News

By Anuradha Kher, Online News EditorIrving, Texas–Cole Heard (pictured) has joined CMG as the senior vice president/division director. She is responsible for the daily operations of the firm.Cole has more than 13 years of multifamily real estate experience and has worked for some of the largest third-party and owner-operated student-housing firms in the United States. “With the addition of Cole, CMG will be able to offer a lot of new services to universities and equity partners,” said Chief Financial Officer, Richard Wygle.RealtyTrac Promotes Ari Monkarsh to VP of Business DevelopmentIrvine, Calif.–RealtyTrac has promoted Ari Monkarsh to the position of vice…

By Anuradha Kher, Online News EditorFresh Meadows, N.Y.–U.S. Energy Group has launched its new version of the USE Manager online monitoring system, USE Manager 5.3, which provides expanded graphing capability, allowing building owners and managers to immediately pinpoint any energy issues they need to address. Building portfolio managers can address issues quickly because the charts and graphs in 5.3 allow them to view all their critical heating system functions at a glance. The USE Manager 5.3 integrates information from the USE Controller Energy Management System (EMS) and the patented USE Verifier Digital Fuel Gauge.USE Manager has always been known for…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have launched an effort to help restore the apartment sector’s access to capital. At the center of the effort is a four-point policy statement outlining necessary steps federal officials must take to avoid systemic failure in the apartment sector. “We are facing a serious risk of waves of defaults and bankruptcies of otherwise performing apartment properties unless the Federal Reserve and the Treasury Department take action,” says NMHC President Doug Bibby. “In the next two years, an estimated $80-$100 billion in multifamily…

By Erika Schnitzer, Associate Editor Houston—Allied Realty Services Ltd. will celebrate the grand opening of 212 Yale, a six-story, 195-unit urban infill development located in the Heights neighborhood of Houston, this month.Houston Heights “is one of the oldest parts of Houston. It’s full of a bunch of old Victorian homes and has its own downtown that has been turned into antique shops and restaurants in the area, all within walking distance” of 2125 Yale, Tim Myers, managing partner at Allied Realty Services Ltd., tells MHN. The project is the only multifamily development in the neighborhood, and in fact, Myers says…

By Anuradha Kher, Online News EditorNew York–NCB has originated almost $60 million in financing in December for 24 New York area properties. This includes $46.7 million in mortgages and $12.9 million in lines of credit. “Activity during December more than tripled from the prior month, as many cooperatives looked to take advantage of low interest rates before year end,” says Edward Howe III, managing director of the NCB New York. “While other areas of the financing market have slowed dramatically, underlying mortgages and lines of credit lending for housing communities remain strong, as more buildings arrange loans to meet varying…

John Hitchcox (pictured) is the chairman of yoo, an international branding, design and investment property company he founded with Philippe Starck. Yoo currently has 57 projects under development. The company recently announced it decision to shift its focus from condos to rentals. Hitchcox talks to MHN Online News Editor Anuradha Kher about this change, how it will be implemented and what yoo will offer renters that isn’t already offered.MHN: Why the change in focus? Hitchcox: I believe rentals have not been given much attention. It is a slightly neglected side of residential construction, especially in the U.K. It is like…

By Erika Schnitzer, Associate EditorWashington, D.C.—Union workers convened on Capital Hill yesterday to lobby for the passage of the Employee Free Choice Act (EFCA). Since taking office, President Obama has made his pro-labor stance clear with the signing of the equal-pay law, the establishment of a task force for middle-class families and his choice for Labor Secretary. With the campaign for the Act reignited and a top priority for labor unions, how will multi-housing be affected if it is passed?“The question is whether we are going to create enough impetus for on-site associates to unionize,” Terry Danner, CEO of Riverstone…

By Anuradha Kher, Online News EditorWashington, D.C.–The Senate voted yesterday to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000. The measure, introduced by Sen. Johnny Isakson, a Republican from Georgia, is expected to add as much as $18.5 billion to the already-massive stimulus package.This tax credit, unlike others proposed previously, is a real tax credit, according to the National Association of Homebuilders (NAHB), as long as it is claimed within two years. There is no automatic recapture of this money unless the buyer sells the property within two years of purchasing it. NAHB…

By Anuradha Kher, Online News EditorNew York–Roomorama.com, new peer-to-peer online platform for short-term room and apartment rentals, recently launched its improved web site.The service is available in Los Angeles, Miami, San Francisco, Vancouver, Washington D.C., Boston, Chicago, New York and Toronto. The free web-based program allows hosts to post and manage listings to the user community.“We want to provide a transparent place for guests looking for accommodation and a way for hosts to manage their rental activity for short-term rentals,” Federico Folcia, co-founder of the site, tells MHN. He also says there has been considerable amount of interest from property…