Regions

By Anuradha Kher, Online News EditorCincinnati–Red Stone Partners recently closed on the direct purchase of $14,128,000 of 5.85 percent fixed rate tax-exempt bonds. The proceeds from the bonds will be used to acquire and renovate two properties located in Cincinnati containing a total of 269 multifamily rental units. The properties benefit from long-term project based Section 8 HAP contracts. Equity was raised through the sale of 4 percent Low Income Housing Tax Credits (LIHTC).The transaction combined acquisition/rehabilitation and permanent financing.Red Stone provided the borrower with a single source of bond financing to fund the acquisition and renovation of the property…

By Lisa Iannucci, Green Building CorrespondentAtlanta–Although many green-building projects are working toward Leadership in Energy and Environmental Design (LEED) achievement, some companies are implementing green techniques without applying for certification.Eastside, a new 14.8-acre mixed-use development in Dallas and a collaboration of Post Properties, Skyrise Properties and Greenway Investment Inc., is one such project. The development will transform an existing office building and parking lot into 80,000 sq. ft. of retail and 435 apartments. Leasing availability started in March this year. The project employs several green building techniques including xeriscaping, which minimizes the need for irrigation. Post, the developer of the…

By Teresa O’Dea Hein, Managing EditorNew York–Top executives of both AvalonBay Communities Inc. (and Camden Property Trust noted in their presentations at REIT (real estate investment trust) Week 2008 that this year’s multifamily activities have been, to paraphrase the title of Charles Dickens’ classic novel, “a tale of two markets” for them, with some metros posting even better-than-expected results while a few others have been underperforming. Given overall housing fundamentals, both company execs said they are optimistic going forward, and expect that rental units in their extensive development pipelines to be coming on line in 2010 will be just in…

Washington, D.C.–Almost 1 in 10 U.S. homeowners faced foreclosure or defaulted on their payments in the first three months of 2008, according to a Washington, D.C.-based Mortgage Bankers Association report released Thursday.The January to March quarter was the worst for homeowners in a quarter-century. The rate of new foreclosures and late payments reached the highest level since 1979, according to the New York Times.The statistics indicated that–although mortgage problems were most severe for homeowners with subprime loans–issues existed in multiple levels of the mortgage sector. Even borrowers with good credit now have been affected.In addition, four states that have shown…

By Erika Schnitzer, Associate EditorLos Angeles—The winners of the 38th Annual Los Angeles Architecture Awards will be announced on June 19 at the Beverly Hilton International Ballroom in Beverly Hills.The Los Angeles Business Council (LABC) will recognize 30 project teams in 16 architectural and building categories, including Green Building, Housing and Mixed-Use.The Green Building Award will be awarded for the first time this year in three categories: Built, Unbuilt and Design Concept. Mayor Antonio Villaraigosa will announce the Green Building Award winners.“The vast majority of our members are architects, contractors and owners who felt very comfortable with establishing LEED as…

Charlotte, N.C.–Wachovia is the second-largest construction loan provider, which may put the lender–and other banks–in a dangerous position as the housing market continues to falter, The Wall Street Journal reports.At the end of the first quarter, Charlotte, N.C.-based Wachovia had $23.9 billion of debt outstanding to single-family home, condominium, office building, store and other commercial project developers, according to Foresight Analytics, a research company based in Oakland, Calif.Wachovia’s delinquencies at the end of the quarter were 7.7 percent, above the 7.2 percent industry average–and the amount of bad construction loans are expected to increase. Roughly $12 billion of Wachovia’s construction…

Horsham, Pa.–Even though luxury homebuilder Toll Brothers announced fiscal second quarter net losses that were lower than many analysts had expected, the company called for Congress to help invigorate the housing market, Forbes reported Wednesday.Toll Brothers chief executive Robert I. Toll said that in “this continuing severe down-cycle,” the builder would look for growth opportunities and try to keep a strong balance sheet.In the second quarter, Horsham, Pa.-based Toll posted a 31.8 percent drop in sales–which sunk from $1.2 billion in the second quarter of 2007 to $818.8 million,The company also saw $93.7 million in net losses, compared to net…

Red Bank, N.J.–U.S.-based homebuilder Hovnanian Enterprises said Tuesday that its fiscal second quarter loss was 10 times greater than a year earlier. However, Hovnanian, headquartered in Red Bank, N.J., said it had enough liquidity to handle the lower demand and plans to stay cash-flow positive for the entire fiscal year, CNBC reported Wednesday.Hovnanian announced a net loss of $340.7 million, compared with a loss of $30.7 million a year before. Quarterly revenue dropped from $1.1 billion to $776.4 million. The builder’s contracts for the quarter dropped 29 percent from 2007 to 2,226 homes.

New York–Some of New York’s largest general contractors are contemplating hiring external inspectors to increase tower crane safety as a result of last Friday’s fatal construction site crane collapse, the New York Times reported Wednesday.The city uses about two dozen tower cranes, and the current Department of Buildings inspections–as well as separate inspections by crane owners and operators–aren’t enough to fully protect the sites, according to contractors. Investigators think that the crane that plummeted into a 23-story building on East 91st Street last week wasn’t welded correctly during a repair. Two construction workers died; the Manhattan district attorney’s office is…

By Rachel Block, ReporterForth Worth, Texas–Boston Capital recently invested $11,440,000 in the Residences at Eastland in Forth Worth, Texas, a 146-unit community planned to be built about six miles southeast of Forth Worth’s major business district. The general partner on this deal is an affiliate of The NuRock Cos.The forthcoming development is targeted at low-income families and individuals through the Low Income Housing Tax Credit (LIHTC) program, and will be available to residents making 60 percent or less of the Area Median Income (AMI). Spread over 28.54 acres, the development will 80 two-bedroom units, 60 three-bedroom units, and six four-bedroom…