Regions

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) recently named Ronald Schiferl (pictured) as Chief Financial Officer.In his new role, Schiferl will be responsible for providing overall finance management for the corporation and its for-profit development arm, CPC Resources Inc. (CPCR), encompassing all accounting and treasury functions. Schiferl has more than 30 years of experience in the financial services industry. Before joining the CPC, he served as Chief Operating Officer of Naterra Land, Inc., a position he held for two years. Prior to joining Naterra Land, he worked at Opus Corp. for eight years as a senior vice…

By Anuradha Kher, Online News EditorLa Mesa, Calif.–Hendricks & Partners recently arranged the sale of the Baltimore Apartment Portfolio, a family-built and owned property for over 35 years. This 406-unit apartment property, located in the heart of La Mesa, Calif. was sold for $53,350,000.The project was constructed in phases between 1973 and 1980 by Morris and Barbara Steiman, who later left the property to the family trust. This was a very high-profile sale tracked by hundreds of real estate and legal experts in San Diego County. The property was purchased by Strategic Realty Capital of Los Angeles. HFF Arranges $50.78M…

By Erika Schnitzer, Associate EditorNeosho, Mo.—The historic renovation of the 15-unit Newton Place Apartments, an affordable independent living community for seniors 62 and older, is now complete.Developed by Terravest Development Corp. and designed by Rosemann & Associates PC, the four-story building is one of the tallest in the town. Newton Place Apartments is located in Neosho’s downtown square, near the town’s courthouse.Originally built in 1906, the building has served a number of purposes, including city hall, a dentist’s office, a bank, and a jail. Most recently, it was known as the Newton Hotel.The $2.8 million renovation of the project included…

By Anuradha Kher, Online News EditorPlantation, Fla.–The US Capital Holdings Group has received the City Council’s approval for 321 North, its $800 million project in the heart of Plantation, Fla. US Capital Holdings Group will begin redeveloping the former Plantation Fashion Mall into a mixed-use project featuring up to 590 residential units, 550,000 sq. ft. of retail and 613,000 sq. ft. of office.When completed, 321 North will provide the city with approximately $2 million in tax revenue per year and create upwards of 3,700 new jobs.   “This is a seminal moment at a seminal time,” says Wei Chen, CEO, US…

By Anuradha Kher, Online News Editor and Keat Foong, Executive EditorNew York–As Senator Barack Obama was chosen the next president of the United States on Nov. 4, the historic win became one of the biggest stories in recent times. But for finance professionals and developers in the multi-housing industry, how did this story impact the other big story—the credit crunch? MHN spoke to a few industry insiders to find out what they think.Jim Scofield, senior investment advisor at Sperry Van Ness, did not vote for President-Elect Barack Obama, but thinks his election to the Presidency of the greatest country in…

By Anuradha Kher, Online News EditorWatertown, N.Y.–GMH Capital Partners recently arranged the sale of Woodcreek Apartments (pictured), a 104-unit, garden-style apartment community located in Watertown, N.Y., for $4.25 million. Conifer Realty, a Rochester, N.Y.-based real estate development and management company, purchased the property. Woodcreek Apartments features 13 two-story apartment buildings, each comprising eight two-bedroom apartments. It was built in 1990 and was 100 percent occupied at the time of sale.”Woodcreek’s proximity to Fort Drum Military Base is ideal,” says Dave Forrest, senior vice president of investment sales for GMH Capital Partners. “This property has maintained strong occupancy and a stable…

By Anuradha Kher, Online News EditorBoston–U.S. Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, recently laid out affordable housing legislative priorities for the 111th Congress during the National Housing & Rehabilitation Association (NH&RA) Fall Developers Forum held recently in Boston. Representative Frank emphasized that an affordable housing preservation bill will be a top priority when the Congress convenes in January.  Congressman Frank delivered his remarks after accepting NH&RA’s 2008 Affordable Housing Vision Award.   “We are certainly happy that the chairman of the House Financial Services Committee has made a strong commitment to the preservation of affordable housing…

By Erika Schnitzer, Associate EditorDallas—Valencia Capital Management, a Dallas-based privately held real estate investment management firm, has announced plans for its new 83-acre mixed-use, transit-oriented community, Midtown Park. The master plan for the development includes high-rise condominiums, mid-rise apartments, luxury town homes, senior living, hospitality, medical office buildings and neighborhood retail, in addition to four acres of parks. Situated in the Dallas loop, Midtown Park is located in close proximity to a number of employers, including Presbyterian Hospital, Texas Instruments and Northpark Mall. Additionally, a DART (Dallas Area Rapid Transit) line runs through the site and plans are in the…

Washington, D.C.–As Sen. Barack Obama prepares for his transition into the White House, the U.S. Department of Housing and Urban Development (HUD) Secretary, Steve Preston, reaffirmed the agency’s commitment to a seamless transition of operations to the next administration. Preston has made a smooth hand-over a priority of his iMPACT 200 agenda.”For several months, HUD has been aggressively working toward a seamless agency transition. We have established a team of 22 knowledgeable, senior career officials to work with incoming personnel,” he said in a statement. “The team has set up a fully equipped, professional transition office and it has also…

Phil Ellis, president and CEO of FrameMax, invented the patented technology for turnkey framing in 1996 and founded FrameMax in 2001. A privately owned company, FrameMax is the first steel framing company in the industry to integrate patented technology, CAD design and engineering into the framing manufacturing process. The invention revolutionized the way steel framing is used and assembled in the construction phase of residential multifamily housing, mixed-used space, assisted living facilities and other property types.FrameMax does a number of multifamily projects in the U.S. and abroad and a majority of its business comes from multifamily projects. Ellis talks to…