News
FHA and Michaels Development Company Deliver 49-Unit Senior Housing in Metro Nashville
The first phase of The Franklin Housing Authority’s (FHA) portfolio redevelopment has been delivered with the grand opening of Reddick Senior Residence. The 49-unit affordable senior housing project was developed by the FHA in partnership with The Michaels Development Company and represents the housing authority’s first public-private partnership.
Economy Watch: Bernanke Defends Fed Stimulus; Chase to Pay $13B Fine
Fed Chairman Ben Bernanke defended his actions for the continued bond-buying program during an annual dinner in Washington. And JP Morgan Chase agreed to pay about $13 billion to settle charges by the U.S. Department of Justice that during the runup to the housing bubble back in the mid-2000s, it routinely misrepresented the value of the mortgages it sold.
Economy Watch Weekly: Economy Weathered Shutdown Better than Expected
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 15.
Makeover Gallery: Upgrading Vintage Assets
Across property categories and in all markets, vintage properties are receiving creative upgrades. Investors, property managers and architects are joining forces to infuse older buildings with new life. We offer a slideshow of some exemplary efforts. For strategies to add greater value through asset upgrades, turn to “Makeovers in Motion” in the December 2013 issue of CPE.
Oceanside M-F Asset Commands Record Per-Unit Price
The San Diego residential market recently recorded a substantial deal when a rental townhouse development was purchased, setting a per-unit record in terms of the fee. The property is located in the Oceanside submarket of San Diego, and formerly owned by ConAm Group, who sold the property to L.A.-based investor, TruAmerica Multifamily, part of a joint venture with Guardian Life Insurance, the San Diego Union-Tribune writes. The total fee that ConAm received for its asset stood at around $81 million, with the per-unit rate at approximately $366,516, a record for Oceanside a record for the submarket.
Howard Haynes Joins Hill International’s Orlando Office
Howard H. Haynes Jr., P.E. (Professional Engineer), CCE (Certified Cost Engineer), has joined the Hill International as senior vice president, the company announced last Wednesday. Haynes is now in charge of the firm’s Construction Claims Group operations in Florida.
Parkway Properties Takes Ownership of 7000 Central Park
7000 Central Park in Atlanta changed hands on Nov. 5, as the joint venture Parkway Properties Inc. entered has recently foreclosed on the asset and taken ownership of the property, Parkway announced.
Starwood Wraps Up $1.6B Mall Portfolio Purchase
Starwood Capital Group has just completed its second major portfolio purchase from Westfield Group, snapping up seven regional malls in the West and Midwest for just over $1.6 billion.
C&W Arranges $275M in Financing for Historic NYC Tower
Cushman & Wakefield served as the exclusive advisor to an affiliate of SL Green Realty Corp. in arranging a $275 million, seven-year senior mortgage loan for 220 E. 42nd St. in New York City.
Schorsh’s RCAP to Acquire Summit Financial Services
RCS Capital Corp. continues expanding its independent broker-dealer business by planning a nearly $50 million merger with Summit Financial Services of Florida.
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