Regions

Paris–France’s biggest bank, BNP Paribas SA, posted a 42 percent fourth quarter profit drop due to the reduced value of securities damaged by the troubled credit markets–but BNP Paribas fared better than many other European banks in the subprime breakdown, Bloomberg reports.In line with estimates BNP Paribas released in late January, net income declined from 1.72 billion euros in 2006 to 1.01 billion euros ($1.47 billion). The bank wrote down 589 million euros on leveraged loans and debt backed by bond insurers; it also earmarked 309 million euros connected with U.S. loans and securities.However, BNP Paribas’ subprime-related expenses of 1.2…

Washington, D.C.–Mortgage rates have crept up in recent weeks and businesses are experiencing a credit crunch as restrictive as the August credit collapse–despite two Federal Reserve short-term interest rate cuts in January, The New York Times reports.The Fed is now facing stagnant growth, higher oil and food costs and increasing inflation. Consumer prices leapt 4.3 percent higher last month compared to 2006–the biggest spike in two years, according to a Labor Department report released Wednesday. Central bank officials said a few hours after the price report that they’d reduced their growth outlook for 2008 to 1.3 to 2 percent and…

London–U.K. gross mortgage lending increased from a 2 ½-year low in December to £26.5 billion in January–almost hitting the January 2007 level, according to the London-based Council of Mortgage Lenders.However, the piece of positive mortgage news–a rarity in the U.K.’s current troubled market–won’t impact consumer confidence unless Bank of England lending data, due later this month, reveal an increase in housing sales, according to the Financial Times.”It is likely that demand will be stronger for remortgaging than for house purchase in the short term,” Council of Mortgage Lenders director-general Michael Coogan told the Times.

By Anuradha Kher, Online News EditorAlexandria, Va.–Orion Residential, a national multifamily investment and condominium development company, is teaming up with Accelerated Marketing Partners, a Boston-based real estate marketing and consulting company, to auction 43 one- and two-bedroom condominiums at reduced prices.The auction will take place on March 16, at the Hilton Alexandria Mark Center Hotel on 5000 Seminary Rd. in Alexandria. Jon Gollinger, principal of Accelerated Marketing Partners says, “This is an historic, once-in-a-lifetime opportunity for purchasers to determine their market value for a home. Prices like this have not been seen in over a decade.”Selected two-bedroom condominiums with recent…

By Anuradha Kher, Online News EditorWashington, D.C.–Senate Realty Corp., a Washington, D.C.-based real estate company, will host a free 30-minute home-buying seminar and bus tour of affordable housing condominiums on Feb. 23, in an effort to help buyers looking to invest in a slowed housing market with historically low interest rates.The District of Columbia Housing Finance Agency (DCHFA) is co-sponsoring the event.“In this weakened housing market that’s trying to correct itself, we’re seeing affordable housing products sell very well in D.C.,” says Cher Castillo Freeman, principal broker, Senate Realty. “There are lots of buyers seeking property below $400,000, who are…

By Anuradha Kher, Online News EditorCharlotte, N.C.–The Laramar Group, a real estate investment and management company, has acquired Waterford Lakes Apartments, a 694-unit property in Charlotte, N.C., located at 8000 Waterford Lakes Drive for more than $50 million.Waterford Lakes consists of resort-style residences located within walking distance of rapid transit, and near local employment centers, shopping and major metropolitan areas. Jeff Elowe, president of Laramar Group says, “Its lush surroundings and locale make this property a great addition to our portfolio.”A $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End…

By Anuradha Kher, Online News EditorLong Island, N.Y.– Encino, Calif.-based Marcus & Millichap Real Estate Investment Services has arranged the sale of Suburbia Gardens and Thunderbird Gardens, two multifamily communities totaling 85 units in the West Babylon section of Long Island, N.Y. for $12.75 million.Fairfield Properties bought the two communities, owned by Rinmark Properties and Kimcore Realty.“Long Island is one of the most fundamentally sound markets for multifamily housing in the entire country,” says Hoff. “Fairfield takes great pride in their properties, and will invest millions of dollars to upgrade and improve these well-located assets to better serve their tenants…

New York–Spandrel Property Services Inc., a property management and brokerage affiliate of luxury resort and condominium developer R.A.L. Companies & Affiliates, has attained real estate licensing in Connecticut, Massachusetts and Colorado.Spandrel, which is licensed in New York and Pennsylvania, expects to continue to grow its brokerage department and to attain licensing in more states, in an effort to achieve aggressive national growth.“The company will continue to seek licensing in states where we have the opportunity to conduct business, therefore we expect our state licensure to grow rapidly in direct relation to the expansion of our third-party building owner and developer…

By Anuradha Kher, Online News EditorNew York–The Housing Partnership Development Corp., a New York-based nonprofit producer of affordable housing, has obtained a $2 million below-market interest rate line of credit from Carver Federal Savings Bank. The line of credit is provided to the Housing Partnership’s affiliate, Community Partnership Development Corp. (CPDC), a not-for-profit lender that supports the financing needs of affordable housing developers in New York City.Beth Berns, CFO of the Housing Partnership, says, “The Housing Partnership is thrilled to have Carver Federal Savings make this commitment of funds to CPDC. This greatly increases the level of funding available to…

By Anuradha Kher, Online News EditorSan Francisco–RentPayment, a division of YapStone Inc., a payment processor to the multifamily property market, is launching Cardinal MAX, the mobile platform from CardinalCommerce Corp., which will allow residents to make payments via their mobile phones.Through the Cardinal MAX technology from CardinalCommerce, a Cleveland, Ohio-based company that enables payment brands for mobile and eCommerce, RentPayment’s clients can now receive a monthly alert when their rent is due and make a payment via a mobile phone text message. The only fee attached to this service is the convenience fee—if at all—that a property management might be…