Regions

London–As borrowers face tighter lending restrictions, fewer homes will change hands in Britain this year, the Guardian reports.An overall lack of mortgage availability could keep potential buyers out of the market, driving prices down further.In fact, the mortgage decline could drag the number of transactions down to 750,000 for all of 2008–which would be almost a 40 percent drop from 2007, according to Consultancy Capital Economics. Home prices could fall 35 percent.

San Francisco–Tens of thousands of San Francisco homes and businesses could fall in the next large earthquake–a problem that building and city officials haven’t dealt with for decades, the San Francisco Chronicle reports. A large number of the buildings in question are classic San Francisco apartment buildings, which contain a business on the first floor or a home built over a garage.Because there is a glass window, garage door or other space on the ground floor instead of a wall, the wood frames of the “soft-story” buildings are especially susceptible to earthquakes.San Francisco has more soft-story buildings than any other…

Online News EditorSparks, Nev.–The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) recently arranged a $29.5 million construction loan and $9.5 million joint venture equity for the development of Pioneer Meadows, a 300-unit Class A multifamily development to be built in Sparks, Nev. HFF Director Mark Erland worked on behalf of Fore Property Co. to arrange the three-year construction loan.

By Anuradha Kher, Online News EditorHouston–Gables Residential Trust has recently topped out Memorial Hills, a 286-unit rental project located at the intersection of Scott and Jackson Hill Streets in Houston.The eight-story infill project is spread across 2.2 acres of land and is surrounded by hills and several parks. It is expected to be complete in the spring of 2009.“The location of this project is key,” Scott Ziegler, senior principal and principal-in-charge of the Living Place Studio at Ziegler Cooper Architects, which designed the project, tells MHN.“Lush green foliage makes the apartments off Memorial Drive a prime location for people wanting…

By Anuradha Kher, Online News EditorAtlanta–After five months of actively pursuing a formal process to sell Post Properties Inc., the company has announced that it received no definitive acquisition proposals. All potential bidders have withdrawn from the sale process and, as a result, the Board of Directors has brought the process to an end. The Board has, however, reaffirmed its commitment to actively pursue other strategies to enhance shareholder value.“We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment,” says David P. Stockert, president and CEO…

By Erika Schnitzer, Associate EditorSeattle–The first building in Seattle developed under the city’s new zoning code has topped out. Developed by Minneapolis-based Opus Northwest LLC, the 440-ft., 38-story Fifteen Twenty-One Second Avenue is comprised of 143 condos.The city’s new zoning code, adopted by the city council in April 2006, allows for residential buildings over 400 ft. tall to be built based upon a number of criteria, including the size of the floorplate, LEED (Leadership in Energy and Environmental Design) Silver certification and a contribution to affordable housing, Tom Parsons, senior vice president and general manager of Opus Northwest, tells MHN.With…

By Anuradha Kher, Online News EditorPlainview, N.Y.–Coinmach/ASI recently signed an exclusive distribution agreement with LG Electronics to provide LG laundry machines to its multi-housing customers across the United States.Coinmach/ASI laundry rooms, operating with LG’s new card and coin laundry systems, are expected to deliver greater efficiency and consume less water and energy than conventional washers.Coinmach/ASI has 80,000 customers and close to 800,000 installed machines in multifamily communities. The company plans to offer the LG machines through a phased-out process. It is expected that by the end of the year, all the U.S. markets will have access to them. “We are…

Los Angeles–Due to continuing credit and housing problems, KB Home announced a fiscal second quarter loss of $255.9 million, The Wall Street Journal said Friday.The Los Angeles-based homebuilder posted a net loss of $148.7 million in 2007.The 2008 second quarter loss included writedowns of $201.1 million and a $98.9 million impact from reducing the value of deferred tax assets. Revenue fell to $639.1 million–a 55 percent decline.Because of a reduction in active communities, KB’s new home deliveries declined 41 percent to 2,810. Net orders also dropped, declining 42 percent to 4,200. “Persistently poor demand for new homes during the second…

Washington, D.C.–The tax rebate checks provided by the economic stimulus package raised consumer income and savings in May, according to the government. The roughly $50 billion worth of tax rebates–sent out in April and May–also increased consumer spending.However, without the rebates, income levels would have increased only a little, the New York Times said Friday. Wage growth did not keep up with inflation.After being adjusted for inflation and without counting the tax rebates, after-tax income rose 0.4 percent in May, according to the Commerce Department. Including the rebates, income increased 1.9 percent; after-tax income grew 5.3 percent.After declining 0.1 percent…

By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding recently completed a funding of $11,866,000 refinance loan under Fannie Mae’s DUS program. The Woodmere Apartments is situated on more than 14 acres in Montgomery, Ala., and consists of 200 units spread over 27 garden-style apartment buildings.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent, and also includes interest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well.The loan was originated by Ronen Abergel, a…