Regions

By Anuradha Kher, Online News EditorWashington, D.C.–President-Elect Barack Obama has appointed Shaun Donovan, New York City’s former commissioner of Housing Preservation and Development (HPD), as the new secretary of the Department of Housing and Urban Development (HUD). Obama said Saturday that Donovan will play a key role in tackling the mortgage crisis and helping families stay in their homes.Donovan will bring “fresh thinking” to HUD, Obama said, pledging that his nominee will abandon “old ideology and outdated ideas” that have stymied some of the agency’s past efforts.”We can’t keep throwing money at the problem, hoping for a different result,” Obama…

By Erika Schnitzer, Associate Editor Norfolk, Va.—Terry Slattery has been promoted to president of For Rent Media Solutions, a resource for searching apartments nationwide. In this position, Slattery will oversee all aspects of print, Internet, production and operations for the company’s publications and Websites, including ForRent.com, For Rent Magazine, Apartamentos Para Rentar, CorporateHousing.com and After 55 Housing and Resource Guide.Slattery has worked in the multifamily industry since 1993, when he joined For Rent Magazine as account executive. Since then, he has held the positions of national marketing director, vice president of marketing, and vice president of national sales and marketing.He…

By Erika Schnitzer, Associate Editor Bakersfield, Calif.—KeyBank Real Estate Capital has closed $29 million in Fannie Mae loans for three Pacifica Companies’ “Oakdale Heights” senior housing properties.KeyBank’s financing included $10.7 million for a 78-unit property in Bakersfield, Calif. (pictured), $9.3 million for an 86-unit community in Virginia Beach, Va., and $9 million for 87 units in Wilmington, N.C.Gebroe-Hammer Closes $8.7M Sale of 97-Unit N.J. Property South Bound Brook, N.J.—Gebroe-Hammer Assciates recently closed an $8,778,000 sale of Towne Oaks, a 97-unit community located in South Bound Brook, N.J.Joseph Brecher, senior vice president at Gebroe-Hammer, negotiated the sale on behalf of the…

By Erika Schnitzer, Associate EditorFresh Meadows, N.Y.–U.S. Energy Group, a firm that develops and integrates energy control, monitoring and analysis systems for large residential properties, has launched USE Solar, a new solar energy initiative that focuses on the potential for multifamily and commercial buildings to use solar power.U.S. Energy Group manufactures and monitors approximately 4,000 energy control systems. In addition, the company delivers emergency alerts to clients via text message, email or fax, explains Jerry Pindus, founder and CEO of U.S. Energy Group and president of TedPin Realty Co., an owner and operator of apartments and co-ops in the N.Y….

By Keat Foong, Executive EditorNew York—The New York Housing Conference (NYHC) and National Housing Conference’s (NHC) 35th Anniversary Awards Luncheon meeting this week evidenced  a sense of anticipation in the affordable housing industry on the eve of an incoming Obama Administration.  An experts’ briefing entitled “A Fresh Start? Affordable Housing in the Obama Administration—a National Perspective” was held before the luncheon.  Conrad Egan, NHC president and CEO, said at the briefing that “we are already encouraged” by how quickly President-elect Barack Obama has moved in preparation for his incoming administration. Egan said the Government Sponsored Enterprises are now “GOEs”—Government Owned…

By Teresa O’Dea Hein, Managing EditorNorfolk, Va.— Vitrue’s Social Media Index (SMI), a recently launched free tool that measures a brand’s online conversations, reports that ForRent.com leads in social media involvement in the multi-housing industry.Based on patent-pending technology, SMI scores are comprised of various online conversations, ranging from text-dense micro-blogs to multi-dimensional video sites. Vitrue explains that ForRent.Com is actively utilizing social media tools such as Twitter, MySpace, Facebook and YouTube.”The Vitrue Social Media Index provides invaluable insight for marketers to understand how they are stacking up in the social media space,” explains Reggie Bradford, CEO of Vitrue Inc. “Brands…

Thom Cox is the founder and CEO of Thomas P. Cox: Architects Inc. (TCA). He is also the managing partner at the firm and known for his work in mixed-use, high-density urban infill and multifamily architecture. As a member of the Urban Land Institute, he serves on the Multifamily Blue Council. Cox is also a member of the Congress for the New Urbanism (CNU), the United States Green Building Council (USGBC) and he supports and participates in projects for Habitat for Humanity.Cox describes his vision as “Excellent Housing for Excellent Clients.” His goal is to produce first-class housing solutions that…

By Erika Schnitzer, Associate Editor Purchase, N.Y—The Greater Westchester NY/CT regional office of NorthMarq Capital Inc. has arranged $26 million in first mortgage refinancing for three apartment buildings, totaling 444 units.Ridgefield Apartments (pictured), a 262-unit property located in Middletown, Conn., was refinanced at $13.75 million. Hamden Ridge Apartments, a 135-unit community, was refinanced at $9,732,500, and Jefferson Arms, a 47-unit property, was refinanced at $2,517,500. The latter two properties are located in Hamden, Conn.Financing was based on a 10-year term, plus one-year fixed to float, with five years interest-only on a 30-year amortization schedule thereafter.Robert W. Ranieri, senior vice president…

By Keat Foong, Executive EditorNew York—The New York Housing Conference and the National Housing Conference held their 35th Anniversary Awards Luncheon here at the Marriott Hotel with remarks by special guest New York City Mayor Michael Bloomberg. The Special Recognition Award was given to New York City Housing Authority Chairman Tino Hernandez and General Manager Douglas Apple. Peter Fine, principal of the Atlantic Development Group, received the Housing Developer Award. Bloomberg affirmed that the city will adhere to its New Housing Marketplace Plan, despite the difficult economic environment. “We are not walking away from the commitment,” he said. Bloomberg said…

By Erika Schnitzer, Associate EditorMoscow, Russia—yoo, a London-based international branding, design and investment property company, has announced plans for the premier of its Eurasia Tower, a mixed-use tower comprised of 146 condominiums and approximately 360,000 sq. ft. of office space, in April 2009.“The Russian development market is quite unique in the sense that there hasn’t been much development in many years and now there’s a flurry of activity,” John Hitchcox, founder and chairman, yoo, tells MHN.The company’s first project in Russia, the 66-story Eurasia Tower, is part of the approximately $7.5 billion to $10 billion Moscow City International Business Centre,…