News

By Teresa O’Dea Hein, Managing EditorNew York—The constrained retail environment poses challenges for mixed-use developers but some are finding innovative tenants for their commercial spaces. In Manhattan, Gotham Organization Inc. has leased 7,200 square feet at its Nicole luxury rental building to a childcare program that offers cultural experiences with leading performing arts organizations in the area while the developers of the Kalahari recently launched a new outpost of an after-school youth enrichment program in a commercial condominium.At the 149-unit Nicole, located at 400 W. 55th St., the Smarter Toddler preschool recently opened its second New York facility in 7,200…

By Keat Foong, Executive EditorNew York—Apartment fundamentals on a nationwide basis remained relatively healthy through the third quarter despite the economic and financial crises. “At least through September, the apartment market has held up surprisingly well given the tough environment,” said Mark Obrinsky, chief economist at the National Multi Housing Council (NMHC).  NMHC’s “Market Trends” reports that the U.S. Census Bureau vacancy rate in the third quarter for all rental apartments (in buildings with five or more units) is 10.7 percent, only 0.3 percent higher than compared to a year ago—and still below the level in 2003-04. Meanwhile, rents continue…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Association of Real Estate Investment Trusts (NAREIT) has announced its 2009 officers, members of its executive committee and new members of its board of governors. Constance B. Moore, president and CEO of BRE Properties Inc. is the new chair. “We approach 2009 in the midst of turbulence in our credit and equity markets,” Moore says. “At a time like this, active participation in policy and practice-oriented representative bodies like NAREIT becomes more important than ever. NAREIT is working hard to ensure that both investors and policymakers understand the value of REITs in…

By Anuradha Kher, Online News EditorHouston–Arbor Commercial Funding LLC recently arranged a $4,699,500 loan under the Fannie Mae DUS product line to finance the 204-unit Sebring Apartments, located in Houston.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent. “There were several major hurdles to overcome in closing this loan on terms for the client–including the after-effects of Hurricane Ike, which swept through the area during the underwriting process,” says Matt Norman, vice president in Arbor’s lending office in Dallas. 245-Unit Condo Property Sold at U.S. Bankruptcy Court AuctionTampa, Fla.–Cushman & Wakefield recently arranged the…

By Anuradha Kher, Online News EditorBoston–A majority of architects say that multifamily buildings, as well as other commercial buildings, are going green more than other building types (institutional, single-family and industrial), according to the fourth annual Autodesk/AIA Green Index released this week at the GreenBuild Conference and Expo in Boston. This year, the survey measured 287 AIA architects about how they practice sustainable design, as well as their opinions about the green building movement.The 2008 index shows an increase in the implementation of sustainable design practices from architects and building owners. In addition, it shows that architects’ clients have experienced…

By Anuradha Kher, Online News EditorAtlanta–To help companies and individuals struggling with the credit crisis, Morris, Manning & Martin LLP, a law firm based in Atlanta, has launched a commercial real estate debt management practice, offering legal support and practical business advice to real estate owners. Due to the state of the economy and the housing market in particular, several other firms have recently launched groups to help clients deal with financial or management issues. For example, Colliers Abood Wood-Fay recently launched its Distressed Property Services Group and Cushman & Wakefield formed the Resolution Group, a team of property investment…

Boston—BuildingGreen LLC has announced the names of this year’s top 10 green building products in a press conference at the U.S. Green Building Council’s (USGBC) 2008 Greenbuild Expo in Boston. The seventh annual awards program recognizes the top products listed in the GreenSpec Directory, a national directory of green building products, and in Environmental Building News.The following are BuildingGreen’s top 10 green products:Smith & Fong’s PlybooPure Bamboo Flooring    The first bamboo flooring to be FSC (Forest Stewardship Council)-certified, Smith & Fong’s PlybooPure is made with low-emitting, non-formaldehyde polyisocyanurate binder. Measuring 5/8-in. x 3 ¾-in. x 75-in., the floor is available…

Kate Santo (pictured) is a relocation coordinator at Chicago-based Rubloff. Rubloff Residential Properties was founded in 1930. As a relocation coordinator, Santo places Rubloff clients and new transferees with brokerage firms nationwide and internationally. Santo’s job is to understand her clients’ needs and to facilitate transition to a new city, as smoothly as possible.Santo is a certified world relocation specialist and is a Relo certified coordinator. She recently spoke at the Leading Real Estate Companies of the World Fall Workshop in Chicago. Santo tells MHN Online News Editor Anuradha Kher about what it is to be a relocation coordinator and the…

By Anuradha Kher, Online News EditorFoster City, Calif.–Marcus & Millichap Real Estate Investment Services recently arranged the sale of Kula Kai Apartments (pictured), a 42-unit multifamily community in Foster City, Calif. Although the sale price remains confidential, it is close to the listing price of $10.9 million, or nearly  $260,000 per unit. The sale price reflects an overall cap rate that is under five percent, well below the predominant range of capitalization rates evidenced by similar apartment transactions in recent months, and the purchase was financed by Freddie Mac.Located at 808 Comet Dr., the 37,641-sq.-ft. apartment community consists of one…