Despite Troubles, Fannie, Freddie Are ‘Most Viable Form of Capital’ For Multifamily
By Anuradha Kher, Online News EditorWashington, D.C.–Despite Fannie Mae and Freddie Mac shares falling and growing concern about possible government takeover, there are people in the multifamily industry who say that the two companies are not doing as badly as has been reported in the media.“Shares of Freddie have fallen and things are bad for them on paper, but in day-to-day life, it has not affected them at all,” Susan Blumberg, senior vice president of NorthMarq’s Chicago office, tells MHN. “We have a very strong working relationship with Freddie. The way we see it, the multifamily aspect of these companies…
FINANCE: Fannie Mae Announces it is Boosting Investments in the Multifamily Sector
By Keat Foong Executive Editor Washington, D.C.—In a week in which the Government Sponsored Agencies (GSEs) faced sudden, sharp declines in their share prices and reportedly falling investor confidence, Fannie Mae affirmed its commitment to the multifamily industry and said it was bolstering its investment in the sector. Fannie Mae held a teleconference on Wednesday to announce that it was increasing its participation in key multifamily segments: small loans, seniors housing, military housing and government-assisted affordable housing. The agency suggested it was helping to maintain the “liquidity, stability and affordability” of sectors, many of which are being negatively affected by…
DEAL OF THE DAY: CPC Provides $1.104M Rehab Loan for Two Affordable Housing Projects
By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) recently provided a $1.104 million loan for the full rehabilitation of two attached three-story buildings (pictured) in Harlem, New York. The loan was financed under CPC’s Small Building loan program, which provides borrowers with reduced costs, faster processing, comprehensive technical support and other incentives. The two buildings being renovated are located in central Harlem at 161-163 West 131st St. between Malcolm X and Adam Clayton Powell boulevards. The buildings were purchased in 1964 by the Christ Temple Baptist Church, which combined the first floor and basement of each building in 2005…
Developer Will Sell Two-Bedroom Condo for $50 to Contest Winner
By Anuradha Kher, Online News EditorCanton, Mass.–In an effort to sell its condos in a turbulent real estate market, Davenport Investments II LLC, recently launched a contest giving people the opportunity to win a two-bedroom condo at Canton Park Condominiums (pictured) in Canton, Mass. Davenport came up with the idea of the contest as a marketing tool to sell their units in Canton, a primarily residential community located 18 miles south of Boston.The only criterion is a $50 entry fee and a creativity contest, which will require contestants to submit either a video or essay responding to one of several…
Second Phase of 110-Unit Affordable Housing Project Opens
By Anuradha Kher, Online News EditorFlanders, N.J.–Mt. Olive Manor’s Phase II, a 50-unit federally subsidized affordable housing project in Flanders, N.J., opened recently. It is located adjacent to the 60-unit first phase of the project.Del-Sano served as the general contractor for the $8.9 million project, which was funded largely through the Section 202 HUD program. Mt. Olive Manor II is professionally managed by Lutheran Social Ministries of New Jersey.“Since the project is adjacent to Mt. Olive Manor I and they share several common areas, it was important to create a smooth transition during construction and minimize disruption to current residents…
Q&A with W. Dean Henry: Our New Construction Volume Will be Much Less in 2010-11
W. Dean Henry (pictured) is president of Legacy Partners Residential Inc., where he oversees the multifamily portfolio spanning across Northern and Southern California, Arizona, Colorado, Washington and Texas. During his career, Henry has been responsible for the development of more than 50,000 multifamily units.He joined Legacy Partners in 1973 after graduating from the University of Puget Sound in 1969 with a bachelor’s degree in Political Science. During his college years, he entered the multifamily housing industry working with United Homes in Seattle and later with the L.B. Nelson Corp. developing apartment communities. Legacy completed its 40th anniversary last month. Henry…
Yoo Launches 350-Unit Condo Project on Bulgaria’s Black Sea Coast
By Erika Schnitzer, Associate EditorObzor, BULGARIA–The second phase of yooBulgaria, a 350-unit luxury condominium located along the beach on the Black Sea Coast in Obzor, Bulgaria, will launch this month. The first phase of the development, which consists of 257 units, is now 85 percent sold and will be complete before the end of the year.The project team for yooBulgaria is comprised of London-based yoo, Unique Developments, a London-based property investment specialist, and Canadian-based Diamone + Schmitt Architects.The property offers studios, one-, two- and three-bedroom units. Phase two will include two-story penthouses. Units will range in price from $277,943 to…
DEAL OF THE DAY: Sperry Van Ness Completes Sale of Illinois Properties for $10M
By Anuradha Kher, Online News EditorRockford, Springfield, Ill.–Sperry Van Ness recently arranged the sale of two apartment communities in Illinois totaling $10.5 million.An out of state investor, in conjunction with two Illinois limited liability companies, recently purchased the Briargate Apartments in Rockford, Ill. for $8.3 million. The property was built in 1991 and consists of 144 two-bedroom apartments, all of which include washer/dryer and dishwasher units as well as private garage parking.A local downstate investor purchased the St. Nicholas Apartments in Springfield, Ill., for $2.5 million. The property was once a hotel where guests including former presidents Harry Truman, Dwight…
Miami Condo Approved for Construction if Height is Reduced
By Erika Schnitzer, Associate EditorMiami–LAB Developers has received approval from the City Commission for their two-tower condominium complex, Kubik (pictured), as long as the firm reduces the project’s height. For over four years, the firm has been involved in a lawsuit against some neighbors who have taken issue with the height of the tower.On June 26, LAB Developers went before the Miami City Commission for the third time to get the project approved. No additional testimony was heard at the meeting. Of the five neighbors who have filed the suit against LAB Developers, only one of them lives across the…
Philly Community Joins Local Animal Welfare Society for ‘Doggie Fashion Show’ Fund Raiser
By Rachel Block, ReporterPhiladelphia–The Residences at Dockside, a pet-friendly community located in Philadelphia, has joined the Philadelphia Animal Welfare Society (PAWS) for an event, in an effort to assist in helping homeless and abandoned animals find placement in decent homes.”The Residences at Dockside has been a pet-friendly community from thebeginning,” says Victoria Teschner, director of marketing and sales for the project. “We decided we wanted to do something meaningful, but fun, which is why we chose the doggie fashion show. We were able to raise awareness, raise funds to help support PAWS in its efforts, and even help a few…