Regions

By Keat Foong, Executive EditorWashington, D.C.— President-elect Barack Obama’s introduction this week of his economic team and his call for swift action to adopt an economic stimulus plan were welcomed by the National Leased Housing Association (NLHA).Denise Muha, executive director of NLHA, which represents affordable housing owners and managers, said that “bold action” is needed to stimulate the economy. “Some sort of stimulus program is absolutely needed,” she told MHN. Housing groups seem to be generally supportive of the government’s enactment of a big program to stimulate the economy. The National Association of Home Builders (NAHB) has also called for…

By Teresa O’Dea Hein, Managing EditorChicago—The wide array of career opportunities in real estate management are detailed in a new, 25-page brochure published by the Institute of Real Estate Management (IREM). Written in a fresh, upbeat style, this comprehensive brochure describes what the different jobs in real estate management entail, what the market opportunities are, how to access them, and who the employers in general can be.“We realized that no one had put together a top-down view of the industry for young people or career-changers,” Craig Cardwell, CPM, president of Allen & O’Hara Education Services Inc., Memphis, Tenn., tells MHN….

By Erika Schnitzer, Associate Editor Orlando, Fla.—Marcus & Millichap has retained the exclusive listing for two Orlando apartment communities, totaling 310 units. The listing price of $20.695 million for Pendelton Park Villas (pictured) and Carlyle Court Apartments equates to $66,758 per unit.Stephen M. St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, is representing the seller, a Mass.-based private investment group.The two communities, which offer studios, one-, two- and three-bedroom units, are located  across the street from each other. They are comprised of 27 one- and two-story buildings situated on 17.5…

By Erika Schnitzer, Associate EditorNew Rochelle, N.Y.—The NDR Group (formerly the New Rochelle Neighborhood Revitalization Corporation, or NRNRC) has completed Garito Manor at Union Square, a 102-unit green senior housing community.The LEED (Leadership in Energy and Environmental Design)-certified project is Westchester County’s first affordable green independent living community with resident services. It is available for seniors ages 62 and older. Income limits are between $35,550 to $42,660 annually for singles or a combined salary of $40,650 to $48,780 annually for couples.Garito Manor was financed with New Rochelle Industrial Development Agency (IDA) tax-exempt bonds, along with tax credits from WNC &…

By Teresa O’Dea Hein, Managing EditorNew York—The constrained retail environment poses challenges for mixed-use developers but some are finding innovative tenants for their commercial spaces. In Manhattan, Gotham Organization Inc. has leased 7,200 square feet at its Nicole luxury rental building to a childcare program that offers cultural experiences with leading performing arts organizations in the area while the developers of the Kalahari recently launched a new outpost of an after-school youth enrichment program in a commercial condominium.At the 149-unit Nicole, located at 400 W. 55th St., the Smarter Toddler preschool recently opened its second New York facility in 7,200…

By Keat Foong, Executive EditorNew York—Apartment fundamentals on a nationwide basis remained relatively healthy through the third quarter despite the economic and financial crises. “At least through September, the apartment market has held up surprisingly well given the tough environment,” said Mark Obrinsky, chief economist at the National Multi Housing Council (NMHC).  NMHC’s “Market Trends” reports that the U.S. Census Bureau vacancy rate in the third quarter for all rental apartments (in buildings with five or more units) is 10.7 percent, only 0.3 percent higher than compared to a year ago—and still below the level in 2003-04. Meanwhile, rents continue…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Association of Real Estate Investment Trusts (NAREIT) has announced its 2009 officers, members of its executive committee and new members of its board of governors. Constance B. Moore, president and CEO of BRE Properties Inc. is the new chair. “We approach 2009 in the midst of turbulence in our credit and equity markets,” Moore says. “At a time like this, active participation in policy and practice-oriented representative bodies like NAREIT becomes more important than ever. NAREIT is working hard to ensure that both investors and policymakers understand the value of REITs in…

By Anuradha Kher, Online News EditorHouston–Arbor Commercial Funding LLC recently arranged a $4,699,500 loan under the Fannie Mae DUS product line to finance the 204-unit Sebring Apartments, located in Houston.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent. “There were several major hurdles to overcome in closing this loan on terms for the client–including the after-effects of Hurricane Ike, which swept through the area during the underwriting process,” says Matt Norman, vice president in Arbor’s lending office in Dallas. 245-Unit Condo Property Sold at U.S. Bankruptcy Court AuctionTampa, Fla.–Cushman & Wakefield recently arranged the…

By Anuradha Kher, Online News EditorBoston–A majority of architects say that multifamily buildings, as well as other commercial buildings, are going green more than other building types (institutional, single-family and industrial), according to the fourth annual Autodesk/AIA Green Index released this week at the GreenBuild Conference and Expo in Boston. This year, the survey measured 287 AIA architects about how they practice sustainable design, as well as their opinions about the green building movement.The 2008 index shows an increase in the implementation of sustainable design practices from architects and building owners. In addition, it shows that architects’ clients have experienced…

By Anuradha Kher, Online News EditorAtlanta–To help companies and individuals struggling with the credit crisis, Morris, Manning & Martin LLP, a law firm based in Atlanta, has launched a commercial real estate debt management practice, offering legal support and practical business advice to real estate owners. Due to the state of the economy and the housing market in particular, several other firms have recently launched groups to help clients deal with financial or management issues. For example, Colliers Abood Wood-Fay recently launched its Distressed Property Services Group and Cushman & Wakefield formed the Resolution Group, a team of property investment…