By Anuradha Kher, Online News EditorHouston–The Hanover Co., in partnership with MetLife Inc., has purchased a 1.45-acre site within Wulfe & Co.’s new mixed-use development, BLVD Place. The Hanover Co. plans to build a 37-story, luxury tower on this site and is expected to break ground in fall 2008. Construction is scheduled to be complete by 2011.The project will serve as a key multifamily rental component for BLVD Place, which is now under construction in the heart of Uptown Houston at San Felipe and Post Oak. The 236-unit project features apartments averaging 1,650 sq. ft.In the final planning stages, Solomon…

Washington, D.C.–The National Association of Realtors and the Justice Department reached a settlement Tuesday in an antitrust case dating back to 2005, the New York Times reported Wednesday.The settlement could reduce large sales commissions by allowing Internet brokers to compete more fairly with non-Internet-based brokers by using multiple listing services, according to government officials.In 2005, the Justice Department alleged that the National Association of Realtors’ policies were hurting broker competition and sued the NAR in federal court on antitrust grounds, the Times said.The National Association of Realtors–which said it did not pay fines or damages or admit any wrongdoing in…

Washington, D.C–The regulator who monitors national banks spoke out against a Fannie Mae and Freddie Mac agreement to cease buying mortgages that use lender-selected appraisers, the Boston Globe reported Wednesday.John Dugan, the US comptroller of the currency, has asked that the agreement–which was designed to protect buyers from unduly inflated home prices–be withdrawn because he feels it could hurt the mortgage industry by raising lenders’ mortgage issuing costs. The agreement was part of a negotiation between the two companies and New York Attorney General Andrew Cuomo.The Office of Thrift Supervision also has criticized the agreement, which is scheduled to take…

Washington, D.C.–U.S. investment banks are divided about whether or not ongoing access to a special Federal Reserve borrowing facility is worth the cost–which will most likely include increased regulation by the Federal Reserve, the Financial Times reports.Investment banks that haven’t been greatly affected by the credit crunch, like Goldman Sachs, are reportedly against any more Fed limits; however, banks such as Lehman Brothers, which have been hurt by credit woes, may be more open to accepting risk limits to allow continued use of the central bank facility.Although none of the banks gave an official comment, the conflict is about to…

Calabasas, Calif.–Some lenders–already reeling from mortgage investments–including Calabasas, Calif.-based Countrywide Financial Corp. are now feeling pressure from loans they passed off to investors, The Wall Street Journal reported Wednesday. Buyers who are dissatisfied with subprime mortgage, home equity loan and real estate loans they purchased are trying to get banks and mortgage companies to buy back problematic loans.As a result, some large lenders are earmarking significant reserves for possible repurchases. Countrywide–the largest U.S. mortgage lender, which announced a first-quarter charge of $133 million for already-paid claims–said its anticipated liability for such claims rose from $365 million last year to $935…

By Anuradha Kher, Online News EditorVilla Park, Ill.–-The Chicago office of HFF (Holliday Fenoglio Fowler LP) recently secured a $31 million refinancing loan for Lincoln at Ovaltine Court, a 344-unit luxury rental community in Villa Park, Ill.  It is a five-year, 5.35 percent fixed-rate loan with Freddie Mac. Ovaltine Court is located at One Ovaltine Court near Interstates 88, 294 and 290 in Villa Park, approximately 17 miles west of downtown Chicago. One portion of the property is a redevelopment of the Ovaltine headquarters and factory, which was occupied for more than 75 years. The Ovaltine factory space was converted…

By Anuradha Kher, Online News EditorEast Wenatchee, Wash.–The opening of Bello Rio Apartments, a community of 25 newly constructed townhomes for farmworker families earning 50 percent or less of area median income (AMI), will take place today afternoon in East Wenatchee, Wash.Bello Rio is located at 2017 Northwest Cascade Ave. and features two-, three- and four-bedroom units with patios or decks. It is available to eligible agricultural workers, including those who work in packing sheds, warehouses, fields, orchards and dairies. The property also includes one manager’s unit. Bello Rio is built through a public-private partnership with the Washington State Office…

By Anuradha Kher, Online News EditorNew York–The Rocky Mount Baptist Church congregation and North Manhattan Construction Corp., a New York-based development and construction company, have struck a deal to build a new church, as well as thousands of square feet of community space and an apartment complex in place of the existing 5,000 sq.-ft., one-story church, located at 37-41 Hillside Ave. in the Washington Heights section of Manhattan.Starting this fall, North Manhattan will start construction on the new church which will be15,000 square feet. In addition, there will be 100,000 square feet of rental housing behind the church. Rocky Mount…

By Erika Schnitzer, Associate EditorLas Vegas–In a decision that will affect the statute of limitations in fair housing lawsuits, the U.S. Court of Appeals for the Ninth Circuit has ruled in favor of multifamily developers.The decision–that a disabled person’s right to sue over design-and-construction is limited to two years after a project’s completion–follows the March 25 en banc rehearing of Garcia v. Brockway, a case pitting Salt Lake City-based Disabled Rights Action Committee against multiple defendants who designed and built Craig Ranch Villas in Las Vegas. “This is the definitive ruling on this issue and how it will be applied…

By Erika Schnitzer, Associate EditorPalisades Park, N.J.–Trio I, a 70-unit luxury high-rise condominium development, has launched P3 Pro-Swing, a $6,000 golf simulator for residents that provides players with a virtual golf course environment.”The virtual golf simulator has generated excitement from our resident golf players – it’s entertaining and convenient for them to practice their swing without having to visit an actual golf course,” said Sharla Sookdeo, Northeast marketing manager of Tarragon Corp. “It has definitely attracted positive attention for the community and allows us to stand out among our competition.”The machine’s 14 x 9 ft. screen includes a safety net…