventory. But the LIBOR jumped almost a full point — which will squeeze holders of adjustable-rate mortgages pegged to that index, as they reset. That may push foreclosures up, expanding the shadow market of empty housing being rented at fire sale rates. Building Materials: The price…
TODAY’S DEALS: Freddie Mac, HFF Provide $38.7M in Financing for 612 Units, and Other Transactions
By Erika Schnitzer, Associate Editor Lincoln, Neb.—Freddie Mac recently purchased a $38.7 million mortgage from Holliday Fenoglio Fowler (HFF) to provide financing for The Links at Lincoln, a 51-building, 612-unit apartment community in Lincoln, Neb.The 10-year fixed-rate mortgage transaction utilized Freddie Mac Capital Markets Execution SM Pilot. The borrower was Fayetteville, Ark.-based Lindsey Management Company.The Links at Lincoln, which was constructed in 2007, features a clubhouse, pool, fitness center and business center.The Arker Companies Closes $24.4 Financing for 83-Unit Mixed-Use CommunityNew York—The Arker Companies has closed the financing of $24.4 million for Hewitt House Apartments, an 83-unit, 75,300-sq.-ft development that…
Q&A with Thomas K. Shelton: Possible Increase in Capital Gains Tax is Concern for Real Estate Owners Looking to Dispose Assets in Near Future
Thomas K. Shelton (pictured), CAPS, CPM, is the new president of Western National Property Management, the multifamily management arm of Western National Group. Western National Property Management currently oversees the management of more than 20,000 residential units valued at more than $3 billion. In his new position, Shelton will lead a team of real estate professionals that supervises a portfolio of assets owned by Western National Group, as well as a portfolio of assets owned by third-party clients.Prior to joining Western National Property Management, Shelton served as regional partner of Greystar Real Estate Partners where he supervised a portfolio of…
Viridian Introduces Program to Green Foreclosed Properties
By Erika Schnitzer, Associate EditorAtlanta—Viridian Asset Management LLC, a newly formed nationwide asset management and advisory company, recently launched its BankonGreen program, which is designed to provide energy-efficient rehabilitation to properties owned by banks and financial institutions.“We started looking at how to make the home more energy-efficient and do it where the bank is the bottom line. From the social responsibility side, we knew they wouldn’t buy into it unless we came up with a process of netting them out. The selling of the property is what is really getting bogged down with depreciating values and the number of [foreclosed]…
Legacy Partners Residential Takes Home 11 AAMD Awards, including Best Management Company
By Teresa O’Dea Hein, Managing EditorDenver—The Apartment Association of Metro Denver (AAMD) recently recognized Legacy Partners Residential, Inc.’s Denver regional office with 11 of its 2008 Tributes Awards, including the prestigious Grand Tributes Award for Best Management Company. In all, Legacy took home the most awards of any finalist.The association presents these awards every three years, Betty Knecht, AAMD manager of special events, tells MHN. This year, Knecht reports, saw record numbers both of entries and attendees at the awards ceremony, held at the Colorado Convention Center.Pat Hutchison, vice president of Legacy’s Denver regional office, tells MHN, “The foremost reason…