MBA Responds to Treasury/FHFA Actions on GSEs
Washington, D.C.–John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA) praised the Treasury for placing Fannie Mae and Freddie Mac in a conservatorship. “I applaud them for taking crucial steps to ensure that Fannie Mae and Freddie Mac can continue to play their critical role of providing liquidity to the housing finance system, thus providing Americans the opportunity for homeownership and affordable rental housing,” says Courson.“The unprecedented steps taken will provide confidence that the housing finance system will continue to operate without major disruption, and offer an opportunity for a recovery of the housing market while allowing…
Forsale Housing Market May be Bottoming, Says NAR Research Official
By Anuradha Kher, Online News EditorWashington, D.C.–The level of home sales, including multifamily, is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors (NAR).The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June. The July index remains 6.8 percent below July 2007 when it stood at 92.8.“Sales in some months are down and in others, they are up, but the overall market is stable with nearly five million sales this year,”…
RKT&B Architects Expands Urban Infill, Affordable Housing Program
By Erika Schnitzer, Associate EditorNew York–RKT&B Architects will add four new projects to its “Smart Housing” urban infill program. Developed jointly with CPC Resources (CPCR), the program is designed to address the need for affordable housing in New York.“One of the characteristics of these neighborhoods is that buildings are either missing or in such a decrepit state that they need to be replaced in small lots,” multiples of 20 to 25 ft., says Carmi Bee, FAIA, president, RKT&B. Each of the projects is modeled on a prototype of four-story, eight-family walk-ups. The first project, which was completed in 2003, was…
New York City Affordable Housing Fund Receives Innovations Award
By Anuradha Kher, Online News EditorNew York–The Ash Institute for Democratic Governance and Innovation at Harvard Kennedy School has named the New York City Acquisition Fund as a 2008 Innovations in American Government Awards winner. This $230 million partnership finances the purchase of land and buildings for affordable housing by using private finance tools to allow small developers to compete in the real estate market. The program will receive $100,000 towards dissemination and replication efforts around the country. Established in 2006, the fund creates a private-sector lending market to address this critical public sector challenge, leveling the playing field for…
Fannie, Freddie Conservatorship Receives Mixed Response
Washington, D.C.–The takeover of Fannie Mae and Freddie Mac has appeased many in the multifamily industry but doubts linger among others about the takeover’s long-term effects on the sector and the economy in general. MHN gathered comments from various sources that have so far come forward to help put the issue in perspective.Bill Hughes, senior vice president and managing director of Marcus & Millichap Capital Corp., tells MHN, “In the short term, the takeover is having a calming impact on the market. Fannie and Freddie have been given the liquidity they need to carry on their business and so far…
EDITOR’S NOTE: Business as Usual…for Now
By Keat Foong, Executive Editor As the government places Fannie Mae and Freddie Mac in conservatorship, what we can keep in mind for now is that the plan reportedly is meant to allow for the continued operations of the two companies while the rescue is taking place. That means that in the short-run at least, it may still be more or less “business as usual” in terms of the funding of multifamily housing by these two Government Sponsored Agencies (GSEs). Afterall, one of the bigger overarching goals of the government is to ensure that the two agencies prop up the…
Maytag’s TurboVent Technology Makes Drying Efficient
Maytag Commercial Laundry has developed its newest line of super-capacity dryers using its TurboVent Technology. The TurboVent Technology offers 100 ft. of venting capability to provide maximum performance and shorter drying times, while helping save energy costs in many poorly vented situations.“We created TurboVent Technology because many apartment buildings and university housing were designed without proper venting for laundry,” says Craig Kirchner, director of global commercial laundry at Whirlpool Corp., which owns Maytag. “Poor venting leads to poor drying performance and a serious waste of energy.”With TurboVent Technology, the blower spins 25 percent faster than previous Maytag Commercial Laundry models,…
TODAY’S DEALS: Cohen Secures $12.4M in Refinancing for 75-Unit Luxury High-Rise, and Other Transactions
By Anuradha Kher, Online News EditorSan Francisco–Cohen Financial recently secured a $12.4 million refinancing for Vendome Place (pictured), a luxury high-rise apartment project in the Silicon Valley. The 75-unit property is located at 750 Miller St., close to downtown San Jose, Calif. The property totals 76,000 sq. ft. and is fully leased.Cohen Financial secured the $12.4 million loan with Fannie Mae through Green Park Financial. The property offers studio, one- and two-bedroom units, as well as penthouse apartments.HFF Secures $5.8M Refinancing for Class A Multifamily Community Alvin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler L.P.) has secured a $5.8…
Condos at Seven-Acre, $350M Mixed-Use Miami Project Start Selling at Brisk Pace
By Anuradha Kher, Online News EditorCoral Gables, Fla.–Ponce Circle Developers LLC has selected architecture firm, Jorge L. Hernandez Architect, to design Old Spanish Village, a $350 million, seven-acre mixed-use development in Coral Gables, Fla. Inspired by the vision of Coral Gables founder, George Merrick, Old Spanish Village hopes to evoke the aesthetics of ancient Spanish towns.Old Spanish Village is the modern realization of one of several themed enclaves in the city, such as the French, Chinese and Dutch villages that Merrick conceived and created in the 1920s. Spanning three city blocks, the community will feature three mid-rise condominiums and 38…
Developer Offers Elite Concierge Service at New Condo Community
By Anuradha Kher, Online News EditorMontclair, N.J.–Pinnacle Downtown, the developer of the Siena at Montclair, a 101-unit condominium, located at 48 South Park St. in Montclair, N.J., will offer Abigail Michaels Concierge, an elite service that provides hotel-style services as well as lifestyle management, at the community. This will be an addition to the existing on-site concierge team.“With Abigail Michaels Concierge serving as the caretaker of residents at The Siena at Montclair, we at Pinnacle Downtown know that our clients are in the industry’s best hands,” says Mary Boorman, Pinnacle’s senior vice president for development, sales and marketing. Through Abigail…