Regions

By Tonie Auer, Contributing Correspondent The current economic climate is certainly putting a drag on many in the commercial property business. But Kevin Salmon is betting that now is a time of opportunity. To that end, Salmon has launched Salmon and Marshall Real Estate Investments, a new firm that will provide investment sales and consultation services in Manhattan’s apartment and condominium markets.“Now is probably one of the better times [to establish a new firm] because larger firms are downsizing and closing offices,” Salmon told CPN. “The people who jumped into the industry over the last six years are leaving the…

By Anuradha Kher, Online News Editor Boston–The capital planning subsidiary of CAS Financial Advisory Services (CAS FAS), On-Site Insight (OSI), has started field inspections of the nation’s 1,300,000-home public housing portfolio. The findings from these inspections will give Congress and HUD (U.S. Department of Housing and Urban Development) a quantitative cost estimate of addressing public housing’s multi-billion-dollar capital backlog.  Together with the prime contractor, Abt Associates, which will be responsible for data integration and cost extrapolation, CAS FAS will assess the portfolio’s physical condition and quantify the total cost of addressing physical and functional obsolescence. Responding to a Congressional directive to…

By Anuradha Kher, Online News EditorAttleboro, Mass.–Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro, Mass., for $9 million.Village Residential LLC bought the property from EQR-Quail Run Vistas Inc. Situated on approximately 7.3 acres, Crystal Village is a 100 percent market-rate community comprised of one- and two-bedroom garden-style units as well as 30 two-bedroom townhouse units. Although several private buyers made offers with institutional equity, it was ultimately a private investor with plans for a long-term hold with private equity that acquired the property. A Fannie Mae loan was provided through North…

Bill Stahlke (pictured) recently joined as president of Investments at Lane Strategic Investment LLC, where he will develop Lane Company’s acquisition strategy and oversee all of the firm¹s acquisitions. Stahlke came out of retirement to take the position. Before his retirement, he was president of Windsor Capital Partners (now known as The Shoptaw Group), an investment firm, which acquired large apartment communities for institutional pension funds and high net worth individual clients. He talks to MHN Online News Editor Anuradha Kher about his strategy to invest in distressed properties and what the division plans to do with them.MHN: Why does…

By Alex Palmer New York–Investing in energy efficient buildings now will lead to as much as $1.2 trillion in savings by 2020, according to a new study from McKinsey & Co. In its new report, “Unlocking Energy Efficiency in the U.S. Economy,” the management consulting firm forecasted just how valuable aggressive green construction could prove to be for the United States.  McKinsey predicts 900,000 new jobs could be created and 1.1 gigatons of greenhouse gas could be reduced annually, if about $50 billion a year was invested in a comprehensive green building strategy during the next decade. This reduction would represent…

By Erika Schnitzer, Associate EditorNew York—Vornado Realty Trust’s newly renovated 40 East 66th Street is drawing a windfall of interest from foreign buyers. Originally designed by renowned architect Rosario Candela in 1929 as a rental apartment building, 40 East 66th Street has been transformed into a condominium by Vornado and Cetra/Ruddy. “The famous architect Rosario Candela designed many buildings on 5th and Park Avenues. This is one of the last to be converted from a rental to a condo or co-op,” Barbara Russo of Corcoran Sunshine Marketing Group and director of sales for 40 East 66th Street, tells MHN.Despite the…

Washington, D.C.–The U.S. Department of Housing and Urban Development has charged Sunrise Villas LLC, with housing discrimination for allegedly refusing to allow residents at its Long Island, N.Y., 55+ housing complex to have service animals that assist persons with disabilities. The Fair Housing Act makes it unlawful to discriminate based on disability by refusing to make reasonable accommodations in rules, policies, practices, or services, when such accommodation may be necessary to afford a person with disabilities equal opportunity to use and enjoy a dwelling.Long Island Housing Services, a HUD Fair Housing Initiatives program agency that promotes equal housing opportunities throughout…

By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged financing in the amount of $14,128,000 for multiple multifamily properties located throughout the Chicago area.The first group of properties are located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. (pictured). This four-building portfolio is part of a five-building, 283-unit portfolio totaling approximately $15 million on the north side of Chicago. Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse for a 10-year term.The second property portfolio is located at 6600 N. Glenwood Ave. It features a total of 18…

By Anuradha Kher, Online News EditorMarlton, N.J.–Sharlotte Giberson (Left in the photo, to the right is Delores A. Pruden, Director of HUD’s Neighborhood Networks) a computer facilitator at Shirley Futch Plaza who has helped the apartment community’s elderly residents start blogging and learning a variety of other computer skills, has been recognized for outstanding achievement by the U.S. Department of Housing and Urban Development (HUD). In addition, the center itself also received an award of recognition.  “Giberson inspires our apartment residents to be creative and to have fun while introducing them to the value of 21st Century technology,” says Mark…

By Anuradha Kher, Online News EditorRockville, Md.–The overall national renter credit quality has considerably improved compared to the first quarter of 2009, according to the second quarter Multifamily Applicant Risk Index (MAR Index) recently released by First Advantage SafeRent. The MAR Index is also up 1 point from the second quarter 2008 value of 105, indicating a better applicant pool compared to one year ago.“This is the most significant time of the year for Class A properties, and the period until September-October is the time to capture the best applicants,” Jay Harris, VP of Business Services at First Advantage SafeRent,…