By Anuradha Kher, Online News EditorNew York–Red Stone Partners recently closed a $74 million tax-exempt financing and $35 million direct equity placement to be used for the preservation and rehabilitation of a low-income multifamily housing property in Brooklyn, New York.Linden Plaza consists of five high-rise buildings containing 1,527 apartments. Red Stone worked in conjunction with Wachovia Multifamily Capital and Freddie Mac to provide The DeMatteis Organization with a new tax-exempt debt structure specifically designed for the rehabilitation and preservation of low-income Mitchell-Lama as well as HUD Section 8 and 236 properties. Red Stone provided first loss mezzanine credit enhancement for…

By Erika Schnitzer, Associate EditorNew York–The third New York City Green Building Competition is now open.The purpose of the nationwide competition is to seek projects that uphold New York City as the center of urban sustainability. “Green building is now in the mainstream here with visionary and innovative construction projects gaining a full head of steam all over the city,” says Steinberg. “This competition helps create more visible examples of building green in the mosaic of everyday city life.” This year’s competition theme is “integration.” Applicants will be judged on their integration of construction, occupancy and community. They must utilize…

By Anuradha Kher, Online News Editor DYL Group Names M. Dale Reed As VP of OperationsMiami–DYL Group, a developer of luxury residential condominiums, hotels, resorts and retail/mixed-use projects, has named M. Dale Reed as vice president of operations.In this position, Reed [photo 1] will oversee the departments of information systems, human resources, marketing and sales. He will also assist the CEO with bringing in new business opportunities and projects development.“Dale’s impressive real estate experience with a variety of developments throughout the U.S., coupled with the wealth of knowledge he has acquired through several high-profile leadership positions, make him a welcomed…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush announced this morning that he has chosen Steve Preston, the former head of the Small Business Administration (SBA), as the new secretary of the U.S. Department of Housing and Urban Development (HUD), praising him as a skilled manager.“At SBA, Preston has demonstrated that he has a strong understanding of the role that the government can play in helping businesses succeed and build stronger communities,” Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association, said in response to the announcement.If the Senate approves, Preston will replace HUD Secretary Alphonso Jackson,…

New York–Housing crisis and credit market woes caused Merrill Lynch to lose $1.96 billion in the first quarter of 2008, the firm said Thursday.New York-based Merrill also plans to eliminate 10 percent of its workforce–approximately 4,000 jobs, the New York Times said.The firm’s investment banking sector had a net loss of $4 billion and negative revenues of $690 million. In addition, it posted $1.5 billion in collateralized debt obligation-linked writedowns, which involved the most high risk mortgage loans, and $3.1 billion in less risky Alt-A residential mortgage-related writedowns.The company also reported a $3 billion charge because of a failure of…

Washington, D.C.–An “anemic” housing market and reduced consumer spending has slowed economic growth in nine of the 12 Federal Reserve districts since February, Bloomberg reports.”Economic conditions have weakened since the last report,” the Fed said in its Beige Book regional business survey. Nine districts reported a lesser economic pace; the other three said activity was “mixed or steady.”The reports are one component Fed policy makers will use at their late April meeting to decide on interest rates, along with other analysis and data.

Basel, Switzerland–The world’s top banking regulators on Wednesday suggested new regulations to prevent another global financial crisis.The Basel Committee on Banking Supervision–an organization headquartered in Basel, Switzerland which determines international banking regulation standards–rules illustrate the pressure being put on the committee to adapt new policies quickly after the credit fallout, according to the Financial Times. The suggestions were released just days after the Financial Stability Forum began creating a plan to correct the system internationally.Scheduled to be executed by national regulators, the plans will require banks to earmark more capital against complex structured products and off-balance sheet vehicles.Banks will probably…

Washington, D.C.–The amount of U.S. workers filing new unemployment benefit claims increased last week, the Labor Department said Thursday.After seasonal adjustments, initial jobless claims grew by 17,000 to 372,000 in the week that ended April 12.The four-week new claims average dropped last week by 750–from 376,750 to 376,000, The Wall Street Journal reports.New claims for the week that ended April 5 were revised downward from the original seasonally adjusted amount–357,000–to 355,000.The U.S. economy now has lost jobs for three consecutive months. Two weeks ago, the Labor Department said that in March, non-farm payrolls dropped by 80,000 jobs–the biggest decline in…

By Anuradha Kher, Online News EditorNew York–In a unique marketing campaign, New York-based real estate developer, Extell Development Co. is using interactive television screens installed in New York City taxis to sell the company’s newest condos, located on the Upper East Side at 151 East 85th St. The company is airing a television segment from Open House TV broadcast on the Taxi 2.0 screens, advertising the Lucida, a 21-story, all-glass LEED-certified residential condo building.Each time a new fare enters a taxi, the interactive television will play the Open House TV 90-second broadcast of The Lucida’s two-bedroom, two-and-half bath model apartment.Open…

By Erika Schnitzer, Associate EditorRialto, Calif.–National Community Renaissance  (National CORE), a Rancho Cucamonga, Calif.-based nonprofit developer of affordable housing, has revitalized the former Willows-Winchester neighborhood with a newly refurbished 152-unit affordable housing project. National CORE partnered with the city of Rialto to complete the $37 million rehabilitation.Since National CORE took over the development in 2005, the overall crime rate has decreased 68 percent, according to the developer. “Before, when you walked on the site, you could tell it was controlled by criminals, says Gloria Chavez, a spokesperson for National CORE. “Today, it is a family place where you can raise…