Regions

By Anuradha Kher, Online News EditorLittle Rock, Ark.–Walker & Dunlop provided $61,021,300 in HUD-insured financing for a portfolio of nursing homes in Arkansas. The 12-property, 1,255-bed portfolio was purchased by CSCV – Arkansas. Each loan was structured with a 35-year term and a 35-year amortization utilizing HUD LEAN 232/223(f) loans. The loans were underwritten to an 85 percent loan-to-cost. This deal marks the first portfolio closed through the LEAN process and demonstrates the growing acceptability of FHA financing in the healthcare industry. Steve Ervin, senior vice president and Group Head of FHA Finance, says, “Before the LEAN program, acquisitions of…

By Tonie Auer, Contributing EditorGreen building efforts continue to gain momentum with the House passage of energy and climate legislation that provides incentives while accelerating the benefits of sustainability and environmental performance. But the bill isn’t ready for the Senate yet.“The American Clean Energy and Security Act of 2009 (ACES), informally known as the Waxman-Markey bill, narrowly passed the U.S. House of Representatives on June 26 and is headed for the Senate at the end of July,” Dan Probst, chairman of Energy and Sustainability Services for Jones Lang LaSalle, tells CPN.But most experts believe there will be several amendments before…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development is awarding 2,500 rental assistance vouchers to 37 public housing authorities across the U.S. to reunite more than 7,500 children with their parents. The children are currently in foster care. “As a father of two sons, I can’t imagine the pain parents must feel when the family is separated because of the lack of affordable housing,” says HUD Secretary Shaun Donovan. “These vouchers will allow thousands of children to live with their families.” HUD is providing nearly $20 million in funding through its Family Unification Program…

By Erika Schnitzer, Associate EditorGainesville, Fla.—Coral Gables-based Fullerton Diaz Architects has been tapped by Roger Development Group Inc. to design One College Park, a mixed-use project containing three buildings conveniently located to the University of Florida, Gainesville campus.  The $55 million project, which sits on 1.77 acres, will include a 56-unit loft apartment building, a 170-suite hotel, 15,000 square feet of retail, and a 580-space subterranean parking garage.    “It’s a perfect location for [the area’s] revival, and a very convenient location to the [Ben Hill Griffin] Stadium and campus in general and to all the commercial areas that surround the…

By Anuradha Kher, Online News EditorNew York–Manhattan has continued to see the effects of the recession, according to the second quarter Manhattan residential market report recently released by Brown Harris Stevens. The average apartment (includes condos and co-ops) price of $1,263,471 was down 16 percent from the first quarter of 2009, and down 24 percent from the same period a year ago.  Click here to view PDF of chart.The second quarter of 2008 saw many closings at The Plaza and 15 Central Park West; if these closings are discounted, the decline in the average price would be 15 percent from…

New York—Dana Bourland, vice president of green initiatives for the Enterprise Community Partners Inc., has been selected to judge MHN’s second annual Green Initiative Awards. Bourland directs all aspects of Enterprise’s Green Communities program, from strategic planning and program development to evaluation and public policy advocacy. She is currently leading the second phase of Green Communities to address retrofits for existing buildings and the provision of community-based green services.“Green provides the opportunity for us to rethink everything about the way we live and do business, allowing us to tap one of the most underutilized resources we have—our innovation.  Finding ways…

By Erika Schnitzer, Associate EditorIndianapolis—Bader Company recently introduced AdantEdge, a five-point renters insurance program designed to increase NOI for apartment owners and operators.An online calculator, at GoinchwormGo.com, is available for owners to see how incremental monthly gains can add positive growth to their bottom line. By plugging in the number of units they operate, owners and managers can see how each program impacts their bottom line and NOI, Matt Logue of Bader Company tells MHN. “It’s a solid risk management solution that allows the owner/operators to quantify the financial value of the AdvantEdge program to their organization.” AdvantEdge allows owners…

By Anuradha Kher, Online News EditorNew Orleans–Walker & Dunlop has provided two permanent Low-Income Housing Tax Credit (LIHTC) loans totaling $11,450,000 for Avalon Park Family (pictured) and Avalon Park Seniors located in Atlanta. The loans were structured with an 18-year term and a 30-year amortization. The Avalon Park Family loan was underwritten to a 66 percent loan-to-value with a 1.12x debt-service coverage ratio. Avalon Park Seniors was underwritten to a 62 percent loan-to-value with a 1.24x debt-service coverage ratio. Walker & Dunlop converted both loans to permanent LIHTC loans utilizing Freddie Mac’s 24-month Forward Commitment. Avalon Park Family is a…

By Anuradha Kher, Online News EditorNew York–500 Fourth Avenue, a 12-story white glove condominium in the Park Slope neighborhood of Brooklyn is now open for sales. It is expected to be complete by late fall this year. The project will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet and priced from $342,000 to $1,077,000. The building will also feature an approximate 3,000 square-foot duplex townhouse priced at $1,426,000, providing a unique opportunity to own a new-construction townhouse in this historic Brooklyn neighborhood. All homes will benefit from a 15-year, 421-A tax…

Adrienne Albert (pictured) is the founder and CEO of The Marketing Directors Inc. Albert was most recently inducted as a Legend of Residential Marketing by the National Sales and Marketing Council of the National Association of Home Builders (NAHB). The Marketing Directors, Inc., has conducted over $60 billion in residential sales including single-family homes and high-density multi-use developments.  She is a member of the Real Estate Board of New York, Urban Land Institute, Institute of Residential Marketing, and she sits on the Board of Governors of the Associated Builders and Owners of Greater New York (ABO). She talks to Online…