News
Urban Partners Receives Accolades for Transit-Oriented Developments
By Erika Schnitzer, Associate EditorLos Angeles—Urban Partners LLC has received honors for “Outstanding Developer” and “Outstanding Project” in the Los Angeles Business Journal’s real estate awards issue, which is focused on the best in local transit-oriented development. “Our transit system, relative to the planning process, has been at odds since the end of World War II,” John Hrovat, director of operations at Urban Partners, tells MHN. “We are trying to cut back and fight the sprawl that’s taken place since then.” Urban Partners’ $150 million Del Mar Station (pictured, at right), a 347-unit mixed-use, transit-oriented development on Pasadena’s Gold Line,…
In ’09, NMHC/NAA Plan to Work on Restoring Apartment Industry’s Access to Capital
By Anuradha Kher, Online News EditorWashington, D.C.– The National Multi Housing Council (NMHC) and National Apartment Association (NAA) will in 2009, working together through their joint legislative program, work on ways to bring about a more balanced federal housing policy toward the apartment market.The two associations say restoring access to capital is the highest legislative priority of the apartment industry in 2009 and the two organizations will do what they can to ensure that the voice of the apartment industry is heard.NMHC/NAA has released their 2009 public policy agenda as part of NAA’s annual Capitol Conference, which brings apartment professionals…
Resort Condo Market Faces Tough Times
By Anuradha Kher, Online News EditorNew York–Since the bubble in the resort condominium market burst in 2005, the industry has been facing a decline in prices as well as in number of transactions. Now with the severe downturn in the economy, unemployment and loss of consumer confidence, the industry is suffering all the more.But Anthony O’Brien, senior vice president of resort services for The Playground, developer of resort condo communities, is optimistic about growth in the sector. “The buyer today is really looking for the deal, the opportunity to buy in this marketplace where prices have gone down. Our company…
TODAY’S DEALS: Jones Lang LaSalle Arranges Sale of Two Properties on University Campus for $19.3M, and Other Transactions
By Anuradha Kher, Online News EditorRichmond, Va.–Jones Lang LaSalle recently arranged the sale of a pair of student housing buildings on the Virginia Commonwealth University campus in Richmond, Va., for $19.3 million.Kanye Anderson Real Estate Partners purchased the two buildings, RAMZ Hall (pictured), located at 933 West Broad St., and Capital Garage, located at 1301 West Broad St., for a combined $19.3 million.RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments, located just two blocks from Capital Garage. The ground floor has over 15,000 sq. ft. of retail, which is 100 percent occupied with retail…
Four-Unit Condominium is First New York Residential Development to Seek Dual LEED Platinum/ Energy Star Certifications
By Erika Schnitzer, Associate EditorNew York–The Silhouette (pictured), a four-story, four-unit condominium project in Brooklyn’s Park Slope designed to meet both LEED (Leadership in Energy and Environmental Design) Platinum and Energy Star certification, is slated for completion this summer.“We always had [Energy Star] on our sites, and as the market has changed, you look for a differentiator,” notes Robert Roth, president and founder of New York-based Green Envy Development Group Inc., who is among four members–also including Andew Giancola of Giancola Contracting, Larry Vento of Ridge Iron Works and Robert Brown as CFO–of the management group at the project. “We…
NanaWall Single Track Slider
NanaWall Systems’ newest product, the NanaWall VSW65 Single Track Slider, is a wood-framed, individual-panel, single-sliding system that can be used in multifamily buildings to create more rooms in flexible units or in place of walls between the units and balconies.With its single track, the custom system provides a clean line for a seamless transition from one room to another or from inside into the outside. The VSW65 is easy to operate and can be designed to slide into a pocket. NanaWall Systems’ opening glass walls can be installed anywhere a traditional wall would stand and provide flexible solutions to multifamily…
Trump-Backed Baja Resort Condos Cannot Refund $32.2M Investor Deposits Due to Lack of Construction Financing
By Anuradha Kher, Online News EditorBaja, MEXICO–Back in October 2006 when all was well with the economy, Trump Entertainment Resorts Inc., along with Los Angeles-based Irongate Capital Partners LLC, started selling Trump Ocean Resort Baja Condos in the pre-construction stage. S&P Destination Properties, which was handling sales for the property, sold 188 units for a total $122 million on the first day of the sale. Now, almost three years later, New York entrepreneur Donald J. Trump through a Mexican entity, PB Impulsores, has informed investors that there are no funds to refund investors’ deposits totaling $32.2 million.The 526-unit condo-hotel, 30…
Halstead Launches Program to Help Investors in Current Buyers Market
By Anuradha Kher, Online News EditorNew York–In an economy in which an increasing number of buyers want to take advantage of falling property prices and invest in real estate, Halstead Property has created a new full-service program called Halstead360 that aims to be a resource for investors planning to buy, manage, lease and sell their property.“We noticed two trends in the market that will also benefit from Halstead 360: investors taking advantage of the current buyers market and owners looking to maximize their current investments,” says Diane M. Ramirez, president of Halstead.Halstead360 offers three services:Residential Real Estate Brokerage Services as…
Webinar on Construction Financing that is Still Available for Multi-Housing Draws Huge Response
By Keat Foong, Executive Editor New York—A webinar sponsored by an architectural firm to help its clients “get your next multi-family project funded” received an overwhelming response. The one-hour webinar provided information about the type of construction/rehabilitation financing that is still available to developers of market-rate multi-housing. This is financing that is insured by the Federal Housing Administration (FHA) under the FHA 221(d)(4) program, which provides fixed-rate, up to 40-years amortizing, financing for both the construction and ownership of market-rate (non-rent-regulated) multifamily housing “We were totally taken by the response. It is nothing like we’ve seen before,” said Mark Humphreys,…
MULTI-HOUSING EXECUTIVES UPDATE: Hathaway Properties Inc. Hires Burt Wilkerson, and Other Moves
By Anuradha Kher, Online News EditorAtlanta–Hathaway Properties Inc. has hired Burt Wilkerson (pictured) as director of Hathaway’s Governmental Housing division. Wilkerson was appointed by Governor Purdue to serve as the public service representative on the Georgia Real Estate Commission where he served until his appointment as Region IV director of the Department of Housing and Urban Development. As regional director, Wilkerson represented HUD’s interest to federal, state and local elected officials.Hathaway’s Governmental Housing division is dedicated to meeting the country’s critical housing needs in this time of economic stress. As director Wilkerson will work with local, state and federal agencies…