Regions

By Erika Schnitzer, Associate EditorWashington, D.C.–Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to veto the legislation.The housing rescue package, which the House of Representatives is expected to vote on today, outlines approximately 20 various provisions, including establishing a new regulator for Fannie Mae and Freddie Mac, creating a program within the FHA (Federal Housing Administration) to refinance distressed loans and providing $3.9 billion in funding to stabilize communities devastated by the mortgage crisis. Bush’s veto threat…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently issued the Mortgagee Letter 2008-19, streamlining the processing of Federal Housing Administration (FHA) multifamily insurance applications with Low Income Housing Tax Credits (LIHTC).The Mortgagee Letter includes important changes to FHA processing, which will provide flexibility and cut costs, making FHA insurance a competitive financing vehicle for affordable rental properties with Low Income Housing Tax Credits. “There are two very significant benefits that come with this letter,” Cathy Pharis, director at Deutsche Bank Berkshire Mortgage, tells MHN. “For one, FHA will be able to commit…

By Anuradha Kher, Online News EditorHaverford, Pa.–GPX Realty Partners L.P. recently completed a $3.6 million capital improvement program across its Stillwell Apartment portfolio. The portfolio consists of five communities totaling 309 units across 20 buildings and is located in Montgomery and Delaware counties, Pa. GPX Realty Partners acquired the portfolio last June.The capital improvements made throughout the five developments include upgraded unit interiors, from new windows to new kitchens; refreshed building exteriors; new community signage; extensive landscaping; new roofing systems; parking lot and driveway repairs; and electrical and lighting work.”The multi-million dollar investment we’ve made to upgrade and modernize these…

By Lisa Iannucci, Green Building CorrespondentNew York–Manhattan’s Carnegie Hill neighborhood — known for its mansions and townhouses — will soon be a little greener with nine three- and four-bedroom green condominiums now in construction. Developed by New York-based Greystone Property Development and designed by Barry Rice Architects, the homes will include recycled, local and sustainable materials, a geothermal well that will feed the primary heating and cooling system; and collected rainwater to irrigate the private bi-level garden.“At Greystone, we are committed to developing buildings that are innovative and eco-conscious,” says Jeffrey Simpson of Greystone Property Development. “Geothermal heat pumps allow…

By Anuradha Kher, Online News Editor Riverside, Calif.–GMH Capital Partners recently arranged the sale of the GrandMarc at University Village, a 212-unit, Class A apartment complex in Riverside, Calif., for $45 million.Kayne Anderson, a Los Angeles-based investment company, purchased GrandMarc at University Village. The property consists of eight four-story apartment buildings and one single story leasing office/clubhouse. It includes 212 units with 760 beds, totaling 277,724 sq. ft. of net rentable area. GrandMarc at University Village was completed in 2001 to house students at The University of California, Riverside. The community features one-bedroom/one-bathroom, two-bedroom/two-bathroom, three-bedroom/three-bathroom and four-bedroom/four-bathroom apartments with an average…

By Anuradha Kher, Online News EditorWashington, D.C.–As lawmakers struggle to complete their work on a comprehensive housing stimulus bill, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) have released a new advertisement, urging lawmakers to learn from the country’s past mistakes and adopt a more balanced housing policy.“NMHC/NAA and others have been warning as far back as 2004 that the nation would likely pay a high price for its ‘homeownership at any cost’ housing policy,” says NMHC/NAA Senior Vice President of Government Affairs, Jim Arbury. “The silver lining in the financial and housing crisis, which was both…

By Anuradha Kher, Online News EditorLos Angeles–The first multimillion-dollar financing tool for the creation and preservation of affordable housing in Los Angeles has recently been unveiled. The New Generation Fund is a $100 million predevelopment and acquisition fund created through a partnership of the city of Los Angeles and a consortium of banks, financial institutions, foundations and community development financial institutions (CDFIs).The fund is designed to combat homelessness and reduce the housing burden on poor and working families by offering affordable housing developers early-stage financing for properties intended for low- and moderate- income residents.“Housing is a cornerstone of prosperity in…

By Anuradha Kher, Online News EditorNorthbrook, Ill.–After Prospect Mortgage completes the acquisition of IndyMac, the bank’s multifamily loan business will likely remain intact, according to Bill Hughes, SVP and managing director of Marcus & Millichap Capital Corp. “I would think the buyer wants to keep that division intact. Why would they take IndyMac on if they did not want to continue with the bank’s services,” Hughes tells MHN. Though it is too early to tell the impact of this acquisition and what the company will do going forward, closing down multifamily does not seem like a possible next step.Prospect Mortgage…

By Anuradha Kher, Online News EditorAtlanta–Apartment Realty Advisors (ARA) recently represented Centerville, Ohio-based The Connor Group in the $47 million sale of two multifamily properties, totaling 390 units, located in Atlanta’s Perimeter Center and Decatur markets.Glen Lake (pictured) is a 29.89-acre, garden-style community featuring 270 units in the Perimeter Center’s “Golden Triangle.” Constructed in 1980/1982, the property comprises one- and two-bedroom units, as well as three-bedroom townhouses with amenities such as controlled gate access, attached garages, a car care center, tennis courts and pool with sundeck. Glen Lake was 92 percent occupied at the time of acquisition by West Palm…

By Erika Schnitzer, Associate EditorAtlanta–Apartment Guide recently launched its Spanish language Website, RentRentar.com, to help Spanish-speaking apartment seekers find a home.“We launched the Website because we knew there was a growing population in the country of Hispanic residents, and we thought there was a need to branch into that space,” Arlene Mayfield, president of Apartment Guide, tells MHN.The site, which can be accessed at www.rentrentar.com or through the “En Espanol” link on ApartmentGuide.com, currently includes basic existing listings that include on-site Spanish-speaking employees. The client, or property manager, has the opportunity to purchase an enhanced listing, for $50 to $80,…