News
Survey Finds More Homeowners Turning to Renting
By Anuradha Kher, Online News EditorChicago–An increasing number of housing foreclosures seen across the nation have turned more and more homeowners into renters, according to a national survey conducted by Apartments.com. The survey, which questioned nearly 2,000 people, revealed that a majority of U.S. renters are families who consciously choose renting over ownership, as it is more affordable and allows for a lifestyle they prefer. Of the surveyed, 11 percent have been renters less than one year, and 41 percent have been renters less than five years.Half of all survey respondents said they rent because it is a more affordable…
Falling Condo Prices Send Buyers Back Into Market in August
By Anuradha Kher, Online News Editor Washington, D.C.–Pending home sales activity, including condos, co-ops and single-family homes, surged as buyers took advantage of low home prices and affordable interest rates, according to the latest National Association of Realtors study. Although NAR does not break out the pending sales numbers based on the housing sector, condos and co-ops accounted for 12.6 percent of closed sales in August. This has been a fairly steady market share over the last couple years, according to NAR. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4…
Seven Steps to Cleaning Green
By Chad MacDonaldThe green, eco-friendly model has transformed from a movement on the margins to a true market force in the real estate industry. Sustainable building practices and LEED certification are becoming development industry standards. And residents are demanding environmentally sustainable buildings and operational practices in greater numbers than ever before. For multi-housing owners and managers, adopting green practices is an essential step to retaining residents, improving operating costs and ensuring the long-term financial stability of the property. This article will demystify the process of implementing a green cleaning program by offering useful tips on sustainable facility maintenance. Why Clean…
California Governor Signs First Bill to Cut Greenhouse Gas Emissions via Development Incentives
By Erika Schnitzer, Associate EditorSacramento, Calif.–Calif. Governor Arnold Schwarzenegger has signed into legislation the nation’s first bill to reduce greenhouse gas emissions by curbing suburban sprawl.“When it comes to reducing greenhouse gases, California is first in tackling car emissions, first to tackle low-carbon fuels, and now with this landmark legislation, we are the first in the nation to tackle land-use planning,” Schwarzenegger said of the legislation. “What this will mean is more environmentally friendly communities, more sustainable developments, less time people spend in their cars, more alternative transportation options and neighborhoods we can safely and proudly pass on to future…
TODAY’S DEALS: Meridian Secures over 8M in Financing for Five MF Properties, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Elena Gontar, Staff Writer, CPNChicago–Meridian Capital Group recently arranged over $8 million in financing for five multifamily properties in Chicago.It provided $5.2 million in financing for a 90-unit multifamily building located at 6954 N. Sheridan Rd (pictured).; $1,840,000 in financing for three multifamily buildings located at 6148 and 6155 S. Sacramento Ave. and 6154 S. Richmond St., and $1,150,000 in financing for a property located at 4630 N. Ashland Ave. On the 5.2 million loan, Meridian’s Illinois office negotiated on behalf of the borrower to secure a 10-year term mortgage with a…
58-Unit Affordable Housing Project Opens in South Bronx
By Anuradha Kher, Online News EditorBronx, N.Y.–Banana Kelly Place, a newly constructed affordable housing complex located at 830 Fox St. in the Longwood neighborhood of the south Bronx in New York City, is now open. Named after the South Bronx-based community group, Banana Kelly, the development features 58 low-income rental units and 5,200 sq. ft. of ground floor space for a future childcare facility.It is developed by CPC Resources, the for-profit development arm of The Community Preservation Corporation (CPC), and Banana Kelly Community Improvement Association, with city subsidies from Housing Preservation and Development (HPD) and Housing Development Corp. (HDC). The…
Fed Cuts Rate by 50 Basis Points, Impact on MF Financing Still Unknown
By Anuradha Kher, Online News EditorNew York–The Federal Reserve today ordered an emergency interest rate cut of half a percentage point, knocking the key rate down to 1.5 percent.The Fed fund rate is the interest rate that banks charge each other for overnight loans.While this cut will help lower credit card rates as well as rates on automobile loans and business loans, mortgage rates may not fall so easily.Typically, a reduction in the Fed funds rates does eventually lead to a fall in mortgage rates. Currently though, investors are so nervous that they do not want to own mortgage debt…
Government Ownership of Fannie, Freddie Creates Opportunities, Says Housing Director
By Keat Foong, Executive EditorWashington, D.C.—There may be opportunities for Fannie Mae and Freddie Mac financing programs to work more closely with FHA, Low Income Housing Tax Credit and other multi-housing initiatives now that the two GSEs are essentially government owned, surmised Conrad Egan, president and CEO of the National Housing Conference (NHC). “It is quite clear now that [Fannie Mae and Freddie Mac] are public entities,” Egan told MHN in an interview. “This opens up opportunities to combine Fannie Mae and Freddie Mac resources with FHA and tax credit programs.” The government took over Fannie Mae and Freddie Mac…
TODAY’S DEALS: Post Properties Closes $185M Portfolio Financing, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNAtlanta, Dallas, Charlotte, N.C.–Post Properties Inc. has closed six, cross-collateralized mortgage loans totaling $185 million with Wachovia Multifamily Capital Inc. The loans are secured by mortgages on six Post communities, including Post Parkside and Post Spring located in Atlanta; Post Legacy and Post Worthington located in Dallas; and Post Ballantyne and Post Gateway Place located in Charlotte, N.C. The mortgage loans have an aggregate principal amount of approximately $184.7 million, require fixed interest-only payments at 6.09 percent and mature in six years. Post expects to use $100 million…
Serious Materials Introduces Energy-Saving Drywall
Serious Materials has released a new line of ThermaRock drywall, designed to reduce energy costs up to 30 percent.The product, ThermaRock XI, offers an R-value ranging from R2.5 to R4.1, which reportedly reduces heat transfer through exterior walls. A low-density, high-performance material, aerogel, is incorporated into the panel.ThermaRock XI is available in gypsum and magnesium oxide versions, and is 5/8-in. thick, 4-ft. wide and 8-, 9- or 10-ft. long.