Regions

Washington, D.C.–Citing recent allegations that Countrywide Financial Corp.’s previous profits were the result of poor lending practices, U.S. Senator Charles Schumer advised Bank of America Corp. to reconsider its $4 billion offer for Countrywide, Bloomberg said.Speaking to the Senate, Schumer said mortgage lenders had increased fees for borrowers are already in bankruptcy and said Congress is pondering legislation to increase penalties on “bad-actor lenders.” Some investors have hypothesized that Bank of America may ask for better terms or call off its takeover of Countrywide because the housing market and Countrywide’s performance have fallen since talks began.Bank of America spokesman Scott…

By Anuradha Kher, Online News EditorNew Orleans/Columbia, S.C./St. Cloud, Minnesota/Chicago/Grand Forks, N.D.–NorthMarq Capital recently arranged mortgage financing totaling $26.55M for five apartment communities across the U.S.The company’s Charlotte regional office completed first mortgage financing of $13 million for Wind Run Apartments, a 400-unit rental property, located in New Orleans. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Wild Run Apartments LLC. The office also arranged a first mortgage financing of $3.75 million for Raintree Apartments, a 138-unit property, located in Columbia, S.C. Financing was based on a 10-year term with…

By Erika SchnitzerAssociate EditorScarsdale, N.Y.–Christie Place, a 42-unit Tudor-style mixed-use development for adults 55 years and older, is expected to become Scarsdale’s first luxury condominium. The redevelopment project will include ground-floor retail space, which is currently 80 percent leased.“The building was an old garage and parking facility used for commuter parking, and the village was looking to expand the parking on this site,” says Martin Ginsburg, founder and CEO of Valhalla, N.Y.-based Ginsburg Development Cos., developer of Christie Place. “We entered into the picture and part of our commitment was to put all the parking below grade and to create…

By Anuradha Kher, Online News EditorAustin–Stratus Properties Inc., headquartered in Austin, and the Canyon-Johnson Urban Fund recently secured $165 million in construction financing from Corus Bank for the construction on the W Austin Hotel & Residences, a $295-million mixed-use project, located in downtown Austin’s 2nd St. district, overlooking Lady Bird Lake. The project is seeking LEED certification and is slated for completion in early 2011. “We are thrilled to be playing an active role in supporting Mayor Will Wynn’s goal of 25,000 residents in downtown by 2015,” says Beau Armstrong, CEO of Stratus Properties Inc. The Downtown Austin Alliance recently commissioned an…

Richard Swerdlow, CEO, founded Condo.com (formerly US Condo Exchange) in 2005 and is responsible for the company’s strategic direction and operations. Previously, he founded Everything Wireless, the first consumer cataloger and Internet retailer, which provided national distribution of wireless phones and accessories. The company grew to $100 million in revenues. Richard has an extensive background in real estate development, has been personally involved in selling over 10,000 condo units and exited his real estate projects prior to the real estate bubble bursting in South Florida.He talks to Anuradha Kher, online news editor at MHN, about the Florida condo market, the…

By Anuradha Kher, Online News EditorBoca Raton, Fla.–American Water & Energy Savers formed a partnership with Power Buyer Green, operated by GEMSA Loan Services LP, along with Grant Capital Management, to deliver a water conservation program designed to save money for owners of multifamily properties of 100 units or more.With these companies’ combined efforts, AWES will be able to offer an Off The Balance Sheet Financing program to owners of multifamily properties. This program will allow property owners to pay for water conservation and toilet retrofit programs using future water and sewer savings generated.  “The property owner contacts us, we…

By Lisa Iannucci, Green Building CorrespondentWashington, D.C.–JPI East, a division of Irving, Texas-based JPI,  is developing the first multifamily rental community in Washington, D.C. to earn LEED (Leadership in Energy and Environmental Design) Silver certification for new construction.Currently known as Jefferson at Half Street, the development will be a 419-unit luxury multifamily community that will include 12,000 sq.-ft. of retail space and will face Half Street, a popular retail destination in the city. To achieve LEED Silver certification for Jefferson at Half Street, JPI will meet a variety of requirements set by the U.S. Green Building Council. Some of the…

Washington, D.C.–The Bush administration indicated it would veto the housing bill House Democrats are sponsoring that would give $15 billion to states to buy and revamp vacant homes, Bloomberg said Wednesday.”The principal beneficiaries of this type of plan would be private lenders–who are now the owners of the vacant and foreclosed properties–instead of struggling homeowners who are working hard to stay in their homes,” the White House said in a statement. The White House’s Office of Management and Budget said that President George W. Bush’s “senior advisers would recommend he veto the bill” if the legislation reached him.States would fix…

London–Homes worth more than £1 million ($1,952,015) have been hardest hit by the U.K. residential market decline, the Mail On Sunday reports.The average prices of the country’s most expensive homes have fallen from 10 to 15 percent since September, according to London-based real estate agency Hamptons.Homes that sell for £200,000 ($390,403) also declined over the same time frame–but only fell 3 percent.A home that sold for £960,000 ($1,873,934) in fall would now only garner £820,000 ($1,600,434)–and the decline could indicate the start of a large U.K. housing slump, the Mail said.

Chicago–The number of homes under contract for sale in March declined to a record low for the second month in a row, according to a National Association of Realtors report released Wednesday.The Chicago-based real estate agent group’s Pending Home Sales Index dropped to 83 in March–a 1 percent decline from the downwardly revised 83.8 February reading, CNNMoney.com said.The March reading marked a 20.1 percent drop from the same period in 2007 and was 35 percent lower than the index’s April 2005 high point.In 2001–the year the index premiered–the reading was 100. The NAR slightly increased its new home sales prediction,…