Rehabilitation of 180-Unit Affordable Housing Project Is Completed
By Anuradha Kher, Online News EditorNew Rochelle, N.Y.–The NDR Group recently completed its $4 million rehabilitation of MacLeay Apartments, a 180-unit affordable housing complex located in New Rochelle, N.Y. The complex will be renamed Parkside Place. The MacLeay Apartments was originally acquired in 1986 and rehabilitated by the New Rochelle Revitalization Corp., which is today known as the NDR Group. The previous rehab plan resulted in the $10 million renovation of the formerly deteriorated, poorly maintained three-building, public housing complex. It was transformed into a private rental apartment complex serving both families who are unsubsidized and subsidized under the Federal…
Reaction Web Launches Customized Web Site Builder for Brokers
By Anuradha Kher, Online News EditorLittleton, Colo.–Reaction Web has launched ListingLab.com, a Web site hosting service customized for commercial real estate brokers. ListingLab.com enables users to develop and manage individual property listing Web sites with security, confidentiality agreements and due-diligence war rooms, for $25 per month per property. “ListingLab.com is similar to blog hosting services like WordPress or Typepad but much more customized,” Mike Mockus, managing partner at Reaction Web, tells MHN. “It provides specific tools for brokers who are listing their properties. The template also has built-in privacy, which means registration is required to view the site. This way,…
TODAY’S DEALS: NorthMarq Capital Arranges $50.058M in First Mortgage Financing for Three Multifamily Properties, and Other Transactions
By Anuradha Kher, Online News EdiorFargo, N.D.; Bellevue, Wash. and Newark, Calif.–NorthMarq Capital Inc.’s (NorthMarq) Minneapolis regional office recently arranged first mortgage financing of $2 million for Oak Court Apartments as well as $2.55 million for Rosegate Apartments, both located in Fargo, N.D.Financing for the 81-unit Oak Couty Apartments and the 90-unit Rosegate Apartments was arranged for the borrower, INREIT Properties LLP, through NorthMarq’s seller-servicer relationship with Freddie Mac. In addition, the company’s Los Angeles regional office, arranged a $22.5 million first mortgage financing for The Palisades (pictured), a 192-unit multifamily complex, located in Bellevue, Wash. and a $22.978 million…
Douglaston Development, Montagu Square Development Release Final Penthouse at TriBeCa’s Zinc
By Erika Schnitzer, Associate EditorNew York–Douglaston Development and Montagu Square Development have announced the release of the final penthouse at TriBeCa’s Zinc, a 21-unit loft condominium.“It’s two units marketed as one,” explains Matt Feldman, vice president, Douglaston Development. “We held it off the market and sold the rest of the units off the plans, but we didn’t feel the buyer would get a full appreciation of what the building would look like, so we held back that last penthouse.”Completed in June, Zinc is located on a freestanding site–which is uncommon in New York City. Douglaston decided it wanted a unique…
Multifamily Mortgage Debt Outstanding Grew 2% in Second Quarter
By Anuradha Kher, Online News EditorWashington, D.C.–While most investor groups increased holdings, Commercial Mortgage Backed Securities (CMBS) declined in the second quarter of 2008, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data. The level of commercial/multifamily mortgage debt outstanding grew by 1.5 percent in this period, to $3.44 trillion.This is an increase of $51.3 billion over the first quarter 2008. The $16 billion increase in multifamily mortgage debt outstanding between the first quarter and second quarter of 2008 represents a 2 percent increase. In dollar terms, the Government Sponsored Enterprises saw…
G.R.E.E.N Act Passes House
By Anuradha Kher, Online News Editor Washington, D.C.–The House last week passed the Green Resources for Energy Efficiency Act (the G.R.E.E.N. Act, H.R. 6078) as part of the Comprehensive American Energy Security and Consumer Protection Act (H.R. 6889) by a vote of 236 to 189.The G.R.E.E.N. Act, bipartisan legislation introduced by Rep. Ed Perlmutter (Colo.), aims to strengthen the Department of Housing and Urban Development’s (HUD) commitment to energy efficiency while providing needed flexibility. “The Act instigates a demonstration program of 25,000 units, which will study the cost-efficiency of going green and this will be extremely valuable,” Linda Couch, deputy…
Sovereign Wealth Funds Expected to Invest $725B in Commercial Property Markets Around World
By Anuradha Kher, Online News EditorLondon–Sovereign Wealth Funds (SWFs) will potentially invest as much as $725 billion in the world’s commercial property markets over the next seven years, according to a new global report from CB Richard Ellis Group Inc. Although more than half of the SWFs are believed to already hold direct commercial real estate investments, allocations to the sector are expected to rise substantially. The potential impact on the global real estate market is significant. Ray Torto, chief global economist at CB Richard Ellis, explains, “Given that the real estate sector’s investment characteristics – current income combined with long-term appreciation…
New Patterns from Symphony Contract Wallcovering
Symphony Contract Wallcovering has recently introduced three new patterns: Rhythm, Minuet and Impromptu. Rhythm is a natural pattern; Minuet is a large-scale scroll that’s been loosened and simplified for a sophisticated look and Impromptu is pure linen in feel and color. “These new patterns take advantage of Symphony’s ability to print complex layers – tone-on-tone- for a high fashion look that has both texture and depth,” says Julie Landis, director of design marketing, Symphony Contract Wallcovering. Rhythm’s fluid pattern was inspired by nature’s elements. It is available in 24 vibrant color ways ranging from calming neutrals like Amalfi Coast to…
TODAY’S DEALS: Enterprise Closes First USDA Section 538 Rural Development Loan, and Other Transactions
By Erika Schnitzer, Associate EditorMilton, Vt.–Enterprise Community Investment Inc. has closed a U.S. Department of Agriculture Section 538 Rural Development loan, providing $1.1 million in financing for Meadowlane Apartments.The financing is part of a $6 million renovation of the property by The Housing Foundation Inc. and the Vermont State Housing Authority. The program provides loans for acquisitions, new construction and rehabilitation of affordable multifamily rental properties in rural areas.The apartment community currently includes 20 age-restricted apartments that offer Section 8 housing subsidiaries. Additionally, 16 new apartments will be built on the development.Meadowlane Apartments will receive a $360,000 HOME program loan…
SPECIAL REPORT: 60+ Innovative Ideas to Enhance Competitiveness in the Multifamily Market
By Erika Schnitzer, Associate EditorDenver–Multi-Housing World’s widely popular “60 Ideas in 60 Minutes” session drew management suggestions from 11 leading multifamily experts. The panel, moderated by Anne Sadovsky, certified speaking professional, proposed innovative ideas for use across the industry and to help properties stay competitive in their marketplaces.The dynamic panel was made up of Toni Blake, president, TotallyToni.com; Eve Bradford, president, Excel Training & Consulting Inc.; Tracey Hopkins, owner, Jumpstart Marketing; Joe Kaye, director of sales & marketing, Direct Energy; Cathy Macaione, president, CMA Direct; Wendy Muse, vice president of marketing and training, Tarragon Corporation; Terri Norvell, professional speaker and…