Regions

By Anuradha Kher, Online News EditorNew York–The first building to benefit from the Inclusionary Zoning Provision of the historic Greenpoint-Williamsburg Land Use and Waterfront Plan, approved by city officials in 2005, was recently rededicated as part of a $20 million plan to preserve affordable housing in North Brooklyn for more than 600 low-income New York residents.In all, 15 buildings will receive crucial renovations and upgrades through the preservation strategy created by the St. Nicholas Neighborhood Preservation Corp. (St. Nicks), a Brooklyn nonprofit that owns and manages affordable housing, and supported by Enterprise.The 21-unit building at 306 Union Avenue, which St….

Douglas Pope is the co-founder of hotpads.com, a Web site that offers a map-based search for buying, selling or renting homes. Recently, PC magazine named hotpads one of the top real estate websites. Twenty-six-year-old Pope (pictured), who founded the company with his college friends, talks to MHN Online News Editor, Anuradha Kher about his site, what the housing downturn has revealed about multi-housing and why he thinks the future of multi-housing marketing is online.MHN: How did you get the idea to start this site?Pope: The founders of HotPads were college roommates at the University of Notre Dame. Following graduation we…

By Anuradha Kher, Online News EditorNew York–Multifamily property prices, while down 2.3 percent for the March/April period, reported the highest value change at 5.7 percent compared to a year ago, according to Standard and Poor’s April results for the S&P/GRA Commercial Real Estate Indices.“There has been a 5.7 percent gain in multifamily property prices in the entire year, but a 2.3 percent loss in less than two months, which is not a good sign,” David Blitzer, chairman of the Index Committee Standard & Poor’s, tells MHN. “There are increasing concerns about the employment market so apartments are not going to…

By Anuradha Kher, Online News Editor Salt Lake City–Apartment Realty Advisors (ARA) recently arranged the sale of four multifamily properties including Foothill Place, Park Capitol, Somerset Village and Southwillow, all located in Salt Lake City, for more than $120 million. The four properties together comprise 1,511 units. This exceeds last October’s record-breaking sale in Utah of 1,215 units. “Multiple offers to acquire the portfolio were made from various buyer types,” says Jed Millburn, ARA’s Salt Lake City-based principal who brokered the transaction. “The exuberant market response surrounding the portfolio is a demonstration of the fact that Salt Lake City has appeared on the…

By Erika Schnitzer, Associate Editor Washington, D.C.–In response to the rising number of injuries and deaths caused by the suction of swimming pool drains, President George W. Bush has signed into law the Virginia Graeme Baker Pool and Safety Act. This Act will affect all public pools and spas, including those in apartment and condominium communities. Suction entrapment can occur when a swimmer gets sucked into a pool or spa’s water circulation system, similar to the way a vacuum cleaner can stick to a person’s palm, explains Paul Penninngton, founding member of the Pool Safety Consortium, a Washington, D.C.-based nonprofit that educates…

By Anuradha Kher, Online  News EditorAtlanta–The Place/BV Student Housing Fund LLC recently  invested $38 million in First Street Place and Maverick Place (pictured), two student  housing properties located in Greenville, N.C. and Arlington, Texas, respectively. When complete, First Street  Place will serve the students of East Carolina University (ECU) and Maverick  Place will serve the students of University of Texas at Arlington (UT  Arlington). Both communities will open in the summer of 2009. BVP Managers  LLC, a joint venture between Atlanta-based Place Properties LP and  Chicago-based Blue Vista Capital Management LLC, will serve as the manager of  the fund. The 193-unit First…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush signed into law today a comprehensive package of housing legislation including broad authority for the Treasury Department to safeguard Fannie Mae and Freddie Mac and a plan to help hundreds of thousands facing the possibility of foreclosure.Bush signed the legislation, which Congress approved last week, authorizing the Treasury to rescue Fannie Mae and Freddie Mac if the need arises. Partly to accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion.“On a macro level, this is touted…

By Anuradha Kher, Online  News Editor Irvine, Calif.–Guardian Management LLC, through a  newly formed corporation will acquire the southern  California and Arizona offices of Sperry Van Ness. With this acquisition,  Guardian will hold the development and franchise rights for Sperry Van Ness in  Southern California, Arizona and Oregon. Guardian’s president, Tom Brenneke,  will become a member of the Sperry Van Ness board of advisors.   “This move diversifies us geographically and with product types  and will improve our deal flow,” Tom Brenneke, president of Guardian  Management LLC, tells MHN. “While we do some brokerage as a company, this will  really formalize it.”…

is Lend LeaseArchitect/Interior Designer: WHA Architecture and Planning PCCategory: UnbuiltMirabella South WaterfrontPortland, OROwner/Investor: Pacific Retirement ServicesArchitect/Interior Designer: Ankrom Moisan Associated ArchitectsBuilder: Hoffman Construction CompanyFifteen Twenty-One Second AvenueSeattleDeveloper/Builder: Opus NWR LLCArchitect of Record: Opus Architects and EngineersDesign Architect: Weber ThompsonInterior Designer: Susan Marinello InteriorsBarn Lofts Los AngelesDeveloper: The Borman Group LLCArchitect/Interior Designer: Rockefeller Partners ArchitectsBuilder: Carr ConstructionCategory: Interior DesignMidtown Bethesda North Condominiums North Bethesda, MDDeveloper: KettlerInterior Designer: ForrestPerkinsArchitect (base building): Dorsky Hodgson Parish Yue ArchitectsBuilder: Bovis Lend LeaseChelsea Modern Sales + Design GalleryNew YorkDeveloper: Madison Equities LLCArchitect/Interior Designer: Audrey Matlock ArchitectBuilder: Diamond Construction

By Keat Foong, Executive EditorHalf Moon Bay, Calif. — Fannie Mae is working on a number of enhancements to its multifamily financing offerings, including a combined construction-permanent financing product. The agency says it is cooperating with several DUS lenders who have construction lending expertise to combine construction financing with permanent debt. “The construction-to-permanent product will offer a seamless, lower cost execution and more certainty for the construction of new multifamily properties,” Fannie Mae states.Currently, only HUD offers a multifamily construction-permanent loan, under its FHA mortgage insurance program. HUD’s combined financing requires one underwriting and approval for both loans, with the…