News
LeasingDesk Introduces Corporate Housing Screening
By Rachel Block, ReporterIrvine, Calif.–LeasingDesk recently integrated corporate housing functionality into its resident screening product.“I think our clients helped us choose to go this route,” says David Carner, vice president of LeasingDesk Resident Screening. “A lot of applicants are renting for companies — our customers need to run criminal and sex-offender background checks and make sure they will pay the rent. The old way was to take an application and fax to the screening company, then pull up the Dun and Bradstreet report (the most well-known business report) and fax a copy of the results back to the customer.” The…
84-Unit Workforce Housing Project Completed
By Anuradha Kher, Online News EditorAlton, Ill.–Gundaker Commercial Group and the Illinois Housing Development Authority recently completed a $12.4 million workforce housing project located in Alton, Ill.“Alton Pointe replaces a blighted apartment complex that for years was the center of gang-related activities and drug deals,” says Andrew Koenig, AIA, and the project’s architect. “The fact that unit applications were pouring in during the first week of the project being on the market is proof that this is a long-awaited and needed project for the community.”Alton Pointe Apartments fills a much-needed demand for affordable housing in Madison County, according to Koenig….
DEAL OF THE DAY: Red Stone Buys Bonds Worth Over $14M to Acquire, Renovate 269 Rental Units
By Anuradha Kher, Online News EditorCincinnati–Red Stone Partners recently closed on the direct purchase of $14,128,000 of 5.85 percent fixed rate tax-exempt bonds. The proceeds from the bonds will be used to acquire and renovate two properties located in Cincinnati containing a total of 269 multifamily rental units. The properties benefit from long-term project based Section 8 HAP contracts. Equity was raised through the sale of 4 percent Low Income Housing Tax Credits (LIHTC).The transaction combined acquisition/rehabilitation and permanent financing.Red Stone provided the borrower with a single source of bond financing to fund the acquisition and renovation of the property…
Post Properties Incorporates Green Features in New Properties
By Lisa Iannucci, Green Building CorrespondentAtlanta–Although many green-building projects are working toward Leadership in Energy and Environmental Design (LEED) achievement, some companies are implementing green techniques without applying for certification.Eastside, a new 14.8-acre mixed-use development in Dallas and a collaboration of Post Properties, Skyrise Properties and Greenway Investment Inc., is one such project. The development will transform an existing office building and parking lot into 80,000 sq. ft. of retail and 435 apartments. Leasing availability started in March this year. The project employs several green building techniques including xeriscaping, which minimizes the need for irrigation. Post, the developer of the…
REIT Week: A Tale of Two Markets
By Teresa O’Dea Hein, Managing EditorNew York–Top executives of both AvalonBay Communities Inc. (and Camden Property Trust noted in their presentations at REIT (real estate investment trust) Week 2008 that this year’s multifamily activities have been, to paraphrase the title of Charles Dickens’ classic novel, “a tale of two markets” for them, with some metros posting even better-than-expected results while a few others have been underperforming. Given overall housing fundamentals, both company execs said they are optimistic going forward, and expect that rental units in their extensive development pipelines to be coming on line in 2010 will be just in…
MBA: 1 in 10 Homeowners Were Behind on Payments or Risking Foreclosure in First Quarter
Washington, D.C.–Almost 1 in 10 U.S. homeowners faced foreclosure or defaulted on their payments in the first three months of 2008, according to a Washington, D.C.-based Mortgage Bankers Association report released Thursday.The January to March quarter was the worst for homeowners in a quarter-century. The rate of new foreclosures and late payments reached the highest level since 1979, according to the New York Times.The statistics indicated that–although mortgage problems were most severe for homeowners with subprime loans–issues existed in multiple levels of the mortgage sector. Even borrowers with good credit now have been affected.In addition, four states that have shown…
Introducing the Judges for MHN’s First Green Initiative Awards
The judges for MHN’s first annual Green Initiative Awards have been chosen. They were selected based on their experience with and knowledge of sustainability within the multifamily industry.Tim Button, Partner, Stedila Design Inc.For the past 29 years, Tim has been a partner at Stedila Design Inc., a New York-based interior design firm founded in the early 1970s by John Stedila. Tim’s commissions for New York’s Visionaire, Solaire and Verdesian, all of which have earned LEED ratings, have required him to create bathrooms, kitchens, model apartments and public spaces such as health club, spa, hallways, playrooms and other amenities that meet…
Annual Los Angeles Architects Awards to be Presented June 19
By Erika Schnitzer, Associate EditorLos Angeles—The winners of the 38th Annual Los Angeles Architecture Awards will be announced on June 19 at the Beverly Hilton International Ballroom in Beverly Hills.The Los Angeles Business Council (LABC) will recognize 30 project teams in 16 architectural and building categories, including Green Building, Housing and Mixed-Use.The Green Building Award will be awarded for the first time this year in three categories: Built, Unbuilt and Design Concept. Mayor Antonio Villaraigosa will announce the Green Building Award winners.“The vast majority of our members are architects, contractors and owners who felt very comfortable with establishing LEED as…
Banks Face Tough Times if Residential Construction Loans Go Bad
Charlotte, N.C.–Wachovia is the second-largest construction loan provider, which may put the lender–and other banks–in a dangerous position as the housing market continues to falter, The Wall Street Journal reports.At the end of the first quarter, Charlotte, N.C.-based Wachovia had $23.9 billion of debt outstanding to single-family home, condominium, office building, store and other commercial project developers, according to Foresight Analytics, a research company based in Oakland, Calif.Wachovia’s delinquencies at the end of the quarter were 7.7 percent, above the 7.2 percent industry average–and the amount of bad construction loans are expected to increase. Roughly $12 billion of Wachovia’s construction…
Second Quarter Toll Brothers Sales Drop 31.8 Percent; Company Urges Government to Restart the Market
Horsham, Pa.–Even though luxury homebuilder Toll Brothers announced fiscal second quarter net losses that were lower than many analysts had expected, the company called for Congress to help invigorate the housing market, Forbes reported Wednesday.Toll Brothers chief executive Robert I. Toll said that in “this continuing severe down-cycle,” the builder would look for growth opportunities and try to keep a strong balance sheet.In the second quarter, Horsham, Pa.-based Toll posted a 31.8 percent drop in sales–which sunk from $1.2 billion in the second quarter of 2007 to $818.8 million,The company also saw $93.7 million in net losses, compared to net…