Regions

By Anuradha Kher, Online News EditorMonroe Township, N.J.–For the eleventh consecutive year, the New Jersey Apartment Association (NJAA) hosted its Annual Children’s Holiday Party with over 1,000 less fortunate children at the Meadowlands Racetrack. The children enjoyed a day of fun and entertainment and a visit from Santa Claus with toys for all. The party is the result of outstanding efforts made by multifamily property owners, apartment community staff, and related businesses that hold toy drives and donate a their time and resources in planning and volunteering at the event. Over 40 member companies hosted toy drives at apartment communities…

By Anuradha Kher, Online News EditorNew York–The U.S. Federal Reserve has slashed its key interest rate to the lowest level on record in its latest attempt to stymie a sharp slowdown in the economy amidst the holiday season.The Fed’s Open Market Committee cut its benchmark rate to between 0 percent and 0.25 percent, from 1 percent.A median of 84 forecasts in a Bloomberg News had predicted the Fed would halve the rate to 0.5 percent. President-elect Barack Obama on Tuesday said “we are running out of the traditional ammunition that’s used in a recession, which is to lower interest rates,…

By Anuradha Kher, Online News Editor Boston, Durham, N.H. and Bennington, Vt.–KeyBank Real Estate Capital recently provided a $53.7 million loan to Capital Health Group for four seniors housing properties in the Northeast.KeyBank provided $24.8 million through Fannie Mae’s DMBS product for two Boston-area properties, including Forge Hill Senior Living and The Inn at Robbins Brook. Both will use the funds to refinance existing debt. Two additional properties received the remainder of the funds through Key’s balance sheet. They include The Inn at Spruce Wood in Durham, N.H. and Village at Fillmore Pond in Bennington, Vt.Love Funding Secures Two Loans Totaling…

By Anuradha Kher, Online News EditorSeattle–Opus Northwest has opened Fifteen Twenty-One Second Avenue, the company’s newest condo high-rise, located in downtown Seattle. Residents will begin moving into the 38-story building next week. The project is about 95 percent sold. “There is some softness in the market, but it’s fairly stable” Tom Parsons, senior vice president and general manager of Opus Northwest, tells MHN. “But after our project opens, there will not be a new project opening here for nearly two years.”Located next to Pike Place Market, Fifteen Twenty-One Second Avenue is the first residential high-rise developed under the city’s new…

By Anuradha Kher, Online News EditorWashington, D.C.–Urban Investment Partners of Washington, D.C. (UIP) has begun a $2.6 million renovation of The Biltmore, a 94-year-old apartment building that once housed luminaries such as President William Howard Taft and journalist Carl Bernstein. Located at 1940 Biltmore St., N.W., The Biltmore overlooks Rock Creek Park in Washington’s Kalorama Triangle neighborhood. It features 24 apartments on six levels. UIP has completed renovating five units and is now working on three more. The work is going on while the building remains occupied. “The Biltmore enjoys a central location in one of the most desirable residential…

By Erika Schnitzer, Associate EditorRockville, Md.—The Housing Opportunities Commission (HOC), the Department of Housing and Community Affairs (DHCA) and the city of Rockville, Md. recently launched Montgomery County’s first workforce housing condominiums sponsored under the county’s new legislation. These condos are called the Village at King Farm, a 49-unit community in Rockville.“What we want to do here is give people an opportunity to have a stake in the future of Montgomery County,” Maryanne Dillon, director of real estate at HOC, tells MHN. “This is one of the highest-income counties in the country, which makes it out of reach for the…

By Anuradha Kher, Online News EditorWashington, D.C.–President-Elect Barack Obama has appointed Shaun Donovan, New York City’s former commissioner of Housing Preservation and Development (HPD), as the new secretary of the Department of Housing and Urban Development (HUD). Obama said Saturday that Donovan will play a key role in tackling the mortgage crisis and helping families stay in their homes.Donovan will bring “fresh thinking” to HUD, Obama said, pledging that his nominee will abandon “old ideology and outdated ideas” that have stymied some of the agency’s past efforts.”We can’t keep throwing money at the problem, hoping for a different result,” Obama…

By Erika Schnitzer, Associate Editor Norfolk, Va.—Terry Slattery has been promoted to president of For Rent Media Solutions, a resource for searching apartments nationwide. In this position, Slattery will oversee all aspects of print, Internet, production and operations for the company’s publications and Websites, including ForRent.com, For Rent Magazine, Apartamentos Para Rentar, CorporateHousing.com and After 55 Housing and Resource Guide.Slattery has worked in the multifamily industry since 1993, when he joined For Rent Magazine as account executive. Since then, he has held the positions of national marketing director, vice president of marketing, and vice president of national sales and marketing.He…

By Erika Schnitzer, Associate Editor Bakersfield, Calif.—KeyBank Real Estate Capital has closed $29 million in Fannie Mae loans for three Pacifica Companies’ “Oakdale Heights” senior housing properties.KeyBank’s financing included $10.7 million for a 78-unit property in Bakersfield, Calif. (pictured), $9.3 million for an 86-unit community in Virginia Beach, Va., and $9 million for 87 units in Wilmington, N.C.Gebroe-Hammer Closes $8.7M Sale of 97-Unit N.J. Property South Bound Brook, N.J.—Gebroe-Hammer Assciates recently closed an $8,778,000 sale of Towne Oaks, a 97-unit community located in South Bound Brook, N.J.Joseph Brecher, senior vice president at Gebroe-Hammer, negotiated the sale on behalf of the…

By Erika Schnitzer, Associate EditorFresh Meadows, N.Y.–U.S. Energy Group, a firm that develops and integrates energy control, monitoring and analysis systems for large residential properties, has launched USE Solar, a new solar energy initiative that focuses on the potential for multifamily and commercial buildings to use solar power.U.S. Energy Group manufactures and monitors approximately 4,000 energy control systems. In addition, the company delivers emergency alerts to clients via text message, email or fax, explains Jerry Pindus, founder and CEO of U.S. Energy Group and president of TedPin Realty Co., an owner and operator of apartments and co-ops in the N.Y….