Regions

By Anuradha Kher, Online News EditorLos Angeles–Meruelo Maddux Properties Inc. recently closed an $84 million construction loan on its 35-story apartment project located at 717 W. Ninth St. in Los Angeles. The loan proceeds will be primarily used to fund the remaining development needs on the 717 W. Ninth St. project as well as to fund an interest payment reserve and a real estate tax and insurance reserve. Canyon Capital Realty Advisors LLC is providing the financing. 717 W. Ninth St. will feature 214 luxury apartments with amenities including a lap pool and whirlpool spa, fitness facility, living room/library and…

By Anuradha Kher, Online News EditorAmarillo, Texas–Marking the company’s initial foray into the foreclosure and distressed debt arena, Post Investment Group LLC recently acquired the 328-unit Foxfire Apartments in Amarillo, Texas. The project, which is currently in an advanced state of disrepair, was purchased out of foreclosure.“The company has developed a new alternative investment platform which will target distressed debt and non- performing multifamily transactions,” says Jack Ehrman, principal and director of acquisitions for Post. “The over-leverage and asset aggregation associated with the Commercial Mortgage Backed Securities (CMBS) era has resulted in banks being forced to take back quality investments…

By Erika Schnitzer, Associate EditorAtlanta–The second phase of Atlanta-based Cousins Properties’ Terminus, the 32-story, 137-unit luxury condominium dubbed 10 Terminus Place, has been completed. Terminus 100 and 200, mixed-use office towers are the first and third phases, respectively, of the Buckhead project. Terminus 200 is expected to be complete in 2009. Two additional residential towers are in the planning phases. All towers have a mixed-use component.The development uses Atlanta’s historic name, Terminus, which was located at the crossroads of two railroad lines, explains Lyle Green, project manager at Cooper Carry, the design firm who worked in collaboration with Durham, N.C.-based…

By Anuradha Kher, Online News EditorBaltimore County, Md.–Enterprise Homes recently broke ground on the Greens at Rolling Road, a $12 million, 83-unit senior affordable housing community located at 1505 North Rolling Rd. in Baltimore county, a suburb of the city of Baltimore.The Greens at Rolling Road is designed to meet the standards of Enterprise Green Communities initiative, designed to reduce energy costs and provide a healthy environment for seniors. When completed in summer 2009, the community will feature 65 one-bedroom and 18 two-bedroom energy-efficient units.“There is an elderly population in this area that was waiting to be served,” Ron Wilson,…

By Anuradha Kher, Online News EditorMatawan, N.J.–Sales have started for American Properties Realty’s newest luxury community, The Preserve at Matawan, located at 59 Freneau Ave. in Matawan, N.J.The project, expected to be complete late this year, is named after the lush 10-acre preserve that the new community will back up to. Once complete, The Preserve at Matawan will feature 157 condominiums with two bedrooms and two bathrooms and up to 1,635 square feet of living space. The Preserve at Matawan is comprised of 10 three-story buildings. All condominiums are equipped with Formica laminate countertops in the kitchens and master bathrooms, Kitchen…

Dear Reader, Technology impacts nearly every aspect of the multi-housing business, from marketing to property management, resident payments to security. For multi-housing executives trying to squeeze out profits and tighten efficiencies, the implementation of new technologies and systems can make all the difference. It is therefore with great pleasure that MHN honors the 2008 winners of our annual Technology Choice Awards. The companies shown here represent the leading edge in a highly competitive field. You and your peers have voted these firms as the “best of the best” in terms of providing innovative system design, system reliability, return on investment,…

By Anuradha Kher, Online News EditorImperial Beach, Calif.–Hendricks & Partners recently arranged the sale of Grove, a 12-unit apartment community located in Imperial Beach, Calif., for $1,280,000. The property is located at 1423-1433 Grove Ave. between 14th and Granger streets.Los Angeles-based Coronado Avenue Associates LLC sold the property to Yaroslav Kushnir (or assignee) of Chula Vista, Calif.

James P. Gross Joins MBA as Associate VP of Accounting, Tax, Bank Regulation Washington, D.C.–The Mortgage Bankers Association (MBA) recently appointed James P. Gross as associate vice president of accounting, tax and bank regulation. In this capacity, Gross will help develop and implement MBA’s strategy on legislative, regulatory and industry issues in the areas of accounting and tax policy and bank regulatory capital. He will also be the staff representative to MBA’s Financial Management Committee. “Gross’ thorough understanding of financial management and accounting standards and his years of active participation on our Financial Management Committee will allow him to step…

By Anuradha Kher, Online News EditorRockville Centre, New York–Omni Housing Development LLC recently completed the first phase of rehabilitation of Rockville Centre’s only low-income housing project, Rockville Centre Apartments, which is currently undergoing rehabilitation as part of a five-phase project. The first phase includes two of the nine, 35-year-old buildings located in the village of Rockville Centre at 160 North Centre Ave. When complete in 2009, Rockville Centre Apartments will contain 154 garden-style units in total.Previously a New York state public housing project, it is now being funded by Low Income Housing Tax Credits with funding from the Nassau County…

By Anuradha Kher, Online News EditorLos Angeles–The Pegasus Apartments, a 322-unit luxury apartment community was recently recapitalized at a value of approximately $100 million with Buchanan Street Partners.The Kor Group purchased this 425,000-sq.-ft. former General Petroleum Headquarters building in 2001 and converted it into luxury rental apartments with modern amenities.The Pegasus Apartments features ground floor retail, including The Daily Grill, at 612 S. Flower St.CBRE’s Capital Markets Group arranged the financing for this loan.According to Brad Korzen, CEO of The Kor Group, “Pegasus was and is a visionary project important to Downtown L.A.’s 24-7 vibrancy. We remain committed to Downtown…