Regions

Los Angeles–Figueroa Capital Group has reached an agreement with Charles Dunn Real Estate Services Inc. to develop asset management business for them with financial institutions.  Figueroa Capital Group will identify and approach financial institutions needing assistance with management of their real estate assets, providing comprehensive asset services including:  property management, long-term investment and risk analysis, and reposition and disposition of assets.“With foreclosures on the rise for all property types, financial institutions have a greater need for guidance and services,” says Walter F. Conn, president and CEO of Figueroa Capital Group. “Our banking relationships and proven marketing abilities, and Charles Dunn’s…

By Anuradha Kher, Online News EditorAtlanta–Luxe (pictured), the recently completed 22-story condominium tower at 222 12th St. between Piedmont Avenue and Juniper Street in Atlanta has opened its sales center. The project has already sold 30 percent of the units before construction was completed, a fact that co-developers Paces Properties Inc. and Trammell Crow Residential attribute to its location. Luxe is the first high-rise to be built on Piedmont Park in over 20 years.The project features 112 one-, two- and three-bedroom units priced from $249,000 to over $700,000 as well as five penthouses with prices starting at $1 million. Luxe…

By Anuradha Kher, Online News EditorIrvine, Calif.–LeasingDesk recently launched advanced criminal record search logic in its resident screening offering. This enhancement increases the accuracy of the returned data, reducing the possibility of false positive matches, and improves an owner’s ability to identify quality residents, according to the company.According to LeasingDesk, the weakened economic landscape reinforces the importance of comprehensive resident screening techniques and data to ensure multifamily owners can identify the most qualified prospective residents. False positive criminal matches, often caused by ambiguous identification data found in electronic records, can hinder an owner’s ability to effectively evaluate a prospective resident….

By Keat Foong, Executive EditorNew York, N.Y.—Who says construction financing is not obtainable? LCOR Inc. secured construction financing in this very difficult environment to finance the $69 million rental 34 Berry Street, which is located in the trendy neighborhood of Williamsburg, Brooklyn. The 142-unit development was able to secure financing for a number of reasons.  Much of the new construction in the neighborhood has been of condominiums. 34 Berry Street is one of the first ground-up apartment rental developments in the area. “The project provides necessary rental product in a sub-market with demonstrable demand,” says David A. Sigman, senior vice…

By Anuradha Kher, Online News EditorNewport News, Va.–Alliant Capital closed an $11 million loan for the refinance of Village at Stoneybrook Apartments (pictured). The 256-unit garden-style community was built in 1974 and features 16, two-story residential buildings. Alliant’s loan has a 10-year term with nine years of yield maintenance and a 30-year amortization. The rate is fixed for the first nine years and then adjustable in the final year and was rate locked 90 days before the loan settled.  KDX Ventures to Sell $144M in HUD LoansBoston–KDX Ventures (KDX), a partnership of DebtX and KEMA Advisors, will sell $144 million…

Washington, D.C.–President Barack Obama plans to nominate Ron Sims, county executive of King County, Wash., to become the deputy secretary at the U.S. Department of Housing and Urban Development (HUD). As the deputy secretary, Sims will be charged with managing HUD’s day-to-day operations, a nearly $39 billion annual operating budget and the agency’s 8,500 employees.“Sims’ track record as an innovative leader with an exciting vision for the future of our nation’s communities make him the perfect deputy secretary candidate as we tackle the nation’s housing crisis amidst the biggest economic downturn in decades,” says HUD Secretary, Shaun Donovan. “His experience…

By Anuradha Kher, Online News EditorWashington, D.C.–While the performance forecast for the rental multifamily market in 2009 is bleak, sales of condos and co-ops seem to be looking upward.The Pending Home Sales Index, a forward-looking indicator based on contracts signed for condos and co-ops as well as single-family homes, in December rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9. “Now is the time to buy,” Jed Smith, managing director of quantitative research, tells MHN. “When the prices are down it is a…

By Erika Schnitzer, Associate EditorWashington, D.C.—The American National Standards Institute (ANSI) has approved the National Green Building Standard (NGBS) for all residential construction, which includes apartments, condominiums, land development and single-family homes, as well as remodeling and renovation.This is the first and only consensus-based green building standard for residential properties. A joint effort between the International Code Council (ICC) and the National Association of Home Builders (NAHB), the National Green Building Standard included input from a number of organizations, including the NMHC (National Multi Housing Council), the American Institute of Architects (AIA), the USGBC (United States Green Building Council) and…

By Anuradha Kher, Online News editorSeattle–Hendricks & Partners recently arranged the sale of The Max, located at 8520 Evanston Ave. North in Seattle. The 30-unit apartment community was sold for $7.1 million.The Max was slated to be converted into condominiums, but with the downturn in condo sales, was reverted back to luxury apartments.“We are seeing high-end properties coming back from the conversion market and leading the apartment market in terms of pricing, rents and vacancy rates,” says John Shaw of Hendricks &Partners.FHL Bank Atlanta to Award $3.6M for Affordable Housing in Cities Across AlabamaAtlanta–Federal Home Loan Bank of Atlanta (FHLBank…

By Anuradha Kher, Online News EditorAtlanta–Renters insurance provider, Assurant Specialty Property, has begun issuing Chase Visa debit cards as an alternative to paper-based manual checks for claims settlements of renters insurance. Through this card, renters insurance customers can receive advanced claims payments after a catastrophic loss in the form of a Chase Visa-branded debit card, issued by J.P. Morgan.“With the new debit card program, our customers have access to funds as soon they receive the card, says Kathy McDonald, senior vice president for Assurant Specialty Property. “With a paper check, it sometimes can take 10 to 15 business days to…