News

By Anuradha Kher, Online News EditorDallas–Park Lane Place, a 33-acre mixed-use development in downtown Dallas featuring two million square feet of retail, apartments, condos, hotel space and offices, is expected to be complete by the end of summer. Park Lane Place will consist of a total of 625 residences, which will feature views of downtown Dallas, state-of-the-art amenities and have access to more than 50 shops and restaurants. In addition, Park Lane Place will feature a 210-room Valencia hotel, a 65,000-sq.-ft. sports club/LA health club and spa, a Whole Foods Market that is expected to be the largest in the…

By Anuradha Kher, Online News EditorWashington, D.C.–The government-insured share of mortgage applications tripled in the past year, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. Of all mortgage applications accepted during the month of July 2008, 29.1 percent were for government-insured loans (consisting mostly of Federal Housing Administration loans (FHA)), compared to 8.4 percent in July 2007. The government-insured share has been increasing since February 2007 but only since the beginning of this year has the share exhibited significant increases, up from 9.4 percent in January. Since the MBA survey’s inception in January 1990, the lowest…

By Anuradha Kher, Online News EditorMarcus & Millichap Opens New Office in Jackson, Miss., Appoints Matthew M. Fitzgerald as Regional ManagerJackson, Miss.–Marcus & Millichap Real Estate Investment Services has opened a new office in Jackson, Miss. and has appointed Matthew M. Fitzgerald (pictured right) as regional manager. “The opening of our new Jackson office marks the first time a national commercial real estate brokerage firm has entered the state of Mississippi,” explains Fitzgerald. “Marcus & Millichap will serve a segment of the Southeast investment community that has been overlooked in the past. We opened this office to meet the growing demands…

By Erika Schnitzer, Associate EditorWashington, D.C.–As part of its Brownfields Sustainability Pilots, the U.S. Environmental Protection Agency (EPA) is providing $500,000 in technical assistance for the sustainable assessment, cleanup and redevelopment of 16 brownfields throughout the nation.The program will allow states and communities to work together to reuse a number of brownfields for a multitude of uses, including commercial, residential and recreational, as well as for development of a solar power plant and a nonprofit organization. The assistance will help to support sustainable activities, including reusing and recycling construction and demolition materials, green building and infrastructure design, energy efficiency, water…

By Anuradha Kher, Online News Editor Fort Collins, Colo.; Lafayette, La.; Richmond, Va.–KeyBank Real Estate Capital recently closed three loans totaling approximately $34 million for Campus Apartments. All three loans are variable rate advances from a Fannie Mae Credit Facility that closed in January. Approximately $17 million will be used to refinance Campus Crossings at Ram’s Pointe, a 192-unit (660-bed) building built in 1997 in Fort Collins, Colo. Another $13.8 million will be used to refinance Campus Crossings (pictured) at Lafayette, a 144-unit (528-bed) building built in 1999 in Lafayette, La. Both of these loans have three-year terms. Campus Apartments is…

By Anuradha Kher, Online News Editor                                Los Angeles–The Community Redevelopment Agency recently approved plans for an affordable housing development for formerly homeless persons, providing comprehensive support services in a campus setting in Hollywood.Pending City Council approval, the $27 million, 70-unit project will be built on CRA/LA land at 1726 N. Gower St.“The agency is leading the way in delivering on the Mayor’s commitment to build permanent supportive housing for the homeless,” says Cecilia V. Estolano, CRA’s CEO.Jointly developed by A Community of Friends (ACOF) and PATH Ventures, The Villas at Gower will be…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors (NAR). Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.In the condo sector, metro area condominium and co-operative prices, covering changes in 54 metro areas, showed the national median existing-condo price was $220,000 in the second quarter, down 3.0 percent from $226,900 in the second quarter of 2007….

By Anuradha Kher, Online News EditorMt. Vernon, N.Y.–Meridian Capital Group has arranged $53,200,000 in financing for the purchase of Westchester Plaza (pictured) in Mt. Vernon, N.Y. The sprawling 850,000-sq.-ft. complex features four residential buildings with a total of 698 units. The complex also includes a 75,000-sq.-ft. shopping center. Meridian secured a fixed rate of 5.50 percent with the first three years of interest-only payments.HFF Secures Total of $40M in Financing for Two Multifamily PropertiesLos Angeles–HFF (Holliday Fenoglio Fowler L.P.) has recently secured a $10 million refinancing for The Gaylord Apartments, a 193-unit multifamily property in Los Angeles and a $30…

By Erika Schnitzer, Associate EditorBourne, Mass.–Onset Computer Corp., a portable data logging and monitoring solutions company, has released a new version of HOBOlink, its web-based energy and environmental monitoring software platform.HOBOlink, which reports data such as temperature, relative humidity and CO2 levels, provides users with 24/7 accessibility to the information. “Multifamily owners want to get a handle on energy usage in their properties, and they want convenient access to the information. By enabling the data to be presented on the web, we are accomplishing that goal,” Evan Lubofsky, director of marketing for Onset Computer Corp., tells MHN, explaining how the…

By Anuradha Kher, Online News EditorWashington, D.C.–The Government National Mortgage Association (Ginnie Mae) recently enhanced its risk management strategy, appointing a chief risk officer and reconstituting its issuer review board to ensure its securities continue to remain safe and stable.”Enhancing our risk management process is an enterprise-wide endeavor,” says Joseph J. Murin, president of Ginnie Mae. “This is a very turbulent time for the mortgage industry. While our business model significantly limits risk, the current environment and our rapid growth has presented a different set of challenges than we have ever faced before. We have to take a long, hard…