News
Economic Update: Developers Plan for Eventual Rebound
By Dees Stribling, Contributing Editor, Commercial Property News New York–In light of the current doldrums for both commercial and residential real estate, what’s a developer to do? Be ready for the eventual turnaround, if possible. Development is typically a multi-year activity, after all. It also helps to plan your project in an area that’s more economically resilient than many others, due to relatively high household income. This week the village council of Winnetka, Ill., an affluent northern suburb of Chicago, granted approval of a 167,800-sq.-ft. mixed-use development downtown. Construction is not expected to begin for at least a year on…
UIP Completes Rehabilitation of Century-Old Building
Washington, D.C.–Urban Investment Partners (UIP) has completed its full-building rehabilitation of The Shelby, a 24-unit luxury apartment building located at 1706 T Street, N.W. in Washington, D.C.’s Dupont Circle-Adams Morgan neighborhood. Move-ins have begun. (Kitchen before on right) UIP, through its $60 million Washington Residential Fund II (WRF II), purchased the property, formerly known as The Absecon, at foreclosure from Adams Bank. UIP then embarked on a $2 million “gut” renovation. (Kitchen after below)“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls and ceilings, an obsolete and leaky steam heating system, and more,” says Steve…
Q&A with Dario Snaidero: Kitchens Help Determine Marketability of Multi-Housing Properties
Snaidero’s new product, Venus, is a customizable kitchen whose main features include a center island integrating food prep, cooking and washing; shelves that can be wall-mounted or suspended; tall units to house appliances; and under-countertop storage area. An optical solution consists of LED lights fitted closely together into a thin aluminum shelf, providing 83 percent power savings. Cabinets are available in the Microtouch finish, which is treated with an eco-friendly tanning process, high gloss or matte Ebony wood, or high gloss, matte or metallic lacquers in the company’s traditional color options.MHN Associate Editor Erika Schnitzer interviews Dario Snaidero, president and…
TODAY’S DEALS: Raintree Acquires Apartment Community for Over $38M, and Other Transactions
By Anuradha Kher, Online News Editor Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” says Jeffrey B. Allen, CEO of Raintree Partners. Aaron Hancock, director of acquisitions for Raintree Partners, says, “We will continue to…
KTGY Recognized for Planned Affordable Urban Infill Senior Community
By Erika Schnitzer, Associate EditorLos Angeles—KTGY Group Inc., Architecture and Planning has been awarded the 2009 Best of 50+ Housing Gold Award by the National Association of Home Builders’ (NAHB) in the category of “Best Multifamily Rental 50+ Community (Affordable)-On the Boards” for its design and planning of Echo Park. The property is a 90-unit affordable urban infill senior apartment community that is designed for LEED (Leadership in Energy and Environmental Design) Silver certification. KTGY has been awarded with at least one Best of 50+ Housing Award annually since 2004. Last year, KTGY received the Best of 50+ Housing Gold…
Greening the Middle Class
adjunct professor at CUNY Brooklyn College, where he teaches real estate courses and a newly launched Green Business Course
Expansion of TALF to Cover CMBS and Loans Gets Praise from Industry
By Anuradha Kher, Online News EditorWashington, D.C.–The Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) has been expanded to cover commercial real estate backed securities (CMBS) and loans. In addition, the loans provided to investors under TALF to purchase the securities will have five-year terms, which better match the needs of CMBS investors. Previously, the loans were only for three years and were aimed at consumer credit, such as car loans and credit cards. The five-year loans for CMBS purchases will begin in June, and the Fed will extend up to a total of $100 billion in such loans….
85-Year-Old Project Opens with New Childcare Center After Renovations
By Anuradha Kher, Online News EditorWashington, D.C.–Move-ins have begun at the 27-unit Ontario Court Apartments where the Jubilee JumpStart Early Childhood Development Center has also been built. Located at 2525 Ontario Road, NW, in the Adams Morgan neighborhood in northwest Washington, D.C. the newly renovated $9 million redevelopment project is the result of a public-private partnership with the federal New Markets Tax Credit (NMTC) program, the District of Columbia Department of Housing and Community Development (DHCD), Jubilee Housing, Jubilee JumpStart, PNC Bank and Enterprise Community Investment Inc. (Enterprise). The 85-year-old Ontario Court Apartments will continue being an affordable housing project,…
Editor’s Note: Can Social Responsibility Increase NOI?
By Diana Mosher, Editor-in-ChiefThe debate continues about whether apartment residents will pay more for green living, but clearly demand is growing within certain demographics and interest is quickly spreading to others. And it’s on all of our minds. Recently NMHC’s Kim Duty shared an interesting article “Green Renting: Tenants Desire Eco-Friendly Digs” with members of our newly launched MHN Forum at LinkedIn.In the meantime, the number of properties offering a nod to green living keeps growing. So much so that the National Apartment Association hosted a new niche conference devoted to this topic last week. One attendee, a small property…
INSIDE THE DEAL: HFF Arranges Sale of Performing Loans
By Keat Foong, Executive Editor Chicago—Some developers are contemplating getting ready for the purchase of distressed loans. Here is an example of a sale transaction of performing loans. The Loan Sales group of HFF (Holliday Fenoglio Fowler LP) completed the sale of four performing first mortgage commercial loans for $31 million on behalf of Nationwide Life Insurance Co. HFF Senior Managing Director Stuart Salins and Associate Director Thomas Gerfin represented the seller in the transaction. The four loans range in size from about $3.95 million to $10 million, with an aggregate face amount of approximately $31 million. The loans were…