Kim Lighting Introduces New LED Architectural Lighting
For low-level lighting, Kim Lighting’s has introduced its GEM Performance Bollard line into its LED Collection. Featuring super bright white technology, the architectural light is comprised of precision-molded tempered glass refractor to evenly distribute the light and eliminate shadows. Additionally, the design of the light’s lower body reduces surface brightness and a sealed optical system is designed to keep out dirt and insects. Four stainless steel fasteners make routine maintenance easy.Available with either a concrete or aluminum shaft, the GEM Performance Bollard is offered in Kim Lighting’s five standard colors: Black, Dark Bronze, Light Gray, Platinum Silver and White. The…
A Changing Way of Thinking Leads to New Residential Spaces
By Erika Schnitzer, Associate EditorAs environmental consciousness, economic prudence and social responsibility become ways of life for many, more developers and builders are drawn to the trend of New Urbanism to suit residents’ lifestyles. In Seattle’s Queen Anne Uptown neighborhood, Landstar Real Estate LLC has considered the principles of New Urbanism and applied them to its Lumen Condos. The 94-unit mixed-use development includes Scandinavian-inspired lofts, condominiums and townhouses, ranging from 500 to 2,000 sq. ft., a 40,000-sq.-ft. QFC grocery store and 35,000 sq. ft. of restaurant and retail space.Alan Winningham, principal for Landstar and project manager for Lumen, explains how…
Mortgage Brokers Find Housing Slump Means Less Customers–and a Reduced Role
Baltimore–As the housing slump continues through its second year, mortgage brokers in Baltimore and other cities are finding less borrowers to match with loans–and are struggling as a result, the Baltimore Sun reports.Falling prices have made it difficult for homeowners to refinance; excessive foreclosures have prompted lenders to reduce mortgage products and increase lending restrictions.Many of the changes have greatly affected brokers–who also have been criticized for their part in the relaxed lending methods that nabbed many homeowners loans that they couldn’t afford.In addition, some large lenders are no longer accepting loans brokers have arranged. Bank of America stopped on…
U.S. Home Prices Drop More Than 3 Percent in the First Quarter
Washington, D.C.–U.S. home prices showed the most severe decline in 17 years, the Washington, D.C.-based Office of Federal Housing Enterprise Oversight said Thursday.Home prices dropped 3.1 percent in the first quarter compared to 2007 and fell in 43 states; the OFHEO index also declined 1.7 percent from 2007’s fourth quarter to the first quarter of 2008–the largest quarterly price drop in history, according to The Wall Street Journal.”For homeowners and financial market observers, these declines spell further erosion in home equity levels and potentially more trouble for mortgage markets,” said James Lockhart, OFHEO director. “To prospective home buyers who have…
Unemployment Declines–But Remains a Concern
Washington, D.C.–The number of recently laid-off workers that filed for unemployment benefits showed a surprise drop last week and reached the lowest level in a month, the Labor Department said Thursday.Applications for jobless benefits totaled 365,000–9,000 less than last week, according to the New York Times.Yet–even with the drop–claims are still at a high enough level to indicate that the economy is causing the labor market trouble.The four-week average for claims increased to 372,250, a considerable rise from a year ago when the four-week average was roughly 300,000.Because of an earlier Easter and a General Motors auto supplier strike, analysts…
Nationwide Shrinks Share of Mortgage Market, Says Credit Issues to Last Through Next Year
London–U.K. building society Nationwide has reduced its share of the mortgage market because it doesn’t think the credit crisis will end until at least the first quarter of 2009, the Telegraph reported Thursday.In the past year, the lender has cut its market share of new residential loans to 7.1 percent from 11 percent the year before.Nationwide issued only £8.9 billion ($17,805,774,807) in residential and commercial property loans and consumer finance. “Until we are confident we have got normality back we will continue to run on a cash model,” Chief Executive Graham Beale said.Still, Nationwide remains a major lender in the…
Forest City, MacFarlane Open Phase I of Oakland’s First LEED Silver Multifamily Project
By Erika Schnitzer, Associate EditorOakland, Calif.–Oakland’s first LEED (Leadership in Energy and Environmental Design) Silver-certified multi-housing property is now open for leasing. Developed through a joint venture of Forest City Residential Group Inc., a subsidiary of Cleveland-based Forest City Enterprises Inc., and San Francisco-based MacFarlane Partners, The Uptown is a transit-oriented, sustainable development.“Anytime there’s a project of this size with this certification, it sets an example of what’s possible,” says Kevin Ratner, president of Forest City Residential West. Converted from an area of parking lots, unused buildings and an old gas station, The Uptown is situated in the center of…
DEAL OF THE DAY: Rental Community in Delaware Sold for $17.25M
By Anuradha Kher, Online News EditorNew Castle, Del.–Evergreen Realty Inc. of Newport, Del. recently arranged the sale of Hampton Walk Apartments, a 370-unit community located in New Castle, Del., for $17.25 million.Fannie Mae provided financing for the property, owned by Atlanta-based Miles Properties Inc. Key Bank serviced the loan.Hampton Walk Apartments features 94 building structures and is built on 16.65 acres with 264,200 sq. ft. of rentable space. The property consists of a mix of one- and two-bedroom apartments, with rents for one-bedroom units starting at $640 and for two-bedroom units starting at $740. The building has occupancy of 85…
MHN Interview: ‘Many of Our Larger Mixed-Use Projects Have Stopped or Slowed Down Due to Shortage of Capital’
Chris Haegglund, AIA, is Principal and LEED AP at the San Francisco-based BAR Architects. The firm recently moved into the first renovated green office building in San Francisco and 50 percent of the firm’s architects are LEED accredited. Haegglund is influenced by Scandinavian architecture and employs European models of housing and urban planning that offer innovative methods for developing a sense of place and community. He has been with the firm since 1989.Haegglund talks to MHN Online News Editor, Anuradha Kher about what architects can do to reduce the carbon footprint, about challenges facing architecture today and his most satisfying…
Pollack to Open Its First Project, a $59M Rental Community in Atlanta
By Myles McBride, ReporterAtlanta– Pollack Partners, a new multifamily development firm has joined with BHC property group to build a $59 million luxury rental community that will open its doors to residents this month.Two Blocks Apartment Homes will be leased and managed by the Worthing Cos. after it is complete. The equity partner for the project is Westplan Investors Inc. This is Pollack Partners’ first completed project and it is the first of many in a line of multifamily rental communities that are being built across the country.The project includes 400 apartments that feature a wide range of state-of-the-art amenities….