Innovative 38-Unit Townhome Project Completed in Downtown Phoenix
By Anuradha Kher, Online News EditorPhoenix–JAG Development has recently completed construction of its latest project, Portland 38, the first large-scale private investment in years in the historic Garfield District, adjacent to downtown Phoenix. Located at 7th and Portland streets, the 38-unit complex, designed by award-winning architect and Arizona State University professor Michael Underhill, features a large play pool with tile accent walls, communal dining and barbeque areas, and a reflection garden.“There are close to 60,000 people working in downtown Phoenix and with gas prices rising, many want to cut down their commutes. As a result, demand for products in this…
Kitchen Cabinetry from Snaidero
Snaidero will provide kitchen cabinets for the new Ritz-Carlton Residences at L.A. Live, a 224-unit project being built in downtown Los Angeles above the Ritz-Carlton Hotel. Sistema Zeta (pictured), the line that will be featured in the Ritz-Carlton Residnces, is a streamlined, contemporary kitchen line that allows flexible layout combinations and plenty of storage space. Back panels can be equipped with practical, long shelves that run through the entire length of the wall unit, and rails stocked with accessories and utensils. The drawers come fully accessorized with cutlery trays to store and organize silverware neatly. Cabinets can also come with…
Poskanzer Skott, Page + Steele Design 36-Unit Luxury Rental for LeFrak Organization
By Anuradha Kher, Online News EditorJersey City, N.J.–Poskanzer Skott Architects, along with Page + Steele Architects of Toronto, has designed the new 470,505-sq.-ft. Aquablu Towers in the Newport community of Jersey City, N.J. The 33-story rental apartment complex is located at 110 River Dr. in Newport, which is a development of The LeFrak Organization. Aquablu features 360 luxury rental apartments ranging from studios to three-bedrooms units. Poskanzer Skott provided full architectural design services for the tower. The project is expacted to be complete in early 2009.Barry Poskanzer, AIA, principal and partner, and Anthony Juliano, project manager, led the project.”It’s always…
FAA Speakers Advise Property Managers to Change It Up for More Productivity
By Erika Schnitzer, Associate EditorChampionsGate, Fla.–With the theme of this year’s Florida Apartment Association (FAA) education conference & trade show being “Celebrating Change,” the speakers at the convention discussed the need for property mangers to adjust to a new generation and, in doing so, embrace the changes that are occurring in society and thus affecting the industry.Alex Jackiw, CAPS, CPM, executive vice president of Buckingham Companies AMO, an Indianapolis-based full-service management, development and construction company, led a session entitled, “The Changing Face of Our Workforce: Four Generations Working Side by Side.” As she noted, this is the first time in…
TODAY’S DEALS: Post Sells Atlanta Apartment Property, Refinances Two More, and Other Transactions
By Scott Baltic, Contributing Editor, Commercial Property News and Anuradha Kher, Online News EditorAtlanta–It’s only Wednesday and already it’s been a big week for upscale multifamily developer Post Properties of Atlanta. The REIT has sold its 250-unit Post Oglethorpe apartment community in Atlanta’s Brookhaven area for $38.5 million and has refinanced two apartment complexes held in joint ventures. In addition, two of the big three credit rating agencies recently had some news for the company.In June, citing difficult market conditions, Post had announced that it was ending its five-month effort to be acquired, having received some inquiries but no definitive…
Multi-Housing Executives on the Move
By Anuradha Kher, Online News EditorBenjamin J. Rosenberg Joins Charles Dunn Investment Services Group as Associate Los Angeles–Benjamin J. Rosenberg recently joined Charles Dunn Company as an associate in the company’s investment services group.Rosenberg, who will be based in the company’s West Los Angeles office and will be responsible for market share and sales volume, specializes in the acquisition and disposition of multifamily properties in the greater Los Angeles area, including Hawthorne, Gardena and Los Angeles. Before joining Charles Dunn, Rosenberg spent three years as an associate with Marcus & Millichap Real Estate Investment Services. Fredrik Eklund Promoted to Managing…
Withee Malcolm Architects to Design Oscar de la Hoya’s First Golden Boy Partners Project
By Anuradha Kher, Online News EditorSouth Gate, Calif.–The real estate development company founded by boxing star Oscar De La Hoya, Golden Boy Partners, has unveiled the company’s first housing venture, Tierra del Rey, 107 for-sale attached town homes project located on five acres at Firestone Boulevard and Calden Avenue in South Gate, Calif.Withee Malcolm Architects has been hired to design the project. Golden Boy Partners focuses on underserved, primarily Latino, urban neighborhoods in Southern California and its first project is designed for working families. Ranging from 1,200 to 1,600 sq. ft. Tierra Del Rey features two- and three-bedrooms with up to…
Multifamily Experts Say Private Equity Would be Good For Troubled Freddie Mac
By Anuradha Kher, Multi-Housing News and Paul Rosta, Commercial Property News Washington, D.C.–Government-sponsored entities Fannie Mae and Freddie Mac may well be in line for a further infusion of capital, this time from private equity. According to a report published yesterday by The Wall Street Journal, the search is on for investors to shore up the finances of Freddie Mac, whose stock has fallen in value more than 90 percent in the past year, to $3.12, after earlier hitting a low of $2.95.While the future of the two government-sponsored residential mortgage companies is still up in the air, several multifamily…
DEAL OF THE DAY: Forest City Closes $167M Construction Financing Loan for Brooklyn Property, and Other Transactions
By Barbra Murray, Contributing Editor, Commercial Property News and Anuradha Kher, Online News Editor, Multi-Housing News New York–Forest City Ratner Cos. has closed on a $167 million construction financing deal for 80 DeKalb, a 365-unit apartment project in Downtown Brooklyn. The New York State Housing Finance Agency approved the project for $109.5 million in tax-exempt bonds and an additional $27.5 million in taxable bonds. Construction on the 335,000-sq.-ft. building commenced last month. For Forest City Ratner, the project marks Brooklyn-based company’s first residential development endeavor in Brooklyn. Wachovia Bank N.A. and Helaba supplied credit enhancement to the $137 million bonds…
Q&A with Avi Weinstock: Fannie, Freddie Spreads Have Widened But Pricing Is Still Competitive
Avi Weinstock (pictured) is a partner and executive vice president at New York-based mortgage brokerage firm, Meridian Capital Group. As head of Meridian’s multifamily property division, Weinstock and his team have closed over 2,000 transactions annually since 2004, generating a deal volume in excess of $10 billion per year in closed loans.Weinstock talks to MHN Online News Editor, Anuradha Kher about the comeback of conduits, the direction in which capital is headed and his advice for borrowers.MHN: What kinds of deals are getting done in today’s market?Weinstock: A variety of multifamily deals are getting accomplished in today’s market. What has…