Regions

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently secured a $47.35 million construction loan for Brick Row (pictured), a mixed-use development under construction in Dallas. HFF managing director Andy Scott worked exclusively on behalf of the borrower, a joint venture partnership between Winston Capital Corp., L&B Realty Advisors and the Michigan Employees Retirement System. A three-bank syndication, which was led by Colonial Bank, along with Texas Capital Bank and Broadway Bank, provided the three-year construction loan.  Upon completion in mid-year 2010, Brick Row will feature 500 multifamily units and 16,000 sq. ft. of…

San Francisco–Michael D. Berman, CMB, president of CWCapital of Needham, Mass, has been elected as the vice chairman of the Mortgage Bankers Association (MBA) during the association’s 95th Annual Convention & Expo in San Francisco. Berman is a founder and principal of CW Financial Services and serves on its Board and as the company’s chief operating officer. In that capacity, he provides strategic input into the company’s vertical integration businesses, including multifamily/commercial lending and servicing, investment in high-yield commercial mortgage backed securities, CMBS special servicing, and mezzanine investment funds.  Berman is also the president of CWCapital, the company’s multifamily/ commercial…

By Anuradha Kher, Online News EditorOmaha, Lincoln, Neb., and Council Bluffs, Iowa–Catholic Health Initiatives (CHI) is donating $6 million to Mercy Housing for its work in the affordable housing sector. The company builds affordable homes for low-income families, seniors and people with special needs in Omaha and Lincoln, Neb., and Council Bluffs, Iowa. CHI is one of the largest health care providers in Nebraska with four hospitals and other related facilities across the state.  “Part of our mission at CHI is to reach beyond the walls of our hospitals and health facilities and work with other providers of health and…

By Erika Schnitzer, Associate EditorWashington, D.C.—Lowe Enterprises, based in Los Angeles, recently began leasing units at The V Apartments at CityVista. The 244-unit apartment building is the final phase of an 843,000-sq.-ft. mixed-use development in Washington D.C.’s Mount Vernon Triangle neighborhood. Along with Lowe Enterprises, the development team is a partnership between CIM Group, Bundy Development Corp., The Neighborhood Development Company, and the District of Columbia. Torti Gallas and Partners is the CityVista master planner.The $240 million, 3.2-acre CityVista development broke ground in 2005 on the former site of the D.C. Wax Museum. It was developed in response to the…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) recently hosted a national affordable housing symposium in Washington, D.C. to confront excessive and unnecessary regulations that are restricting the production of affordable housing for working families. HUD recognized several communities for reducing or eliminating regulatory barriers to affordable housing, including Austin, Texas; Bartlesville, Okla.; Bowling Green, Ky.; Montgomery County, Md.; Minneapolis, Minn.; Traverse City, Mich.; Commonwealth of Puerto Rico; and Savannah, Ga. “When it comes to encouraging the production of affordable homes, these communities are getting the job done,” says HUD Secretary Steve Preston….

By Anuradha Kher, Online News EditorHarleysville, Pa.–GPX Partners L.P. has recently acquired Village Square, a 128-unit garden-style apartment community, located at 422 Main St. in Harleysville, Pa., for $13.12 million.“Village Square is a strong addition to our growing multifamily portfolio,” says Joseph Conwell, managing director of GPX Realty Partners. “The combination of the very desirable location and our capital improvement plans will result in a high quality of living for the residents.”Built in 1972, Village Square is situated on 10.7 acres and features one- and two-bedroom units ranging from 715 sq. ft. to 875 sq. ft. Amenities in this garden-style…

By Anuradha Kher, Online News EditorBoston–Cubellis, an international architecture, interior design and engineering firm, has entered into an agreement with 5 Capitals Environmental and Management Consulting to form an association that will provide sustainability and green building advice along with LEED (Leadership in Energy Environmental Design) accreditation services to developers in the United Arab Emirates (UAE). The firm will operate from its headquarters in Dubai with the help of an expert team of six to eight people that has extensive experience helping businesses find solutions to their environmental and sustainability challenges.The new association, created by Cubellis and 5 Capitals, will…

By Erika Schnitzer, Associate EditorWarrensburg, Mo.–Collegiate Development Services LP (CDS), based in Irving, Texas, and Chicago-based Harrison Street Real Estate Capital recently celebrated the grand opening of Collegiate Station at Warrensburg, the newest student apartment housing project for the University of Central Missouri.The 360-bed development comprises eight acres and five three-story garden apartment buildings. It offers 60 two-bedroom/one-bathroom units and 60 four-bedroom/two-bathroom units. Unit amenities include a full kitchen, furnished living room and bedrooms, cable television, high-speed Internet access and intrusion alarms. Additionally, the project offers a 4,257-sq.-ft. clubhouse that features a computer lab, media room, fitness center, kitchen, pool…

By Anuradha Kher, Online News EditorAtlanta–Coro Realty Advisors LLC, an Atlanta-based real estate development firm, has topped off its latest project, Tremont, a $30 million mixed-use urban living community. It is located at 15 Habersham Rd. in Atlanta’s desirable Buckhead neighborhood. Currently under construction and built to EarthCraft House standards, Tremont will feature 78 residential units, including condo units and townhomes, starting from the mid-$200s. The project will also feature 15,000 sq. ft. of commercial space. It is anticipated that the four-story development will open for sale in early January of 2009.EarthCraft House is a green building program adopted by…

By Anuradha Kher, Online News EditorBoston–National apartment fundamentals failed to display any demonstrable signs of improvement in the second quarter of 2008 as vacancies slipped by another 10 basis points to 6.2 percent, according to Property & Portfolio Research’s latest Apartment Trends report.“A soft job market, an increasing pace of apartment completions and persistent shadow supply were the three main reasons for this trend,” Michael Cohen, research strategist at PPR tells MHN. Cohen follows and analyzes the state of the U.S. multifamily market including both rental and for-sale product. “In the absence of job growth, people find it difficult to…