Valencia Capital Management Releases Plans for 83-Acre Dallas Mixed-Use Community
By Erika Schnitzer, Associate EditorDallas—Valencia Capital Management, a Dallas-based privately held real estate investment management firm, has announced plans for its new 83-acre mixed-use, transit-oriented community, Midtown Park. The master plan for the development includes high-rise condominiums, mid-rise apartments, luxury town homes, senior living, hospitality, medical office buildings and neighborhood retail, in addition to four acres of parks. Situated in the Dallas loop, Midtown Park is located in close proximity to a number of employers, including Presbyterian Hospital, Texas Instruments and Northpark Mall. Additionally, a DART (Dallas Area Rapid Transit) line runs through the site and plans are in the…
INSIDE THE DEAL: Redevelopment of Expiring LIHTC Property Preserves 500+ Affordable Apartments
By Keat Foong, Executive EditorBrooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period, and the prior owner had begun leasing the apartments at market rates. The redevelopment recapitalized the 582-unit project with new LIHTCs and will extend its affordability for another 30 years. The apartment community in Brooklyn’s East New York neighborhood is characterized as formerly severely distressed. Aaron Amitin, vice president at The Domain Cos., said the $25 million renovation, which…
HUD Makes Transition into Obama Administration a Priority
Washington, D.C.–As Sen. Barack Obama prepares for his transition into the White House, the U.S. Department of Housing and Urban Development (HUD) Secretary, Steve Preston, reaffirmed the agency’s commitment to a seamless transition of operations to the next administration. Preston has made a smooth hand-over a priority of his iMPACT 200 agenda.”For several months, HUD has been aggressively working toward a seamless agency transition. We have established a team of 22 knowledgeable, senior career officials to work with incoming personnel,” he said in a statement. “The team has set up a fully equipped, professional transition office and it has also…
Q&A with Phil Ellis: We Have Doubled Our Revenue Consistently over Last Five Years
Phil Ellis, president and CEO of FrameMax, invented the patented technology for turnkey framing in 1996 and founded FrameMax in 2001. A privately owned company, FrameMax is the first steel framing company in the industry to integrate patented technology, CAD design and engineering into the framing manufacturing process. The invention revolutionized the way steel framing is used and assembled in the construction phase of residential multifamily housing, mixed-used space, assisted living facilities and other property types.FrameMax does a number of multifamily projects in the U.S. and abroad and a majority of its business comes from multifamily projects. Ellis talks to…
TODAY’S DEALS: Urban Investment Partners Begins Rehab of $3M Foreclosed Rental Building, and Other Transactions
By Anuradha Kher, Online News EditorWashington, D.C.–Urban Investment Partners (UIP) recently began a full-building rehabilitation of a 21-unit foreclosed rental building, The Absecon, located at 1706 T St., N.W. in Washington, D.C.With its $60 million Washington Residential Fund II (WRF II), UIP purchased the property from Adams Bank last year for approximately $3 million and recently began selective demolition as the first step of a $2 million gut renovation that is expected to be complete by June of 2009. The new building will be renamed The Shelby.“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls…
Rosemann, Mount Carmel Win Award for Seniors Group Living Design
By Anuradha Kher, Online News EditorSt. Louis, Mo.–The American Association of Homes and Services for the Aging Conference in Philadelphia, the American Institute of Architects and the IDEAS Institute have named Rosemann & Associates P.C. and Mount Carmel Senior Living as the winner of The Green House Design Charrette in the urban design category. Supported by the not-for-profit NCB Capital Impact organization, a Green House Project is a design concept for group residences where frail seniors live independently in a home-like environment while simultaneously receiving skilled nursing care. “The theory is that providing more choices and an intimate, ‘home-like’ atmosphere supports…
SmartMove Hopes to Simplify Rental Application Process
By Anuradha Kher, Online News EditorChicago–TransUnion recently rolled out SmartMove, an online tool for renters and landlords to enhance the rental screening process and prevent financial losses. According to the U.S. Census Bureau, homeownership fell to 67.8 percent this year, the sharpest decline in 20 years. With an influx of renters, TransUnion says it sees a need for faster ways to approve the renting of an apartment or home. SmartMove provides a new level of security and risk management as consumers no longer need to provide property owners and managers with their Social Security number or credit card information. Instead,…
Multi-Housing Groups Defeat Code Proposals That Would Have Negatively Impacted Apartments
By Erika Schnitzer, Associate EditorWashington, D.C.—The International Code Council (ICC) has completed its 2009 edition of the international building codes. The codes will be published early next year.The National Association of Home Builders (NAHB), the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) had lobbied against some of the proposed changes, and were successful in defeating most of them. NAHB said its Construction, Codes and Standards department worked to identify from a list of about 2,220 suggested changes the ones to which the group would object. Staff members presented their proposals at hearings and refuted proposed changes…
TODAY’S DEALS: Alliant Capital Closes $8.19M Apartment Loan, and Other Transactions
By Anuradha Kher, Online News EditorIrving, Texas–Alliant Capital recently closed an $8,193,500 loan for the refinance of the Reflections at Valley Ranch Apartments in Irving, Texas. The 212-unit garden-style apartment community was built in 1986 and features 13, two-story residential buildings. Alliant’s loan has a 10-year term with a 30-year amortization.Meridian Capital Arranges over $5M in Permanent Financing for 51-Unit PropertyPleasanton, Calif.–Meridian Capital Group recently arranged permanent financing for Culver City-based E&S Ring Management Corp. in the amount of $5,236,000 for a 51-unit, recently renovated, multifamily property.Managing Director Alex J. Katz of Meridian’s Los Angeles office negotiated on behalf of…
EDITOR’S NOTE: Embracing Change
By Teresa O’Dea Hein, Managing Editor While the election results are still coming in as I write this editor’s note, the idea of change does give us a lot to think about, whoever wins.When you really analyze it, it is inspiring how the world’s biggest nation peacefully transitions the power of leadership in an election. In contrast, some property management executives tightly clench the reins of leadership, stifling innovation and creativity.But every process eventually gets stagnant, slowly crossing the border from “tried and true” into “old and boring.” While new approaches can be scary and open the potential for risk, they…