Regions

Reading–Reduced residential building in the U.S. caused a 72.5 percent drop in interim pre-tax profits at Reading-headquartered homebuilder Wolseley, the Financial Times reported Monday.Wolseley’s U.S. stock subsidiary–which supplies homebuilding materials such as lumber–was primarily responsible for a £90 million ($180 million) decline in group trading profit. The company currently is cutting back on spending and reducing staff.“At some point we will hit bottom but I don’t think we’re there yet,” said Chip Hornsby, Wolseley chief executive.Over the past six months, debt has increased, but Hornsby said it should be lower by July. Wolseley already has cut 10,000 jobs in the…

Auckland–New Zealand banks are highly exposed to the currently unstable housing market, which could cause problems, according to a report released Monday.Nearly half of all New Zealand bank assets are exposed to the housing market–an increase from roughly 40 percent five years ago just before the housing market took off, the New Zealand Herald said.By comparison, Australian banks have just 39 percent exposure.Although the situation is not considered as risky as the U.S. housing market was even a year ago, an analysis of bank disclosure statements by Auckland-based investors’ Web site interest.co.nz showed New Zealand lenders could be hit hard…

Red Bank, N.J.–Bill Brown has joined Lane Northeast, a subsidiary of multifamily real estate firm Lane Co., in the newly-created position of Division Partner. He will be responsible for new development in the metro Philadelphia market, southern New Jersey, Delaware and northern Maryland, including Baltimore. “Bill has a long standing track record as a successful developer of quality multifamily developments in the Philadelphia and Baltimore markets, as well as other areas,” says Jeff Price, Lane Co.’s Northeast Regional partner and president of Lane Northeast. “Bill will help Lane Northeast reach into the Philadelphia market while expanding our platform in Maryland.” Brown was…

By Anuradha Kher, Online News EditorEstero, Fla.–West Bay Club, a 20-story luxury condominium project, owned and developed by Lehman Bros., has recently started selling. Located in Southwest Florida’s Gold Coast city of Estero, Fla., the two towers are built on part of the 850-acre site, with 500 acres designated as a nature preserve.“West Bay Club is one of the few developments in this area dedicated to preserving the natural beauty of the environment,” says Carmine Visone, managing director at Lehman Brothers. “Our 500-acre nature preserve ensures the conservation of our wetlands and makes certain that the precious native Florida wildlife…

By Anuradha Kher, Online News EditorAustin, Texas–GE Real Estate recently provided a $44.65 million, on-book fixed-rate loan to The Preiss Co. and HSBC Real Estate Equity Partners (USA) LP for the purchase of Campus Estates, a housing complex serving students from the University of Texas and Austin Community College, in Austin, Texas. The funding includes $5.7 million for capital expenditures for deferred maintenance as well as upgrades on more than half of the property’s 498 units.Preiss also owns the adjacent University Village at Austin student apartments, which it acquired in November 2006. After completing $2 million in upgrades, they were…

By Anuradha Kher, Online News EditorNew York—The near-collapse of Bear Stearns and its fire-sale acquisition by another company may not have significant implications for the real estate sector as investment banks have already retreated from real estate.   “The Bear Stearns buyout will have no direct impact on multifamily lending because there’s been a stable and fair amount of capital for [commercial real estate] and it will continue the same way,” Michael Slattery, senior vice president of the industry group Real Estate Board of New York, tells MHN. “The investment banks have backed away since the middle of last year…

By Erin Brereton, Content ManagerLeeds, U.K.–Starting this spring, homebuilder Bellway and the Leeds City Council will begin delivering new affordable rental and for-purchase homes to replace poor-quality housing in east and south Leeds. Newcastle-based Bellway is building a variety of more than 700 new homes –including flats, villas and townhomes–for first-time, low-income and seasoned homebuyers. The homes will be priced below the average area home price, according to Judith Atkinson, Regional Director for Bellway City Solutions. The first phase of development involves the construction of 742 new homes, marking the start of a 20-year renewal program across EASEL (East and…

Washington, D.C.–Treasury Secretary Henry Paulson said Thursday in a speech at the Washington, D.C.-based National Press Club that new policy maker recommendations for reform include changes for mortgage brokers, regulators and Wall Street firms, The Wall Street Journal reports. The President’s Working Group on Financial Markets suggestions involve strengthening state and federal oversight of mortgage lenders and brokers and starting “strong nationwide licensing standards” for mortgage brokers,” which would most likely involve legislation.The panel also recommended pushing issuers of mortgage-backed securities to be more transparent about “the level and scope of due diligence” and be clear about whether or not…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac, along with NorthMarq Capital, recently closed two deals worth $139 million representing 14 properties in Texas, for borrower Birchmont Capital.“In the midst of the current capital crisis, Freddie Mac has shown how it not only provides stability, liquidity and affordability to the market, but how it is opening up opportunities to new borrowers,” says Rich Martinez, Freddie Mac Central Region managing director. “Freddie Mac’s central region personnel worked very hard to deliver the loans as quoted during a time when credit market conditions were deteriorating rapidly,” says NorthMarq Senior Vice President, Greg…

Houston–Wells Fargo & Company is further expanding its multifamily financing services with its latest office in Houston and the hiring of Tony Talamas, a mortgage originator there. Wells Fargo now has 10 multifamily offices, including the newest one, across the U.S.”The opening of a new Texas office in Houston reflects a positive outlook for the Houston market and Texas as a whole. With the CMBS market and other lending sources either unwilling or unable to lend at competitive terms, if at all, my group continues to offer attractive rates, terms and flexible financing solutions,” Talamas tells MHN.Talamas has joined Wells…