Regions

By Erika Schnitzer, Associate EditorNorcross, Ga–The grand opening of Progressive Redevelopment Inc. (PRI) and The IMPACT! Group’s Bradford Gwinnett Apartments, a rehabilitated 194-unit affordable housing community, will take place this week.“It was originally constructed in the 1980s and, unfortunately, had gone into a little bit of disrepair and become a center of criminal activity,” Richelle (Shelly) Patton, president of development for PRI, says of the property. The rehabilitation of Bradford Gwinnett was completed early this year and the area crime has decreased, she explains.The development, which is targeted mostly for those earning 60 percent of the area median income, offers…

By Anuradha Kher, Online News EditorNew York–Earlier this week, Wachovia Corp. agreed to be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, following which Wachovia’s previous plan to sell its banking operations to rival suitor Citigroup Inc. fell apart.Both Wachovia Capital and Wells Fargo have multifamily divisions and are Fannie Mae and Freddie Mac DUS (Delegated Underwriting and Servicing) lenders. In addition, early this year, Wachovia Multifamily Capital Inc. achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing model. The two companies were also the top multifamily/commercial originators in 2007, according…

By Erika Schnitzer, Associate EditorDenver–With sustainability initiatives sweeping the industry, recycling programs are a logical step toward greening multifamily properties. However, according to a 2005-2006 waste audit program, single-family beats multifamily in every recyclable commodity category.At the recent 2008 Multi-Housing World Conference and Exhibition, how to “sell” recycling and waste management to residents was discussed by a panel comprised of Kendall Christiansen, principal, Gaia Strategies; Ann Johnson, president/owner, Waste Tech Services Inc.; and Dana Zeff, founder and principal, The DZAP Group. Anne Sadovsky, certified speaking professional, moderated the session.Multifamily properties face a number of challenges when it comes to setting…

By Anuradha Kher, Online News EditorGaithersburg, Md., Houston, Texas–PNC recently completed financing totaling $127.1 million to National Capital Properties III LP, Applied Development Co. and Cash Russell LLC. PNC ARCS provided a total of $82 million in financing to Washington, D.C.-based National Capital Properties III LP, an affiliate of Quadrangle Development Corp. for the acquisition of Fields Crossing and Shelburne Crossing, formerly Archstone Gaithersburg Apartments, located in Gaithersburg, Md. The two garden-style apartment communities total 648 units.PNC ARCS originated the loan through Fannie Mae.  In addition, the company provided a $25 million working capital line of credit to Applied Development…

Atlanta–Tamela Coval (pictured) has joined RentWiki.com as senior vice president of business development. “I’ve kept my eye on the RentWiki.com group since I first learned of it earlier this year,” says Coval. RentWiki.com utilizes consumer-contributed content, social networking and free inbound/outbound web syndication that allows renters to answer the question, “Do people like me live here?” Unlike other Internet sites that focus solely on apartments, RentWiki.com, focuses on neighborhood information.Walker & Dunlop, Green Park Financial Name Deborah A. Wilson SVP, CFOBethesda, Md.–Walker & Dunlop and Green Park Financial have named Deborah A. Wilson as senior vice president and chief financial…

By Keat Foong, Executive EditorWashington, D.C.—Believe it or not, according to a researcher, now may be the time to begin building condominiums projects again in the Washington, D.C. metropolitan area. Speaking at Delta Associates’ regional economic and market trends and outlook presentation here, Gregory Leisch, CEO, projected that condo inventory in the market will be seven years’ worth by the end of 2008—indicating excess supply by any measure. However, Leisch said that given current condo absorption/reversion rates and supply levels, more than one year hence, the condominium inventory would have declined to levels that are closer to those in the…

By Anuradha Kher, Online News EditorWashington, D.C– It was an eventful day today as Wells Fargo & Co. bought Wachovia for about $15.1 billion in stock and the House of Representatives approved today the revised $700 billion bailout package for the financial system by a vote of 263 to 171. Most Democrats favored the bill (172 for and 63 against), while a slighter majority of Republicans voted against (91 for and 108 against). A number of popular tax provisions were added to the bailout bill, which President George W. Bush quickly signed into law. He said it would take some…

Joseph Mullen (pictured) is senior vice president and director of multifamily investments for Madison Apartment Group, owned by BPG Properties Ltd. (BPG)Mullen has been with BPG for 20 years and has been involved in all types of real estate investments. In 2001, he was instrumental in the formation of Madison Apartment Group, L.P., BPG’s multifamily operating arm, and was named president at its inception. Mullen is responsible for the acquisition, investment management and operation of Madison’s extensive multifamily portfolio.  Most recently, Mullen guided Madison in the second largest multifamily acquisition the firm has ever made when it purchased the Boston…

By Anuradha Kher, Online News EditorLos Angeles–Sperry Van Ness has completed the sale of a 309-unit senior housing community (pictured) for $56.5 million to New York-based The Related Cos. The property, located at 740 S. Olive St. in Los Angeles, garnered 17 offers in three weeks and closed for $3.5 million over list price. Related will continue to run the property as affordable housing for low-income seniors. The company plans on investing another $9 million in renovations and upgrades to the property.“Senior housing is a safe investment in today’s economy, especially considering that Los Angeles county is home to more…

By Anuradha Kher, Online News EditorNew York–Following September’s unprecedented events on Wall Street, the current credit crisis has now eclipsed the savings and loan crisis of the late ’80s and early ’90s as the event with the single-greatest impact on the U.S. real estate industry over the last 20 years, according to a national survey conducted by global law firm DLA Piper. Sixty-two percent of those surveyed say they do not expect the real estate markets to stabilize until 2010. The survey, measuring the attitudes and perspectives of 424 top executives within the commercial real estate market, also reveals that…