News
American Standard Offers Compact, High-Efficiency Lavatory
The Compact Cadet 3 one-piece toilet from American Standard is a high-efficiency lavatory that meets the requirements for WaterSense labeling, using 20 percent less water than standard 1.6 gpf (gallons per flush) models.The space-saving toilet, which features an elongated bowl, incorporates rolled-edge detail on the tank top and a slow-close seat. Additionally, it offers an EverClean surface, designed to prevent the growth of stain- and odor-causing bacteria, mold and mildew.All Cadet 3 high-efficiency toilets are WaterSense-certified and carry a five-year warranty.www.americanstandard-us.com
Reduce Waste and Cycle Time with Ready-to-Install Framing
By Bob Mang, iLevel by WeyerhaeuserIf you’re a parent, you’ve probably reminded your children more than once to “turn out the lights when you leave the room” or “turn off the water while you’re brushing your teeth.” Those tips are simple ways for people to save money, reduce waste and help the environment. But it’s not only parents and their children who are using simple techniques to “go green.”Now, builders of low-rise apartments, town homes and other wood-framed buildings are making their contribution with a few simple changes in construction techniques and methods.Today, more builders are taking advantage of ready-to-install…
NAHB President Says Housing Legislation Can Help Turn Around Economy, Housing Market
By Keat Foong, Executive Editor Washington, D.C.— National Association of Home Builders (NAHB) President Sandy Dunn praised the Housing and Economic Recovery Act of 2008 that was signed into law on July 30. “We believe this landmark legislation is vital to address the turmoil in the financial and housing markets and to bolster the faltering economy,” said Dunn, in a teleconference with reporters. Presenters of NAHB’s teleconference included Rob Dietz, director, tax issues with NAHB; Ed Brady, president of Brady Homes, Bloomington, Ill.; and Richard Dugas, president and CEO of Pulte Homes. Provisions of the housing law includes: • a…
DEAL OF THE DAY: Meruelo Maddux Properties Closes $84M Construction Loan for 214-Unit Rental Project
By Anuradha Kher, Online News EditorLos Angeles–Meruelo Maddux Properties Inc. recently closed an $84 million construction loan on its 35-story apartment project located at 717 W. Ninth St. in Los Angeles. The loan proceeds will be primarily used to fund the remaining development needs on the 717 W. Ninth St. project as well as to fund an interest payment reserve and a real estate tax and insurance reserve. Canyon Capital Realty Advisors LLC is providing the financing. 717 W. Ninth St. will feature 214 luxury apartments with amenities including a lap pool and whirlpool spa, fitness facility, living room/library and…
Post Forays into Foreclosure, Distressed Debt Arena
By Anuradha Kher, Online News EditorAmarillo, Texas–Marking the company’s initial foray into the foreclosure and distressed debt arena, Post Investment Group LLC recently acquired the 328-unit Foxfire Apartments in Amarillo, Texas. The project, which is currently in an advanced state of disrepair, was purchased out of foreclosure.“The company has developed a new alternative investment platform which will target distressed debt and non- performing multifamily transactions,” says Jack Ehrman, principal and director of acquisitions for Post. “The over-leverage and asset aggregation associated with the Commercial Mortgage Backed Securities (CMBS) era has resulted in banks being forced to take back quality investments…
Second Phase of Buckhead’s Mixed-Use, Transit-Oriented Terminus Development Completed
By Erika Schnitzer, Associate EditorAtlanta–The second phase of Atlanta-based Cousins Properties’ Terminus, the 32-story, 137-unit luxury condominium dubbed 10 Terminus Place, has been completed. Terminus 100 and 200, mixed-use office towers are the first and third phases, respectively, of the Buckhead project. Terminus 200 is expected to be complete in 2009. Two additional residential towers are in the planning phases. All towers have a mixed-use component.The development uses Atlanta’s historic name, Terminus, which was located at the crossroads of two railroad lines, explains Lyle Green, project manager at Cooper Carry, the design firm who worked in collaboration with Durham, N.C.-based…
RentGrow’s Tenant Screening Solution
ScreeningWorks, a new Web-based tenant screening solution for independent rental owners (IROs) and managers from RentGrow Inc offers access to comprehensive and affordable background screening that improves their decision-making process for finding the most qualified tenants.A recent national survey of IROs shows a sharp decline in the quality of rental applicants over the last few years, underscoring the need for more comprehensive background screening, according to RentGrow. In this same survey, owners and managers indicated that they are very eager to leverage new technologies that streamline the applicant screening process and deliver convenient access and instant results on tenant quality…
Enterprise Homes Breaks Ground on 83-Unit Senior Affordable Housing Project
By Anuradha Kher, Online News EditorBaltimore County, Md.–Enterprise Homes recently broke ground on the Greens at Rolling Road, a $12 million, 83-unit senior affordable housing community located at 1505 North Rolling Rd. in Baltimore county, a suburb of the city of Baltimore.The Greens at Rolling Road is designed to meet the standards of Enterprise Green Communities initiative, designed to reduce energy costs and provide a healthy environment for seniors. When completed in summer 2009, the community will feature 65 one-bedroom and 18 two-bedroom energy-efficient units.“There is an elderly population in this area that was waiting to be served,” Ron Wilson,…
Sales Start for 157-Unit Project Adjacent to Nature Preserve
By Anuradha Kher, Online News EditorMatawan, N.J.–Sales have started for American Properties Realty’s newest luxury community, The Preserve at Matawan, located at 59 Freneau Ave. in Matawan, N.J.The project, expected to be complete late this year, is named after the lush 10-acre preserve that the new community will back up to. Once complete, The Preserve at Matawan will feature 157 condominiums with two bedrooms and two bathrooms and up to 1,635 square feet of living space. The Preserve at Matawan is comprised of 10 three-story buildings. All condominiums are equipped with Formica laminate countertops in the kitchens and master bathrooms, Kitchen…
August Market Pulse
Commentary and Data Supplied by Dean Crist, Senior Economist, National Association of Home Builders (NAHB)Multifamily Starts: Does the huge spike in multifamily starts signal a healthier development climate? Afraid not. The spike reflects a very large number of New York City projects that were started in June in order to avoid having to meet more stringent building code requirements that became effective in July. Once you factor out NYC, the starts picture remains pretty much the same, with an increase of less than 1 percent. Expect a steep drop in next month’s starts, when the projects that otherwise would have…