Regions

By Anuradha Kher, Online News EditorColumbia, Md.–The ongoing 2008 Urban Land Institute (ULI) Fall Meeting and Urban Land Expo is all set to be completely carbon neutral as a result of funding from the Enterprise Green Communities Offset Fund.Enterprise will offset all the emissions of carbon dioxide generated by the meeting by providing funds to reduce an equivalent amount of emissions in environmentally sustainable affordable housing developments participating in Enterprise’s Green Communities initiative.“ULI’s commitment to offset its annual meeting means first and foremost that low-income families will experience the benefits of living in a green affordable home,” says Dana Bourland,…

By Erika Schnitzer, Associate EditorDumont, N.J.—Domus Housing Corp., the housing arm of the Catholic Charities of The Archdiocese of Newark, recently broke ground on a $10.4 million  HUD 202 low-income senior housing project, St. Mary’s Senior Residence, in Dumont N.J. Del-Sano Contracting Corp., a U.S. Green Building Council member based in Union, N.J., was selected as the general contractor for the project, and Princeton-based Steven S. Cohen Architect P.C. designed the development, which is located on the grounds of St. Mary’s Parish at 280 Washington Avenue.The four-story, 45,000-sq.-ft. project will offer 49 one-bedroom units for residents ages 62 and older…

By Anuradha Kher, Online News EditorNew York–Even though the apartment sector had the highest returns over the past 12 months among all commercial real estate types at +0.4 percent, prices remained flat, according to Standard & Poor’s July results for the S&P/GRA Commercial Real Estate Indices. Nationally, commercial real estate prices for July 2008 too were level versus July 2007.   The National composite reported an annual price change that was flat, compared to July of 2007. This is down from the +1.5 percent reported in June’s data. It is also well below this cycle’s peak of +14.7 percent, reported in…

By Anuradha Kher, Online News EditorOceanside, Calif.–The Hoffman Co. recently closed a $30 million real estate transaction in Oceanside, Calif. that will allow Piazza d’Oro, a residential mixed-use project, to move forward.The property, located north of Highway 78 at Rancho Del Oro Road and Vista Way, was acquired by ConAm Group of Cos., a San Diego-based real estate management and investment firm specializing in multifamily housing. The seller was K. Hovnanian Homes, a national homebuilder that partially developed the 14.4-acre property, which includes 221 multifamily residential units with commercial office space and retail elements.“This is a great property with substantial…

Chicago–The Institute of Real Estate Management (IREM) installed its officers for 2009 during the professional association’s fall business and governance meetings recently held in Chicago. Pamela W. Monroe, CPM, will serve as president; O. Randall (Randy) Woodbury, CPM, will serve as president-elect, and Ronald Goss, CPM, will serve as secretary/treasurer.With more than 25 years of professional industry experience, Monroe joined New Jersey-based Community Realty Management (CRM) in 2002 and serves as CRM’s senior vice president. Since beginning her career in Mobile, Ala., she has overseen properties throughout the Southeast, in Texas, Oklahoma, New Jersey, Pennsylvania, Maryland, Virginia and the Virgin…

By Erika Schnitzer, Associate EditorHoboken. N.J.—Tarragon Corp., based in New York, and Hoboken-based URSA Development Group recently held a hard hat tour for prospective renters and leasing agents of their newest building in Hoboken, dubbed 800 Madison. Those on the tour could get a feel for the space, finishes and amenities, despite the project still being under construction.The project is Tarragon and URSA’s sixth residential development in a joint venture to build an all-new neighborhood in the Upper Grand area of Hoboken. When complete, the neighborhood will include 1,400 residences, including mid-rise and high-rise developments, and 14,000 sq. ft. of…

By Anuradha Kher, Online News EditorWashington, D.C.–Overall existing-home sales rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September, from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007, according to the National Association of Realtors (NAR).However, while the existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units in September, they are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago….

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily housing will retreat six percent in dollars and eight percent in units, after the sharp plunge witnessed during 2008, according to McGraw-Hill Construction’s 2009 Construction Outlook.“The condo boom has dried up and financing is difficult to get, especially with the CMBS having disappeared,” Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction, tells MHN. “Demand for multifamily has been negatively impacted due to the weakening job market. While down significantly, the multifamily housing starts haven’t been as severely impacted as single-family.”This is in line with the Commerce Department’s latest report showing…

By Anuradha KHer, Online News EditorTucson, Ariz.–Alliant Capital recently closed $28,438,400 for the refinance of the Summerlin Villas Apartments located in Tucson, Ariz. under its Refi-Plus Program. $5,977,400 was funded immediately with the remaining $22,461,000 to be forward funded March 31, 2010 after the yield maintenance on the existing financing expires.  The fixed interest rate on the forward portion is locked.The 356-unit garden apartment community built in 2000 features 18, two-story and seven three-story apartment buildings. Alliant’s loan has a 10-year term with a 30-year amortization. Capmark Finance Inc. Originates over $9M for Acquisition of 324-Unit Rental Community Webster, Texas–Capmark Finance…

By Anuradha Kher, Online News EditorEnglewood, Colo.–Jeff Adler (pictured) the former chief property operations officer at AIMCO, has formed The Sanctuary Group LLC, a management consulting and investment banking firm for the multifamily industry. Adler will serve as president to the company, which will work on distressed property workouts, value added redevelopments, investment and operations strategy formulation, consumer target marketing, market selection, mid market capital funding, acquisition underwriting, consumer product and service feature design, and operational performance enhancement. “The Sanctuary Group enables a broad range of real estate investors and owner/operators access to expertise previously available only at larger multifamily…