Regions

By Anuradha Kher, Online News EditorNew York–Terra Capital Partners, a New York-based real estate investment finance and management company, has closed on a $6 million mezzanine loan that will provide capital for a condominium conversion project called the Carriage House in the Chelsea neighborhood of Manhattan.The property, located at 124 West 24th St. between Avenue of the Americas and Seventh Avenue, is a former parking garage structure that is being enlarged and converted into 24 luxury condo residences The term of the loan is 12 months and the sponsor is Broadmill Development Group, an investment partnership company.“The sponsor is using…

Chicago–Existing home sales fell for the sixth consecutive month in January and home prices dropped 4.6 percent from January 2007, the Chicago-headquartered National Association of Realtors said Monday.Home resales declined 0.4 percent to a 4.89 million annual rate in January from December’s revised 4.91 million annual rate, The Wall Street Journal reported. The December revision was slightly higher than NAR’s original 4.89 estimation.Median home price in January 2007 was $210,900; last month, prices were $201,100. December’s median home price was $207,000. “Inventories are high, so it’s not surprising prices are declining,” said NAR economist Lawrence Yun.Stricter lending standards that made…

Hamburg–HSH Nordbank–one of Germany’s biggest financial institutions–will sue Swiss bank UBS for selling it millions of dollars of subprime mortgage-related investments, BBC News reports.HSH Nordbank, a state-owned bank with offices in Hamburg and Kiel, is alleging that UBS didn’t manage its assets prudently enough and hopes to recover losses from a $500 million (£253 million) portfolio purchased in 2002. According to BBC News. if the lawsuit is successful, it could spark a wave of filings from banks and investors who feel they were misled about the security level of Collateralized Debt Obligations (CDOs).HSH Nordbank will file suit in the state…

Mooresville, N.C.–Weaker sales caused fourth quarter net income at Mooresville, N.C.-based home improvement retailer Lowe’s to fall 33 percent, Bloomberg reported Monday.Net income was $408 million, or 28 cents a share, for the quarter ended Feb. 1. Last year, net income in the quarter was $613 million, or 40 cents a share.Lowe’s said that revenue at stores that have been open 13 months or more could drop 5 to 6 percent from now through January 2009.

New York–Higher operating costs and property taxes are raising condominium common charges and co-op maintenance fees in New York City, The New York Times reports.Apartment owners are receiving their fifth or sixth consecutive annual round of fee increases, a sharp contrast from previous years in which common charges and maintenance costs stayed fairly constant. Last year, average Manhattan co-op maintenance fees were 30 percent higher than in 2002, according to a residential sales analysis by Manhattan appraiser Miller Samuel Inc. Condos saw a 38 percent increase in combined common charges and real estate taxes in the past five years.Maintenance costs…

By Anuradha Kher, Online News EditorLos Angeles–uWink Inc., a digital entertainment software company headquartered in Los Angeles, has signed a software licensing and development agreement with InSite Development, a Calif.-based real-estate developer, to provide unique touch-based technology for the senior housing market.Under this agreement, uWink’s interactive digital content operating system and real-time, multi-player game platform will initially be deployed at Arbor Court, a housing community in Lancaster, Calif.In addition, InSite and uWink will partner in developing customized senior housing specific applications and will license to third parties in the senior housing market.The uWink technology allows users to touch to access…

Georgetown, Texas–Bourn Partners, a real estate development firm headquartered in Tucson, Ariz., has acquired 185 acres in Georgetown on Westinghouse Road. The property is marked for a multi-use development that could include multifamily housing, assisted living facilities, medical office and research space, a corporate campus, and retail components among others.“This area, bordered by IH-35, Westinghouse Boulevard, FM 1460 and University Boulevard, is fast becoming the hub of Williamson County for medical, educational and retail needs,” says Joe Simmons, principal at Bourn Partners. “We are delighted to play a part in creating this dynamic project for future growth in the region.”The…

By Anuradha Kher, Online News EditorIrvine, Calif.,–Western National Property Management, the multifamily management arm of Western National Group based in Irvine, has held the initial close of Western National Realty Fund II, L.P. (“Fund II”), the firm’s second private equity fund, with over $200 million of equity commitments.“We anticipate Fund II’s final close to take place in 2008 with at least $300 million of equity commitments,” says CEO Michael K. Hayde.Fund II focuses solely on multifamily acquisitions and development projects. Its current investors primarily include major state employee pension funds, life insurance companies and investment banks, as well as many…

By Anuradha Kher, Online News EditorKennett Square, Pa.–Chatham Financial, an interest rate and foreign exchange advisory company, has opened its newest location in Singapore to better serve its international client base as well as support the interest rate and currency risk management needs of its growing number of Asia Pacific clients.The Singapore office is in addition to two U.S. locations in Kennett Square, Pa., and Denver as well as offices in London, U.K., and Krakow, Poland.“We are thrilled as this will allow us to continue to create market efficiency with closer proximity to the Asia market. We value having a…

By Anuradha Kher, Online News EditorJersey City, N.J.–Saint Vincent Catholic Medical Centers (Saint Vincent’s), the umbrella organization for several hospitals and healthcare facilities, has signed a 15-year lease with SK Properties, a Bridgewater, N.J.-based real estate company, for 65 apartments at Grove Pointe in downtown Jersey City, N.J. The lease is worth $34 million.The residences in the 30-story luxury rental building, developed by SK Properties, is to be occupied by resident and intern physicians, doctors, nurses and other hospital personnel.“Saint Vincent’s was unable to find a building in Manhattan’s Greenwich Village, close to the hospital facility, which is why they…