Regions

Tempe, Ariz.–As home sales and construction declined, U.S. service industries most likely grew at the slowest pace in almost a year in January, economists forecast Monday.A Bloomberg News survey of economists said that the Tempe, Ariz.-based Institute for Supply Management index of non- manufacturing businesses–which comprise nearly 90 percent of the economy–will have fallen from 54.4 to 53, Bloomberg reports. ISM’s non-manufacturing report will be released on Tuesday.Another report may indicate the number of Americans purchasing pre-owned homes dropped for the second consecutive month in December. The housing decline is affecting builders, retailers, wholesalers and financial firms: Unemployment and decreased…

Orlando, Fla.–Commercial and multifamily mortgage bankers’ loan originations fell on a year-over-year basis in the fourth quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, released at the MBA Commercial Real Estate/Multifamily Housing Convention and Expo that opened in Orlando today. Fourth-quarter originations were 16 percent lower than during the same period last year. The year-over-year decrease was seen across most property types and investor groups.“The slow down comes directly from disruptions in the capital markets, although a few remaining large portfolio transactions continued to buoy the numbers,” says Jamie Woodwell, MBA’s senior director…

By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP), an Irvine-based financial transaction-processing services company for the multifamily industry, has launched its enhanced service-offering package, consisting of Resident OneBill, Resident ePay and UtilityPay Manager Services.Resident OneBill is a billing solution that enables property owners to provide a monthly statement to every resident itemizing all charges including rent, and displaying their total balance due. Resident OneBill also incorporates utility charges as allocated and assessed by NWP’s utility cost recovery service, which allows property owners to transfer the cost of utility usage to residents. Resident ePay, NWP’s enhanced resident payment processing…

By Anuradha Kher, Online News EditorMorrow, Ga.–TOTO USA Inc., a plumbing products manufacturing company, based in Morrow, has agreed to purchase 480,000 kilowatt-hours of Green Energy from Georgia Power, headquartered in Atlanta.Green Energy is environmentally friendly electricity generated from sources like the sun, wind, water, landfill methane and biomass.“The recent Green Energy purchase by TOTO is evidence that more and moreof our customers see the value of making renewable sources a part of their energy portfolio,” says Richard Holmes, senior vice president of Georgia Power for the Metro Atlanta region. “As our newest partner, TOTO’s commitment will raise awareness of…

By Anuradha Kher, Online News EditorAlexandria, Va., Houston–Laramar Group, a Chicago-based real estate investment and management company, has acquired the 308-unit Hampton Court Apartments in Alexandria and the 356-unit Memorial Club Apartments in Houston. “This portfolio is an excellent opportunity for the Laramar Multi-Family Value Fund to acquire underperforming and undervalued metropolitan properties,” says Jeff Elowe, president of Laramar Group. “In keeping with Laramar’s strategy to purchase value-add properties in outstanding locations, both Hampton Court and Memorial Club offer excellent investment potential. Both properties are situated in supply-constrained markets, in affluent locations close to jobs, schools and shopping, with a…

New York–Deutsche Bank Berkshire Mortgage (DBBM) has provided BPG Properties Ltd. a $185 million Freddie Mac loan for the acquisition of Boston Capital REIT, an 11-property portfolio of multifamily assets.BPG Properties Ltd. purchased the REIT on behalf of its Fund, BPG Investment Partnership VIII & VIIIA, L.P. Ten of the 11 multifamily properties were refinanced in this package. The financing was structured to be a seven-year fixed-rate plus one-year variable-rate financing. “The success of this transaction was tied to our relationship with Freddie Mac and the financial strength of the borrower,” says Adam Randall, a vice president at DBBM. “We…

Los Angeles–The Jewish Federation’s Real Estate and Construction Division will honor Harvey E. Green, president and CEO of Marcus & Millichap, a real estate investment brokerage company, at their annual dinner in Los Angeles in April 2008.Green directs the activities of Marcus & Millichap around the U.S., which includes more than 1,300 investment real estate specialists located in 71 offices.Green’s professional associations, memberships and affiliations include the International Council of Shopping Centers, the International Association of Corporate Real Estate Executives, the National Association of Industrial and Office Properties and the National Apartment Association. He is currently the Governor of the…

By Anuradha Kher, Online News EditorLaurel, M.d.– Somera Capital Management, the owners of Laurel Commons, previously Laurel Mall, announced their partnership with Greenbelt-based Bozzuto Group, to build and design a residential community as part of the mall’s redevelopment plan.The five-story building will house 440 residential units with the first story to be used for commercial use. Three percent of the residential units will be reserved for workforce or moderate-income housing.“We are committed to creating an exciting town center where people can live, work and play,” says Tom Falatko, senior vice president, Retail Investments, Somera Capital.The building will have amenities including…

By Anuradha Kher, Online News EditorMiami–Riemer Insurance Group (RIG), an independent insurance agency, is offering “Green-Gard” coverage, a type of property insurance for owners of various types of buildings who have green-certified property, are in the process of making green improvements, or wish to upgrade to green in the event of a loss.The coverage, provided through the Fireman’s Fund Insurance Company, offers three types of insurance plans. The ‘Green Real and Personal Property Upgrade’ will cover owners of buildings, which are not certified and may or may not include green features, for the cost of making defined upgrades. ‘Certified Green…

Atlanta–Home Depot–one of the nation’s largest retailers, specializing in homebuilding supplies–announced a 10 percent layoff Thursday at its Atlanta headquarters, according to the Atlanta Journal-Constitution.Approximately 500 of the company’s 5,000 employees were told they would lose their jobs as the result of the national housing decline and slowing economic growth. Home Depot did not specify which jobs were being eliminated.Corporate spokesman Ron DeFeo said the employees given notice Thursday will be gone by the end of the week. Home Depot hasn’t made any large job reductions at its main location since 2006. In November, Home Depot posted a 27 percent…