Regions

By Erika Schnitzer, Associate EditorNew Orleans—Central City Partners, a team comprised of St. Louis-based McCormack Baron Salazar, KAI Design & Build, the New Orleans Neighborhood Development Collaborative (NONDC), and Urban Strategies, have broken ground on its $172 million, 555,000-sq.-ft. C.J. Peete, a HOPE VI Housing Redevelopment project in New Orleans. At build out, which is slated for early 2011, the site will include 460 affordable and market-rate apartments.“In the post-Katrina environment in New Orleans, there exists a critical need for new housing that accommodates families at different income levels,” says Vince Bennett, executive vice president of McCormack Baron Salazar.  “The…

 By Anuradha Kher, Online News EditorCleveland and Painesville, Ohio–KeyBank Real Estate Capital recently closed $25.1 million in Freddie Mac loans for two multifamily properties near Cleveland. KeyBank provided an $18 million Freddie Mac conventional loan to refinance The Islander Apartments, an 18-building, 984-unit garden apartment complex in Middleburg Heights. KeyBank also provided a $7.1 million Freddie Mac early rate-lock loan to Cobblestone Court Apartments I LLC for the third construction phase of Cobblestone Court Apartments (pictured), a 120-unit luxury apartment home complex in Painesville, Ohio.NorthMarq Capital Arranged $15.215M Mortgage for 190-Unit Rental CommunityCouncil Bluffs, Iowa–NorthMarq Capital LLC’s Omaha Regional office…

By Anuradha Kher, Online News EditorLas Vegas–The Las Vegas apartment market will stay in flux during 2009 due to lingering economic stresses, but signs of a recovery are starting to appear, according to the 2009 National Apartment Report by Marcus & Millichap.”We are seeing some of the fundamentals that lead us to believe that there will rent  increases in 2010,” Michael Shaffner, associate vice president of investment at Marcus & Millichap, tells MHN. “Because there isn’t much construction going on now or through 2009, property managers and owners will start shedding off some of the concessions they have been offering…

By Anuradha Kher, Online News EditorMinneapolis–The Opus Group is eliminating approximately 200 positions nationwide as a result of deteriorating market and economic conditions in the commercial real estate development industry. The workforce reductions are occurring in all five of Opus’ independent operating companies. Some geographical locations, like Florida, are affected more than others.Opus is among many other real estate companies undergoing workforce changes. Recently, Atlanta-based Lane Company Chairman and company founder George Lane replaced CEO Bill Donges who is stepping down in an effort to downsize. Click here to read the full story.Spokesperson for Opus, Winston Hewett, tells MHN, “Anytime…

Bozzuto Development Co. recently promoted Toby Bozzuto (pictured) to president. Previously, he served as executive vice president.   Bozzuto joined the company in 2001 and in 2007 was named a partner of The Bozzuto Group of companies. He was previously a financial analyst with J.P. Morgan Chase’s Real Estate Debt Group, and was also with Columbia National Real Estate Finance. He talks to MHN Online News Editor Anuradha Kher about taking on this new role, his plans for the company and why he thinks the down time in the economy can strengthen the company.MHN: Did you replace Thomas Baum, the previous…

By Erika Schnitzer, Associate EditorBronx, NY—The Women’s Housing and Economic Development Corporation (WHEDCo), a Bronx-based non-profit organization that builds affordable homes, hosted an open house event yesterday to celebrate the completion of its $39 million, 128-unit Intervale Green, the largest affordable Energy Star-certified high-rise building in the nation. With the project complete, residents will begin moving in within the next two weeks.“Trying to pull together the best in aesthetics and energy efficiency and affordability is really a challenge, but we want to show that it can be done—and it can be done even on the worst of sites,” Nancy Biberman,…

By Keat Foong, Executive EditorI remember the recession of the late-1980s-early-90s. Wave upon wave of news kept coming in 1989-‘90 of layoffs at corporations. I thought at the time, “They are laying off so many people that there will be no one left to buy the goods they produce.” Sure enough, by the early 1990s, the situation was pretty bad.   But one bright spot at the time was the Low Income Housing Tax Credit (LIHTC) program, which played a large part in driving this magazine’s recovery. The reason? Although the market-rate apartment industry at the time was not doing so…

By Erika Schnitzer, Associate EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has awarded $650 million in grants for the development of affordable housing, as well as rental assistance and aid for supportive services. The funding will provide non-profit developers interest-free capital advances for these initiatives. The Section 202 Capital Advance program received $525.9 million to fund the construction, acquisition, and rehabilitation of multifamily developments for very low-income seniors. In addition, the program subsidizes the rents of seniors so they only contribute 30 percent of their incomes toward rent.The Section 811 Capital Advance program received $124.5 million to…

By Anuradha Kher, Online News EditorColorado Springs, Colo. and Woodbridge, Va.–Love Funding recently closed two refinance loans totaling $9,176,000 for two multifamily projects located in Colorado and Virginia. The national mortgage-banking firm was able to secure Federal Housing Administration (FHA) financing for both communities. The first loan, totaling $3,974,700, was closed for the 171-unit Arbor Pointe Apartments located in Colorado Springs, Colo. Funded through the FHA 223(f) loan program, terms of the deal include a 6.4 percent fixed interest rate and a 35-year amortization. Love Funding was also able to secure $5,201,300 in financing through the FHA 223(a)(7) loan program…

By Anuradha Kher, Online News EditorWellington, Fla.–The Bainbridge Cos. has launched Bainbridge Distressed Property Services LLC, a new group that will offer a range of services to owners and lenders of 100- to 400-unit properties facing foreclosure or financial hardships. The firm is seeking multifamily, mixed-use and commercial acquisitions as well as management assignments along the East Coast and Mid-Atlantic region.“There is significant capital available for opportunistic acquisitions but there is a lack of understanding of the complexities associated with them,” Rick Giles, managing director of acquisitions for The Bainbridge Cos., tells MHN. “It’s about more than minimizing losses; it’s…