Regions

Washington, D.C.–Federal Reserve Chairman Ben Bernanke implied Thursday that more rate cuts may be necessary to stimulate the economy, The Wall Street Journal reports.Speaking to the Women in Housing and Finance and Exchequer Club in Washington, Bernanke noted that, because financial and economic conditions can change suddenly, the Fed must be observant and ready to act quickly.Bernanke cited higher oil prices, decreased equity prices and falling home values as growing threats to the economy. “In light of recent changes to the outlook for and the risks to growth, additional policy easing may well be necessary,” he said. Bernanke’s comments–his first…

By Matthew Marin, Associate EditorHenderson, Nev.–American Nevada Co. and The Vista Group, both real estate developers, have formed a joint venture with Atlanta-based Place Properties, a nationwide multifamily developer, to develop Midtown Place, the first major student-housing complex serving UNLV students in Henderson, Nev.The project, located at Maryland Parkway and Cottage Grove adjacent to the UNLV campus, will be the first off-campus, student-housing complex for UNLV. It is also situated where University Park Apartments currently stands.  Upon completion, the project will encompass approximately 3,000 suites designed for the UNLV student of the 21st century, including a fitness center with personal…

By Erin Brereton, Content ManagerAddison, Texas–Dutch pension fund PGGM has agreed to invest $100 million in Addison, Texas-based commercial real estate company Behringer Harvard’s growing portfolio of Class A apartment communities.PGGM initially committed $100 million to the portfolio in May 2007; the new commitment brings its total investment to $200 million. PGGM also has an option to expand its commitment to $300 million.The funds will allow Harvard to finance and purchase apartment communities from national and regional developers that are planned, currently under construction or recently completed, according to Behringer Harvard Senior Vice President Mark Alfieri.Since PGGM’s initial investment, Behringer…

Farmington Hills, Mich.–Farmington Hills, Mich.-based iCap Realty Advisors recently secured $24.15 million in refinancing for residential and commercial properties in three Michigan cities.Director Jill Jasinski arranged $11.15 million to refinance Augusta Woods, a 309-pad mobile home community in Willis, Mich., through financing that involved a $10.7 million senior mortgage, provided by LaSalle Bank, and $445,000 in mezzanine debt, provided by a second source. The conduit financing included a 10-year term, 30-year amortization and two years of interest-only payments.Jasinski also helped obtain $10 million in permanent financing for an 84,565-square-foot mixed-use property in Birmingham, Mich. that contains retail and office space…

By Keat Foong, Executive EditorNewton Square, Pa.— GMH Capital Partners has purchased a portfolio of two properties from Fair Oak LLC in Tennessee for an undisclosed price. The properties are: Poplar Place Townhomes, a 220-unit garden-style rental townhouse community in Memphis, Tenn.; and Collier Village Apartments, a 100-unit garden-style rental apartment complex in Collierville, Tenn. “Poplar Place and Collier Village are our first investments in the Memphis area, exemplifying our aggressive investment strategy of acquiring multifamily assets in major markets throughout the United States,” says Gary M. Holloway, Jr., president of GMH Capital Partners. “Our planned upgrades will create more…

Los Angeles–Troubled by the ongoing U.S. housing decline, Los Angeles-based homebuilder KB Home announced a $773 million fiscal fourth quarter loss Tuesday, The Los Angeles Times reports.In the same period in 2006, KB’s loss was just under $50 million. KB Home Chief Executive Jeffrey Mezger told analysts Tuesday that the housing market would see more unrest, citing “oversupply, foreclosures, reduced affordability and declining consumer confidence.””Current conditions are not improving enough to clear inventories,” Mezger said.KB Home has cut jobs, reduced home construction and reduced its debt by $759 million. The company increased its cash balance by $625 to $1.3 billion….

Waterbury, Conn.–Waterbury, Conn.-based Webster Financial Corp. announced Tuesday that it will take a $40 million pretax provision in the fourth quarter and close its national wholesale mortgage business, Forbes.com reports.The pretax provision is intended to increase Webster’s credit loss allowance. Because of its discontinued mortgage services, the holding company will record a $22.4 million fourth-quarter pretax charge.Webster said it also may take a $14 million fourth quarter writedown on its insurance business.Excluding liquidation charges, Webster saw fourth-quarter net charge offs of $2.6 million and $5.25 million in additional provision expenses.

Madrid–Spain’s booming economic growth has been halted by the international credit squeeze, housing and other factors, according to The Financial Times.Inflation in December–4.3 percent–was Spain’s highest level in a decade. Unemployment also rose last month. Home prices in many areas have begun to drop, causing some families to owe banks more than their home value. Several property developments have been stopped; recently completed projects are experiencing falling prices and buyers who are writing off their downpayments and dropping out.The general slowdown has caused Europe’s fifth-largest economy to lower its estimate for 2008 growth from 3.3 percent to 3.1 percent. In…

Ottawa–A decrease in Canadian new home starts last month indicated the country’s hot housing market may be tapering off–yet overall starts for 2007 were the highest since 2004, according to the Ottawa-based Canada Mortgage and Housing Corp.New home starts decreased in December to 187,500, compared with a revised 233,300 units in November, Bloomberg reported Wednesday.Metropolitan single-family homes construction starts dropped 13 percent to 85,600 units last month. Urban apartment and condominium starts fell 34 percent to 66,000 units. In 2007, new home starts climbed to 229,699 units–1 percent more than in 2006. The Canada Mortgage and Housing Corp. predicted starts…

Miami — The Miami office of HFF (Holliday Fenoglio Fowler L.P.) announced today that it has closed the sale of Floresta, a 311-unit, Class A apartment community in Jupiter, Fla. The HFF investment sales team was led by Director George Vail, Executive Managing Director Manuel de Zárraga and Director Ike Ojala who marketed the property on behalf of the seller, Tarragon Corp. The property was purchased by a confidential buyer for an undisclosed amount free and clear of debt. Floresta is located at 400 Via Royale in Jupiter, close to the new Scripps Research Institute that is currently under construction….