News
TODAY’S DEALS: $55M Freddie Mac Financing for Suburban Maryland Apartments, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNCrofton, Md.–Financing to the tune of $55 million has been put in place for the Keswick Park Apartments, a 406-unit multifamily asset in Crofton, Md., about 25 miles northeast of Washington, D.C. and 25 miles south of Baltimore. Johnson Capital arranged the capital for Boston-based borrower Berkshire Property Advisors L.L.C. The backing came in the form of a seven-year fixed-to-float loan with a 6.11 percent interest rate, through Freddie Mac’s Acquisition-Rehab program. The interest-only financing will be amortized over 30 years following the first four years of the…
Profile: Fogelman Management Focuses on Company Culture
By Rachel Block, MHN Contributing EditorMark Fogelman is president and COO of the Fogelman Management Group (FMG), a privately held, full-service property management organization founded in 1963. FMG, based in Memphis, Tenn., manages 51 properties and 18,000 apartments, covering 12 states and 21 cities throughout the Midwest and Southeast. Five hundred and fifteen employees help to maintain FMG’s high rankings, shown by its continuous placement in the top 10 of Ellis National Benchmark’s listing for shopping reports–-in the second quarter of 2008, the company obtained sixth place out of 47 companies. FMG also takes pride in its philanthropic program, Fogelman…
Real Estate Private Equity Co. Raises $222M for Multifamily Fund
By Anuradha Kher, Online News EditorChicago–Waterton Associates LLC, a Chicago-based real estate private equity firm, raised $222 million of equity capital for its Waterton Residential Property Fund X. The fund is the fourth joint venture between Waterton and the California State Teachers Retirement System (CalSTRS) and targets value-added and opportunistic multifamily investments nationwide. This includes the acquisition of distressed properties as well as performing and non-performing multifamily debt. With the equity commitments and maximum allowable debt, the total capitalization of the fund is $635 million.The Parc at Pruneyard, a 252-unit property located near downtown Campbell in California’s Silicon Valley, is…
Luxury Sports Condominium Hotel Breaks Ground
By Erika Schnitzer, Associate EditorBlacksburg, Va.—Virginia’s first luxury sports condominium hotel, The Colosseum, will be breaking ground this afternoon. Developed by Virginia Tech alumni, the project is located in the heart of what is known as Hokie Nation and has pledged to donation a portion of the sale of each unit to the construction of the school’s new basketball facility.The two-tower, six-story, 241-unit development “is geared towards Virginia Tech alumni and fans who want to come to support things—specifically sports—done at Virginia Tech,” notes Jamie Oliver, director of marketing for the Colossum and president of Highlander Construction & Development. “We…
Case Study: Redeveloping Long Island City with Luxury Condominiums
Kana Kakihara-Oh, ASID, partner of New York-based DeArch LLC, discusses Roe Development’s newest luxury condominium, Star Tower, located in Long Island City, Queens. She explains the project’s aesthetics and challenges, as well as how it fits into the neighborhood’s redevelopment.MHN: What were the client¹s aesthetic and functional design objectives?Kakihara-Oh: We, along with our client, Roe Development Corporation, had a vision of bringing cutting-edge design and creativity to the forefront of Long Island City. We wanted to start a trend–maybe a movement–to show that, given the opportunity, even the less-gentrified neighborhoods can become a thing of beauty.MHN: Describe the client¹s target…
Sandpiper Studios’ Introduces Sustainable ‘Eco Chic’ Wallpaper
Sandpiper Studios recently introduced Eco Chic, a wallpaper collection printed on paper from sustainable forests. Each pattern is printed with water-based, non-toxic inks.In addition to its material, Eco Chic is sustainably designed. Available in 22 patterns in a palette of 97 colorways, the wallpaper features elements drawn from nature, including grass, vines, leaves, trees, branches, wood grains, birds and butterflies.In an array of pastels and tonal hues, the collection is designed to convey a sense of tranquility. However, with the incorporation of darker tones—matte black, espresso, mocha brown, deep greens, teal, burnt orange and earthy reds—the collection reportedly expresses an…
Induction Cooktops from Fagor
Fagor America has recently added three new models to its line of ultra-efficient induction cooktops. The new additions include a 12-in. cooktop with a stainless-steel trim and 30-in. and 36-in. cooktops with a beveled-glass edge (no trim). The 12-in. cooktop features two burners; the 30-in. features four burners, and the 36-in. features five burners. Considered one the most eco-friendly appliances for its efficiency, induction cooktops cook 50 percent faster than gas or electric cooktops, boiling water rapidly. Induction cooktops use 90 percent of the energy produced compared to 50 percent with gas and electric methods. The energy produced by the…
Yoo by Starck Opens Its First Rental
By Anuradha Kher, Online News EditorNew York–Yoo by Starck, which is primarily known for its luxury condominium projects, will soon open its first rental project in New York as well as the world. Located at 95 Wall Street in downtown Manhattan, the 500-unit Dwell 95 will feature one- and two-bedroom apartments with two distinct styles of interiors. A refurbishment of a 1980s office building, Dwell 95 is one of many new residential buildings in Manhattan’s financial district where office buildings still dominate the landscape.“This area of Manhattan is going to change very quickly,” John Hitchcox, yoo’s chairman and founder, tells…
Multi-Housing World Countdown
Leader’s Panel: A View from the Top Back by popular demand, this session brings together some of the industry’s brightest thinkers. In addition to questions from the floor, they’ll tackle today’s most compelling topics such as: the pros and cons of diversification, whether the Fed is at fault for our problems, what are we focusing on now that it’s harder to do deals, how have the markets changed since last year, the newly emerging importance of partnering regionally, and the truth about Denver. Stay ahead of the curve with insights that will affect your business in 2009 and glimpse the…
Editor’s Note: Back to School
By Teresa O’Dea Hein, Managing EditorBack to school is a time of mixed emotions for many. While it means that the endless days and nights of summer are over—remember how long July and August felt when you were a kid?—fall brings an energy and excitement of its own. It’s a time of new school clothes, of stationery and supplies plastered with the latest pop culture icons, and the fresh pages of brand-new notebooks and binders, their blank sheets brimming with promise and potential.Now that kids are settled back in school, what’s on the agenda for you and your staff? Education…