Regions

By Anuradha Kher, Online News EditorNewton Square, Penn.–Balfour Beatty, a London-based international engineering, construction, investment and services group, recently acquired GMH Military Housing, the former military housing division of GMH Communities Trust, for $350.5 million.The military housing business of the company will now be managed under Balfour Beatty Communities, and will continue providing military housing. The entire executive management team, as well as existing corporate and project-level military housing employees, will remain part of the new company.Balfour Beatty Communities, based in Newton Square, Penn., maintains interests, primarily through joint ventures with the Department of Defense, in 12 military housing projects…

By Anuradha Kher, Online News EditorPortland, Ore.–Opus Northwest recently broke ground on Park, a mixed-use, 101-unit apartment building in the historic Alphabet District of Portland, Ore. The 94,727-sq.-ft. project will feature studios, one- and two-bedroom apartments, 2,600 sq. ft. of retail space and 63 below-grade parking spaces.Located at 1830 Northwest Hoyt St. and 510 Northwest 19th Ave., the six-story project will mimic the low-rise historic buildings in the area and be developed in accordance with the Leadership in Energy and Environmental Design’s green building rating systems Silver ertification requirements.“This is one of the few new buildings in this neighborhood, which…

By Anuradha Kher, Online News EditorNew York–Catholic Charities Progress of Peoples Development Corp., the housing developer of Catholic Charities Brooklyn and Queens, in conjunction with Enterprise, the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD) recently completed the full rehabilitation of 10 affordable senior housing buildings located in Brooklyn and Queens, New York.Rehabilitation of the buildings, most of which were built in the 1970s, was made possible by a $170 million pooled refinancing package. The buildings received upgraded boilers, security systems, intercoms, fire alarm systems and window replacements. The…

By Erika Schnitzer, Associate EditorLas Vegas–RealPage Inc., a Carrollton, Texas-based provider of on-demand services to the multi-housing industry, has selected BitBand, a Netanya, Israel-based provider of video content delivery solutions for broadband Internet Protocol (IP) networks, as its affiliate vendor for implementing on-demand IPTV (IP television) services and offering triple play options to apartments.“This recent project with RealPage stands in line with the shift BitBand sees in the market, toward looking at the subscribers and the content as the service provider’s major assets,” says Erin Leibovici, CEO of Bitband.  “With this in mind, a great emphasis is placed on two…

Washington, D.C.–U.S. employment dropped for the fourth consecutive month in April, but fell at a slower pace than in the months prior–indicating the economy may be leveling out, according to government data released Friday.Factory orders grew beyond forecasts in March; services employment recovered, but manufacturing and construction firms continued to reduce jobs, The Wall Street Journal reports.The results also included an unexpected drop in the jobless rate.Nonfarm payrolls fell 20,000, according to the Labor Department. In March, they dropped 81,000; in February, nonfarm payrolls fell 83,000. Both were revised to indicate bigger declines.Construction employment fell by 61,000–the 10th-consecutive drop and…

Washington, D.C.–The U.S. and European central banks announced a new plan to battle global dollar money market issues, the Financial Times reported Friday.The Federal Reserve plans a 50-percent increase for its credit auction facility–the Term Auction Facility, which gives one-month loans to banks. As a result, the facility will increase to $150 billion.To increase the dollar supply in Europe, the Fed, the European Central Bank and the Swiss National Bank also plan to increase the scope of dollar currency swaps by nearly 50 percent to $50 billion and $20 billion.The plan was created to affect the interbank money market’s high…

Atlanta–Atlanta-based home improved retailer Home Depot announced Friday it would close 15 stores and suspend the development of 50 stores, the Atlanta Journal-Constitution reports.Home Depot attributed its difficulties to the housing slump and slowing economy. The store closings–at locations primarily in the Northeast and Midwest–will affect 1,300 employees. “Closing a store is always a difficult decision because it affects both our people and our communities,” Home Depot CEO Frank Blake said in a statement. “But, as with our decision to slow future store growth, this is the right decision and will bring long-term benefits to our associates and to our…

Washington, D.C.–The House Financial Services Committee approved the bill designed to help troubled homeowners–which would allow the Federal Housing Administration to guarantee to $300 billion in new mortgages–on Thursday, CNN.comreports.The committee passed the bill with a vote of 42 to 21; the entire House should weigh the measure next week.Democratic House Financial Services Committee members shot down several Republican amendments on Wednesday, including proposals to limit the program to low- and middle-income borrowers and to exclude homeowners with poor credit. Homeowners would need a mortgage-debt-to-income ratio of 35 percent or higher to qualify; their lender also would have to agree…

By Anuradha Kher, Online News EditorPhoenix–The San Diego office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $24.7 million construction loan for West Town Court, a 274-unit multifamily development in Phoenix.Real estate development, management and construction services firm, The Greystone Group headquartered in Newport Beach, Calif., received the 36-month, adjustable-rate loan with U.S. Bank. Aries Capital was the co-broker for the transaction.  Estimated for completion in the fourth quarter 2009, West Town Court will have 22 buildings with one-, two- and three-bedroom units averaging 846 sq. ft. Parking will be available in attached and detached garages as well as…

By Erika Schnitzer, Associate EditorChicago–Sperry Van Ness Chicago is merging with Chicago-based Fisher/Sears and Associates Inc., a firm specializing in the sale of multifamily properties throughout Illinois, Indiana and Wisconsin.“This is a good mix of the culture of the two companies,” Jim Sears, (pictured) a certified public accountant who previously headed Fisher/Sears and Associates Inc., and who is now the director of multifamily sales for Sperry Van Ness Chicago, tells MHN. “We can now more effectively put the interest of the client first by aggressively marketing to investors and other brokerage companies. The opportunity will maximize the exposure of our…