Regions

By Anuradha Kher, Online News EditorWashington, D.C.–AvalonBay Communities Inc. will participate as a partner in USA WEEKEND’s “Make A Difference Day” to be held on Saturday, Oct. 25 this year. This is the 18th year of the event, which is celebrated as a national day of volunteer service. This annual event celebrates neighbors helping neighbors to improve communities through coordinated volunteer projects.“We have always had ‘spirit of caring’ as one of the company’s values and want to extend it to the residents of our communities as well,” Kevin Thompson, vice president of marketing at AvalonBay Communities, tells MHN. “We believe…

By Anuradha Kher, Online News EditorMcLean, Va.–PNC MultiFamily Capital has become the third lender approved to enter into a fully delegated relationship with Freddie Mac under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing model.Centerline and Wachovia are the two other fully delegated lenders under this model.Delegated Underwriting gives certain qualified correspondent lenders more expedited processing and flexibility in exchange for sharing a portion of the risk when underwriting mortgages secured by properties benefiting from Low Income Housing Tax Credits.”PNC is very pleased to move into full delegation and expand our relationship with Freddie Mac in this way,” says…

By Erika Schnitzer, Associate EditorMustang Island, Texas–Meeks + Partners, based in Houston, has designed a flagship development for San Antonio-based Koontz McCombs LLC. The Palmilla at Port Aransas, a 94-unit luxury condominium, is expected to break ground in the spring of 2009.“Bart Koontz (president and CEO of Koontz McCombs) had a vision to build a resort development unlike anything that had been built in Port Aransas,” says Thomas Wells, vice president of multifamily development at Koontz McCombs LLC. Many developments in this location tend to be single-family homes, beach homes and hotels, he adds.Located off the south coast of Texas…

By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged $3,280,000 in financing for a multifamily building located at 1441 W. Howard St. in Chicago as well as $2,925,000 for two multifamily buildings located at 6810 N. Lakewood Ave. and 3915 N. Fremont Ave.The 62-unit property on W. Howard street is one block from Lake Michigan in the East Rogers Park neighborhood.The two buildings at 6810 N. Lakewood Ave. and 3915 N. Fremont Ave. consist of a total of 51 apartments.Raintree Villas Rental Community Sells for $2.2MTempe, Ariz.–Sperry Van Ness has completed the sale of Raintree Villas (pictured), a 24-unit…

By Anuradha Kher, Online News EditorEd Hurley Hired as COO of Avanath CapitalIrvine, Calif.–Avanath Capital Partners has hired Ed Hurley (pictured right) as the company’s chief operating officer.“We share a common business philosophy and vision for the company,” says Daryl Carter, CEO of Avanath Capital Partners. “His tenacity and extensive industry knowledge and experience in the multifamily market will be a key component to the continued growth and success of Avanath Capital Partners.”As COO, Hurley will oversee the day-to-day operations of the firm, including asset management, finance and accounting, risk management, information technology and corporate administration. “Joining Avanath Capital Partners…

By Anuradha Kher, Online News EditorWashington, D.C.–Despite a sluggish economy resulting in a small decline in market tightness, overall apartment demand is holding up fairly well, according to the National Multi Housing Council’s (NMHC) latest quarterly survey. Sales volume is down and both equity and debt capital are less available, the study finds.The Market Tightness Index, which measures changes in occupancy rates and/or rents, decreased from 44 last quarter to 40 this quarter. For all four of the survey indices, a reading above 50 indicates that, on balance, conditions are improving; a reading below 50 indicates that conditions are worsening;…

By Anuradha Kher, Online News EditorNew York–Investcorp’s U.S.-based real estate group recently launched a $1 billion vehicle funded with capital raised from Investcorp and its clients as well as a sovereign wealth investor in the Persian Gulf.“We will be acquiring performing loans across all property types and multifamily properties will be a significant component,” Peter Petron, principal of Investcorp, tells MHN. “This is actually a very good time for us to launch this fund because there is a lack of liquidity in the system and as a well capitalized company, we see a good opportunity.”Petron adds that the fund will…

By Anuradha Kher, Online News EditorHackensack, N.J.–Gebroe-Hammer Associates recently arranged the sale of The Carlyle (pictured), a luxury hi-rise apartment building in the heart of Hackensack, N.J., for $23.55 million.Hekemian & Co sold the property to a private New Jersey-based investment group.“The Carlyle is at the center of Hackensack’s finest residential neighborhood and has earned a reputation for providing superior apartment-style living in close proximity to New York City,” says Ken Uranowitz, managing director at Gebroe-Hammer Associates. “It is rare that a property of this caliber comes to market in Bergen County, where multifamily housing product is being acquired at…

By Erika Schnitzer, Associate EditorWest Caldwell, N.J.–Del-Sano Contracting Corp., a Union, N.J.-based construction management firm, has been selected to serve as the general contractor of Phases two and three for a continuing care retirement community in West Caldwell, N.J. The development, Crane’s Mill, will be the second project that Del-Sano has built for the owner, Lutheran Social Ministries of New Jersey (LSM/NJ), a faith-based, non-profit ministry that provides social services and affordable housing to seniors and families.The first phase of the project was completed in 1998. “The building has been fully occupied for two to three years, and we’ve had…

By Anuradha Kher, Online News EditorNew York–The U.S. Department of Housing and Urban Development is expected today to sign a Puerto Rico bond refinancing and tax-credit approval, a financial agreement worth more than $600 million, including more than $200 million in tax-credit equity that will accelerate the modernization and construction of more than 4,100 public housing units in Puerto Rico.Deputy Secretary Roy Bernardi will join Puerto Rico Governor Anibal Acevedo Vila in signing the agreement at the JP Morgan office in Midtown Manhattan. This is the largest tax-credit equity investment in the history of the 22-year-old Low Income Housing Tax…