News
Economy Watch: Bernanke Whispers Sweet Nothings in Investors’ Ears
Bernanke managed to calm Wall Street for a while on Friday while not managing to be too specific. He certainly wasn’t specific about anything along the lines of QE3, though also in typical Bernanke style, he didn’t quite rule it out, either.
Conversation with Ted Rollins: Campus Crest Communities Pursues Growth Strategies
Campus Crest Communities is on the fast track to expansion. The company, which went public in March of 2010, is now increasing its portfolio at the rate of about 20 percent, or 3,000 beds, per year, says its CEO and co-chairman of the board Ted Rollins.
Gal Nauer Architects’ Bavli Towers Design: Benchmark of Modern Living
Tel Aviv, Israel–Tel Aviv’s Bavli neighborhood will be home to a large-scale, residential project. The Bavli Towers, comprising of six 44-story towers, are designed by Gal Nauer Architects (GNA), an international architecture firm with offices in New York and Tel Aviv.
AMCAL Receives Over $16 Million in CTCAC Funding
Agoura Hills, Calif.–The California Tax Credit Allocation Committee was awarded nearly $16.3 million to AMCAL Multi-Housing Inc., a builder of affordable and low-income housing. The funding was provided to help build three new communities across California.
TODAY’S DEALS: UDR Inc. Finalizes $138M NYC Acquisition
UDR Inc. has completed the acquisition of a 210-unit community in New York; Holliday Fenoglio Fowler arranges construction financing for a New Jersey development; and NorthMarq arranges $37.2 million Freddie Mac mortgage.
New Jersey Affordable Seniors Project Gets Green Light
Lawrenceville, N.J.–The Planning Board of the Township of Florence, N.J., has approved plans for a 66-unit affordable seniors housing development in the township. The property will replace the dilapidated Marcella Duffy School building.
Chicago’s One East Delaware Captures LEED EB Silver
Chicago–The first Chicago apartment property to earn multifamily LEED EB Silver certification from the U.S. Green Building Council is One East Delaware. The 22-year-old, 36-story, 306-unit upscale tower on the Windy City’s pricey Gold Coast is the nation’s third largest apartment community to gain the certification.
Magellan Development Group Names Steven L. Mandell VP of Business Development and Operations
Chicago–Magellan Development Group has announced the appointment of Steven L. Mandell, 43, as vice president of business development and operations of affiliate Magellan Project Services.
Marcus & Millichap Promotes Felipe J. Echarte to Vice President Investments in Fort Lauderdale Office
Fort Lauderdale, Fla.–The board of directors of Marcus & Millichap Real Estate Investment Services has promoted Felipe J. Echarte to the position of vice president investments in the Fort Lauderdale, Fla. office.
Economy Watch: Foreclosed Properties Still About One-Third of Residential Sales
According to RealtyTrac’s second quarter 2011 U.S. Foreclosure Sales Report, which was released on Thursday, the sale of houses in some stage of foreclosure accounted for 31 percent of all residential sales during the quarter. That’s a drop from the first quarter of this year, when the total was 36 percent, but more than the same quarter a year ago, when the total was 24 percent.