Regions
Withee Malcolm Architects to Design Oscar de la Hoya’s First Golden Boy Partners Project
By Anuradha Kher, Online News EditorSouth Gate, Calif.–The real estate development company founded by boxing star Oscar De La Hoya, Golden Boy Partners, has unveiled the company’s first housing venture, Tierra del Rey, 107 for-sale attached town homes project located on five acres at Firestone Boulevard and Calden Avenue in South Gate, Calif.Withee Malcolm Architects has been hired to design the project. Golden Boy Partners focuses on underserved, primarily Latino, urban neighborhoods in Southern California and its first project is designed for working families. Ranging from 1,200 to 1,600 sq. ft. Tierra Del Rey features two- and three-bedrooms with up to…
Multifamily Experts Say Private Equity Would be Good For Troubled Freddie Mac
By Anuradha Kher, Multi-Housing News and Paul Rosta, Commercial Property News Washington, D.C.–Government-sponsored entities Fannie Mae and Freddie Mac may well be in line for a further infusion of capital, this time from private equity. According to a report published yesterday by The Wall Street Journal, the search is on for investors to shore up the finances of Freddie Mac, whose stock has fallen in value more than 90 percent in the past year, to $3.12, after earlier hitting a low of $2.95.While the future of the two government-sponsored residential mortgage companies is still up in the air, several multifamily…
DEAL OF THE DAY: Forest City Closes $167M Construction Financing Loan for Brooklyn Property, and Other Transactions
By Barbra Murray, Contributing Editor, Commercial Property News and Anuradha Kher, Online News Editor, Multi-Housing News New York–Forest City Ratner Cos. has closed on a $167 million construction financing deal for 80 DeKalb, a 365-unit apartment project in Downtown Brooklyn. The New York State Housing Finance Agency approved the project for $109.5 million in tax-exempt bonds and an additional $27.5 million in taxable bonds. Construction on the 335,000-sq.-ft. building commenced last month. For Forest City Ratner, the project marks Brooklyn-based company’s first residential development endeavor in Brooklyn. Wachovia Bank N.A. and Helaba supplied credit enhancement to the $137 million bonds…
Q&A with Avi Weinstock: Fannie, Freddie Spreads Have Widened But Pricing Is Still Competitive
Avi Weinstock (pictured) is a partner and executive vice president at New York-based mortgage brokerage firm, Meridian Capital Group. As head of Meridian’s multifamily property division, Weinstock and his team have closed over 2,000 transactions annually since 2004, generating a deal volume in excess of $10 billion per year in closed loans.Weinstock talks to MHN Online News Editor, Anuradha Kher about the comeback of conduits, the direction in which capital is headed and his advice for borrowers.MHN: What kinds of deals are getting done in today’s market?Weinstock: A variety of multifamily deals are getting accomplished in today’s market. What has…
RealPage Tackles Major HUD Changes to Data Transmission By Offering Online Training to Multifamily Clients
By Anuradha Kher, Online News EditorCarrolton, Texas–RealPage Inc. will be offering a comprehensive online training package for its multifamily clients on the changes, impacts and implementation of the upcoming TRACS 2.0.2C and TRACSMail changes mandated by the Department and Housing and Urban Development (HUD). TRACS 2.0.2C, which will replace TRACS 2.0.2B, is a new file format through which HUD properties send monthly data. TRACSMail, a modem-based system previously used to transmit data such as HUD property vouchers, will be being replaced by iMax or Modern Integrated Multifamily Access Exchange, which is a Web-based program.RealPage has 10,000 multifamily clients, all of…
FAA Keynote Speaker Tells Industry to ‘Celebrate Change’
By Erika Schnitzer, Associate EditorChampionsGate, Fla.–The opening session at the Florida Apartment Association (FAA) Education Conference & Trade Show in ChampionsGate, Fla. addressed the theme of the show, “Celebrating Change.”The keynote speaker, Eileen McDargh, CSP, CPAE, discussed the importance of embracing change within the apartment industry. However, she asserted, to truly embrace such change, managers must look outside the industry itself. In the context of the housing downturn, for example, people are turning away from homeownership, creating a shift towards multifamily housing, she said. With that in mind, she encourages managers to avail themselves to think differently.McDargh noted three general…
DUMBO’s Tallest Building Wins Award for Design from Brooklyn Chamber of Commerce
By Anuradha Kher, Online News EditorNew York–The Brooklyn Chamber of Commerce, through its 2008 Building Brooklyn Awards, honored 17 recently completed construction and renovation projects they believe enrich Brooklyn’s neighborhoods and economy. J Condominium, a 33-story mixed-use development located on 100 Jay St. and designed by Gruzen Samton Architects was recognized for its design. J Condominium is currently the tallest building in the Down Under the Manhattan Bridge Overpass (DUMBO) neighborhood, which is located at the foot of the Manhattan Bridge. Developed by Hudson Companies Inc., the 267-unit J Condominium also features five retail spaces and two parking garages.The building…
Developer Sued Over Fair Housing Criteria, Says It’s a Matter of Local Building Code
By Erika Schnitzer, Associate EditorNew York–The Department of Justice (DOJ) has filed a lawsuit against the owners and developers of Avalon Chrystie Place (pictured), a 361-unit apartment community located at 229 Chrystie St. in New York, alleging that they have failed to provide sufficient access to disabled people.Constructed for first occupancy after March 31, 1991, the development is subject to the updated 1991 Fair Housing Act’s requirements. The DOJ claims that the defendants—AvalonBay Communities, CVP I LLC, Downtown Manhattan Residential LLC, Chrystie Venture Partners LLC and SLCE Architects LLP—-failed to design Avalon Chrystie Place so that its public spaces are…
TODAY’S DEALS: Marcus & Millichap Retains Exclusive Listing of 642-Unit Apartment Community for $48.5M
By Anuradha Kher, Online News EditorWilloughby, Ohio–Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Tamarac Apartments, a 642-unit multifamily community in Willoughby Ohio, a suburb of Cleveland. The listing price of $48.5 million represents $75,545 per unit and a 7.6 percent cap rate.“Consistently, stellar occupancy coupled with continued rent increases makes Tamarac Apartments an appealing option for an investor seeking income growth in a cash flow-driven market,” says Dan Burkons, a senior associate and director of the firm’s National Multi-Housing Group in Cleveland.The community was constructed in various phases between 1990 and 2000 and is…
Move-Ins Start at 78-Unit Senior Affordable Housing Project
By Anuradha Kher, Online News EditorLinden, N.J.–The John T. Gregorio Towers, a seven-story, 78-unit senior affordable housing project in Linden, N.J., designed by Gran Kriegel Associates, has recently been completed. Move-ins into the Section 8 project have already begun.The Housing and Urban Development Authority (HUD) and the Linden Housing Corp. are funding the project, named after former Linden mayor John T. Gregorio. The John T. Gregorio Towers features a multipurpose room, which is served by a commercial kitchen. This communal space accommodates dining and special events, also serving the two adjacent existing buildings, which are part of the Linden senior…