James P. Gross Joins MBA as Associate VP of Accounting, Tax, Bank Regulation Washington, D.C.–The Mortgage Bankers Association (MBA) recently appointed James P. Gross as associate vice president of accounting, tax and bank regulation. In this capacity, Gross will help develop and implement MBA’s strategy on legislative, regulatory and industry issues in the areas of accounting and tax policy and bank regulatory capital. He will also be the staff representative to MBA’s Financial Management Committee. “Gross’ thorough understanding of financial management and accounting standards and his years of active participation on our Financial Management Committee will allow him to step…

By Anuradha Kher, Online News EditorRockville Centre, New York–Omni Housing Development LLC recently completed the first phase of rehabilitation of Rockville Centre’s only low-income housing project, Rockville Centre Apartments, which is currently undergoing rehabilitation as part of a five-phase project. The first phase includes two of the nine, 35-year-old buildings located in the village of Rockville Centre at 160 North Centre Ave. When complete in 2009, Rockville Centre Apartments will contain 154 garden-style units in total.Previously a New York state public housing project, it is now being funded by Low Income Housing Tax Credits with funding from the Nassau County…

By Anuradha Kher, Online News EditorLos Angeles–The Pegasus Apartments, a 322-unit luxury apartment community was recently recapitalized at a value of approximately $100 million with Buchanan Street Partners.The Kor Group purchased this 425,000-sq.-ft. former General Petroleum Headquarters building in 2001 and converted it into luxury rental apartments with modern amenities.The Pegasus Apartments features ground floor retail, including The Daily Grill, at 612 S. Flower St.CBRE’s Capital Markets Group arranged the financing for this loan.According to Brad Korzen, CEO of The Kor Group, “Pegasus was and is a visionary project important to Downtown L.A.’s 24-7 vibrancy. We remain committed to Downtown…

By Anuradha Kher, Online News EditorNew York–The first building to benefit from the Inclusionary Zoning Provision of the historic Greenpoint-Williamsburg Land Use and Waterfront Plan, approved by city officials in 2005, was recently rededicated as part of a $20 million plan to preserve affordable housing in North Brooklyn for more than 600 low-income New York residents.In all, 15 buildings will receive crucial renovations and upgrades through the preservation strategy created by the St. Nicholas Neighborhood Preservation Corp. (St. Nicks), a Brooklyn nonprofit that owns and manages affordable housing, and supported by Enterprise.The 21-unit building at 306 Union Avenue, which St….

Douglas Pope is the co-founder of hotpads.com, a Web site that offers a map-based search for buying, selling or renting homes. Recently, PC magazine named hotpads one of the top real estate websites. Twenty-six-year-old Pope (pictured), who founded the company with his college friends, talks to MHN Online News Editor, Anuradha Kher about his site, what the housing downturn has revealed about multi-housing and why he thinks the future of multi-housing marketing is online.MHN: How did you get the idea to start this site?Pope: The founders of HotPads were college roommates at the University of Notre Dame. Following graduation we…

By Anuradha Kher, Online News EditorNew York–Multifamily property prices, while down 2.3 percent for the March/April period, reported the highest value change at 5.7 percent compared to a year ago, according to Standard and Poor’s April results for the S&P/GRA Commercial Real Estate Indices.“There has been a 5.7 percent gain in multifamily property prices in the entire year, but a 2.3 percent loss in less than two months, which is not a good sign,” David Blitzer, chairman of the Index Committee Standard & Poor’s, tells MHN. “There are increasing concerns about the employment market so apartments are not going to…

By Anuradha Kher, Online News Editor Salt Lake City–Apartment Realty Advisors (ARA) recently arranged the sale of four multifamily properties including Foothill Place, Park Capitol, Somerset Village and Southwillow, all located in Salt Lake City, for more than $120 million. The four properties together comprise 1,511 units. This exceeds last October’s record-breaking sale in Utah of 1,215 units. “Multiple offers to acquire the portfolio were made from various buyer types,” says Jed Millburn, ARA’s Salt Lake City-based principal who brokered the transaction. “The exuberant market response surrounding the portfolio is a demonstration of the fact that Salt Lake City has appeared on the…

By Erika Schnitzer, Associate Editor Washington, D.C.–In response to the rising number of injuries and deaths caused by the suction of swimming pool drains, President George W. Bush has signed into law the Virginia Graeme Baker Pool and Safety Act. This Act will affect all public pools and spas, including those in apartment and condominium communities. Suction entrapment can occur when a swimmer gets sucked into a pool or spa’s water circulation system, similar to the way a vacuum cleaner can stick to a person’s palm, explains Paul Penninngton, founding member of the Pool Safety Consortium, a Washington, D.C.-based nonprofit that educates…

By Anuradha Kher, Online  News EditorAtlanta–The Place/BV Student Housing Fund LLC recently  invested $38 million in First Street Place and Maverick Place (pictured), two student  housing properties located in Greenville, N.C. and Arlington, Texas, respectively. When complete, First Street  Place will serve the students of East Carolina University (ECU) and Maverick  Place will serve the students of University of Texas at Arlington (UT  Arlington). Both communities will open in the summer of 2009. BVP Managers  LLC, a joint venture between Atlanta-based Place Properties LP and  Chicago-based Blue Vista Capital Management LLC, will serve as the manager of  the fund. The 193-unit First…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush signed into law today a comprehensive package of housing legislation including broad authority for the Treasury Department to safeguard Fannie Mae and Freddie Mac and a plan to help hundreds of thousands facing the possibility of foreclosure.Bush signed the legislation, which Congress approved last week, authorizing the Treasury to rescue Fannie Mae and Freddie Mac if the need arises. Partly to accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion.“On a macro level, this is touted…