Regions
Today’s Deals: Luxury High-Rise in New Jersey Sells for $23.55M, and Other Transactions
By Anuradha Kher, Online News EditorHackensack, N.J.–Gebroe-Hammer Associates recently arranged the sale of The Carlyle (pictured), a luxury hi-rise apartment building in the heart of Hackensack, N.J., for $23.55 million.Hekemian & Co sold the property to a private New Jersey-based investment group.“The Carlyle is at the center of Hackensack’s finest residential neighborhood and has earned a reputation for providing superior apartment-style living in close proximity to New York City,” says Ken Uranowitz, managing director at Gebroe-Hammer Associates. “It is rare that a property of this caliber comes to market in Bergen County, where multifamily housing product is being acquired at…
Del-Sano Contracting Breaks Ground on Two Phases of N.J. Continuing Care Community
By Erika Schnitzer, Associate EditorWest Caldwell, N.J.–Del-Sano Contracting Corp., a Union, N.J.-based construction management firm, has been selected to serve as the general contractor of Phases two and three for a continuing care retirement community in West Caldwell, N.J. The development, Crane’s Mill, will be the second project that Del-Sano has built for the owner, Lutheran Social Ministries of New Jersey (LSM/NJ), a faith-based, non-profit ministry that provides social services and affordable housing to seniors and families.The first phase of the project was completed in 1998. “The building has been fully occupied for two to three years, and we’ve had…
HUD Provides $600M to Modernize, Construct 4,100 Public Housing Units in Puerto Rico
By Anuradha Kher, Online News EditorNew York–The U.S. Department of Housing and Urban Development is expected today to sign a Puerto Rico bond refinancing and tax-credit approval, a financial agreement worth more than $600 million, including more than $200 million in tax-credit equity that will accelerate the modernization and construction of more than 4,100 public housing units in Puerto Rico.Deputy Secretary Roy Bernardi will join Puerto Rico Governor Anibal Acevedo Vila in signing the agreement at the JP Morgan office in Midtown Manhattan. This is the largest tax-credit equity investment in the history of the 22-year-old Low Income Housing Tax…
Q&A with Michael Cannon: I Don’t Think the Condo Market Has Gone Bust
Michael Cannon, managing director for Integra Realty Resources’ Miami office and 30-year commercial real estate veteran, says mixed-use projects can work if they are built for the right reasons but cautions that these types of projects potentially carry much more risk.He talks to MHN Online News Editor Anuradha Kher about what condo developers are doing in markets with no demand for condos, risks in condo conversion and the hot condo markets in the world.MHN: What are condo developers doing in markets where there is no demand for condos? Cannon: Worried condo developers with projects in the pipeline are getting creative…
Freddie Provides $73.9M in Bond Credit Enhancements to Preserve Linden Plaza
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac provided $73.9 million in bond credit enhancements to The DeMatteis Organization, as part of a credit facility with Wachovia Multifamily Capital and Red Stone Partners. The DeMatteis Organization will use the funds to help preserve Linden Plaza, a 1,527-unit affordable housing complex in Brooklyn, New York, which has historically had a very low vacancy rate. Red Stone Partners provided the first-loss mezzanine credit enhancement for the credit facility and arranged for the direct placement of $35 million in tax credit equity with a single investor. “The rehab will address deferred maintenance and…
EPA Publishes New Regulations for Lead Paint Renovations
By Erika Schnitzer, Associate EditorWashington, D.C.–The Environmental Protection Agency (EPA) recently released new regulations for its Lead-Based Paint Renovation, Repair and Painting Program (RRP). The guidelines establish rules for lead-based paint renovations, repairs and painting in housing and child-occupied facilities constructed prior to 1978 and are designed to prevent the introduction of lead hazards created by a renovation. They do not apply to abatements.The rule states that, beginning April 22, 2010, any person or firm performing the renovation must be properly trained and certified to use safe practices. Renovation firms will be required to be EPA-certified.Effective immediately, property owners and…
Praedium, Audubon Acquire 938-Unit Atlanta Portfolio
By Gail Kalinoski, Contributing Editor, Commercial Property News Atlanta–The Praedium Group and Audubon Communities Management have teamed up to buy a seven-property multifamily portfolio in the Atlanta metro region for approximately $45 million. The seller was not identified. It is the third joint venture acquisition made by Praedium, a New York City-based national real estate investment firm, and Audubon, an owner and operator of multifamily assets in the Northeast and Gulf South regions of the U.S. Information on the other JVs was not available. The 938-unit portfolio comprises 156 buildings, constructed between 1972 and 1999, located in Fulton, Henry, DeKalb,…
Today’s Deals: KeyBank Closes $163 M Loan to Finance Acquisition of 19-Property Seniors Housing Portfolio and Others
By Anuradha Kher, Online News EditorKeyBank Real Estate Capital recently closed a $163 million acquisition financing package for Emeritus Senior Living.The package, which finances Emeritus’ acquisition of a portfolio of 19 assisted living and Alzheimer facilities nationwide, consists of 19 individual cross-collateralized and cross-defaulted commercial mortgages backed by Freddie Mac. Emeritus will own and operate the portfolio, which consists of more than 1,500 units. Freddie Mac provided the loans through its Conventional Cash Seniors Housing product. The pool of loans is cross-collateralized and cross-defaulted, and has a 10-year term with an optional 12-month extension. The initial 12 months are interest…
Spandrel Group Unites Property, Staffing, Marketing Services
By Anuradha Kher, Online News EditorNew York-based real estate executive and founder of Spandrel Property Services, Ian Levine (pictured), has now formed The Spandrel Group, the umbrella company uniting Spandrel Property Services with his newly launched ventures, Spandrel Marketing Services and Spandrel Staffing Services.Spandrel Property Services is a boutique property management and brokerage, founded in 2000. “Talk about the slowing economy and foreclosures is everywhere, and these are preeminent factors while launching a new business,” Levine tells MHN. “But what matters more is that the company is truly committed and focused on the customer.”According to Levine, each affiliate within The…
DEAL OF THE DAY: 116-Unit Seniors’ Facility Sells for $5.9M
By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates recently arranged the sale of Atrium Village Apartments, a 116-unit seniors’ community located near 25th St. and Mitthoeffer on the east side of Indianapolis, for an asking price of $5.9 million.Tikijian Associates represented the seller, Barrett & Stokely Inc. in the sale to TLK Properties, a private investor based in Lakewood, N.J.Atrium Village is a community for senior citizens 55 years and older. The property features 116 two-bedroom, ground floor units with a private entrance for each. TLK Properties will continue to run Atrium Village as a seniors’ property.