News

By Anuradha Kher, Online News EditorLargo, Md.–Kettler, a Washington, D.C.-based real estate development and property management company, has unveiled its plans for a luxury condominium community in Largo, Md.Midtown Largo Station, located near the Largo town center metro and The Boulevard at Capital Center, features one-and two-bedroom condominiums raging in price from $250,000 to $350,000. The condominiums are now on sale.To assist first-time homebuyers with financing, Kettler is arranging a free, on-site seminar on March 1 at Midtown Largo Station located at 8831 Lottsford Rd. Mortgage experts from Wachovia Bank will walk guests through the mortgage process including qualification requirements,…

By Anuradha Kher, Online News EditorCrest Hill, Ill., Lake Jackson, Texas–Redwood Capital Partners, a Chicago-based multifamily investment and management firm, has acquired two properties totaling nearly 1000 units located in Crest Hill and Lake Jackson, Texas.Redwood purchased the 730-unit Woodlands of Crest Hill located at 1615 Arbor Lane from Chicago-based Laramar Group for $49.1 million and the 228-unit Edgewater Apartments located at 514 That Way St. in Lake Jackson, from Chicago-based Alliance Holdings LLC, for $19 million.Redwood invests in multifamily properties with approximately 80 percent of the portfolio being value-add properties and the other 20 percent being tenant-in-common properties. The…

By Anuradha Kher, Online News EditorNew York–Terra Capital Partners, a New York-based real estate investment finance and management company, has closed on a $6 million mezzanine loan that will provide capital for a condominium conversion project called the Carriage House in the Chelsea neighborhood of Manhattan.The property, located at 124 West 24th St. between Avenue of the Americas and Seventh Avenue, is a former parking garage structure that is being enlarged and converted into 24 luxury condo residences The term of the loan is 12 months and the sponsor is Broadmill Development Group, an investment partnership company.“The sponsor is using…

Chicago–Existing home sales fell for the sixth consecutive month in January and home prices dropped 4.6 percent from January 2007, the Chicago-headquartered National Association of Realtors said Monday.Home resales declined 0.4 percent to a 4.89 million annual rate in January from December’s revised 4.91 million annual rate, The Wall Street Journal reported. The December revision was slightly higher than NAR’s original 4.89 estimation.Median home price in January 2007 was $210,900; last month, prices were $201,100. December’s median home price was $207,000. “Inventories are high, so it’s not surprising prices are declining,” said NAR economist Lawrence Yun.Stricter lending standards that made…

Hamburg–HSH Nordbank–one of Germany’s biggest financial institutions–will sue Swiss bank UBS for selling it millions of dollars of subprime mortgage-related investments, BBC News reports.HSH Nordbank, a state-owned bank with offices in Hamburg and Kiel, is alleging that UBS didn’t manage its assets prudently enough and hopes to recover losses from a $500 million (£253 million) portfolio purchased in 2002. According to BBC News. if the lawsuit is successful, it could spark a wave of filings from banks and investors who feel they were misled about the security level of Collateralized Debt Obligations (CDOs).HSH Nordbank will file suit in the state…

Mooresville, N.C.–Weaker sales caused fourth quarter net income at Mooresville, N.C.-based home improvement retailer Lowe’s to fall 33 percent, Bloomberg reported Monday.Net income was $408 million, or 28 cents a share, for the quarter ended Feb. 1. Last year, net income in the quarter was $613 million, or 40 cents a share.Lowe’s said that revenue at stores that have been open 13 months or more could drop 5 to 6 percent from now through January 2009.

New York–Higher operating costs and property taxes are raising condominium common charges and co-op maintenance fees in New York City, The New York Times reports.Apartment owners are receiving their fifth or sixth consecutive annual round of fee increases, a sharp contrast from previous years in which common charges and maintenance costs stayed fairly constant. Last year, average Manhattan co-op maintenance fees were 30 percent higher than in 2002, according to a residential sales analysis by Manhattan appraiser Miller Samuel Inc. Condos saw a 38 percent increase in combined common charges and real estate taxes in the past five years.Maintenance costs…

By Anuradha Kher, Online News EditorLos Angeles–uWink Inc., a digital entertainment software company headquartered in Los Angeles, has signed a software licensing and development agreement with InSite Development, a Calif.-based real-estate developer, to provide unique touch-based technology for the senior housing market.Under this agreement, uWink’s interactive digital content operating system and real-time, multi-player game platform will initially be deployed at Arbor Court, a housing community in Lancaster, Calif.In addition, InSite and uWink will partner in developing customized senior housing specific applications and will license to third parties in the senior housing market.The uWink technology allows users to touch to access…

Georgetown, Texas–Bourn Partners, a real estate development firm headquartered in Tucson, Ariz., has acquired 185 acres in Georgetown on Westinghouse Road. The property is marked for a multi-use development that could include multifamily housing, assisted living facilities, medical office and research space, a corporate campus, and retail components among others.“This area, bordered by IH-35, Westinghouse Boulevard, FM 1460 and University Boulevard, is fast becoming the hub of Williamson County for medical, educational and retail needs,” says Joe Simmons, principal at Bourn Partners. “We are delighted to play a part in creating this dynamic project for future growth in the region.”The…