Regions

By Anuradha Kher, Online News EditorNew York–NCB has originated almost $60 million in financing in December for 24 New York area properties. This includes $46.7 million in mortgages and $12.9 million in lines of credit. “Activity during December more than tripled from the prior month, as many cooperatives looked to take advantage of low interest rates before year end,” says Edward Howe III, managing director of the NCB New York. “While other areas of the financing market have slowed dramatically, underlying mortgages and lines of credit lending for housing communities remain strong, as more buildings arrange loans to meet varying…

John Hitchcox (pictured) is the chairman of yoo, an international branding, design and investment property company he founded with Philippe Starck. Yoo currently has 57 projects under development. The company recently announced it decision to shift its focus from condos to rentals. Hitchcox talks to MHN Online News Editor Anuradha Kher about this change, how it will be implemented and what yoo will offer renters that isn’t already offered.MHN: Why the change in focus? Hitchcox: I believe rentals have not been given much attention. It is a slightly neglected side of residential construction, especially in the U.K. It is like…

By Erika Schnitzer, Associate EditorWashington, D.C.—Union workers convened on Capital Hill yesterday to lobby for the passage of the Employee Free Choice Act (EFCA). Since taking office, President Obama has made his pro-labor stance clear with the signing of the equal-pay law, the establishment of a task force for middle-class families and his choice for Labor Secretary. With the campaign for the Act reignited and a top priority for labor unions, how will multi-housing be affected if it is passed?“The question is whether we are going to create enough impetus for on-site associates to unionize,” Terry Danner, CEO of Riverstone…

By Anuradha Kher, Online News EditorWashington, D.C.–The Senate voted yesterday to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000. The measure, introduced by Sen. Johnny Isakson, a Republican from Georgia, is expected to add as much as $18.5 billion to the already-massive stimulus package.This tax credit, unlike others proposed previously, is a real tax credit, according to the National Association of Homebuilders (NAHB), as long as it is claimed within two years. There is no automatic recapture of this money unless the buyer sells the property within two years of purchasing it. NAHB…

By Anuradha Kher, Online News EditorNew York–Roomorama.com, new peer-to-peer online platform for short-term room and apartment rentals, recently launched its improved web site.The service is available in Los Angeles, Miami, San Francisco, Vancouver, Washington D.C., Boston, Chicago, New York and Toronto. The free web-based program allows hosts to post and manage listings to the user community.“We want to provide a transparent place for guests looking for accommodation and a way for hosts to manage their rental activity for short-term rentals,” Federico Folcia, co-founder of the site, tells MHN. He also says there has been considerable amount of interest from property…

By Erika Schnitzer, Associate Editor Indianapolis—The apartment market in Indianapolis grew in 2008, according to Tikijian Associates’ annual Indiana Apartment Market Overview. Occupancy increased from 90.1 percent in 2007 to 90.8 percent in 2008, despite the delivery of 1,000 new units. These figures, however, do not take into consideration the fourth quarter of 2008. “The Indiana economy held up better than other Midwestern economies until December, outperforming Ohio, Illinois and Michigan when it came to jobs, but that’s no longer the case,” George Tikijian, principal broker of Tikijian Associates, notes.Average rents in each submarket increased, with rent growth for the…

By Anuradha Kher, Online News EditorBeverly Hills, Calif.–NorthMarq Capital Inc. has arranged combined first mortgage financings of $25.268 million for LandBanc Capital Inc. of Beverly Hills, Calif., and its Aragon Holdings subsidiary.The Aragon Holdings portfolio features four multifamily properties located in San Antonio, Texas. These include the 72-unit Lexington Apartments (pictured); 176-unit Las Brisas Apartments; 296-unit Timbermill Apartments; and 276-unit Windridge Apartments.Financing for the properties was based on a 10-year term with a 30-year amortization schedule and was arranged by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Alliant Capital Closes $2.4M Apartment Loan Topeka, Kan.–Alliant…

Los Angeles–Figueroa Capital Group has reached an agreement with Charles Dunn Real Estate Services Inc. to develop asset management business for them with financial institutions.  Figueroa Capital Group will identify and approach financial institutions needing assistance with management of their real estate assets, providing comprehensive asset services including:  property management, long-term investment and risk analysis, and reposition and disposition of assets.“With foreclosures on the rise for all property types, financial institutions have a greater need for guidance and services,” says Walter F. Conn, president and CEO of Figueroa Capital Group. “Our banking relationships and proven marketing abilities, and Charles Dunn’s…

By Anuradha Kher, Online News EditorAtlanta–Luxe (pictured), the recently completed 22-story condominium tower at 222 12th St. between Piedmont Avenue and Juniper Street in Atlanta has opened its sales center. The project has already sold 30 percent of the units before construction was completed, a fact that co-developers Paces Properties Inc. and Trammell Crow Residential attribute to its location. Luxe is the first high-rise to be built on Piedmont Park in over 20 years.The project features 112 one-, two- and three-bedroom units priced from $249,000 to over $700,000 as well as five penthouses with prices starting at $1 million. Luxe…

By Anuradha Kher, Online News EditorIrvine, Calif.–LeasingDesk recently launched advanced criminal record search logic in its resident screening offering. This enhancement increases the accuracy of the returned data, reducing the possibility of false positive matches, and improves an owner’s ability to identify quality residents, according to the company.According to LeasingDesk, the weakened economic landscape reinforces the importance of comprehensive resident screening techniques and data to ensure multifamily owners can identify the most qualified prospective residents. False positive criminal matches, often caused by ambiguous identification data found in electronic records, can hinder an owner’s ability to effectively evaluate a prospective resident….