News
New York Building Scientist Details How to Promote Energy Efficiency in Existing Buildings
In an effort to help the industry understand how to maximize the energy efficiency of existing buildings, Landmark West!, the Community Preservation Corporation, the CUNY Institute for Sustainable Cities and Steven Winter Associates Inc. recently hosted an all-day continuing education seminar at Manhattan’s Hunter College.
Cushman & Wakefield Forms Group to Help Clients Maximize Value of Assets in Challenging Economy
By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield has formed the Resolution Group, an interdisciplinary team of Cushman & Wakefield property investment and management professionals from across the U.S., to offer clients a coordinated approach –to maximize the value of individual assets, portfolios and loans that are facing a variety of challenges stemming from the ongoing financial crisis. The team comprises seven managers, one for each region in the U.S.This group will bring together teams of seasoned and knowledgeable professionals with specialized expertise in the areas of asset management, financial analysis, valuation, leasing, property management, project management, investment sales,…
Energy-Efficient Laundry Machines from Fagor
Fagor America’s new line of energy-efficient washing machines and dryers can wash and dry up to 18 pounds of laundry in a compact footprint of three cubic feet. The washers have earned an Energy Star rating for their moderate consumption of water and energy.The washing machines are equipped with a generous 13-in. hatch with 180-degree door opening capability for convenient access. It also features the Advanced Balance System (ABS), which electronically controls and balances weight distribution within the unit. This is expected to improve performance and considerably reduce noise level and vibrations. Other advanced functions include a convenient automatic push-button…
After Fannie, Freddie Also Posts Losses over $25B in 3Q
Washington, D.C.–Freddie Mac has posted a loss of $25.3 billion for the third quarter, a development that has forced the agency to ask the government for an initial injection of $13.8 billion.The mortgage finance company is asking for the first time to tap into the $200 billion promised by the Treasury Department to keep it and Fannie Mae from failing, after the two were placed under conservatorship in September of this year.Freddie Mac said it expected to receive the money by Nov. 29.The loss was mainly because of a $14.3 billion charge to reduce the value of tax assets, but…
Multi-Housing Executives Update: New Jersey Apartment Association Appoints New Executive Director, and Other Moves
By Anuradha Kher, Online News Editor Monroe Township, N.J.–The New Jersey Apartment Association (NJAA) recently named Jean Maddalon (pictured) as the association’s executive director. As NJAA Executive Director, Maddalon is responsible for the overall leadership, management and operations of the association. She will oversee the education, media relations and government affairs activities as well as the NJAA’s financial assets.“I am excited to take on this new challenge,” Maddalon says. “Our goal is to foster the stability of the multifamily housing industry to ensure we serve the housing needs of residents in communities throughout the state of New Jersey.” Most recently, Maddalon served…
TODAY’S DEALS: Freddie Mac Funding Helps Bring Added Value to 68-Building Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorSan Diego–Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units’ interiors.”The deal was rate-locked and funded in 45 days in an extremely volatile rate environment,” says Tom Szydlowski, Wells Fargo Multifamily Capital head of production.The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option….
Multifamily Investment Sales Surge in LA as Distressed Properties Flood Market; NYC Sees Two-Year Low
By Anuradha Kher, Online News EditorNew York–As prices for multifamily properties in Los Angeles potentially reached their bottom in the third quarter, San Francisco came close to bottoming out, while New York City remained far from it, according to the Investment Properties Q3 2008 report, released by PropertyShark.com this week. The report looks at multifamily investment sales in these three markets only.“The findings are positive for the Los Angeles market; and very soon, investors are going to come here and start buying up the inventory,” Bill Staniford, CEO of PropertyShark.com, tells MHN. In New York City, even as the number…
Tivoli Plans 53-Story Condo/Hotel in Atlanta’s Midtown
By Erika Schnitzer, Associate EditorAtlanta—Tivoli Properties Inc. announced plans yesterday for a 53-story condominium/hotel development, to be operated by the Mandarin Oriental Hotel Group. Sales are currently underway for what will become one of Atlanta’s tallest buildings and the city’s tallest residential tower.Designed by Atlanta-based Smallwood, Reynolds, Stewart, Stewart and Associates, the $285 million project will include 71 residences and 198 hotel rooms. “I told my development team that the building had to be nothing less than iconic,” Scott Leventhal, president and CEO, Tivoli Properties Inc., tells MHN.Mandarin Oriental, Atlanta is located in the middle of the city’s “Midtown Mile,”…
TODAY’S DEALS: CB Richard Ellis Negotiates Sale of Six Assets for $36.4M, and Other Transactions
By Anuradha Kher, Online News EditorWaterbury, Conn.–The Multi-Housing Team at CB Richard Ellis’ Connecticut office recently negotiated the sale of six assets totaling 723 units for $36,400,000. The assets are located in Greater Waterbury, Conn. CBRE represented the seller, Creative Management & Realty Co. Inc. and procured the buyer in each transaction. The properties each had anywhere between 54 to 168 units and contained HUD financing and/or subsidies.Kislak Completes Sales of Three Properties for over $5MThe Kislak Co. Inc. has completed three investment sales transactions throughout Hudson County, N.J. for over $5 million.The three properties include:548-554 Avenue C in Bayonne,…
Balfour Beatty Communities to Develop, Renovate 850 Military Housing Units
By Anuradha Kher, Online News EditorColumbia, S.C.–Balfour Beatty Communities has secured financing for the Fort Jackson military family housing project located in Columbia, S.C. The financing proceeds will be used for the design, development and construction/renovation of a total of 850 end-state housing units at the installation.The 50-year term for the project includes a five-year initial development period (IDP), with IDP costs of approximately $168 million. The company has been providing property management and maintenance services for the family housing since August this year, when it entered into agreements with the Army. Balfour Beatty has a 50-year ground lease for the…