Regions

By Anuradha Kher, Online News EditorNew York–Days after the $700 billion financial bailout package was signed into law, the stock market continued to tumble. In the longest losing streak since January, U.S. stocks fell for a fifth day today.Meanwhile, the Fed is now considering new actions to do some more damage control in the financial system. The Fed said in a statement this morning that it would begin to buy large amounts of short-term debt in an effort to stimulate the frozen credit markets. In addition, Chairman Ben Bernanke today hinted strongly that the Fed’s Board of Governors would probably…

By Erika Schnitzer, Associate EditorHaverford, Penn.–GPX Realty Partners LP recently launched a green initiative to help its multifamily and commercial investors earn higher returns. “The real estate industry is at a critical stage, where we’re trying to balance profitability with ecological sustainability,” says Christopher Canale, vice president of operations, GPX Realty Partners (pictured). “We’re approaching a tipping point, where best practices for green development will become standard protocols.”  According to a recent study by the University of California, Berkeley, green-certified buildings generate 8.5 percent higher rents on average.GPX’s new initiatives will include incorporating occupancy sensors for lighting, white thermoplastic olefin…

By Anuradha Kher, Online News Editor Seatlle, Lynwood and Renton Wash., Freso, Rocklin and Isla Vista, Calif.–KeyBank Real Estate Capital recently closed $86 million for seven multifamily properties in California and Washington, funded by Fannie Mae and Freddie Mac. The largest loan was a $23.4 million Fannie Mae floating rate credit facility for The Kennedy Building (pictured), a 125-unit mid-rise apartment complex in Seattle. United Dominion Realty LP is the borrower. KeyBank Real Estate Capital also closed loans for two other properties outside Seattle: Newberry Square Apartments and Chianti Apartments. A division of Sundquist Homes received $11.8 million from Fannie Mae through…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac has made changes in its senior management and organization that it hopes will enable the company to stabilize the housing finance system and position it to take advantage of business opportunities in the market over the longer term. The changes are effective immediately.The company’s three business lines – Single-Family Credit Guarantee, headed by senior Vice President Donald J. Bisenius; Multifamily Sourcing, headed by Senior Vice President Michael C. May; and Investments and Capital Markets, headed by Senior Vice President Gary D. Kain – will report directly to Freddie Mac CEO David M….

By Anuradha Kher, Online News Editor Charlestown, Mass.–Leasing has started for Boston Residential Group’s new luxury apartment community, located in the historic Charlestown Navy Yard in Massachusetts. Move-ins will begin on Nov. 1.Navy Yard 33 is located at 33 Navy Yard, close to the USS Constitution. The project is a joint venture between Conroy Development Co., the owner and developer of the property, and Boston Residential Group. Conroy purchased the historic four-story, 47,600-sq.-ft. building in the early 1990’s. The building was recently converted from an office building into a residential property featuring 47 rental units, including six affordable units. The building,…

By Erika Schnitzer, Associate EditorNorcross, Ga–The grand opening of Progressive Redevelopment Inc. (PRI) and The IMPACT! Group’s Bradford Gwinnett Apartments, a rehabilitated 194-unit affordable housing community, will take place this week.“It was originally constructed in the 1980s and, unfortunately, had gone into a little bit of disrepair and become a center of criminal activity,” Richelle (Shelly) Patton, president of development for PRI, says of the property. The rehabilitation of Bradford Gwinnett was completed early this year and the area crime has decreased, she explains.The development, which is targeted mostly for those earning 60 percent of the area median income, offers…

By Anuradha Kher, Online News EditorNew York–Earlier this week, Wachovia Corp. agreed to be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, following which Wachovia’s previous plan to sell its banking operations to rival suitor Citigroup Inc. fell apart.Both Wachovia Capital and Wells Fargo have multifamily divisions and are Fannie Mae and Freddie Mac DUS (Delegated Underwriting and Servicing) lenders. In addition, early this year, Wachovia Multifamily Capital Inc. achieved fully delegated status under the Freddie Mac Delegated Underwriting for Targeted Affordable Housing model. The two companies were also the top multifamily/commercial originators in 2007, according…

By Erika Schnitzer, Associate EditorDenver–With sustainability initiatives sweeping the industry, recycling programs are a logical step toward greening multifamily properties. However, according to a 2005-2006 waste audit program, single-family beats multifamily in every recyclable commodity category.At the recent 2008 Multi-Housing World Conference and Exhibition, how to “sell” recycling and waste management to residents was discussed by a panel comprised of Kendall Christiansen, principal, Gaia Strategies; Ann Johnson, president/owner, Waste Tech Services Inc.; and Dana Zeff, founder and principal, The DZAP Group. Anne Sadovsky, certified speaking professional, moderated the session.Multifamily properties face a number of challenges when it comes to setting…

By Anuradha Kher, Online News EditorGaithersburg, Md., Houston, Texas–PNC recently completed financing totaling $127.1 million to National Capital Properties III LP, Applied Development Co. and Cash Russell LLC. PNC ARCS provided a total of $82 million in financing to Washington, D.C.-based National Capital Properties III LP, an affiliate of Quadrangle Development Corp. for the acquisition of Fields Crossing and Shelburne Crossing, formerly Archstone Gaithersburg Apartments, located in Gaithersburg, Md. The two garden-style apartment communities total 648 units.PNC ARCS originated the loan through Fannie Mae.  In addition, the company provided a $25 million working capital line of credit to Applied Development…

Atlanta–Tamela Coval (pictured) has joined RentWiki.com as senior vice president of business development. “I’ve kept my eye on the RentWiki.com group since I first learned of it earlier this year,” says Coval. RentWiki.com utilizes consumer-contributed content, social networking and free inbound/outbound web syndication that allows renters to answer the question, “Do people like me live here?” Unlike other Internet sites that focus solely on apartments, RentWiki.com, focuses on neighborhood information.Walker & Dunlop, Green Park Financial Name Deborah A. Wilson SVP, CFOBethesda, Md.–Walker & Dunlop and Green Park Financial have named Deborah A. Wilson as senior vice president and chief financial…