News
Four Steps to a Successful Adaptive Reuse Project
By Erika Schnitzer, Associate Editor When it comes to adaptive reuse projects, developers must take a variety of steps to ensure successful preservation. “I like to think of it as the preservation of our cultural patrimony, the recycling of our built environment,” says David Abramson of Newark, N.J.-based David Abramson & Associates, who specializes in historic preservation and adaptive reuse. In Morristown, N.J., Vail Mansion, originally built as a single-family home in the 1920s and later used as the town hall, is being converted into commercial space adjacent to a 35-unit luxury condominium development. Developed by Parsippany, N.J.-based Woodmont Properties,…
Vixen Hill Offers Customizable Cabanas to Enhance Outdoor Living
Vixen Hill has introduced its cedar cabanas to customize outdoor living. With a modular structure, the cabana is designed for one day assembly.The cabana, constructed with rot- and insect-resistant cedar, offers a choice of design options to suit the architecture of the community. The roof is available in rectangular, octagonal or square shapes and in copper, painted aluminum, western red cedar or special decking to match the existing roof materials. Additionally, inserts for the wall system can be customized with solid panels, glass or shutters, depending on the amount of privacy desired.www.vixenhill.com
Crane Inspector Arrested, but Not in Connection with Recent NYC Crane Collapses
Anuradha Kher, Online News EditorNew York–James Delayo, acting chief inspector with the Department of Buildings’ cranes and derricks division, was arraigned and released without bail late last week on charges of receiving bribes, tampering with public records, falsifying business records, filing a false instrument and receiving unlawful gratuities.Delayo has been accused of signing off on crane inspections he did not perform and helping crane operators cheat on licensing exams in exchange for thousands of dollars.Although his arrest comes right after the fatal crane accidents of last week, authorities have said that his actions do not seem to be connected to…
Newly Formed MCHP to Operate Like Simpson Housing Solutions, Says CEO
By Anuradha Kher, Online News EditorLong Beach, Calif.–Avanath Capital Partners and MacFarlane Costa Housing Partners (MCHP) have acquired Simpson Housing Solutions (SHS) and its portfolio of 273 properties, representing 26,000 affordable rental apartments in 33 states, the District of Columbia and Puerto Rico.“We will run MCHP the same way as we did Simpson Housing Solutions,” Michael Costa (pictured), president and CEO of MCHP, tells MHN. “The only change will be that we will now focus on our own development processes instead of third party syndication.” Earlier this year, SHS was ranked by Affordable Housing Finance magazine as the fifth-largest owner of…
SPECIAL REPORT: Lenders Look Favorably on REITs, but Warn of Inability to Rollover Loans if Credit Crisis Continues
By Keat Foong, Executive EditorNew York–Lenders are happy with doing business with REITs. That is the word from a panel of speakers at the National Association of Real Estate Investment Trusts’ (NAREIT) REIT Week held here at the Waldorf Astoria Hotel. Joseph Shaw, managing director, John Hancock Financial Services Inc., said that his company views REITs at least as favorably as non-public entities. He added that REITs operate in the 50 percent leverage level, which is in line with John Hancock’s tendency to provide financing at about up to 65 percent LTV. Leonard Cotton, vice chairman, Centerline Capital Group, said…
Three Major Credit Rating Firms Agree to New Business Method
New York–Credit rating firms Moody’s, S&P, and Fitch and New York state Attorney General Andrew Cuomo settled on new practices on Thursday, CNNMoney.com reports.The deal–the result of a probe Cuomo has been handling for over a year–will reconfigure the ratings firms’ incentives for offering services.Previously, although multiple credit raters would weigh in on a residential mortgage-backed security, just one would be paid for doing it–frequently the one that provided the best rating. Agencies who used laxer ratings standards often got more business as a result, which caused questions about impartiality in the $5 billion-a-year credit rating industry.Under the new agreement,…
Builders Urge Congress to Offer Buyer Incentive to Spur Home Sales
Horsham, Pa.–When Toll Brothers CEO Robert Toll suggested–during a company earnings report on June 3–that Congress needed to pass a bill granting home buyers tax credits to reinvigorate the real estate market and economy, he wasn’t alone.Toll–along with other builders–believes that if the government just approves billions in Federal Housing Administration loans or rescues homeowners whose home equity has fallen below their mortgage amount, home prices will keep falling, BusinessWeek reports.Congress instead needs to prompt consumers to buy homes–which, Toll said, it’s done before. In the mid-1970s downturn, Congress approved a home buyer tax break that rewarded buyers $2,000 for…
Multifamily Housing Drives Canada’s Building Permits Up 15 Percent
Ottawa–Canadian building permits grew 15 percent in April, due mostly to apartment and condominium demand–the largest increase in nearly a year, according to Statistics Canada.The value of municipality-issued permits swelled to a six-month high of C$6.4 billion ($6.27 billion), Bloomberg reported Friday.Multifamily housing unit permits reached the highest point since 2005, increasing 40 percent. As housing costs rise, buyer demand is moving from single-family homes to less expensive condos and apartments, according to Statistics Canada.Canada’s average apartment vacancy rate dropped from 2.8 percent in 2007 to 2.6 percent in April, Canada Mortgage and Housing said in a separate report.Because banks…
U.S. Unemployment Rate Showed Dramatic Increase in May
Washington, D.C.–The U.S. unemployment rate rose to 5.5 percent in May–the largest increase in more than two decades, the Bureau of Labor Statistics said Friday.Workers already struggling with the housing decline and rising energy prices rise are now also facing an increased risk of unemployment, the New York Times said. Payrolls have declined every month in 2008; in May, employers cut 49,000 jobs. Manufacturers, construction companies and the retail industry were the most affected due to reduced demand and cost-cutting, according to the Times. In addition, the government announced revised, lower payroll estimates for April and March Friday that included…
Training Days
By Tanya AdairFrom the applicant search to the interviews to the job offer, hiring quality property managers is no small task. Recruiting solid employees takes time and hard work. One of the best ways to retain good property managers once they’re hired is to provide valuable training.Dominium Management Services (DMS), a privately owned apartment management firm, has found that providing outstanding development and educational opportunities creates a superior staff. Through its onsite training facility, Dominium University, DMS offers standardized introductory classes to newly hired property managers and advanced classes to longer-term managers. Dominium University also helps ensure each employee receives…