News
Modular Workforce Housing Designed for LEED Platinum Added to SkiCo’s Housing Inventory
By Erika Schnitzer, Associate EditorAspen, Colo.—ModSystemSB Inc. has completed Holiday House, a 25-unit modular workforce housing project designed for LEED (Leadership in Energy and Environmental Design) Platinum certification, for the Aspen Skiing Co. (SkiCo). The entire project—from digging the foundation to delivering the modules—took five months, Bill Boyd, general manager of ModSystemSB Inc., tells MHN. Traditionally built, the housing development would have been a 13- to 14-month project, he adds.”Everything takes a lot longer in the mountain environment, and it was also an infill project, so when you don’t have room to bunk materials on the site, that winds up…
Ron Sims Sworn in as Deputy Secretary of HUD
By Anuradha Kher, Online News EditorWashington, D.C.–Following confirmation by the U.S. Senate, Ron Sims has been sworn in as the deputy secretary of the U.S. Department of Housing and Urban Development. As the second most senior official at HUD, Sims will be charged with managing the HUD’s day-to-day operations, a nearly $39 billion annual operating budget, and the agency’s 8,500 employees.Sims replaces Roy A. Bernardi. (Pictured: HUD Secretary Shaun Donovan (right) administers the oath of office to Deputy Secretary Ron Sims as Sims’ wife, Cyan Topacio, holds the Bible.)”President Obama, Secretary Donovan, and Congress have all voiced a clear expectation…
Q&A with Richard Raeke: Solar Can Work on MF Properties Anywhere If Owner Can Take Advantage of 9% LIHTC
Richard Raeke (pictured)is the director of project finance at Borrego Solar Systems Inc., a designer and installer of commercial and public sector grid-tied photovoltaic solar electric systems. Raeke is responsible for helping customers negotiate their options for financing solar projects, including Power Purchase Agreements and Captive Energy Companies. He talks to MHN Online News Editor Anuradha Kher about the Multifamily Affordable Solar Housing program in California, why solar energy can be harnessed anywhere in the country regardless of the amount of sunlight a region receives, and cost savings multifamily properties can achieve by implementing solar power. (Pictured below: Borrego Solar…
TODAY’S DEALS: NorthMarq Capital Arranges Over $13.725M Mortgage for 272-Unit Apartment Community, and Other Transactions
By Anuradha Kher, Online News EditorChandler, Ariz.–NorthMarq Capital’s San Diego regional office has arranged first mortgage financing of $13.725 million for Waterside at Ocotillo (pictured), a 272-unit multifamily property, located in Chandler, Ariz.Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Hendricks & Partners Arranges Sale of 11-Unit Property for Over $1MEl Cajon, Calif.–Hendricks & Partners recently arranged the sale of 1083 South Mollison Ave. in El Cajon, Calif. The 11-unit apartment community was sold for $1,205,000.1083 South…
HUD to Provide $5B to States for Acquisition, Construction of Affordable Housing
By Anuradha Kher, Online News EditorWashington, D.C.–As part of a partnership aimed at job creation and easing the pressures on the housing market, the Department of the Treasury and Department of Housing and Urban Development (HUD) has announced that it will provide billions of dollars in recovery funds to spur the development of thousands of affordable housing units in states around the country. Funded through the American Recovery and Reinvestment Act (The Recovery Act), the programs together will provide approximately $5 billion for states to finance the acquisition and construction of affordable housing for working families.“It’s been a long time…
$300 Million L.A. Condominium Celebrates Grand Opening
By Erika Schnitzer, Associate EditorLos Angeles—Astani Enterprises Inc., based in Beverly Hills, Calif., recently celebrated the grand opening of Concerto, a new $300-million, 100,000-sq.-ft. condominium development in downtown Los Angeles’ South Park. The community, which will be completed in two phases, is being designed for LEED (Leadership in Energy and Environmental Design) certification.Occupancy of the first building, the 77-unit mid-rise loft building, is slated to begin in June 2009, and occupancy of the first tower, which encompasses 271 units, is planned for the fall of 2009. Phase II will include the second tower, with an additional 281 units. However, “there…
ZaGo Introduces New Eco-Friendly Trim Series
ZaGo Flexible Mouldings Inc. has introduced its new Trim EZ Pro Series line of decorative flexible trims and mouldings, which provide the look and appeal of carved wood without the cracking, rotting or chipping. Custom-made from a high quality polymer composite and not from wood, Trim EZ trims and mouldings are easily bent or shaped for any curved or rounded decorative need, including base moulding on rounded walls, curves on crown mouldings, and casing on arched doorways and openings and custom window treatments. Trim EZ Pro Series replaces wood trim and moulding products that can rot and attract insects and…
Editor’s Note: Enforcing an Energy-Efficient Building Environment
By Erika Schnitzer, Associate EditorWhat’s everywhere, practically invisible and costs $15 billion each year?Energy in New York City buildings!New York City Mayor Mike Bloomberg, along with Council Speaker Christine Quinn, recently announced plans to reduce greenhouse gas emissions from existing residential, commercial and government buildings.As MHN has reported, the proposed legislation is aimed at encouraging developers to meet tougher energy requirements any time they renovate, to conduct an energy audit every 10 years, and to make energy improvements that will pay for themselves within five years. (Click here to read MHN’s story.) According to the city, the energy improvements could…
TODAY’S DEALS: Gebroe-Hammer Closes 6 MF Deals for Over $6M, and Other Transactions
By Anuradha Kher, Online News EditorLivingston, N.J.–Gebroe-Hammer Associates has closed six separate multifamily housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties. The largest trade was the $1.425 million sale of Loretta Arms Apartments (pictured), located at 1901-13 Faunce St. in northeast Philadelphia. The company also closed the $1.175 million sale of 245 Reynolds Terr., in the City of Orange. The 17-unit garden apartment community features 11 two-bedroom and 6 one-bedroom layouts located…
HUD Fills New General Counsel Position as Well as Two Others
By Anuradha Kher, Online News EditorWashington D.C.–The U.S. Department of Housing and Urban Development has appointed Helen Kanovsky, Peter Kovar and John Trasviña as the general counsel, assistant secretary for congressional and intergovernmental affairs, and the assistant secretary for fair housing and equal opportunity. The U.S. Senate unanimously confirmed all three.HUD Secretary Shaun Donovan said about their election, “Each plays a critical role in our goal of building a dynamic, collaborative housing team that will better position HUD to help the nation overcome the tremendous housing challenges we currently face.” Prior to serving as HUD’s General Counsel, Kanovsky held the…