Business Specialties
Senate Approves Increase in FHA Apartment Loans
The U.S. Senate last night passed H.R. 5872, which increases the Federal Housing Administration’s commitment authority for its multi-family insurance programs by $5 billion at a time when applications are at an unprecedented level.
Economy Watch: Firing Level Low, but Hiring Level Not High
Jobs, jobs, jobs. On Tuesday, Chicago-based Challenger, Gray & Christmas Inc. said that job-cut announcements in July rose 6 percent from June. It was the third month in a row that planned firings went up. The heaviest cutters these days are public and nonprofit entities, not private employers.
Yardi Acquires Public Housing Management Software Developer VisualHOMES
This latest acquisition combines the public housing technology expertise of VisualHOMES with Yardi’s browser-based Yardi Voyager PHA solution for subsidized housing.
Saint Index: Americans’ Desire for Certain Neighborhood Developments Grows
Build in my backyard–please! Well, it may not be quite so dramatic, but more and more residents across the country are turning away from NIMBYism (Not in My Back Yard), according to the 2010 Saint Index survey.
Conde Nast May Anchor Ground Zero Skyscraper
When completed three years from now, the skyscraper will be New York’s tallest at 1,776 feet. Should the Conde Nast deal come to pass, the company will likely move from its 800,000 square feet at 4 Times Square in 2014.
U of Maryland Student Housing Project Progresses as Clark Builders Comes Aboard
Development of student housing projects across the country continues at a strong pace, and in College Park, Md., the University of Maryland has selected Arlington, Va.-based Clark Builders Group to handle construction of The Varsity, a mixed-use residential project adjacent to the school’s main entrance.
HFF Secures $160M in Acquisition Financing for DC’s Washington Harbour
HFF senior managing director Bill Asbill and Bob Donhauser as well as managing director Cary Abod secured the five-year, fixed-rate loan with MetLife Real Estate Investments. They worked exclusively on behalf of Rockpoint Group and MRP Realty.
FIRPTA Reform Clears House
The United States House of Representatatives has voted by a landslide to pass legislation modifying and updating the Foreign Investment in Real Property Tax of 1980. The bill cleared the House by a vote of 402 to 11.
LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash
With the participation of Vornado and others, Miami Beach-headquartered LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet.
Fitch Says CMBS Cumulative Defaults Up to 9.5 Percent
According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.