Regions

By Anuradha Kher, Online News EditorWashington, D.C.–The Bush administration on Sunday asked Congress to approve a rescue package that would give officials the power to inject billions of federal dollars into the troubled Fannie Mae and Freddie Mac through investments and loans.“We continue to hold more than adequate capital reserves and maintain access to liquidity from the capital markets,” Daniel H. Mudd, president and CEO of Fannie Mae said in a statement.  “Given the market turmoil, having options to access provisional sources of liquidity if needed will help to strengthen overall confidence in the market. We will continue to do…

By Anuradha Kher, Online News EditorNew York–Jones Lang LaSalle’s multifamily capital markets team has completed the sale of The Wimbledon, a 230-unit apartment complex on Manhattan’s Upper East Side, for $150,350,000. JP Morgan Investment Management purchased the building, located at 200 East 82nd St., from P & H Associates.”The credit crunch has taken its toll on the multifamily market in Manhattan over the last year, with very few transactions being completed, but the sale of The Wimbledon at a strong pricing level verifies that there is still a market for prominent buildings with strong fundamentals,” says Jubeen Vaghefi, managing director…

By Anuradha Kher, Online News EditorLebanon, N.J.–In an effort to enhance the company’s sustainable building practices, Kullman has recently became a member of the U.S. Green Building Council (USGBC).“Offsite construction and the green movement are natural partners,” says Avi Telyas, CEO of Kullman, a Lebanon, N.J.-based offsite builder of permanent steel and concrete multi-story buildings. “Together they offer an efficient path to Leadership in Energy and Environmental Design (LEED) certification without compromising on design. Given this, we believe it’s our responsibility to be stewards in the green movement by educating the industry on the benefits of offsite construction and promoting…

By Erika Schnitzer, Associate EditorMiami–Wellington Construction Group Inc. has commissioned Coral Gables, Fla.-based BCArchitects to design a new workforce housing rental community in Miami’s midtown neighborhood.“Considering the type of project and what it’s geared toward, the plans are very efficient,” Adan Fons, a principal for BCArchitects tells MHN. “In conjunction with the owner, who’s also a contractor, all the details have been looked at to simplify construction, make it efficient and create a nice design that’s reasonably priced.”Construction for Midtown Gardens, an 18-unit, three-story development, is expected to begin late this year. The property will offer one- and two-bedroom units,…

Kurt Kehoe To Head Altman Development Corp.’s Central Florida Office Boca Raton, Fla.–Altman Development Corp., based in Boca Raton, Fla. has appointed Kurt Kehoe as head of the company’s central Florida office in Orlando. In his new role, Kehoe will be responsible for creating and managing a business plan to increase Altman’s market presence in the central and northern Florida regions as well as Texas. Kehoe joined Altman Development Corp. of central Florida as senior vice president in 2006.Kehoe formerly served as a senior vice president and vice president with Picerne Development Co., where he directed and managed the development of over…

By Anuradha Kher, Online News EditorWashington, D.C.–Despite Fannie Mae and Freddie Mac shares falling and growing concern about possible government takeover, there are people in the multifamily industry who say that the two companies are not doing as badly as has been reported in the media.“Shares of Freddie have fallen and things are bad for them on paper, but in day-to-day life, it has not affected them at all,” Susan Blumberg, senior vice president of NorthMarq’s Chicago office, tells MHN. “We have a very strong working relationship with Freddie. The way we see it, the multifamily aspect of these companies…

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) recently provided a $1.104 million loan for the full rehabilitation of two attached three-story buildings (pictured) in Harlem, New York. The loan was financed under CPC’s Small Building loan program, which provides borrowers with reduced costs, faster processing, comprehensive technical support and other incentives. The two buildings being renovated are located in central Harlem at 161-163 West 131st St. between Malcolm X and Adam Clayton Powell boulevards. The buildings were purchased in 1964 by the Christ Temple Baptist Church, which combined the first floor and basement of each building in 2005…

By Anuradha Kher, Online News EditorCanton, Mass.–In an effort to sell its condos in a turbulent real estate market, Davenport Investments II LLC, recently launched a contest giving people the opportunity to win a two-bedroom condo at Canton Park Condominiums (pictured) in Canton, Mass. Davenport came up with the idea of the contest as a marketing tool to sell their units in Canton, a primarily residential community located 18 miles south of Boston.The only criterion is a $50 entry fee and a creativity contest, which will require contestants to submit either a video or essay responding to one of several…

By Anuradha Kher, Online News EditorFlanders, N.J.–Mt. Olive Manor’s Phase II, a 50-unit federally subsidized affordable housing project in Flanders, N.J., opened recently. It is located adjacent to the 60-unit first phase of the project.Del-Sano served as the general contractor for the $8.9 million project, which was funded largely through the Section 202 HUD program. Mt. Olive Manor II is professionally managed by Lutheran Social Ministries of New Jersey.“Since the project is adjacent to Mt. Olive Manor I and they share several common areas, it was important to create a smooth transition during construction and minimize disruption to current residents…

W. Dean Henry (pictured) is president of Legacy Partners Residential Inc., where he oversees the multifamily portfolio spanning across Northern and Southern California, Arizona, Colorado, Washington and Texas. During his career, Henry has been responsible for the development of more than 50,000 multifamily units.He joined Legacy Partners in 1973 after graduating from the University of Puget Sound in 1969 with a bachelor’s degree in Political Science. During his college years, he entered the multifamily housing industry working with United Homes in Seattle and later with the L.B. Nelson Corp. developing apartment communities. Legacy completed its 40th anniversary last month. Henry…