Regions

By Anuradha Kher, Online News Editor Yonkers, N.Y.–Croton Heights Apartments, a $23 million, 60-unit affordable rental community in southwest Yonkers, N.Y. opened today.Developed by The Richman Group Development Corp., and built on the site of an old, unused parking lot formerly owned by the Yonkers Parking Authority at 193 Ashburton Ave., the building features one-, two- and three-bedroom rental units, and 1,500 sq. ft. of community space with a well-appointed community room, a fitness facility, a resident computer center, broadband wiring, on-site storage space, parking and a children’s tot lot. “The benefits of creating safe, affordable housing go well beyond bricks…

By Anuradha Kher, Online News Editor Washington, D.C.–Multifamily mortgage debt outstanding in the third quarter grew to $890 billion, an increase of $15.2 billion or 1.7 percent from second quarter, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.In dollar terms, commercial banks saw the largest increase in their holdings of multifamily mortgage debt, an increase of $34 billion, or 19.4 percent. Government Sponsored Enterprises increased their holdings of multifamily mortgage debt by $12 billion, or 6.8 percent. Agency- and GSE-backed mortgage pools increased by $3 billion, or 1.8 percent and savings institutions…

Thousand Oaks, Calif.–Van Tilburg, Banvard & Soderbergh, AIA (VTBS Architects,) has received a Gold Nugget Merit Award in the “Best Senior Housing Project” category for its design of University Village Thousand Oaks in California. The continuing care retirement community (CCRC) accommodates residents in a variety of living arrangements. Designed to embody an “age-in-place” philosophy, University Village is a resort-style community that caters to residents in every stage of the retirement years; from independent living to assisted living and skilled nursing facilities. The community provides significant indoor and outdoor amenities to encourage an active lifestyle. The site design leaves nearly 25…

By Anuradha Kher, Online News EditorHouston, Dallas, Plano, Texas–KeyBank Real Estate Capital recently closed $52.6 million in loans for four multifamily properties in Texas through Freddie Mac and Fannie Mae. KeyBank provided $50 million in Freddie Mac ARM funding for three apartment complexes. In Houston, Key provided $22 million to Pearland Apartments for Cobblestone Park Apartments, a 292-unit Class A complex.  Key also provided $16 million to FCLC Dallas for Hidden Creek Apartments (pictured), a 244-unit Class A complex in Dallas. In Plano, Key provided $12 to Bristlecone Texas for Cottages at Tulane, a 268-unit garden apartment complex.   Key also…

By Erika Schnitzer, Associate EditorAtlanta–Trammell Crow Residential (TRC) and the Equal Rights Center (ERC) have come to an agreement after ending accessibility litigation initiated by ERC against the developer.“Our settlement provides that, for those projects we still own that were finished within 30 months of the date we were sued, we would have them inspected and brought up to standards based on some tolerances that we negotiated with the ERC,” Ron Terwilliger, CEO of Trammell Crow Residential, tells MHN. “In addition, we agreed to establish a housing center in hopes that we can get the industry to focus on the…

By Anuradha Kher, Online News EditorWashington, D.C.–With the exception of the apartment rental market, which continues to benefit from weak home sales, all commercial real estate property types are showing grim results for 2008, with an equally grim forecast for 2009, according to the Commercial Real Estate Outlook of the National Association of Realtors (NAR). “If anything, multifamily is the bright spot,” George Ratiu, economist at NAR Research, tells MHN. “This is in large part due to a high number of foreclosures, and the fact that people still need housing, no matter what is going on in the economy.” Demand…

By Anuradha Kher, Online News EditorJuan Dolio Beach, Dominican Republic–Las Arenas, a 25-story residential tower located in Juan Dolio Beach in the Dominican Republic, has introduced a new eco-friendly architectural design. The project, which is being designed by Dominican architect, Jorge Mesa, and Spanish landscaper, Artur Bossy, is scheduled to break ground in the first quarter of 2009.The 216-unit project is located 30 to 45 minutes from the capital, Santo Domingo. Since sales began a month ago, 25 units have been sold. “The potential buyer is a middle- to high-income Dominican, or an American or Canadian,” Rosalia Porcella, commercial director…

By Keat Foong, Executive EditorWashington, D.C.–The National Association of Home Builders (NAHB) urgently called on the government to “fix housing first.” In a teleconference with the media, NAHB president and CEO Jerry Howard urged the incoming Administration and the next Congress to take steps to address the housing slump which, he said, was at the root of the nation’s economic downturn.  Howard said housing and all its supporting industry make up about 15 percent of the nation’s GDP. He said it therefore makes sense that if the government stimulates the economy it should first “stimulate that sector which is the…

By Anuradha Kher, Online News EditorCharlotte, N.C.–Campus Crest Communities and Harrison Street Real Estate Capital have come together to form a $220 million joint venture to develop 10 “fully‐loaded” student living communities across the U.S. The firms believe this will be the first phase in a long-term relationship between the two organizations.The new developments, all off‐campus, will be located in Clarksville, Tenn. (Austin Peay State University), Conway, Ark. (University of Central Arkansas), Huntsville, Texas (Sam Houston State University), Lawrence, Kan. (University of Kansas), Moscow, Idaho (University of Idaho), Reno, Nev. (University of Nevada, Reno), San Angelo, Texas (Angelo State University),…

By Erika Schnitzer, Associate EditorSan Diego–Classic Residence by Hyatt, a developer, owner and operator of senior living communities, recently celebrated the completion of its $147 million expansion of Hyatt at La Jolla Village, a Type A continuing care retirement community (CCRC). The new North Tower, which offers an additional 184 units and a new community space, is connected to the existing South Tower by an on-campus care center.La Jolla Village offers 403 independent living residences, 36 assisted apartments, 23 memory support suites and 60 skilled nursing suites, which are Medicaid-certified. Residents will have access to on-site care, including assisted living,…