Fannie Mae Announces Multifamily Financing Modifications, Record $2B in First Half Volume
By Keat Foong, Executive EditorHalf Moon Bay, Calif. — Fannie Mae is working on a number of enhancements to its multifamily financing offerings, including a combined construction-permanent financing product. The agency says it is cooperating with several DUS lenders who have construction lending expertise to combine construction financing with permanent debt. “The construction-to-permanent product will offer a seamless, lower cost execution and more certainty for the construction of new multifamily properties,” Fannie Mae states.Currently, only HUD offers a multifamily construction-permanent loan, under its FHA mortgage insurance program. HUD’s combined financing requires one underwriting and approval for both loans, with the…
DEAL OF THE DAY: CPC, HPD Provide Over $4.7M Construction Loan for Rehab of Three Brooklyn Buildings
By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) recently provided a $4,700,764 construction loan for the top-to-bottom rehabilitation of one partially occupied, and two vacant residential buildings in the Flatbush section of Brooklyn, New York.After rehabilitation, the buildings located at 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd., will feature 25 new rental apartments for low- and moderate-income families.The three properties were sold to Nayelli Partners, the developer, for $50,000 under HPD’s Third Party Transfer Program, which forecloses on tax delinquent properties and…
New IRS Utility Allowance Regulations Good For LIHTC Properties
By Anuradha Kher, Online News EditorWashington, D.C.–The Internal Revenue Service has published long-awaited regulations changing the way rents are adjusted on Low-Income Housing Tax Credit (LIHTC) properties where residents pay for their own utilities. This gives LIHTC property owners more flexibility in the way they calculate utility allowances for their low-income residents.”Considering the exponential increases in energy costs, the new utility allowance regulation will allow builders to more accurately calculate the energy usage for their buildings, therefore reducing long-term operating costs,” says Justin MacDonald, a Kerrville, Texas-based LIHTC developer and chairman of the National Association of Home Builders’ (NAHB) Housing…
Barclay Tower in Lower Manhattan Full Leased
By Anuradha Kher, Online News EditorNew York–The residences at Barclay Tower, located at 10 Barclay St., are now 100 percent leased. The 396-unit apartment project developed by New York-based Glenwood started leasing in May 2007. It is the developer’s newest building and one of three properties that Glenwood owns downtown.“We are delighted by how quickly Barclay Tower has become one of the leading residences in Downtown Manhattan,” says Gary Jacob, executive vice president, Glenwood. “Barclay Tower is an ideal choice for anyone who wants beautiful living spaces and exceptional amenities.”Barclay Tower offers high-end amenities including a lobby with a 24-hour…
Fannie, Freddie Troubles Cloud Employment Prospects in the Multifamily Investment Sector
Robert Baron, a real estate employment specialist, assesses the current outlook for jobs in the multifamily investment and finance marketplace. By Robert Baron American Real Estate Executive Search Co.When a lack of available debt brought turmoil to the commercial and residential real estate markets, multifamily investment remained strong. When the conduit market collapsed and skittish investors flocked to the sidelines, multifamily transaction volume remained consistent. And when the real estate employment market fell victim to a hiring freeze, the dissipation of bonuses and a re-pricing of executive compensation, many multifamily executives were shielded from the storm. Holding the umbrella were…
DEAL OF THE DAY: Sterling, Collier Cos. Jointly Acquire 540-Unit Apartment Community for $38.35M
By Anuradha Kher, Online News EditorTampa, Fla.–Sterling American Property Inc., in a joint venture with The Collier Cos., recently acquired St. Croix Apartments, a 540-unit resort-style apartment community located in Tampa, Fla. for $38,350,000. “We are cementing this property’s position as the ideal live/play environment for the 20- to 30-year-old age demographic that populates this area,” says Jeff Smith, senior vice president of acquisitions at Sterling.St. Croix Apartments boasts 700 sq. ft. of frontage on 14535 Bruce B. Downs Blvd., in northeast Hillsborough County. The property is located between Tampa Palms and the University of South Florida, the ninth largest…
AMCAL Partners with Labor Committee to Help Local Youth Build Affordable Housing Project
By Erika Schnitzer, Associate EditorAgoura Hills, Calif.–AMCAL Multi-Housing Inc. has partnered with Watts Labor Community Action Committee (WLCAC)’s YouthBuild program to help local youth develop leadership skills by constructing Casa de Angeles, a 49-unit affordable housing development in south Los Angeles.“When YouthBuild participants see Casa de Angeles, whether it’s next year or 10 years from now, they will have the satisfaction of knowing their hard work helped transform their community and made a positive impact on families in need,” says Percy Vaz, president and CEO of AMCAL. “The participants should be commended for recognizing their own potential and for making…
Case Study: Luxury Living in Atlanta’s Buckhead District
John Williams and Clark Butler, co-founders of Atlanta-based City Centre Properties LLC, discuss The Mansion on Peachtree, the first ultra-luxury hotel and residential development in Atlanta.Name of Project:The Mansion on Peachtree, a Rosewood Hotel & ResidenceLocation:Atlanta’s Buckhead DistrictType of project:The Mansion on Peachtree, which opened May 2008, combines 45 residences, including three private garden villas, with a 127-room luxury hotel in an eight-sided, 42-story tower designed by acclaimed Robert A.M. Stern Architects. It features the world-exclusive 29 Spa by Lydia Mondavi, which opened in May. Craft Atlanta by renowned Chef Tom Colicchio is opening this fall.Overall site size:1.63 acres; 600,000…
Indoor-Outdoor Lounger from Barcelona-based Grupo Kettal
The Kettal XXL indoor-outdoor furniture collection from Barcelona-based Grupo Kettal is designed to combine comfort with adaptability. The individual components of the series, which include a wide variety of armchairs, lounge chairs and tables, are made from aluminum tubes covered in colorfast artificial fiber to withstand the outdoors. The collection, comprised of individual modules, can be adapted to many spaces and tastes.The series is available with natural or brown frames and can be customized with over 15 different colored fabrics.www.kettal.es/kettal
Perspective: Ride the Green Wave
By Lynn Russell, CGP and Danielle Pruette FMI CorporationMother Nature and global economics are giving us strong hints that green is good. Water shortages, rising fuel costs and deficient infrastructures encourage us to examine the value of conservation and reduction in energy requirements. What would it take you to jump onto the green wave? What if you could reduce operating costs, enhance your property value, optimize building life-cycle performance and increase profits? Leadership in Environmental and Energy Design-New Construction (LEED-NC) and the National Green Building Standard (NGBS) will provide the ride.In the spring of 2008, a CoStar Group study revealed…