News
Dominican Republic Readies for 25-Story Eco-Friendly Vacation Condo Tower
By Anuradha Kher, Online News EditorJuan Dolio Beach, Dominican Republic–Las Arenas, a 25-story residential tower located in Juan Dolio Beach in the Dominican Republic, has introduced a new eco-friendly architectural design. The project, which is being designed by Dominican architect, Jorge Mesa, and Spanish landscaper, Artur Bossy, is scheduled to break ground in the first quarter of 2009.The 216-unit project is located 30 to 45 minutes from the capital, Santo Domingo. Since sales began a month ago, 25 units have been sold. “The potential buyer is a middle- to high-income Dominican, or an American or Canadian,” Rosalia Porcella, commercial director…
NAHB Urges Government to ‘Fix Housing First,’ Expand Homebuyer Tax Credit Program
By Keat Foong, Executive EditorWashington, D.C.–The National Association of Home Builders (NAHB) urgently called on the government to “fix housing first.” In a teleconference with the media, NAHB president and CEO Jerry Howard urged the incoming Administration and the next Congress to take steps to address the housing slump which, he said, was at the root of the nation’s economic downturn. Howard said housing and all its supporting industry make up about 15 percent of the nation’s GDP. He said it therefore makes sense that if the government stimulates the economy it should first “stimulate that sector which is the…
TODAY’S DEALS: Campus Crest Communities, Harrison Street Real Estate Form $220M JV to Develop 10 Student Housing Communities, and Other Transactions
By Anuradha Kher, Online News EditorCharlotte, N.C.–Campus Crest Communities and Harrison Street Real Estate Capital have come together to form a $220 million joint venture to develop 10 “fully‐loaded” student living communities across the U.S. The firms believe this will be the first phase in a long-term relationship between the two organizations.The new developments, all off‐campus, will be located in Clarksville, Tenn. (Austin Peay State University), Conway, Ark. (University of Central Arkansas), Huntsville, Texas (Sam Houston State University), Lawrence, Kan. (University of Kansas), Moscow, Idaho (University of Idaho), Reno, Nev. (University of Nevada, Reno), San Angelo, Texas (Angelo State University),…
Expansion of Southern California CCRC Condominiums Now Complete
By Erika Schnitzer, Associate EditorSan Diego–Classic Residence by Hyatt, a developer, owner and operator of senior living communities, recently celebrated the completion of its $147 million expansion of Hyatt at La Jolla Village, a Type A continuing care retirement community (CCRC). The new North Tower, which offers an additional 184 units and a new community space, is connected to the existing South Tower by an on-campus care center.La Jolla Village offers 403 independent living residences, 36 assisted apartments, 23 memory support suites and 60 skilled nursing suites, which are Medicaid-certified. Residents will have access to on-site care, including assisted living,…
Solomon Organization Wins Nine Awards from State Apartment Association
By Anuradha Kher, Online News EditorSummit, N.J.–The Solomon Organization LLC has won nine awards from the 2008 Apartment Association of Central Pennsylvania (AACP). The annual “Best of Living Awards” program is an acknowledgement of excellence within the apartment industry in Central Pennsylvania. Solomon’s Mayfair Manor at Grandview Heights community, in Lancaster, Pa., claimed the awards in the following categories: Overall Community Excellence; Maintenance Excellence; Curb Appeal Excellence; Marketing and Leasing Excellence; and the award for Community Service Recognition. Stone Mill Station, also in Lancaster, took an award in Marketing and Leasing Excellence. Berkshire Hills, in Sinking Spring, earned an award…
New Jersey Apartment Association Hosts 1,000 Less Fortunate Children at Annual Holiday Party
By Anuradha Kher, Online News EditorMonroe Township, N.J.–For the eleventh consecutive year, the New Jersey Apartment Association (NJAA) hosted its Annual Children’s Holiday Party with over 1,000 less fortunate children at the Meadowlands Racetrack. The children enjoyed a day of fun and entertainment and a visit from Santa Claus with toys for all. The party is the result of outstanding efforts made by multifamily property owners, apartment community staff, and related businesses that hold toy drives and donate a their time and resources in planning and volunteering at the event. Over 40 member companies hosted toy drives at apartment communities…
Latest Fed Rate Cut Will Free Up Capital, Increase Competitiveness in MF Lending Market
By Anuradha Kher, Online News EditorNew York–The U.S. Federal Reserve has slashed its key interest rate to the lowest level on record in its latest attempt to stymie a sharp slowdown in the economy amidst the holiday season.The Fed’s Open Market Committee cut its benchmark rate to between 0 percent and 0.25 percent, from 1 percent.A median of 84 forecasts in a Bloomberg News had predicted the Fed would halve the rate to 0.5 percent. President-elect Barack Obama on Tuesday said “we are running out of the traditional ammunition that’s used in a recession, which is to lower interest rates,…
EDITOR’S NOTE: CPSC Clarifies Pool Drain Enforcement Plans
Being based in New York City, where we’re currently seeing a wet snowfall, my thoughts at this time of year typically do not revolve around swimming pools. Until today, when pool drains became front-page news that property managers need to take note of.Several press releases had alerted me to watch the “Today” show this morning, which was scheduled to run—and did broadcast—a report on the Virginia Graeme Baker Pool and Spa Safety Act and, in particular, Section 1404. This act was named in honor of Baker, who was the young granddaughter of former U.S. Secretary of State James Baker III…
How Property Managers Can Cut Utility Costs
By William Moseley, Director of Operations for California Utility Billing ServicesLike all professionals in the real estate industry, multifamily property managers have had their priorities dramatically shifted by the current economic downturn. The combination of falling housing prices and the growing unemployment rate has made attracting and retaining residents a more difficult task. Consequently, some property managers are being forced to lower rents or provide concessions in order to attract and/or retain residents. For Western National Property Management, the number-one goal for property managers in the current economic climate is to protect rental rates and economic occupancy.Because maintaining Net Operating…
TODAY’S DEALS: KeyBank Real Estate Capital Closes $53.7M Loan for Four New England Seniors Housing Properties, and Other Transactions
By Anuradha Kher, Online News Editor Boston, Durham, N.H. and Bennington, Vt.–KeyBank Real Estate Capital recently provided a $53.7 million loan to Capital Health Group for four seniors housing properties in the Northeast.KeyBank provided $24.8 million through Fannie Mae’s DMBS product for two Boston-area properties, including Forge Hill Senior Living and The Inn at Robbins Brook. Both will use the funds to refinance existing debt. Two additional properties received the remainder of the funds through Key’s balance sheet. They include The Inn at Spruce Wood in Durham, N.H. and Village at Fillmore Pond in Bennington, Vt.Love Funding Secures Two Loans Totaling…