Regions

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. According to Secretary Shaun Donovan, today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.    The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing a first home. Families can only access this credit after filing their tax returns with…

By Anuradha Kher, Online News EditorWest Palm Beach, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) has recently secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Fla.HFF placed the 6.11 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae). The loan has a 10-year term that is interest-only and is open at par after Year Five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.  Located at 1441 Brandywine Rd. overlooking the Bear Lakes Country Club in West…

By Erika Schnitzer, Associate EditorMarrero, La.—Providence Community Housing, CLB Porter LLC and Enterprise Community Investment recently celebrated the grand opening of St. Bakhita Apartments, a 100-unit green affordable rental property and a first of its kind in Jefferson Parish. Providence Community Housing, a non-profit affordable housing developer founded in the aftermath of Hurricane Katrina, and CLB Porter LLC, a New Orleans-based real estate development and financial advisory firm, developed the community, which also encompasses a 4,000-square-foot clubhouse.Financing for the $21.7 million development includes over $17 million in Low-Income Housing Tax Credit equity, a $3 million mortgage from Enterprise and a…

Valerie Neng (pictured), director of Housing & Community Development, joined WHEDCo in 2007. She leads WHEDCo’s green building efforts, including programs for whole building health, tenant education, green property and asset management practices, and implementing a multi-year energy retrofit project. She also seeks new development opportunities in the South Bronx that align with WHEDCo’s mission to provide beautiful, green and affordable housing. Prior to WHEDCo, Neng worked in several capacities at the NYC Department of Housing Preservation & Development (HPD), including project management and underwriting for multifamily new construction projects. Before entering public service, Neng was a researcher with consulting…

By Anuradha Kher, Online News EditorHouston–Architectural firm Meeks + Partners is launching M+P Green Studio, which will help incorporate sustainable strategies into the planning and design of multifamily developments. A three-man team of LEED-accredited professionals, including Associate Partner Keith Malone, AIA, LEED AP, will run the studio. In addition to LEED guidelines, the M+P Green studio team members will incorporate the green initiatives set forth in the newly adopted National Green Building Standards.The other two members of the team are Ryan Meeks and Trevor Meeks. “This is a very important step for the firm, because many of our development partner…

By Anuradha Kher, Online News EditorIndio, Calif.–Horizons at Indio, an affordable housing community developed by Urban Housing Communities (UHC) and Heritage Community Housing (HCH), has received an Honorable Mention in the Senior Housing category of the 15th Annual Charles L. Edson Tax Credit Excellence Awards program. Architectural firm KTGY Group, Inc. designed the development with emphasis on creating a walkable, pedestrian-friendly senior environment.“We’re thrilled to receive this recognition for our community in Indio,” says John Bigley, chief operating officer, Urban Housing Communities. “Horizons exemplifies our commitment to excellence in affordable housing, and it’s gratifying to be recognized for our efforts.”…

By Anuradha Kher, Online News Editor  Palm Beach, Fla.–Love Funding recently closed a $47,212,900 new construction/permanent loan for the Village at Secret Lake, a planned 432-unit multifamily housing community in Kissimmee, Fla. Upon completion, the Village at Secret Lake will be comprised of 12 separate four-story elevator buildings, and residents will be able to enjoy views of a conservation area, pond and an oversized resort-style pool. Love Funding was able to provide funds for the construction of the proposed development through an FHA-insured loan based on a 1.17:1 debt cover ratio. By utilizing HUD’s 221(d)(4) loan program. Love Funding was…

By Anuradha Kher, Online New EditorNewton, Mass.–Northland Investment Corp. has launched its Rent Assurance Program (RAP), which will allow a resident to walk away from his or her lease, without paying termination fees, in case he/she loses his or her income involuntarily. RAP is a program similar to the ones that many other multifamily developers have rolled out since the economy starting slowing down. It will apply to Northland’s entire multifamily portfolio, which includes 16,670 units in nine states—Massachusetts, Connecticut, Rhode Island, North Carolina, South Carolina, Tennessee, Florida, Texas, and Arizona. However, it will be offered to new move-ins and…

SEOUL, Korea–Chief Executive Officers Sang Dae Lee of Samsung and Stan Harrelson of the Pinnacle Family of Cos. signed two Memorandums of Understanding, one memorializing the terms of an exclusive partnership to work jointly on all future military housing projects on the Korean peninsula for the next five years and the second one establishing an Employee Internship Exchange Program. Through this program, highly motivated Samsung employees will intern with Pinnacle in the U.S. “The signing of these two MOUs is symbolic of the growing cooperation between Pinnacle and Samsung,” says Harrelson. “Our two firms have been working together on very…

By Erika Schnitzer, Associate Editor  Salt Lake City—For those buyers looking for distressed assets in Salt Lake City’s multifamily market, don’t get your hopes up.“We are seeing people waiting on the sidelines for distressed properties to come to market. In Salt Lake City, that’s not what you want to be doing,” advises Richard Bird, regional manager of the Salt Lake City office of Marcus & Millichap. “There’s not a lot of distress,” he adds.That’s not to say that no one is struggling in the metro area, though. In fact, notes Bird, “those struggling are selling, but we are not seeing…