News
Banks Brace for Next Wave of Subprime Crisis-Related Losses
New York–As the subprime mortgage fallout continues to work its way through the credit markets, Wall Street banks are preparing for more large losses, The New York Times reports.Starting with subprime mortgages, sections of the debt market have collapsed in recent weeks–a ripple effect that included value drops in high-risk corporate buyout loans, commercial real estate-backed securities and student loans. Large banks–which have already posted writedowns of more than $120 billion due to mortgage-related investments–have faced additional multibillion-dollar losses as a result, which may cause further economic declines if the banks become hesitant to issue loans as a result.During the…
DEAL OF THE DAY: GE Real Estate Invests $9.56M to Develop 350-Unit Property
By Anuradha Kher, Online News EditorAustin, Texas–GE Real Estate, a global resource for commercial real estate capital, has made a $9.56 million equity investment in partnership with Trammell Crow Residential (TCR) to develop 350 Class A apartments in northwest Austin, Texas.The multifamily project, called Alexan Ribelin, will be comprised of 15 three-story buildings on 17.55 acres and features upscale unit and community amenities. It is part of a master planned development that includes offices, retail shops and a middle school and a high school. The average rent in this project will be $1,115. TCR will be the general contractor for the…
Enterprise Praises Foreclosure Prevention Act of 2008
By Anuradha Kher, Online News EditorWashington D.C–Under the leadership of Senator Harry Reid (D-Nev.), Senate Democrats have announced a package of legislation intended to address the national housing crisis and help Americans avoid foreclosure. The Foreclosure Prevention Act of 2008 will keep families facing foreclosure in their homes, help other families avoid foreclosures in the future and help communities already harmed by foreclosure to recover. The bill provides $4 billion in emergency funding to enable states and cities to work with local nonprofits to acquire and rehabilitate foreclosed homes until owners and renters are ready to move in. “Nonprofits across the…
NWP Launches New Billing, Payment Processing Platform
By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP), provider of financial transaction processing solutions to the multifamily housing industry, has launched its enhanced billing, payment processing, collections and resident services platform called the NWP v8.0.Powered by Open-cIS, the new platform utilizes advanced software architecture to ease the complexity, increase the accuracy and quality, and reduce the cost of building and maintaining billing and resident information systems. The system is based on an engine built specifically to serve multifamily property owners and fee management companies who face complex resident billing requirements, especially those found in rent, water, electric, gas,…
Steven Holl to Design Three Mixed-Use Projects in China
By Anuradha Kher, Online New EditorShenzen, Bejing, Chengdu, CHINA–Steven Holl Architects, a New York-based firm, has been selected to design three mixed-use projects in China.The Linked Hybrid project in Beijing is scheduled to open in the late Spring/early Summer of 2008, the Vanke Center in Shenzhen is currently under construction and the Chengdu Project is scheduled to open in late 2010.The Linked Hybrid is a 700-unit apartment complex located adjacent to the old city wall of Beijing.Most of the development currently taking place in Beijing comprises independent towers. But the Linked Hybrid is a 2,368,060-sq.-ft “city within a city,” project,…
Oscar De La Hoya Helps Break Ground for 107-Unit Townhome Infill Project
By Anuradha Kher, Online News EditorSouth Gate, Calif.–Boxing superstar Oscar De La Hoya today joined city and community leaders to celebrate the start of construction of Tierra del Rey, a 107-townhome project targeted toward working families. Located on a former industrial site in South Gate, Calif., this is the first urban infill community development for De La Hoya’s real estate company, Golden Boy Partners, and Metro Housing Partners.Metro Housing Partners, a new housing company formed by Golden Boy Partners, Trimark Partners and CarVal Investors (an affiliate of Cargill Inc.) to develop and construct urban housing in Southern California, is the…
NAHB Index Rise Indicates Better Builder Confidence
Washington, D.C.–Builder confidence in the single-family home market rose in February, according to the National Association of Home BuildersWells Fargo Housing Market Index (HMI) released Tuesday afternoon.The index–which hit an all-time low of 18 in December 2007–increased a point to 20 in February. A reading above 50 indicates that more builders view sales conditions as good rather than poor.The sales expectations index, which forecasts builders’ expectations for the next six months, rose five points to 19–the highest level since July 2007. Three regions saw HMI increases this month–the Northeast, which rose three points to 24; the South, which rose two…
Wellborn Cabinet Inc.
The Prairie Cherry is a full overlay door with a veneer recessed center panel, part of the new cabinet collection from Wellborn Cabinet Inc.Wellborn’s collection for 2008 features over 200 cabinet sizes and accessories. It includes the Select, Deluxe, Premier and WoodCraft series and the Select series includes more than 25 cabinets and accessories. The Praire Cherry is part of the Select series.Wellborn has added accessible cabinetry that aids in independent living for people with special needs. The special base cabinets are 32.5-in. high and have an 8.5-in. by 6.5-in. toe kick to allow for wheel chair access. New cabinets…
NAHMA Singles Out Top-Quality Multifamily Affordable Housing
Alexandria, Va.—The National Affordable Housing Management Association (NAHMA) recently announced that five property owners and/or managers are winners of its 2007 Communities of Quality Awards. NAHMA’s 15th annual awards program recognizes excellence in the physical, financial and social condition of federally subsidized properties. Property owners and managers compete also on the basis of the quality of life they offer to residents, the level of resident involvement in community life and the nature of collaborations with other organizations and agencies that contribute to the betterment of the lives of residents and the larger community. This year’s winners were chosen from among…
U.K. Home Prices Increase in February After Months of Decline
Milton Keynes–Thanks to two Bank of England interest rate cuts, U.K. home prices increased for the first time in four months in February, according to property Web site Rightmove, headquartered in Milton Keynes. The average home list price had jumped 3.2 percent to £237,856 by mid-month, Bloomberg reported Monday. In January, listing prices declined by 0.8 percent. The average time a home sat on the market increased from 78 to 93 days in the year, according to Rightmove, which also found that prices in nine of the 10 England and Wales regions it tracked rose 5.8 percent in the month.Homebuilder…