News

By Anuradha Kher, Online News EditorCharlotte, N.C.–Arbor Commercial Funding LLC recently funded two loans totaling $6,675,900 under the Fannie Mae DUS product line. These loans include:$2,680,000 under Fannie Mae DUS for Woodfield Gardens, a 132-unit community located in Charlotte, N.C. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent. $3,995,900 under Fannie Mae DUS for Milton Road Apartments (pictured), a 231-unit complex, located in Charlotte, N.C. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent.UIP Acquires 94-Unit Community for Over $4MWashington, D.C.–Urban Investment Partners (UIP) has…

By Anuradha Kher, Online News EditorSussex, N.J.–RTKL Associates has named Lance K. Josal to be its next president and CEO. For the last seven years, Josal has directed RTKL’s Commercial Practice Group, which accounts for more than 30 percent of its gross revenue. He will replace RTKL’s current president and CEO, David Hudson, who is retiring from the company Sept. 1. Josal joined RTKL in 1979 in its Dallas office and most recently has been based in its Chicago office. Dan Nissenbaum Elected to Chairman of National Housing ConferenceWashington, D.C.–Dan Nissenbaum has been elected chairman of the National Housing Conference…

By Erika Schnitzer, Associate EditorJersey City, N.J.—Robert Martin Co. LLC’s The Residences at Dixon Mills has announced a partnership with Zipcar, a service that it will add to its laundry list of amenities already offered to the condominium’s residents. The partnership will put vehicles at Dixon’s doorstep.At the 467-unit Dixon Mills, Zipcar has made two vehicles available for members: a Honda Element and a Mazda 3. Members are able to view vehicle availability and reserve a self-service car via the Internet, iPhone app, or by telephone. Zipcar members are given a “Zipcard,” which contains a wireless chip that opens the…

By Tonie Auer, Contributing Correspondent The current economic climate is certainly putting a drag on many in the commercial property business. But Kevin Salmon is betting that now is a time of opportunity. To that end, Salmon has launched Salmon and Marshall Real Estate Investments, a new firm that will provide investment sales and consultation services in Manhattan’s apartment and condominium markets.“Now is probably one of the better times [to establish a new firm] because larger firms are downsizing and closing offices,” Salmon told CPN. “The people who jumped into the industry over the last six years are leaving the…

By Anuradha Kher, Online News Editor Boston–The capital planning subsidiary of CAS Financial Advisory Services (CAS FAS), On-Site Insight (OSI), has started field inspections of the nation’s 1,300,000-home public housing portfolio. The findings from these inspections will give Congress and HUD (U.S. Department of Housing and Urban Development) a quantitative cost estimate of addressing public housing’s multi-billion-dollar capital backlog.  Together with the prime contractor, Abt Associates, which will be responsible for data integration and cost extrapolation, CAS FAS will assess the portfolio’s physical condition and quantify the total cost of addressing physical and functional obsolescence. Responding to a Congressional directive to…

By Anuradha Kher, Online News EditorAttleboro, Mass.–Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro, Mass., for $9 million.Village Residential LLC bought the property from EQR-Quail Run Vistas Inc. Situated on approximately 7.3 acres, Crystal Village is a 100 percent market-rate community comprised of one- and two-bedroom garden-style units as well as 30 two-bedroom townhouse units. Although several private buyers made offers with institutional equity, it was ultimately a private investor with plans for a long-term hold with private equity that acquired the property. A Fannie Mae loan was provided through North…

Bill Stahlke (pictured) recently joined as president of Investments at Lane Strategic Investment LLC, where he will develop Lane Company’s acquisition strategy and oversee all of the firm¹s acquisitions. Stahlke came out of retirement to take the position. Before his retirement, he was president of Windsor Capital Partners (now known as The Shoptaw Group), an investment firm, which acquired large apartment communities for institutional pension funds and high net worth individual clients. He talks to MHN Online News Editor Anuradha Kher about his strategy to invest in distressed properties and what the division plans to do with them.MHN: Why does…

By Alex Palmer New York–Investing in energy efficient buildings now will lead to as much as $1.2 trillion in savings by 2020, according to a new study from McKinsey & Co. In its new report, “Unlocking Energy Efficiency in the U.S. Economy,” the management consulting firm forecasted just how valuable aggressive green construction could prove to be for the United States.  McKinsey predicts 900,000 new jobs could be created and 1.1 gigatons of greenhouse gas could be reduced annually, if about $50 billion a year was invested in a comprehensive green building strategy during the next decade. This reduction would represent…

By Erika Schnitzer, Associate EditorNew York—Vornado Realty Trust’s newly renovated 40 East 66th Street is drawing a windfall of interest from foreign buyers. Originally designed by renowned architect Rosario Candela in 1929 as a rental apartment building, 40 East 66th Street has been transformed into a condominium by Vornado and Cetra/Ruddy. “The famous architect Rosario Candela designed many buildings on 5th and Park Avenues. This is one of the last to be converted from a rental to a condo or co-op,” Barbara Russo of Corcoran Sunshine Marketing Group and director of sales for 40 East 66th Street, tells MHN.Despite the…

Washington, D.C.–The U.S. Department of Housing and Urban Development has charged Sunrise Villas LLC, with housing discrimination for allegedly refusing to allow residents at its Long Island, N.Y., 55+ housing complex to have service animals that assist persons with disabilities. The Fair Housing Act makes it unlawful to discriminate based on disability by refusing to make reasonable accommodations in rules, policies, practices, or services, when such accommodation may be necessary to afford a person with disabilities equal opportunity to use and enjoy a dwelling.Long Island Housing Services, a HUD Fair Housing Initiatives program agency that promotes equal housing opportunities throughout…