News
Lane’s First Development in Florida Starts Leasing
By Anuradha Kher, Online News EditorOsceola County, Fla.–Lane Florida’s first development, Verano Apartment Homes in Osceola County, Fla. near Walt Disney World, has now begun now leasing. The 384-unit apartment community, expected to be fully ready in February next year, is now 60 percent complete. It is located at 2200 Villa Verano Way just off exit 244 of the Florida Turnpike.Lane received financing for this project last year, much before the economy started slowing down.“We opened the Florida office in 2006 because the state is a vibrant and active market and a region in its own,” Mike Mulhall, Florida regional…
CPC Exceeds Loan Closing Goals for Fiscal Year in the Midst of Housing Downturn
By Anuradha Kher, Online News EditorNew York–Despite the turbulent economy and the housing and mortgage crisis plaguing our nation, the Community Preservation Corporation’s (CPC) Brooklyn office has closed $369 million this fiscal year, exceeding its $210 million goal for this year, as well as its $273 million closing amount for the previous fiscal year.“Part of the reason for this is that the New York market has been fairly stable in the midst of this crisis,” Mary Brennan, senior vice president and regional director of CPC, Brooklyn, tells MHN. “The other reason is that our mission is meet the capital needs…
Renters Will Spend Close to $1,500 on Moving Costs in Current Economy
By Anuradha Kher, Online News EditorChicago–More than 50 percent of renters said they have either already spent, or anticipate spending more on their move this year compared to years past, according to a national survey by Apartments.com. Soaring energy costs is a major reason, according to the survey. Fifty-four percent of renters cited professional movers and truck rentals as their two biggest expenses. Furniture followed with 17 percent and bedding, bath and home goods account for 9 percent. According to the American Moving and Storage Association (AMSA), overall price increases reflected in professional moving costs can be impacted by a variety…
Treeborn Mosaic Flooring Provides Cushioned Hardwood Floor
Made with end-grain African hardwood, Treeborn Mosaic Flooring is comprised of a collection of mosaic tiles sealed with a flexible polymer grouting, Flexi-Grout, over an optional cushion layer of varying thicknesses. Treeborn is made from exotic woods such as Sapele, Iroko, Danta, Dahoma and Ebony. Its standard underlayments are ¼-in. thick and have a low R-value, allowing it to be applied over radiant heat. Also available is a sound isolation version.Designed to allow the floor to expand and contract along with the wood, Flexi-Grout is pliable and reportedly unaffected by moisture. It is available in six colors colors: Black, Dijon,…
Case Study: The Need for Transit-Oriented Design in Long Beach, Calif.’s Redevelopment
Dan Withee, partner, and J. Roderick de la Rosa, senior associate, both of Torrance, Calif.-based Withee Malcolm Architects, discuss one of their latest projects, a mixed-use, transit-oriented development in downtown Long Beach, Calif. Name of Project: PacificaType of project: Pacifica is a mixed-use development with 62 condominium units and 5,300 sq. ft. of ground-floor retail. It offers one-, two- and three-bedroom plans configured as single-floor lofts and two-story townhouses that range in size from 664 to 2,139 sq. ft. Describe overall site size and square footage of primary building: It is an urban infill site with a 0.66-acre lot area….
American Valve’s Scald Prevention Bath Line
American Valve’s new product line, called HotStop Scald Prevention, features faucets, tub spouts, showerheads and hand showers, all of which contain a patent-pending temperature actuated flow control (TAFR) feature certified to ASSE Standard 1062. This feature is designed to reduce water flow to a trickle when water reaches unsafe temperatures, and automatically return to normal flow after the temperature is reduced. Once the water in the line cools, the flow re-starts automatically—usually in less than 30 seconds. It still allows users to set water heater temperatures at a safe level to avoid Legionellae contamination. Because it is an end-point device,…
Today’s Deals: Nevins Adams Lewbel Schell Buys 300-Unit Apartment Community for $32.5M, and Other Transactions
By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Finisterra (pictured), located at 6795 East Calle La Paz in Tucson, Ariz., for $32,500,000.The 300-unit gated apartment community was built in 2005 and 2006. It is spread across approximately 15.59 acres and features 21 two-story, garden-style buildings. The property features one-, two- and three-bedroom units in five individual floor plans. Community amenities include a clubhouse with kitchen, computer room, heated swimming pool, spa, fitness center and barbeque areas.Finisterra Community I L.L.C. of Tucson sold the property to Nevins Adams Lewbel Schell (NALS) of Santa Barbara, Calif.Meridian…
Price Incentives Help Chicago Suburb Development Achieve Sales
By Erika Schnitzer, Associate EditorRoselle, Ill.–Park Street Crossing, a 62-unit transit-oriented luxury condominium community developed by Park Ridge, Ill.-based Norwood Builders, is now 50 percent sold.For a limited time, buyers can take advantage of price incentives, with condos selling for less than $200,000. “We tried to create an incentive to provide people with the opportunity to buy now,” says Bruce Adreani, president of Norwood Builders. “We are trying to cater this to first-time homebuyers.”The development offers one- and two-bedroom residences, ranging in size from 896 to 2,171 sq. ft. Base prices range from $219,900 to $475,000. Each residence includes a…
AvalonBay Communities to Participate in Annual, Nationwide Volunteer Service Day
By Anuradha Kher, Online News EditorWashington, D.C.–AvalonBay Communities Inc. will participate as a partner in USA WEEKEND’s “Make A Difference Day” to be held on Saturday, Oct. 25 this year. This is the 18th year of the event, which is celebrated as a national day of volunteer service. This annual event celebrates neighbors helping neighbors to improve communities through coordinated volunteer projects.“We have always had ‘spirit of caring’ as one of the company’s values and want to extend it to the residents of our communities as well,” Kevin Thompson, vice president of marketing at AvalonBay Communities, tells MHN. “We believe…
PNC Multifamily Capital Becomes Third Fully Delegated Freddie Mac Lender
By Anuradha Kher, Online News EditorMcLean, Va.–PNC MultiFamily Capital has become the third lender approved to enter into a fully delegated relationship with Freddie Mac under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing model.Centerline and Wachovia are the two other fully delegated lenders under this model.Delegated Underwriting gives certain qualified correspondent lenders more expedited processing and flexibility in exchange for sharing a portion of the risk when underwriting mortgages secured by properties benefiting from Low Income Housing Tax Credits.”PNC is very pleased to move into full delegation and expand our relationship with Freddie Mac in this way,” says…