News

Washington, D.C.–Although the number of workers submitting new unemployment benefit claims declined slightly last week, the previous week’s large increase suggests that the U.S. labor market is still struggling, according to The Wall Street Journal. Continuing claims lasting more than one week stayed above the three million mark for the eighth consecutive week–which indicates it’s still taking significant time to find a new job.After seasonal adjustments, initial jobless benefit claims dropped 5,000 to 381,000 in the week ended June 14, the Labor Department said Thursday. The four-week new claims average, thought to represent general job trends, increased by 3,250 to…

Washington, D.C.–Treasury Secretary Henry Paulson is pushing for the Federal Reserve to play a bigger role in monitoring the U.S. financial system, CNNMoney.com said Thursday.In remarks released before Paulson’s speech at a luncheon in Washington, D.C. Thursday, Paulson encourages the country to overhaul the regulation of its financial system as soon as possible.His plan–which would appoint the Fed as a type of moderator, enabling the central bank to intervene if the markets become endangered by anything similar to Bear Stearns’ March breakdown–is the biggest move to change Wall Street since the Great Depression, CNNMoney.com said.  To successfully oversee the financial…

New York–FBI agents took former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin into custody Thursday in connection with their participation in the collapse of two funds that helped spark the subprime mortgage collapse, Bloomberg reports.The arrests–the first from a federal probe of possible fraud by banks and mortgage firms whose investments in subprime loans and securities plummeted in value–may result in the U.S. Securities and Exchange Commission filing a lawsuit today claiming the men engaged in fraud by telling investors the troubled funds they managed were safe, Bloomberg said.Tannin was Cioffi’s chief operating officer; Cioffi managed two…

By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield and Reigns Capital Ltd. have entered into an exclusive alliance to expand their capabilities in the multifamily sector.Keith Misner, executive managing partner and head of multi-housing at Cushman & Wakefield, and Neil Silver, president of White Plains, N.Y.-based Reigns Capital, will be heading the alliance on behalf of their respective companies. The alliance will enable Cushman to offer expertise to clients in the disposition of Section 42 Low Income Housing Tax Credits. For Reigns Capital, the alliance will mean access to Cushman & Wakefield’s full-service real estate and Capital Markets platform…

By Anuradha Kher, Online News EditorSpring Lake, N.C.–Sperry Van Ness has completed the sale of Village on the Lake Luxury Apartments, a 115-unit community in Spring Lake, N.C., for $16.85 million. It is located near Interstate 95 at 605 Village Lake Court and includes an adjacent parcel of land that has entitlements for the development of an additional 108 units.Jim Scofield, senior investment advisor for Sperry Van Ness in Raleigh, N.C., represented the seller, Spring Lake-based Village on the Lake LLC. Lefku & Co. represented the buyer, New York-based First American Exchange Corp.Built in 2006, the community is situated on…

By Erika Schnitzer, Associate EditorLake Forest, Calif.–Professional Community Management of California Inc., a manager of homeowner associations based in Lake Forest, Calif., has announced the formation of a sister company, PCM Consulting Services Inc.“The heritage of PCM of California, combined with the expertise of PCM Consulting Services provides a tangible value to the developer,” says Susan Finley (pictured), the newly appointed vice president of DRE budgeting and consulting services for PCM Consulting Services, Inc. “The affiliation between the two companies provides PCM Consulting with the ability to tap into 35 years of dealing directly with homeowners and the association.” Finley…

By Anuradha Kher, Online News EditorChicago–Apartments.com has launched Apartments.com Anywhere, a suite of mobile products that allows property owners and management companies to connect with renters through mobile phones.Apartments.com Anywhere includes “Text4Info,” “Apartments.com Mobile Web” and “Send2Phone.” Using any of the three options, renters can access Apartments.com’s database of more than three million listings nationwide.“People use the Web differently on their mobile phones,” says Chris Brown, vice president of product development, Apartments.com. “When renters are on the go or in a hurry, instant access to information on a property could be a critical factor in that renter’s decision to make…

Manuel G. Gonzalez, AIA, CAASH, principal with KTGY Group Inc., a residential, retail and mixed-use design firm, is responsible for the design, land planning and production of developments as well as active adult and affordable multifamily communities nationwide. In his more than twenty years of practice in residential development, Gonzalez (pictured) has won numerous awards for his designs in the 50+ active adult market including Gold Nugget, NAHB, Pillars of Industry and Best in American Living. He recently received his fourth Gold Award from the NAHB for Dorado Senior Apartments in Buena Park. Gonzalez has also served as president of…

By Anuradha Kher, Online News EditorTucson, Ariz.–Alliant Capital LLC has completed financing of Quail Ridge, Stonybrook and La Jolla de Tucson Apartments, all located in Tucson, Ariz., for a total of $34,919,700.La Jolla de Tucson will be funded after the expiration of the existing conduit lockout.Quail Ridge Apartments, a 253-unit garden style community built in 1975, is comprised of 17 two-story buildings. The Stonybrook Apartments is a 411-unit garden-style community built in 1982 and features 17 three-story buildings. The 223-unit La Jolla de Tucson has 11 two-story garden-style buildings and was built in 1978.  All three loans have 10-year terms…