Regions

By Anuradha Kher, Online News EditorWashington, D.C.–Opus East L.L.C. has completed Opus Hall, a seven-story residence hall at The Catholic University of America, located at 620 Michigan Ave. in Washington, D.C. Construction on the 127,000-sq.-ft. facility began in September 2007 and was completed in 15 months. Students will start moving into the new dorm when they return from winter break this week.“The student housing market appears to be doing well right now, but is facing similar challenges—like the difficulty in getting financing,” says Barry Boyd, project manager for Opus Hall. “Certainly, there is more scrutiny of projects,” he says.Currently, 300…

Washington, D.C.–Interest rates for fixed-rate 30-year mortgages fell for the 10th week to another record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae, says Freddie Mac.The 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point for the week ending Jan. 8, 2009, down from last week when it averaged 5.10 percent, according to Freddie Mac’s latest results of its Primary Mortgage Market Survey (PMMS). Multifamily loans are generally priced relative to Treasury yields. Since 10-year Treasury yields hit 50-year lows in December, it…

By Anuradha Kher, Online News EditorCharlotte, N.C.–An affiliate of Hathaway Properties Inc, Ansley at Tyvola Road LLC., has completed the financing of a $26,500,000 apartment project in Charlotte, N.C. The construction loan, in the amount of $20,350,000, was provided by Compass Bank. A group of private investors provided the remaining equity for the project. The project, to be named Ansley Falls at Tyvola Road (pictured), is located on 19 acres in Mecklenburg County. It will feature one-, two- and three-bedroom units, two luxury pools, a clubhouse, fitness center, cardio theatre, media room, java lounge, gated access and more. Groundbreaking is…

By Anuradha Kher, Online News Editor  Greenbelt, Md.–Bozzuto Development Co. has promoted Toby Bozzuto (pictured) to president of the company. Previously, Bozzuto served as executive vice president of this subsidiary of The Bozzuto Group, which was co-founded and is led by Thomas Bozzuto, Toby Bozzuto’s father. “[Toby] brings a tremendous level of industry knowledge to Bozzuto,” says Rick Mostyn, chief operating officer, The Bozzuto Group. “His innovative approach to development has been integral to the continued success of the organization and we are thrilled to have him lead the company.” Bozzuto joined Bozzuto Development Co. in 2001, and in 2007 was named…

By Erika Schnitzer, Associate EditorWashington, D.C.—In the wake of the economic crisis, the National Low Income Housing Coalition (NLIHC) recently submitted its recommendations to the Obama team’s economy recovery legislation to prevent the increase of homelessness.“There really isn’t anything in there for the low-income population, so we would like to see our priorities included to help a portion of the population that we feel has been neglected in this economic crisis,” Greg White, housing policy analyst for NLIHC, tells MHN.According to NLIHC, its five proposals will create 201,800 jobs, or 8 percent of the 2.5 million jobs that President-Elect Obama…

By Anuradha Kher, Online News EditorNew York–Despite concerns about the health of the economy and the crisis on Wall Street, New York’s Financial District (FiDi) (which ironically includes Wall Street) continued to thrive last year as one of the city’s most popular and fastest evolving neighborhoods for apartment renters, with a majority opting to live in either studio or one-bedroom apartments, according to the FiDi Report, a year-to-year analysis of luxury apartment rental trends in the neighborhood, recently released by Platinum Properties, a New York-based residential brokerage firm.According to the year-end report, which did not incorporate landlord concessions in its…

By Anuradha Kher, Online News EditorPalo Alto, Calif.–The BRIDGE Housing Corp. and the city of Palo Alto today kicked off construction on Fabian Way Senior (pictured), an affordable housing project for very low-income seniors, located at 3895 Fabian Way in Palo Alto, Calif.Resident incomes will range from $21,225 to $33,960 for a household of two (25 to 40 percent of Area Median Income); rents will range from $463 to $762 per month, depending on income and household size. Fabian Way Senior is expected to provide high-quality, affordable apartments as part of a larger 12-acre mixed-use redevelopment of a formerly vacant…

By Anuradha Kher, Online News EditorColumbia, North Bethesda, Md.–KeyBank Real Estate Capital recently closed $33.8 million in commercial mortgage loans for two multifamily properties in Maryland through Fannie Mae. KeyBank provided a $20 million Fannie Mae floating-rate DMBS credit facility to refinance Tamar Meadow Apartments (pictured), a 178-unit garden-style apartment complex in Columbia and a $13.8 million Fannie Mae supplemental loan to Grand Apartments, a 549-unit Class A high-rise property in North Bethesda. Meridian Capital Group Arranges $20M in Financing for 163-Unit PortfolioLos Angeles–Meridian Capital Group arranged permanent financing for Los Angeles-based Capital Foresight LP in the amount of $20…

By Anuradha Kher, Online News EditorCharleston, S.C.–Greystar Real Estate Partners LLC has acquired JPI Management Services, the management services division of Irving, Texas-based JPI, for an undisclosed amount. With this acquisition, Greystar now expands into 88 major markets with more than 140,000 units. “We recognized that the multifamily property management business is consolidating and that seems like the best way to serve our customers as well as offer better opportunities for our employees,” Bob Faith, Greystar’s chairman and CEO, tells MHN. “It is an advantage of economies of scale. Also, our geographic platform really becomes national with this and we…

By Anuradha Kher, Online News EditorNew York–The average Manhattan apartment price of $1,449,621 was up 1 percent from a year ago, but down 2 percent from the previous quarter, according to the fourth quarter market report released today by Brown Harris Stevens. While the number of closings decreased by 9 percent compared to the same period a year ago, both the average and median prices were higher than this time last year. The Fourth Quarter Market Report by Halstead Property also found the same.“It’s important to note that figures from the fourth quarter of 2008 largely reflect closings of sales…