News

By Anuradha Kher, Online News EditorIrvine, Calif.–Sperry Van Ness has named Gary Gregory (pictured), CCIM managing director for Sperry Van Ness | Gregory Interests LLC, as the Sperry Van Ness Top Advisor in 2008. In addition, Sperry Van Ness | Gregory Interests LLC was the number two ranked office in 2008.In 2008, he completed 65 sales transactions valued at $227 million including a $132 million sale of the Legacy apartment portfolio.“In the past few years, Gregory has become one of the premier brokers in the United States,” says Kevin Maggiacomo, president of Sperry Van Ness International.Since joining Sperry Van Ness,…

Boston–Love Funding’s Boston office has secured a $4,813,600 refinance loan for St. Peter Apartments (pictured), a 127-unit multifamily housing complex located in Columbia, Penn. Love Funding secured the loan through the HUD 202/223(f) loan program and used its experience with the HUD 202 refinance program to assist the borrower in meeting the HUD requirement of “single asset entity” ownership. This property had previously been legally linked to another. The challenge of this transaction was separating the two. Terms of the deal included a 6.03 percent fixed interest rate and a 26-year amortization, which accommodated the borrower’s desire to own the…

By Anuradha Kher, Online News EditorWashington–The U.S. Department of Housing and Urban Development (HUD) announced this week that it is providing nearly $1.6 billion in homeless assistance. The American Recovery and Reinvestment Act of 2009, which was signed into law this week, will also provide an additional $1.5 billion in funding for homeless prevention.The grants are being awarded through HUD’s Continuum of Care programs and will assist approximately 6,300 local homeless assistance projects throughout the U.S., Puerto Rico and the U.S. Virgin Islands. “With the foreclosure and unemployment crisis looming, millions of families – both homeowners and renters – are…

By Anuradha Kher, Online News EditorAtlanta–Hathaway Construction Co., Inc. recently completed four GO Zone apartment projects on the Gulf Coast. The four projects, Ansley Walk in Lafayette, La., Ansley Place (pictured) in Houma, La., Stone Ridge at Somerby Park in Mobile, Ala. and The Vinings at Spanish Fort in Spanish Fort, Ala., are all Class A, garden-style apartment communities featuring a total of 1,045 units. The U.S government created a number of tax incentives for investors and builders building along the Gulf Coast after the area experienced massive damage and destruction due to the hurricanes Katrina and Wilma. The Congress…

By Erika Schnitzer, Associate EditorClifton, N.J.—Value Companies, a real estate development, investment and management company, is offering incentives to renters at its northern New Jersey communities, one-third of the company’s portfolio.  “Because of current economic conditions, there is a real flight to quality and value. Renters, more than ever, want to feel like they are getting a great deal without having to compromise on the details that make a community a truly great place to live, such as amenities, space and high-level finishes,” Jon Moore, vice president of development for Value Companies, tells MHN.
While Moore says that Value Companies’ communities…

Annie Laurie McCulloh (pictured) is the new vice president of business consulting at the Rainmaker Group. She is responsible for managing LRO (Lease Rent Options) project implementations and ensuring that solutions exceed client expectations. McCulloh has helped design, deliver and support pricing solutions and has also served as the pricing manager tasked with making pricing decisions for tens of thousands of units using revolution LRO.Prior to Rainmaker, McCulloh worked for Archstone, where she served as assistant vice president, pricing and revenue management. She talks to MHN Online News Editor Anuradha Kher about the importance of revenue management in a tough…

By Anuradha Kher, Online News EditorJoliet and Morris, Ill.–Meridian Capital Group recently arranged financing in the amount of $8,830,000 for three multifamily properties located in Joliet and Morris, Ill. The two properties together feature 237 residential units and are located on Mabel Court in Morris and Larkin Avenue (pictured) in Joliet. Meridian negotiated on behalf of the borrower to secure all 10-year term mortgages with rates ranging from 5.63 percent to 5.79 percent.Arbor Closes $2.66M Fannie Mae DUS Small Loan  Terryville, Conn.–Arbor Commercial Funding LLC recently completed funding of a $2,660,000 loan under the Fannie Mae DUS Small Loans product…

By Anuradha Kher, Online News EditorWashington, D.C.–President Obama’s newly unveiled  $75 billion Housing Affordability and Stability Plan, which is aimed at avoiding foreclosures, may be the much needed relief for many individuals on the brink of losing their homes. While it was praised by some housing groups, others said the plan isn’t the best course of action the economy needs right now.Conrad Egan, president and CEO of the National Housing Conference, commended the Admininstration for its “ambitious multi-pronged approach” to address the foreclosure crisis. He said the plan could likely head off millions of foreclosures. “In particular, by offering incentives…

By Erika Schnitzer, Associate EditorNew York—EquityInterface.com, a Website that introduces real estate developers and syndicators to individuals and private equity companies looking for investment opportunities, has identified $800 million in equity financing in the past month, according to the company.Originally launched as a beta site in 2008 and relaunched this January, Equity Interface is a listing service where developers can list deals that require equity and partnerships, and investors can log on and find opportunities, Nikolas Kron (pictured), founder of EquityInterface.com, tells MHN. “This is more necessary now than ever before. Banks aren’t lending to the degree they were, and…

By Anurdha Kher, Online News EditorSan Francisco–MyNewPlace, an apartment and home rentals site, has added a Facebook Connect functionality to its Web site, allowing its users to get feedback on prospective apartments, condos and home rentals by posting property information to their Facebook page. MyNewPlace is probably the first real estate and apartments Web site to implement Facebook Connect, allowing consumers to tap into their social graphs as they decide where to live.“Most people want the opinion of friends, family and roommates before choosing a new place to live,” says Mark Moran, vice president of marketing and business development for…