Regions

By Erika Schnitzer, Associate EditorPhiladelphia—The U.S. Department of Housing and Urban Development (HUD) and the Philadelphia Housing Authority (PHA) have signed an agreement that the PHA will certify 760 accessible housing units, or 5 percent of its housing stock, by 2013.In exchange, the PHA will continue to operate under HUD’s “Moving to Work” (MTW) program, which allows housing authorities to promote self-sufficiency among families receiving HUD assistance and increases housing choices among low-income households, for the next 10 years.“It’s a win-win for the people of Philadelphia,” says Jerry Brown, public affairs officer for HUD. “One of the concerns is that…

By Anuradha Kher, Online News EditorLos Angeles–Monem Corp. recently acquired a 24-unit multifamily community, located at 5463 Carlton Way in Los Angeles, for $3.3 million.  Tony Azzi of Marcus & Millichap represented Monem Corp. and the seller in this acquisition.“Though the financial market continues to struggle, we were able to secure a very attractive three-year fixed loan at six percent with 30 percent down to acquire Carlton Way,” says Danny Monempour, president of Monem Corp. “We will continue to actively look to acquire multifamily properties in the Los Angeles area.”Built in 1965, 5463 Carlton Way is 100 percent leased and…

By Anuradha Kher, Online News EditorWashington, D.C.–Economic growth in the second half of 2008 will be negative and remain negative through the first half of 2009 before a modest recovery, according to the latest economic forecast released by the Mortgage Bankers Association (MBA). MBA expects growth to pick up strongly by the end of 2009 and over the course of 2010. The total residential mortgage production in 2009 is expected to be $1.67 trillion, down from an expected $1.86 trillion in 2008 and $2.3 trillion in 2007, according to MBA’s forecast.”A recession appears to be underway, as evidenced in rising…

By Anuradha Kher, Online News EditorDiamond Beach, N.J.–Chester, Penn.-based development company, Mita Management, is nearing completion on its 125-unit first phase of The Grand at Diamond Beach, a luxury condominium project located on Diamond Beach, the last piece of property that can be developed on the southern Jersey shore.This phase will be ready in the summer of 2009 while the other two phases are expected to be complete in the next 10 years. “We initially thought we would complete all three phases in seven years,” Eustace W. Mita, chairman of Mita Management, tells MHN. “But we had to change the…

By Anuradha Kher, Online News EditorNew York–While single-family housing starts tumbled a whopping 12 percent to an annual rate of 544,000—the lowest since February 1982 and the fourth-lowest ever—third-quarter multifamily housing starts remained relatively high at 273,000, as compared to its low of 162,000, recorded in 1993, based on the Commerce Department’s latest report.Multifamily housing starts (including two to four-unit projects and five plus-unit projects) have been falling since mid-year but haven’t yet seen the drop witnessed after the savings and loan crisis in the early 90s. The number of multifamily starts in June stood at 426,000, went down to…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently secured a $47.35 million construction loan for Brick Row (pictured), a mixed-use development under construction in Dallas. HFF managing director Andy Scott worked exclusively on behalf of the borrower, a joint venture partnership between Winston Capital Corp., L&B Realty Advisors and the Michigan Employees Retirement System. A three-bank syndication, which was led by Colonial Bank, along with Texas Capital Bank and Broadway Bank, provided the three-year construction loan.  Upon completion in mid-year 2010, Brick Row will feature 500 multifamily units and 16,000 sq. ft. of…

San Francisco–Michael D. Berman, CMB, president of CWCapital of Needham, Mass, has been elected as the vice chairman of the Mortgage Bankers Association (MBA) during the association’s 95th Annual Convention & Expo in San Francisco. Berman is a founder and principal of CW Financial Services and serves on its Board and as the company’s chief operating officer. In that capacity, he provides strategic input into the company’s vertical integration businesses, including multifamily/commercial lending and servicing, investment in high-yield commercial mortgage backed securities, CMBS special servicing, and mezzanine investment funds.  Berman is also the president of CWCapital, the company’s multifamily/ commercial…

By Anuradha Kher, Online News EditorOmaha, Lincoln, Neb., and Council Bluffs, Iowa–Catholic Health Initiatives (CHI) is donating $6 million to Mercy Housing for its work in the affordable housing sector. The company builds affordable homes for low-income families, seniors and people with special needs in Omaha and Lincoln, Neb., and Council Bluffs, Iowa. CHI is one of the largest health care providers in Nebraska with four hospitals and other related facilities across the state.  “Part of our mission at CHI is to reach beyond the walls of our hospitals and health facilities and work with other providers of health and…

By Erika Schnitzer, Associate EditorWashington, D.C.—Lowe Enterprises, based in Los Angeles, recently began leasing units at The V Apartments at CityVista. The 244-unit apartment building is the final phase of an 843,000-sq.-ft. mixed-use development in Washington D.C.’s Mount Vernon Triangle neighborhood. Along with Lowe Enterprises, the development team is a partnership between CIM Group, Bundy Development Corp., The Neighborhood Development Company, and the District of Columbia. Torti Gallas and Partners is the CityVista master planner.The $240 million, 3.2-acre CityVista development broke ground in 2005 on the former site of the D.C. Wax Museum. It was developed in response to the…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently hosted a national affordable housing symposium in Washington, D.C. to confront excessive and unnecessary regulations that are restricting the production of affordable housing for working families. HUD recognized several communities for reducing or eliminating regulatory barriers to affordable housing, including Austin, Texas; Bartlesville, Okla.; Bowling Green, Ky.; Montgomery County, Md.; Minneapolis, Minn.; Traverse City, Mich.; Commonwealth of Puerto Rico; and Savannah, Ga. “When it comes to encouraging the production of affordable homes, these communities are getting the job done,” says HUD Secretary Steve Preston….