News

Hollywood, Fla.–Homebuilder Tousa Inc. filed for bankruptcy protection Tuesday, CNN.Money.com reports.Hurt by the continued housing decline and an increase in sales cancellations, the Hollywood, Fla.-based builder said Citigroup Global Markets Inc. will supply $150 million in financing for the reorganization. Tousa plans to use the Citigroup financing to pay suppliers and employee salaries. The company also said it anticipates finishing the 2,500 homes it has in backlog.”[Filing for bankruptcy] is necessary to reflect the realities of today’s homebuilding market,” said Chief Executive Antonio B. Mon, who cited a “dramatic downturn” that “accelerated over the last several months” as part of…

By Anuradha Kher, Online News EditorWashington D.C—In his final State of the Union address this week, George W Bush touched on everything from the Iraq war to the housing crises that has unfolded over the last one year.  As fears over recession continue to escalate, many looked to the President this week to understand what the government is doing to stimulate the economy.The President talked about passing legislation to reform Fannie Mae and Freddie Mac, modernize the Federal Housing Administration (FHA) and allow state housing agencies to issue tax-free bonds to help homeowners refinance their mortgages. Conrad Egan, president and…

By Anuadha Kher, Online News EditorBeaverton, Ore.–Guardian Management LLC along with equity partner GE Commercial Corp has acquired two multifamily properties in Beaverton, Ore. owned by Fairfield Residential for a total of $50 million.Wyndham Park (pictured), a 228-unit community at 14700 SW Scholls Ferry Rd. consists of one- and two-bedroom apartments and The Westbury, a 260-unit complex at 4900 SW Greensboro Way consists of one-, two- and three-bedroom apartments. The rents for Wyndham Park currently range from $685 to $885 and from $745 to $1150 for The Westbury.Guardian will invest approximately $950,000 for apartment unit upgrades at Wyndham Park, formally…

By Anuradha Kher, Online News EditorAvondale, Ariz.–HFF (Holliday Fenoglio Fowler LP) has arranged a construction loan and joint venture equity totaling $92.75 million for a 715-unit multifamily development in Avondale, Ariz.The project will be developed by Fore Property Co. and is expected to be completed by 2010. It will consist of two phases: Mirabella Village and Mirabella Gardens. The Mirabella Village will have 369 units including one-, two- and three-bedroom, and loft layouts ranging from 739-sq-.f.t. to 1,040-sq.-ft. Mirabella Gardens will have 346 units in the same floor plans as Mirabella Village plus 55 two- and three-story town home units…

Atlanta–Real estate investment trust (REIT) Post Properties, based in Atlanta, has received a buyout offer from Cadim and Williams Realty Advisors LLC, a group that includes John Williams, Post’s founder and former CEO.Post Properties said the group offered $44 to $47 a share in cash. Post has 43.71 million shares outstanding, making the deal worth between $1.92 billion and $2.05 billion. Post has been the subject of numerous offers over the past three or four years but has declined to sell.Cadim is a unit of Caisse de dépôt et placement du Québec, the pension fund for the Canadian province of…

Washington, D.C.–For the second time in just over a week, the Federal Reserve cut short-term interest rates Wednesday, the New York Times reports. Announcing it was now more concerned about slowing economic growth than inflation, the Fed reduced the benchmark Federal funds rate by half a point to 3 percent at its two-day January policy meeting. In a statement, the central bank said that “financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” adding that recent data implied the housing decline is worsening and the job market is “softening.” On Jan. 22, the…

By Anuradha Kher, Online News EditorWashington, D.C–The Federal Open Market Committee today lowered its target for the federal funds rate by 50 basis points to 3 percent. This is the second rate cut in just over a week.It followed a three-fourths of a percentage point cut on Jan. 22, a day after financial markets around the world had plummeted on fears that the U.S. economy was heading into a recession. In a brief statement explaining their decision, Federal Reserve chairman Ben Bernanke and his colleagues said: “financial markets remain under considerable stress.”Ernest DesRochers, senior vice president and managing director of…

By Anuradha Kher, Online News EditorHartford, Conn.–Farmington Apartments LLC has bought the Mark Twain Apartments in Hartford, Conn. for $3.25 million. The Mark Twain Apartments, previously owned by MT Associates LLC, contain 65 apartment units located adjacent to the historic Mark Twain House and Museum.Mark Twain and his family moved to Hartford in 1871. While they first rented a house in the city, in 1873, Twain hired New York City architect Edward Tuckerman Potter to design his house, where he and his family lived until 1891.This site, which once encompassed the grounds of Mark Twain’s estate, was developed in 1931….

By Anuradha Kher, Online News EditorCincinnati –Green Park Financial provided a $3.79 million refinance loan to Magnolia Pointe Apartments located in on Old State Route 74 in Cincinnati.Magnolia Pointe (pictured), built in 1964 and renovated in 2003, is a two- to three-story garden-style apartment complex with 110 units. The property had 90 percent occupancy at closing of the deal.Rents for one-, two-, and three-bedroom apartments range in rent from $485 to $800. Amenities include storage, swimming pool, laundry, playground and a barbecue space.Will Baker, assistant vice president of Green Park Financial, tells MHN, “We provided this refinance loan to Magnolia…

Havana–Cuba’s capital city is controlled by the socialist state–but that hasn’t kept its residents from buying and selling property using an active underground sales system, the New York Times reports.In Cuba, selling property is illegal. However, the underground housing market twists the island’s condoned practice of trading apartments and homes by infusing illegitimate agents, price speculators and real estate scams that range from backing out of a deal but keeping the cash involved to selling a rundown property billed as a luxury home. And because Cuba, despite new government construction, has a housing shortage, deals can be $50,000–or more.The government…