News
Fannie, Freddie Conservatorship Receives Mixed Response
Washington, D.C.–The takeover of Fannie Mae and Freddie Mac has appeased many in the multifamily industry but doubts linger among others about the takeover’s long-term effects on the sector and the economy in general. MHN gathered comments from various sources that have so far come forward to help put the issue in perspective.Bill Hughes, senior vice president and managing director of Marcus & Millichap Capital Corp., tells MHN, “In the short term, the takeover is having a calming impact on the market. Fannie and Freddie have been given the liquidity they need to carry on their business and so far…
EDITOR’S NOTE: Business as Usual…for Now
By Keat Foong, Executive Editor As the government places Fannie Mae and Freddie Mac in conservatorship, what we can keep in mind for now is that the plan reportedly is meant to allow for the continued operations of the two companies while the rescue is taking place. That means that in the short-run at least, it may still be more or less “business as usual” in terms of the funding of multifamily housing by these two Government Sponsored Agencies (GSEs). Afterall, one of the bigger overarching goals of the government is to ensure that the two agencies prop up the…
Maytag’s TurboVent Technology Makes Drying Efficient
Maytag Commercial Laundry has developed its newest line of super-capacity dryers using its TurboVent Technology. The TurboVent Technology offers 100 ft. of venting capability to provide maximum performance and shorter drying times, while helping save energy costs in many poorly vented situations.“We created TurboVent Technology because many apartment buildings and university housing were designed without proper venting for laundry,” says Craig Kirchner, director of global commercial laundry at Whirlpool Corp., which owns Maytag. “Poor venting leads to poor drying performance and a serious waste of energy.”With TurboVent Technology, the blower spins 25 percent faster than previous Maytag Commercial Laundry models,…
TODAY’S DEALS: Cohen Secures $12.4M in Refinancing for 75-Unit Luxury High-Rise, and Other Transactions
By Anuradha Kher, Online News EditorSan Francisco–Cohen Financial recently secured a $12.4 million refinancing for Vendome Place (pictured), a luxury high-rise apartment project in the Silicon Valley. The 75-unit property is located at 750 Miller St., close to downtown San Jose, Calif. The property totals 76,000 sq. ft. and is fully leased.Cohen Financial secured the $12.4 million loan with Fannie Mae through Green Park Financial. The property offers studio, one- and two-bedroom units, as well as penthouse apartments.HFF Secures $5.8M Refinancing for Class A Multifamily Community Alvin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler L.P.) has secured a $5.8…
Condos at Seven-Acre, $350M Mixed-Use Miami Project Start Selling at Brisk Pace
By Anuradha Kher, Online News EditorCoral Gables, Fla.–Ponce Circle Developers LLC has selected architecture firm, Jorge L. Hernandez Architect, to design Old Spanish Village, a $350 million, seven-acre mixed-use development in Coral Gables, Fla. Inspired by the vision of Coral Gables founder, George Merrick, Old Spanish Village hopes to evoke the aesthetics of ancient Spanish towns.Old Spanish Village is the modern realization of one of several themed enclaves in the city, such as the French, Chinese and Dutch villages that Merrick conceived and created in the 1920s. Spanning three city blocks, the community will feature three mid-rise condominiums and 38…
Developer Offers Elite Concierge Service at New Condo Community
By Anuradha Kher, Online News EditorMontclair, N.J.–Pinnacle Downtown, the developer of the Siena at Montclair, a 101-unit condominium, located at 48 South Park St. in Montclair, N.J., will offer Abigail Michaels Concierge, an elite service that provides hotel-style services as well as lifestyle management, at the community. This will be an addition to the existing on-site concierge team.“With Abigail Michaels Concierge serving as the caretaker of residents at The Siena at Montclair, we at Pinnacle Downtown know that our clients are in the industry’s best hands,” says Mary Boorman, Pinnacle’s senior vice president for development, sales and marketing. Through Abigail…
IREM Takes CPM Course to China
By Anuradha Kher, Online News EditorShanghai, CHINA–The Institute of Real Estate Management will soon be launching its Certified Property Manager (CPM) course in China’s most populous city, Shanghai. In partnership with the Shanghai Weston Real Estate Management Institute, a division of Brawman International Group, IREM will begin a complete series of CPM courses from Oct. 22 to 26. IREM hopes that by 2009, the courses will be presented in other Chinese cities, namely in Beijing and Guangzhou.The one-week course will be offered in Shanghai in Chinese on a bi-monthly basis. “China is a huge, untapped market where a lot of…
Industry Observers Agree Fannie, Freddie Takeover Was ‘Necessary,’ But Could Pose Long-Term Negative Impact on Multifamily
By Anuradha Kher, Online News Editor, MHN and Eugene Gilligan, Senior Editor, CPNWashington, D.C.–The U.S. government’s takeover of Fannie Mae and Freddie Mac is a necessary step to stabilize the U.S. housing market, according to multifamily industry experts who are still examining the ramifications of the announcement.The takeover will go a long way toward solving what Stuart Saft, partner in the law firm of Dewey & LeBoeuf, called a “Catch 22” that has been bedeviling a critical part of the economy— housing. Real estate, being an illiquid asset, needs a steady stream of capital inflows, Saft points out. The credit…
TODAY’S DEALS: HFF Arranges $90M Loan for New Archstone MF Project, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Gail Kalinoski, Contributing Editor, Commercial Property NewsBoston–Development of Archstone Avenir, a 241-unit luxury apartment community in Downtown Boston, is moving forward with help from a $90 million construction loan arranged by the Boston and Dallas offices of Holliday Fenoglio Fowler LP. The 36-month construction loan was secured through NEBF Investments (National Electrical Benefit Fund), a Washington, D.C.-based union pension fund advisor and real estate investment program. John Ahmed, an HFF associate director from the Dallas office who helped arrange the financing, says HFF has worked with NEBF in the past. The fund,…
Multi-Housing Executives Update: Former Assistant Secretary of HUD Joins Nixon Peabody’s Affordable Housing Practice, and Other Moves
By Anuradha Kher, Online News EditorWashington, D.C.–Orlando J. Cabrera has joined the international law firm of Nixon Peabody LLP as counsel in the firm’s affordable housing practice. Cabrera was most recently assistant secretary for Public and Indian Housing at the Department of Housing and Urban Development (HUD). He was nominated for the position by President George W. Bush. Cabrera will continue to serve as CEO and president of National Community Renaissance, a national, nonprofit affordable housing developer. While at HUD, Cabrera oversaw the administration of a $24 billion program, which included public housing, Section 8 vouchers and moderate rehabilitation (Mod…