News
President Obama Appoints BRIDGE President and CEO to Position at HUD
San Francisco–President Barack Obama has appointed Carol Galante, president and CEO of BRIDGE Housing, as deputy assistant secretary for Multifamily Housing Programs at the U.S. Department of Housing and Urban Development (HUD). As deputy assistant secretary, Galante will be responsible for HUD’s financing support for the development and preservation of privately-owned rental housing (a current portfolio of over $58 billion) and will be integral to several new initiatives that promote sustainable development.“Having previously served in the position Galante will step into, I am extremely confident that her proven track record in multifamily housing is exactly what HUD needs to move…
Housing Starts Surge in February is an Aberration, Bottom Still Not Reached, Say MF Industry Leaders
By Anuradha Kher, Online News EditorNew York–Overall housing starts in February surged 22 percent from January, mainly due to a nearly 80 percent increase in multifamily starts during the same period. The total number of multifamily starts in February rose to 212,000 as compared to 118,000 in January, while the overall starts totaled 583,000. Even so, on a year-on-year basis, multifamily starts are down 40 percent while overall starts are down 47 percent.“Housing starts figures are so anemic right now that a small recovery is showing up as a big percentage,” Nick Ingle, director of capital markets at Hendricks and…
The Benefits of Building Information Modeling
By David Demarest, Architecture DemarestFor several years, architectural firms and construction companies have been experimenting with building information modeling (BIM). In the course of experimentation, they have discovered that the application can decrease both design and construction costs. Implementation of BIM technology has passed the experimental phase as designers and builders familiar with the application have begun to promote BIM’s design, construction and economic benefits to owners.In turn, these owners are beginning to experiment with BIM, which also provides cost-saving benefits related to building maintenance, future expansion and renovation throughout a building’s lifetime. In fact, all of BIM’s cost benefits—whether…
ASI Introduces Sustainable Hardwood Floors
Architectural Systems Inc. (ASI) has introduced VenCork Flooring, a collection that combines real wood veneers with a cork substrate to create a sustainable hardwood flooring.A range of color options and woods are available, including oak, mahogany, cherry, walnut, mutene and sucapira, in addition to custom colors. The durable surface is credited to the anti-scratch transparent polyvinyl chloride finish.VenCork Flooring contributes to LEED (Leadership in Energy and Environmental Design) credits in the following categories: MR Credit 4: Recycled content, MR Credit 6: Rapidly renewable construction material, and EQ Credit 4: Low-emission adhesives and materials.www.archsystems.com
INSIDE THE DEAL: Kislak Brokers Sale in New Jersey Market
By Keat Foong, Executive Editor Woodbridge, N.J.—The Kislak Company Inc. completed a $27.5 million sale in North Brunswick, N.J. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties and yield high returns in the process,” says Kislak vice president, Barry Waisbrod, who represented the seller. The property, Northwood Estates, was listed for $34 million and eventually negotiated down to $27.5 million. The owner, with whom Waisbrod said he have been in touch over the years, had passed away, and the property was being sold by the owner’s estate….
TODAY’S DEALS: Meridian Arranges Construction Loan of $10M for 300-Unit Garden-Style Apartment Community, and Other Transactions
By Anuradha Kher, Online News Editor Joppatowne, Md.–Meridian Capital Group has recently arranged a construction loan in the amount of $10 million for Harborside Apartments in Joppatowne, Md. Meridian’s New York office successfully negotiated on behalf of the borrower a three-year interest-only LIBOR-based term.The loan will be used to construct the third phase of a 300-unit garden-style apartment community located along the Chesapeake Bay and built and operated by the borrower since the mid-1970s. Harborside is the only multifamily rental property in this bedroom community of Baltimore, and the third phase is expected to accommodate the expansion of Aberdeen Proving Ground,…
ENERGY STAR Qualified Under-Cabinet Range Hoods from Broan
Broan’s QDE series of ENERGY STAR qualified under-cabinet range hoods offer savings of 564-kilowatt hours compared to an equivalent model featuring halogen lights. Certified by the Home Ventilating Institute (HVI) and ENERGY STAR qualified, the QDE series features an energy-efficient 280 CFM blower that is controlled by a two-speed rocker switch.The QDE series meets all requirements for the three major Green building programs: ENERGY STAR, U.S. Green Building Council’s (USGBC) Leadership in Energy and Environmental Design (LEED) for Homes, and the National Association of Home Builders’ (NAHB) Model Green Home Building Guidelines.The model features a dual compact fluorescent 13-watt bulb…
Enterprise Uses NMTC Allocations from CDFI in Low-Income Communities
By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Investment has utilized all $515 million of its New Markets Tax Credit (NMTC) allocations from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) to help finance real estate projects and business opportunities in low-income communities across the country. As one of the largest recipients in the NMTC program, Enterprise has used its five rounds of allocations to catalyze more than $3 billion in commercial and mixed-use development. These projects are in urban centers and rural communities in 18 states and Washington, D.C., resulting in six million sq. ft of new…
What Owners Need to Know about Construction Fraud
By Erika Schnitzer, Associate EditorChicago—With the troubled economy providing greater risks of fraud, as well as allegations of fraud taking over the national spotlight, Grant Thornton LLP’s national Construction Advisory Services group recently hosted a webinar to shed light on the most common forms of construction fraud and provided key tips for how project owners can protect themselves against fraudulent third-party contracting relationships.According to Jim Schmid, CPA, CFE, national Construction Advisory Services practice leader at Grant Thornton, construction fraud has grown significantly over the past three years, as it becomes more complex and difficult to identify. Furthermore, in today’s tough…
Vantage Makes $5M Investment to Optimize Heating Systems at 139-Unit Affordable Housing Portfolio
By Anuradha Kher, Online News EditorNew York–Vantage Properties LLC has begun a major initiative, in partnership with U.S. Energy Group, to reduce the carbon footprint of its 139-building multifamily portfolio in New York City. Using U.S. Energy’s energy management and control technologies to optimize usage, waste and pollution will be dramatically reduced for each property. The company estimates that the $5 million investment it is making towards this initiative will result in 15 percent energy conservation savings per property annually. Work on all the buildings will be complete by end of 2009.“We view this investment as a way to consume…