News

By Anuradha Kher, Online News EditorNanjing, CHINA–Los Angeles-based Rothenberg Sawasy Architects (RSA) has been chosen to design Venice Water City, a 2.3-million sq.-ft. mixed-use project overlooking the Yangtze River in Nanjing, China.Developed by Suning Corp., the project will include 10 high-rise residential towers and 53,000 sq. ft. of retail.“Because of the site’s proximity to the Yangtze River, our primary goal is to harmoniously integrate this urban development with the natural beauty afforded by this nautical amenity,” says Mitchell Sawasy, RSA principal.To achieve this goal, Sawasy says, RSA’s plan calls for an elegant and sophisticated array of towers enhanced by surrounding…

By Anuradha Kher, Online News EditorCatskill, N.Y.–The New Jersey office of HFF (Holliday Fenoglio Fowler L.P.), a commercial real estate and capital markets services provider, has arranged $4 million in financing for Catskill Creek Condominiums, a 24-unit condo community in Catskill, N.Y., about 2.5 hours north of New York City. On behalf of Tower Management Service L.P., a multifamily property management company, HFF Senior Managing Director Tom Didio and Associate Director Michael Klein placed the 24-month, adjustable-rate loan with Webster Bank.   Catskill Creek Condominiums is located at 1 Marina Dr. in Catskill approximately 30 miles south of Albany, via Interstate…

Washington, D.C.– Doug Duncan, senior vice president and chief economist at the Mortgage Bankers Association, has joined Fannie Mae as its vice president and chief economist, where he will lead Fannie Mae’s Economics and Mortgage Market Analysis Department within the company’s Business Strategy Group. He will join the company in April.As chief economist at Fannie Mae, Duncan will be responsible for providing all forecasts and analyses on the economy, housing and mortgage markets for the company, and will work with the rest of the company’s Business Strategy Group to provide insights regarding external business dynamics and the broader economic environment….

By Anuradha Kher, Online News EditorManchester, N.H., New Haven, Conn., Boston–The Environmental Protection Agency (EPA) has settled three enforcement actions regarding violation of lead paint disclosure laws in Manchester, N.H., New Haven, Conn. and in the Greater Boston area and Rhode Island.Juliet Ermitano, a landlord in Manchester, N.H. will pay a penalty and take action to reduce the risk of lead poisoning at apartment buildings in Manchester and Antrim, N.H. EPA claims that Ermitano violated lead paint disclosure laws at certain rental properties in Manchester.Under the settlement, Ermitano will pay a $5,121 penalty and complete interior and exterior abatement work…

Washington, D.C.–U.S. wholesale prices and core inflation shot up in January and consumer confidence is down this month, according to a report released Tuesday by the Conference Board, a private research group, and the Labor Department.In addition, the Producer Price Index (PPI) for finished goods increased 1.0 percent on a seasonally adjusted basis, following a 0.3 percent decrease in December, the Labor Department said. The core index–excluding food and energy costs–was up a seasonally adjusted 0.4 percent in January, following an 0.2 percent December rise, The Wall Street Journal reports. Prices rose 7.4 percent on an unadjusted basis in the…

Atlanta–Fiscal fourth quarter net income at Home Depot Inc.–the largest U.S. home improvement retailer–declined 27 percent, Forbes.com reports.The Atlanta-based company’s net income fell from $925 million, or 46 cents a share, a year ago to $671 million, or 40 cents a share. Sales declined 4.7 percent, excluding an extra sales week factored into the results.Home Depot’s view of the coming year includes a predicted total sales decline of 4 or 5 percent and a drop in continuing operations earnings of 19 to 24 percent. In addition, the retailer only plans to open 55 new stores this year–half as many as…

London–The number of new home loans dropped in January compared to January 2007, according to the British Bankers Association.New mortgage loans, considered to be an indication of upcoming housing demand, fell 31 percent year-to-year, the Financial Times reports. However, overall net mortgage lending increased by £5.2 billion in January due to refinancings. In December, lending rose £4.9 billion. Home remortgages comprised 49 percent of all approvals in January and have increased sharply from September.New loans for equity withdrawal have decreased by 23.6 percent from 2007 to 2008.The London-based British Bankers Association represents roughly two-thirds of the U.K. mortgage market.

Bletchingdon, Oxfordshire–Prince Charles opened an affordable housing development in Bletchingdon, Oxfordshire that includes single-family homes and multifamily units, BBC News reports.The prince met with architects and builders who had worked on the project and residents before viewing one of the homes. The homes consist of 12 units, a mix of apartments and single-family dwellings. Built by the Oxford Citizens Housing Association, eight are rental units; four properties will be sold on a shared ownership basis. The complex was built on land owned by the Prince of Wales’ estate.

By Anuradha Kher, Online News EditorSanta Rosa, Calif.–The Crossings at Santa Rosa, a 48-unit affordable apartment community developed by Urban Housing Communities LLC (UHC) and Heritage Community Housing Inc. (HCH), located in Northwest Santa Rosa, has opened this week.Situated off Cleveland Avenue, the $18 million community features a 1,190-sq.-ft three-bedroom floor plan and a 995-sq.-ft. two-bedroom floor plan. The community is close to schools, parks, employment, retail services and transportation.All Santa Rosa apartments are reserved for families earning 30 to 50 percent of the area median income for Sonoma County, as published by the Department of Housing and Urban Development.The…