Regions

By Anuradha Kher, Online News EditorNew York–Overall construction starts are down 15 percent as the construction industry continues to face divergent forces in 2009, according to the McGraw-Hill Construction 2009 Outlook Spring update. The economy weakened substantially, and despite all the efforts and money directed at thawing frozen credit markets last fall, there’s been little sign of any positive impact, the report finds. While steps proposed by the Obama administration in March to deal with the troubled banking system were favorably received by the financial markets, their implementation will require time and their degree of success is uncertain, especially for…

By Erika Schnitzer, Associate EditorTrenton, N.J.—HHG Development Associates, a Trenton, N.J.-based development firm specializing in adaptive reuse of historic structures, has sold 80 percent of the residences at The Cracker Factory, an approximately $5.5 million, 18-unit condominium conversion project.Formerly the Exton Cracker Bakery, which invented oyster crackers in the 1850s, The Cracker Factory includes two units set aside for low-income residents. It is part of the Trenton Ferry historic district, an urban, mixed-use neighborhood. In addition to this project, HHG Development Associates is also restoring three historic buildings on the corner of Centre and Ferry Streets, adding eight loft/condo units…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) has arranged an $8 million refinancing for Corey Place Apartments, a 276-unit multifamily community in Dallas/Fort Worth, Texas.Working on behalf of Granite Redevelopment LLC, HFF placed the 10-year, 5.76 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS Program. Loan proceeds are refinancing an existing acquisition rehab loan. Corey Place Apartments is located at 602 West Pioneer Parkway approximately 12 miles west of downtown Dallas via Interstate 30 in Grand Prairie. The property was renovated in 2008 and is currently 95 percent occupied….

Little Rock, Ark.–With the aim of expanding its reach in the South, Marcus & Millichap Real Estate Investment Services recently opened a new office in Little Rock, Ark. Matthew Fitzgerald will be the regional manager based in this office. “Little Rock fits into our strategy for the mid-market office program,” Fitzgerald tells MHN. “The multihousing market here is doing ok and is somewhat active and we want to be here in order to have a local presence.” He adds, “While it is a difficult market, transactions are still happening and our clients still want to execute strategy whether it’s selling…

By Anuradha Kher, Online News EditorBloomfield Hills, Mich. and Dallas–Pulte Homes Inc. and Centex Corp. have signed a merger agreement under which Pulte and Centex will combine in a stock-for-stock transaction valued at $3.1 billion, including $1.8 billion of net debt.In 2008, Pulte completed a total of 21,022 unit closings, of which one-quarter or about 5,255 were multifamily units (condominiums and townhomes only). Centex and Punte together delivered more than 39,000 closings with combined pro forma revenues of $11.6 billion. The combined company will have the strongest liquidity position among its peer group with more than $3.4 billion of cash…

Kenneth Goldring was a real estate developer with G Development LLC for 18 years. He is now working on the idea of urban farming. Goldring has two pieces of land in Florida that he hopes will house urban farms in the next two years. He talks to MHN Online News Editor Anuradha Kher about his vision, how he plans to execute it and how he thinks urban farming can help reduce our collective carbon footprint.MHN: What is urban farming?Goldring: Urban farming is generally practiced for income-earning or food-producing activities. It contributes to food security and food safety by increasing the…

By Erika Schnitzer, Associate EditorMinneapolis—Multifamily housing remains a bright spot in Minneapolis, according to Colliers Turley Martin Tucker-Minneapolis/St. Paul’s first quarter 2009 multifamily market report.Multifamily is performing the best of all real estate sectors in the metro, notes Gina Dingman, CCIM, vice president of multifamily investments, Colliers Turley Martin Tucker in Minneapolis.The lack of supply in the pipeline has contributed to the metro’s steady apartment fundamentals, including high occupancy rates, as well as rental rate stability. The MSA’s occupancy rate, which currently sits at 95 percent, has remained at this level, or within a few basis points, for the last…

By Anuradha Kher, Online News EditorAtlanta–Cousins Properties has created the Cousins Assurance Program, which will assume most risks for qualified condominium buyers at its newest development called 10 Terminus (pictured).The 32-story luxury condominium tower that opened in Buckhead, Atlanta in the fall of 2008, sold 36 units in the pre-construction phase. As the economy starting slowing down and the housing market took a big heat, many defaulted on those contracts. Now, only 14 out of 142 units have been closed on. “As we were working through the question of why people weren’t buying condos, we realized that they were fearful…

New York–While the fundamentals of the apartment industry have continued to erode over the past several months, multifamily REITs have taken steps to shore up liquidity and most continue to have stable outlooks, according to Moody’s Investors Service. “Multifamily REITs have increasingly adopted defensive postures with their balance sheets and operating activities, seeking to maximize liquidity via a number of initiatives, including the use of Fannie and Freddie debt, ratcheting down development activities, and asset sales,” says Chris Wimmer, vice president at Moody’s. “As management teams appropriately focus on the challenging conditions, most balance sheets are well-prepared for the next 12…

By Anuradha Kher, Online News EditorNew York–311 E 11: Village Green could become the first LEED-Gold certified building in the New York’s East Village. The project’s developers, Michael and Izak Namer, planned the building, conscious of a change in the way people think about the environment. The eight-story, 36-unit project combines sustainable and renewable materials, and features water-conserving fixtures. A green roof will be installed to provide natural insulation and to reduce the “heat island effect,” and special drains will recover rainwater to reduce potable water required to irrigate gardens in the building.The building is set to open for occupancy…