Regions

By Anuradha Kher, Online News EditorRichmond, Va.–Jones Lang LaSalle recently arranged the sale of a pair of student housing buildings on the Virginia Commonwealth University campus in Richmond, Va., for $19.3 million.Kanye Anderson Real Estate Partners purchased the two buildings, RAMZ Hall (pictured), located at 933 West Broad St., and Capital Garage, located at 1301 West Broad St., for a combined $19.3 million.RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments, located just two blocks from Capital Garage. The ground floor has over 15,000 sq. ft. of retail, which is 100 percent occupied with retail…

By Erika Schnitzer, Associate EditorNew York–The Silhouette (pictured), a four-story, four-unit condominium project in Brooklyn’s Park Slope designed to meet both LEED (Leadership in Energy and Environmental Design) Platinum and Energy Star certification, is slated for completion this summer.“We always had [Energy Star] on our sites, and as the market has changed, you look for a differentiator,” notes Robert Roth, president and founder of New York-based Green Envy Development Group Inc., who is among four members–also including Andew Giancola of Giancola Contracting, Larry Vento of Ridge Iron Works and Robert Brown as CFO–of the management group at the project. “We…

By Anuradha Kher, Online News EditorBaja, MEXICO–Back in October 2006 when all was well with the economy, Trump Entertainment Resorts Inc., along with Los Angeles-based Irongate Capital Partners LLC, started selling Trump Ocean Resort Baja Condos in the pre-construction stage. S&P Destination Properties, which was handling sales for the property, sold 188 units for a total $122 million on the first day of the sale. Now, almost three years later, New York entrepreneur Donald J. Trump through a Mexican entity, PB Impulsores, has informed investors that there are no funds to refund investors’ deposits totaling $32.2 million.The 526-unit condo-hotel, 30…

By Anuradha Kher, Online News EditorNew York–In an economy in which an increasing number of buyers want to take advantage of falling property prices and invest in real estate, Halstead Property has created a new full-service program called Halstead360 that aims to be a resource for investors planning to buy, manage, lease and sell their property.“We noticed two trends in the market that will also benefit from Halstead 360: investors taking advantage of the current buyers market and owners looking to maximize their current investments,” says Diane M. Ramirez, president of Halstead.Halstead360 offers three services:Residential Real Estate Brokerage Services as…

By Keat Foong, Executive Editor New York—A webinar sponsored by an architectural firm to help its clients “get your next multi-family project funded” received an overwhelming response. The one-hour webinar provided information about the type of construction/rehabilitation financing that is still available to developers of market-rate multi-housing. This is financing that is insured by the Federal Housing Administration (FHA) under the FHA 221(d)(4) program, which provides fixed-rate, up to 40-years amortizing, financing for both the construction and ownership of market-rate (non-rent-regulated) multifamily housing   “We were totally taken by the response. It is nothing like we’ve seen before,” said Mark Humphreys,…

By Anuradha Kher, Online News EditorAtlanta–Hathaway Properties Inc. has hired Burt Wilkerson (pictured) as director of Hathaway’s Governmental Housing division. Wilkerson was appointed by Governor Purdue to serve as the public service representative on the Georgia Real Estate Commission where he served until his appointment as Region IV director of the Department of Housing and Urban Development. As regional director, Wilkerson represented HUD’s interest to federal, state and local elected officials.Hathaway’s Governmental Housing division is dedicated to meeting the country’s critical housing needs in this time of economic stress. As director Wilkerson will work with local, state and federal agencies…

By Erika Schnitzer, Associate EditorEarls Court, London—Green building officials in the U.S., the U.K. and Australia signed a Memorandum of Understanding (MOU) to seek a common language for green building around the world on Tuesday at EcoBuild ’09 in Earls Court, London.The MOU, whose key objective, as stated in the document, is “To map and develop common metrics to measure emissions of CO2 equivalents from new homes and buildings,” will apply to residential and commercial buildings, including new multifamily developments, certified under any of the three programs.“For the building industry overall, being able to create a foundation [for comparison], we…

By Anuradha Kher, Online News EditorPortland, Ore.–The Portland office of HFF (Holliday Fenoglio Fowler L.P.) has arranged a $7.05 million FHA 223f loan for The 2020 Building, a 55-unit multifamily community in Portland, Ore.HFF worked on behalf of the borrower, 2020 Building LLC, to secure the acquisition/rehab loan through an FHA lending source. The financing is structured as a 35-year, non-recourse, fully amortizing loan with a 6.45 percent fixed all-in coupon rate (includes HUD mortgage insurance premium). All in loan-to-cost was 79 percent (lender’s underwritten costs).This is the first-ever FHA 223f loan closed by HFF. Eligible borrowers for FHA 223f…

By Anuradha Kher, Online News EditorWashington, D.C.–U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has accepted a $1.3 billion plan to support long-term disaster recovery in the State of Texas following Hurricanes Dolly and Ike last year. Funded through HUD’s Community Development Block Grant (CDBG) Program, the Texas recovery plan seeks to produce affordable rental housing, build critical public infrastructure and support economic revitalization.Donovan is touring the Disaster Housing Assistance Center in Houston this week.  “Last year was a brutal hurricane season for Texas and this plan helps to put hard-hit areas of the state on the road to…

By Anuradha Kher, Online Jersey City, N.J.–Whiton Street Associates LLC, a designated developer within the Monticello Avenue Redevelopment Plan Area, has initiated the first phase of The Monticello, a $30 million mixed-use redevelopment project located on the north end of Monticello Avenue in Jersey City, N.J. Construction is slated to start this spring, with completion of Phase I anticipated in 2010.The overall proposed project, consisting of four phases, is expected to create more than 500 jobs over a five-year period, through the construction process and upon completion. Located on a 96-acre site on Monticello Avenue, the 225,000-sq.-ft. Phase I of…