News

By Anuradha KherFort Lauderdale, Fla.– Advanced Green Technologies, a Fort Lauderdale, Fla.-based company that provides sustainable building solutions and renewable energy products for residential and commercial applications officially opened its 10,000-sq.-ft. building topped by hurricane-resistant solar panels. The building belongs to Advanced Roofing, a 24-year-old company of which AGT is a subsidiary.Florida Governor Charlie Crist presided over the ribbon-cutting ceremony and reviewed the renewable energy efforts of the company. “They’re doing such great things and making such a difference,” said Gov. Crist. “The largest solar panel roof in Florida is obviously a good example.”The building is an office and warehouse….

By Erin Brereton, Content ManagerDetroit–New York-based real estate investment firm Northern Group announced plans Wednesday to build a $150 million residential, retail and entertainment complex with more than 80 apartments in downtown Detroit.The Cadillac Centre will feature two 24-story towers of sculpted metal and glass and will connect to the existing 1927 Beaux Arts Cadillac Tower skyscraper, already owned by the Northern Group. The property will fill in the last piece of land surrounding Campus Martius Park, which Northern calls Detroit’s new town square.Cadillac Centre will include 84 apartments, 48 of which will be located in the 24-story SkyLoft Towers….

Portland, Ore.–Portland, Ore.-based real estate investment firm Hagerman Frick O’Brien recently arranged the sale of five apartment buildings in Washington and Oregon for more than $76 million.The 334-unit Meadow Wood Apartments in Vancouver, Wash., sold for $26.6 million or $79,640 per unit. Hagerman Frick O’Brien Investment Real Estate (HFO) represented both the buyer, Meadow Wood Associates, based in Washington state, and the seller, Orchards Retirement, LLC of Vancouver.Prairie View (pictured), a 284-unit apartment complex in Vancouver, sold for $26.7 million, or $94,014 per unit. The buyer, Vancouver Prairie View, LLC of Vancouver, and the seller, Prairie View Associates of Seattle,…

New York–Merrill Lynch may post twice its original mortgage investment loss estimate–$15 billion total–triggering the firm to look overseas for investment capital, The New York Times reported Friday.The nation’s largest brokerage firm likely will disclose the writedown–larger than the $12 billion many experts had predicted–next week in its earnings report. To raise roughly $4 billion, Merrill is now talking with potential U.S., Asian and Middle Eastern investors, including American private equity firms, according to the Times.New CEO and Chairman John A. Thain already has sold a $5.6 billion stake to Temasek Holdings, administered by Singapore’s government, and Tucson-based money management…

Newark, N.J.– Real estate brokerage Gebroe-Hammer Associates recently completed the $7.4 million sale of a three-property portfolio in Newark, N.J.’s Weequahic neighborhood.The portfolio contains 130 rental units in three multifamily complexes. Gebroe-Hammer Sales Associate Elliot Schechter and Executive Vice President David Oropeza represented the seller in the transaction. Senior Vice President David Jarvis secured the investment group who brought the property. Gebroe-Hammer declined to release the name of the buyer or seller.The three-story 129 Chancellor Avenue apartments (pictured) contain 50 units; 603 Elizabeth Avenue is a six-story elevator building with 55 units. With 25 units, 595 Elizabeth Avenue is a…

By Erin Brereton, Content ManagerNew Orleans–Providence Community Housing and Enterprise Community Investment announced Wednesday that they will use a $41 million investment in Gulf Opportunity (GO) Zone low-income housing tax credit equity to renovate three senior apartment buildings and build one multifamily complex in Hurricane Katrina’s core disaster area.The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by the hurricanes–Louisiana, Mississippi, Alabama, Texas and Florida–with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing.Providence closed on the properties scheduled for renovation, which will have a total of 474 affordable…

By Keat Foong, Executive Editor Las Vegas—The CMR Commercial Mortgage Fund has provided $25.5 million in a debtor-in-possession bridge loan to Nevada Towers LLC to refinance a first deed of trust on the property, slated to undergo a conversion into a mixed-use development. Nevada Towers holds entitlements to convert the property from a 200-unit apartment complex into a high-rise mixed-use project consisting of hotel, residential and retail space, along with limited gaming space and parking.“It’s unusual that a $25 million loan goes from approval to close in 13 business days and we are proud to have executed a transaction of…

London–As generally expected, the Bank of England held interest rates at 5.5 percent on Thursday, The Financial Times reports.The bank is taking time to assess the impact of inflation and the U.K.’s economic decline. Reports next month should reveal whether or not consumers are spending less, as recent reports from Marks and Spencer and other retailers suggest, according to the Times.The Monetary Policy Committee will watch for wage inflation increases, which may be on the rise, and the state of the sterling, which recently declined. “The key argument for waiting is that the news on near term influences on inflation…

London–After a three-month decline, U.K. home prices rebounded in December, according to the nation’s largest mortgage lender.Hailfax said that, based on its loans to homebuyers, average national home prices increased by 1.3 percent last month. British home prices increased by an average of £11,759 in 2007, according to Halifax, who again forecast prices will stay flat for the year.In November, prices had dropped 1.3 percent. Home prices fell 0.7 percent in October and 0.6 percent in September, The Times reports.Home prices now are only 0.8 percent over the last quarter of 2006. The price decreases late in 2007 were enough…

New York–Stocks fell early on Thursday following a profit warning from Capital One Financial Corp., prompting new panic about the credit markets, The New York Times reported Thursday.McLean, Va.-based Capital One said its 2007 profit will be less than expected due to growing loan delinquencies and legal reserve costs in the fourth quarter. The credit card company is taking a $1.9 billion loan loss provision, which includes about $1.3 billion in charge-offs.The company’s statement corroborated some analysts’ concerns that other credit classes have been damaged by the subprime mortgage market collapse and that future corporate earnings may be lessened by…