Regions

By Keat Foong, Executive EditorBrooklyn, N.Y.—The Domain Companies and Arker Companies have announced completion of the $52 million redevelopment of Spring Creek Gardens. The property was coming to the end of its 15-year Low Income Housing Tax Credit (LIHTC) compliance period, and the prior owner had begun leasing the apartments at market rates. The redevelopment recapitalized the 582-unit project with new LIHTCs and will extend its affordability for another 30 years. The apartment community in Brooklyn’s East New York neighborhood is characterized as formerly severely distressed. Aaron Amitin, vice president at The Domain Cos., said the $25 million renovation, which…

By Anuradha Kher, Online News EditorSomerset, N.J.–The New Jersey Apartment Association’s (NJAA) presented two awards to Value Cos. at its annual “Garden State Awards of Excellence in Apartment Living,” held recently at The Palace banquet hall in Somerset, N.J.The Clifton, N.J.-based company’s Gateways community received the Property of the Year award. In addition, Ernestine Hedle, who was celebrating her 35th anniversary as an employee of Value Cos., received the award for Leasing Consultant of the Year.”Winning two Garden State Awards of Excellence in Apartment Living validates the fact that we’ve created and continue to manage the finest apartment communities in…

By Anuradha Kher, Online News EditorOlympia, Wash.–Alliant Capital LLC has recently completed funding of three multifamily properties for one borrower, totaling $14,449,800. They include Candlewood and Northwood in Everett, Wash., and Willshire Cove (pictured) in Lynnwood, Wash. Candlewood is a 151-unit apartment community built in 1970. Northwood features 55 units and was built in 1968. The 118-unit Willshire Cove was built in 1967. Candlewood and Willshire Cove have eight-year terms with seven years of yield maintenance and 30-year amortization. The rate is fixed for the first seven years and then adjustable in the final year.  Northwood has a 10-year term, the…

By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield has formed the Resolution Group, an interdisciplinary team of Cushman & Wakefield property investment and management professionals from across the U.S., to offer clients a coordinated approach –to maximize the value of individual assets, portfolios and loans that are facing a variety of challenges stemming from the ongoing financial crisis. The team comprises seven managers, one for each region in the U.S.This group will bring together teams of seasoned and knowledgeable professionals with specialized expertise in the areas of asset management, financial analysis, valuation, leasing, property management, project management, investment sales,…

Washington, D.C.–Freddie Mac has posted a loss of $25.3 billion for the third quarter, a development that has forced the agency to ask the government for an initial injection of $13.8 billion.The mortgage finance company is asking for the first time to tap into the $200 billion promised by the Treasury Department to keep it and Fannie Mae from failing, after the two were placed under conservatorship in September of this year.Freddie Mac said it expected to receive the money by Nov. 29.The loss was mainly because of a $14.3 billion charge to reduce the value of tax assets, but…

By Anuradha Kher, Online News Editor Monroe Township, N.J.–The New Jersey Apartment Association (NJAA) recently named Jean Maddalon (pictured) as the association’s executive director. As NJAA Executive Director, Maddalon is responsible for the overall leadership, management and operations of the association. She will oversee the education, media relations and government affairs activities as well as the NJAA’s financial assets.“I am excited to take on this new challenge,” Maddalon says. “Our goal is to foster the stability of the multifamily housing industry to ensure we serve the housing needs of residents in communities throughout the state of New Jersey.” Most recently, Maddalon served…

By Anuradha Kher, Online News EditorSan Diego–Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation of all the units’ interiors.”The deal was rate-locked and funded in 45 days in an extremely volatile rate environment,” says Tom Szydlowski, Wells Fargo Multifamily Capital head of production.The transaction benefited from the Freddie Mac Fixed-Rate Mortgage product utilizing the Freddie Mac Early Rate-Lock option….

By Anuradha Kher, Online News EditorNew York–As prices for multifamily properties in Los Angeles potentially reached their bottom in the third quarter, San Francisco came close to bottoming out, while New York City remained far from it, according to the Investment Properties Q3 2008 report, released by PropertyShark.com this week. The report looks at multifamily investment sales in these three markets only.“The findings are positive for the Los Angeles market; and very soon, investors are going to come here and start buying up the inventory,” Bill Staniford, CEO of PropertyShark.com, tells MHN. In New York City, even as the number…

By Erika Schnitzer, Associate EditorAtlanta—Tivoli Properties Inc. announced plans yesterday for a 53-story condominium/hotel development, to be operated by the Mandarin Oriental Hotel Group. Sales are currently underway for what will become one of Atlanta’s tallest buildings and the city’s tallest residential tower.Designed by Atlanta-based Smallwood, Reynolds, Stewart, Stewart and Associates, the $285 million project will include 71 residences and 198 hotel rooms. “I told my development team that the building had to be nothing less than iconic,” Scott Leventhal, president and CEO, Tivoli Properties Inc., tells MHN.Mandarin Oriental, Atlanta is located in the middle of the city’s “Midtown Mile,”…