News
Swan Introduces Decorative Inlay Kit
The Swan Corp. has launched a new decorative inlay kit (DS-1260GO) for use with Swanstone Shower Walls. The decorative wall strips enhance and extend shower panels.The kit, available in a geometric pattern, consists of accent strips that inlay into Swanstone wall panels, creating both an extension of the wall and an added aesthetic touch.The new decorative inlay kit is made of reinforced solid surface material with color and texture that will not wear away. The easy-to-install kit creates a watertight seal. Each decorative inlay kit includes three decorative strip panels, six T strips, an installation kit and instructions. The kit…
Mixed-Use Project, Built to EarthCraft House Standards, Tops Off
By Anuradha Kher, Online News EditorAtlanta–Coro Realty Advisors LLC, an Atlanta-based real estate development firm, has topped off its latest project, Tremont, a $30 million mixed-use urban living community. It is located at 15 Habersham Rd. in Atlanta’s desirable Buckhead neighborhood. Currently under construction and built to EarthCraft House standards, Tremont will feature 78 residential units, including condo units and townhomes, starting from the mid-$200s. The project will also feature 15,000 sq. ft. of commercial space. It is anticipated that the four-story development will open for sale in early January of 2009.EarthCraft House is a green building program adopted by…
Apartment Vacancies Slip to 6.2% in 2Q, Trend Expected to Continue in 3Q
By Anuradha Kher, Online News EditorBoston–National apartment fundamentals failed to display any demonstrable signs of improvement in the second quarter of 2008 as vacancies slipped by another 10 basis points to 6.2 percent, according to Property & Portfolio Research’s latest Apartment Trends report.“A soft job market, an increasing pace of apartment completions and persistent shadow supply were the three main reasons for this trend,” Michael Cohen, research strategist at PPR tells MHN. Cohen follows and analyzes the state of the U.S. multifamily market including both rental and for-sale product. “In the absence of job growth, people find it difficult to…
Multi-Housing Executives Update: Keystone Pacific Property Management Promotes Three Employees, and Other Moves
By Anuradha Kher, Online News EditorIrvine, Calif.–Keystone Pacific Property Management Inc. has recently promoted Ron Lyen, Jeremy Niswonger and Jennifer Stocks (pictured). Lyen moves from network administrator to director of network operations, Niswonger has been promoted from general ledger associate to lead general ledger associate and Stocks, who was community association manager is now senior community association manager. All three are based in the firm’s Irvine headquarters.As director of network operations, Lyen will oversee the management information systems department, which includes managing projects, budgets, hiring and supervision of the department staff. Lyen will also help to ensure the stability of…
TODAY’S DEALS: Hendricks & Partners Completes Sale of 120-Unit Seniors Community for over $6M, and Other Transactions
By Anuradha Kher, Online News EditorSacramento, Calif.–Hendricks & Partners recently completed the sale of Broadway Seniors Center, located at 5200 Broadway in Sacramento, Calif. The 120-unit senior housing community was sold for $6,850,000.Steven A. Nelson and Al R. Inouye in the Sacramento office of Hendricks & Partners negotiuated the transaction on behalf of the buyer.Arbor Closes $4M Fannie Mae Co-op Loan for 267-Unit Rental PropertyWayne, Mich.–Arbor Commercial Funding LLC has recently completed funding of a $4 million loan under the Fannie Mae Co-op product line to refinance the 267-unit complex known as Hickory Hollow Cooperative Townhouses in Wayne, Mich.The 30-year…
MBA Launches Council on Ensuring Mortgage Liquidity
By Anuradha Kher, Online News EditorWashington, D.C.–The Mortgage Bankers Association (MBA) has assembled a task force of MBA members to examine policy options and issue recommendations for the future of the secondary mortgage market. Michael D. Berman, CMB, MBA’s incoming vice chairman and the president of CWCapital of Needham, Mass., will lead the Council on Ensuring Mortgage Liquidity (CEML). “The next 16 months will see a wide-ranging policy debate focusing on the recreation and redefinition of the secondary mortgage market and the roles that Fannie Mae, Freddie Mac and the federal home loan banks will play,” says David G. Kittle, CMB,…
Apartment Sales Volume Down 69% YTD, but Financing Is Available on Realistic Terms
By Anuradha Kher, Online News EditorNew York–The level of distress among apartment sellers is increasing rapidly, according to the latest Capital Trends Monthly report on the apartment sector, released by Real Capital Analytics (RCA). The continuing effects of the collapsed condo conversion market have elevated levels of distress since 2006, but the recent spike indicates that financial troubles beyond the failed conversions are starting to emerge. Over eight percent of recent apartment sales can be linked to a distressed seller, and this percentage has quadrupled over the past year. By dollar volume, distressed apartment sales have ranged between four percent…
Tallest North American Residential Tower Tops Off in Windy City
By Erika Schnitzer, Associate EditorChicago—Standing at 1,362 ft. and 92 stories, the tallest North American residential high-rise, Trump International Hotel & Tower, Chicago, was topped off in late September. The project will offer 486 condominiums and—located on floors 17 through 27—339 hotel condominiums. Both tower residents and hotel guests have access to the development’s services and amenities. The residential condominiums have their own lobby and elevator, separate from hotel guests.Closings for the condo hotel portion of the project began this spring and closings on the condominiums began in August. Seventy-five percent of the property has been sold. Construction is expected…
Projected Construction Spending in New York to Decrease after 2008, Following National Trend
By Erika Schnitzer, Associate EditorNew York–Construction spending for new buildings in New York will increase this year before it drops slightly in 2009 and significantly in 2010, according to a report by the New York Building Congress, entitled “New York City Construction Outlook 2008-2010.”Spending is forecast to reach a high of $33.8 billion in 2008—a 16 percent increase from the previous year—and dip to $33.4 billion in 2009 before it drops to $26.2 billion in 2010. Employment will peak at 130,100 construction workers in 2008 and is expected to drop to 100,250 in 2010—the smallest industry workforce since 1997.For the…
Q&A with Daryl Carter: Availability of Tax Credit Equity Is One Challenge Facing Affordable Housing
Daryl Carter (pictured) is the CEO of Avanath Capital Partners, a real estate investment firm focused on affordable housing, urban real estate investment, mortgage services and specialty finance. It was founded in November 2007. Prior to founding Avanath, Carter co-founded Capri Capital Limited Partnership, where he managed approximately $7.4 billion worth of assets, as well as participated in equity and mezzanine investments in multifamily and commercial real estate. Carter talks to MHN Online News Editor Anuradha Kher about the challenges of finding financing for affordable housing, LIBOR-based and Treasury-based rates, and how his company is dealing with the credit crunch.MHN:…