By Anuradha Kher, Online News EditorMt. Crested Butte, Colo.–Hudson Realty Capital, a New York-based real estate fund manager, has made a $6.08 million equity investment in a 44-unit apartment complex, The Marcellina, and nearly two acres of adjacent land located that can be developed, in Crested Butte, Colo. The money was used to purchase the property as well as for pre-development costs.The Marcellina is a 34,557-sq.-ft. building located in the Mt. Crested Butte resort, and is the only apartment community there. The apartments were completely upgraded in 2005. Amenities include two laundry rooms and an outdoor spa. “Hudson continues to…

By Erika Schnitzer, Associate EditorSan Francisco–BRE Properties Inc., a real estate investment trust, has named Henry L. Hirvela as its executive vice president and CFO. In his new role, Hirvela will be responsible for the company’s financial activities, investor relations, capital formation, internal audits and information technology services.Hirvela has more than 30 years of experience in corporate finance in diverese fields such as health care, waste management, energy and banking. Prior to joining BRE, he was vice president and CEO of VistaCare Inc., a publicly owned health care services company. In addition, Hirvela served as vice president and treasurer for…

Baltimore–The housing market won’t recover until 2010, according to the head of Fannie Mae.Speaking Tuesday at the Society of American Business Editors and Writers’ annual conference in Baltimore, Fannie Mae CEO and President Daniel Mudd said he doesn’t think the economy will see “some recovery and growth” until housing sales grow and prices stabilize, the Baltimore Sun reports.”We think at Fannie Mae that ’08 is going to be a tough year, kind of a continuation of the end of 2007; ’09 will be similar,” Mudd said.The current state of the market is uncertain, according to Mudd.”I think the reality of…

Washington, D.C.–The Fed may announce another rate cut at the end of its two-day meeting in Washington, D.C. Wednesday, but more action may be needed to increase lending, Bloomberg reports.Since the Federal Open Market Committee’s last meeting in March, the cost of acquiring funds for three months has increased by 0.33 percentage points. And banks are still leery to lend to each other.The Fed may discuss the effect of their $100-billion-a-month Term Auction Facility during the meeting; Bloomberg forecasts that it may increase the size and time period of its biweekly auctions.Policy makers may also lower the benchmark rate to…

By Anuradha Kher, Online new EditorArlington, Va.–The Fisher House apartments, a 33-unit rental community for individuals and families earning 60 percent or less of area median income in Arlington, Va., recently re-opened after undergoing a two-year rehabilitation of its four three-story buildings. The renovation process retained original building materials and details matching the period layout of 1941, when the community was built.The $9.5 million Fisher House restoration project was financed in part with $3.6 million in Low Income Housing Tax Credit and Federal Historic Tax Credit Equity from Enterprise Community Investment, $3.5 million in financing from the Virginia Housing Development…

By Anuradha Kher, Online News EditorLos Angeles–Snyder Langston recently completed construction of Phase III of the Catholic Charities/Good Shepherd Center Women’s Village, a 35,892-sq.-ft. mixed-use building that will provide services to residents of Good Shepherd Center’s facilities. Construction on the property, located at 1671 Beverly Blvd. in Los Angeles, started in November 2006. Move-ins are expected to begin in May.Phase III is situated on a half-acre parcel of land and includes underground and surface parking for 42 vehicles and a retail bakery/cafe that will provide employment assistance and concrete work experience to some of the women at Good Shepherd. The…

By Anuradha Kher, Online News EditorWashington, D.C.–Treasury Secretary Henry M. Paulson Jr.’s proposal to overhaul the regulatory apparatus that oversees the country’s financial system is expected to significantly expand the authority of the Federal Reserve over financial markets, but will likely not have a major impact on multifamily borrowers, according to David Cardwell, vice president of capital markets and technology at National Multi Housing Council. “As borrowers, it does not really affect us. If I were a security issuer, or bank lobbyist, I would be all over this proposal with my suggestions,” Cardwell tells MHN. He goes on to say…

By Anuradha Kher, Online News EditorCanoga Park, Calif.–Charles Dunn, a partner company of GVA Worldwide, recently arranged the sale of the 19-unit apartment building located at 7037 Alabama Ave. in Canoga Park, Calif., for 2.85 million.Paul A. Kenworthy, managing director of the investment services group in the west Los Angeles office of Charles Dunn, represented the buyer, Saswata Sen, and the seller, Khougaz Trust.The 17,324-sq.-ft. building is 100 percent occupied.“This transaction had tremendous upside for the buyer, nearly 20 percent,” says Kenworthy. “The apartments are not rent controlled.”

By Anuradha Kher, Online News Editor New York–Integra Realty Resources recently entered into a non-binding letter of intent to have certain assets acquired by Altus Group Income Fund for the purposes of merging the two companies. A 30-year-old company, Integra has over 800 employees in 55 offices across the U.S.“This merger with Altus will increase the capabilities and service offerings of Integra in the United States,” says Jeffrey Rogers (pictured), president and COO of Integra.Altus Group Income Fund is a multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,100, Altus has…

New York–The housing slump cut 67 percent from homebuilders’ market value in the New York-based Standard & Poor’s 500 Index, changing the companies into small-cap stocks, Bloomberg reported Tuesday.S&P 500 home developers have an overall market value of $16 billion–a reduction from $49.2 billion in January 2006, which was their peak.The nation’s largest builder by sales, Centex Corp., is estimated to be worth $2.62 billion–just a quarter of the size of the largest Russell 2000 Index company. As the high housing inventory caused companies to cut prices, the second largest builder, D.R. Horton Inc., and Lennar Corp., the third largest,…