Michaels Development Breaks Ground on First Public Housing Project in Newtown Redevelopment Program
By Anuradha Kher, Online News EditorSarasota, Fla.–The Michaels Development Co. recently broke ground on Phase I of Janie Poe, the first public housing development to be revitalized as part of the Newtown Redevelopment Program (NRP). Senior vice president of development Milton Pratt, Jr., Sarasota Mayor Lou Ann Palmer, and others local dignitaries kicked off the demolition and construction of the first 86 units of the proposed 247-unit mixed-use, mixed-income site.“Michaels is elated,” says Pratt. “Our team has been working overtime to keep this development on track with city and county officials providing stellar support every step of the way. It…
DEAL OF THE DAY: 43-Unit Rental Community Sold for $4.11M
By Anuradha Kher, Online News EditorPassaic, N.J.–The Kislak Co. Inc. recently completed the sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic, N.J., for $4.11 million.Sales associate Robert Squires represented the buyer, 37-47 Westervelt Place LLC, and the seller, OSBF LLC, in this transaction. “This was a very complex transaction,” says Squires. “The timing of the financing was extremely important due to current conditions in the capital markets. There was competition between multiple brokerage firms to exclusively represent the owner.” Shimon Weiner of Meridian Capital provided the funding for this transaction. The five-story Westervelt Place is located off of Main Avenue…
Senate Banking Committee Endorses Housing Bill
Washington, D.C.–The Senate Banking Committee approved a housing bill designed to increase the availability of government-backed mortgages Tuesday, the New York Times reports.Approved by a vote of 19 to 2, the proposal marked an agreement between Senator and Banking, Housing and Urban Affairs Committee chairman Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., the banking committee’s senior Republican.Although the Bush administration has expressed opposition to foreclosure prevention legislation, it may consider the new Senate bill because there is no direct taxpayer cost, the Times said.The bill would finance an affordable-housing fund through Fannie Mae and Freddie Mac that would be used…
Lower Prices Mean Homes Are More Affordable in Some U.S. Cities
Washington, D.C.–Because home prices are falling, home affordability has increased dramatically in many parts of the U.S., according to the Housing Opportunity Index released Tuesday by Wells Fargo and the Washington, D.C.-based National Association of Home Builders.Families with a median household income of $61,500 could afford 53.8 percent of all new and pre-existing homes sold during the first three months of this year, CNNMoney.com said–an increase from 44 percent in the first three months of 2007. Home prices in general haven’t been so affordable since June 2004. Indianapolis, Ind., was ranked as the most affordable market; Los Angeles is the…
Freddie Mac, Fannie Mae OK with New Regulation
London–Freddie Mac and Fannie Mae are cautiously optimistic about new legislation increasing oversight over both Freddie Mac and Fannie Mae, Bloomberg reports.Speaking to investors at a conference in London, Freddie Mac Chief Financial Officer Anthony Piszel said the legislation didn’t contain a “death blow.””The rulemaking will determine what the flexibility is that we have,” Piszel said. “It’s going to take a couple of years, quite frankly, to work through.”In an interview after Fannie Mae’s annual shareholder meeting in New Orleans, Chief Executive Daniel Mudd seemed content with the changes.”We continue to want to have a strong credible regulator,” Mudd told…
UBS Sells Mortgage-Backed Securities to Cut Risk
Zurich–As part of UBS’ ongoing efforts to reduce risk, the Zurich-based banking giant said Wednesday that it had completed the same of its troubled mortgage-backed securities at a discount to a distressed asset-fund.The Swiss bank sold subprime and Alt-A assets with a nominal value of $22 billion to a special investment vehicle led by U.S. fund BlackRock for roughly $15 billion, The Wall Street Journal said. BlackRock is 49 percent owned by Merrill Lynch & Co.UBS has been in the process of reducing its investment banking operations to cut risk, which included 2,600 job cuts in its banking sector and…
Atlanta Condos, Chase Home Loans Offer Mortgages under New FHA Program
By Anuradha Kher, Online News EditorAtlanta–Duo, a loft-style luxury condominium in Atlanta’s Castleberry Hill neighborhood, has partnered with Chase Home Loans to offer adjustable- and fixed-rate mortgages to new buyers under a new Federal Housing Administration (FHA) program.“The federal government helped create the current mortgage situation,” says Scott L. Leventhal, president and CEO of Tivoli Properties Inc., developer of Duo condominiums, “I couldn’t be more pleased with this new FHA program, which offers lower down payments, as well as down payment assistance options.”Under the FHA program, Chase Home Loans will issue mortgages of up to $346,250, with up to 100…
Jupiter Breaks Ground on Windy City’s First New LEED-Certified Rental Building
By Anuradha Kher, Online News EditorChicago–Jupiter Realty Co. has broken ground on its 50-story, 389-unit rental building at 215 W. Washington St. in downtown Chicago. When complete in 2010, the $157 million building is expected to be the first new apartment high rise in Chicago to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.“There are LEED-certified condos and offices, and old buildings which have LEED elements, but this would be the first new rental to have the certification,” Donald Smith, a Jupiter Realty principal, tells MHN.Jupiter will also provide zip cars on the property.“With…
The Time To Conserve Energy Is Now
By Laura Khouri, senior vice president, Western National Property ManagementToday’s apartment owners and property managers are placing a greater emphasis on energy conservation — not only to cut costs, but also to lessen the environmental impact of their properties. Since there may also be legislation requiring more environmentally sensitive equipment, water-saving devices and additional conservation measures, managers and owners should address this issue now, rather than waiting.Green lifestyles are becoming more common in today’s day and age, with a growing number of opportunities to conserve in the world of multifamily property management. Here are a few easy strategies to assist…
LED-powered Curtainwall is Unveiled in China
By Erika Schnitzer, Associate EditorBeijing, China–The GreenPix Zero Energy Media Wall, designed by New York-based Simone Giostra & Partners Architects and located on the Xicui Entertainment Complex in Beijing, features the world’s largest color LED display. The wall, illuminated by solar energy captured by the building during the day, is the first photovoltaic system integrated into a glass curtain wall in China.GreenPix is designed to promote the integration of sustainable technology in new Chinese architecture. Using a technology developed by Giostra and London-based lighting designer and engineer Arup, the wall was developed with a new technology for laminating photovoltaic cells….