News

Shares of Fannie Mae and Freddie Mac plummeted yet again today on renewed fears of the possibility that the government may be forced to bail out the beleaguered institutions. Shares of both Fannie and Freddie were down 27 percent in trading on the New York Stock Exchange this afternoon, continuing a slide which saw each already down some 20 percent thus far this week, and a staggering 90 percent so far this year after being stung by the subprime mortgage crisis and housing slowdown. Given the importance of the two agencies to the American housing market–Fannie and Freddie together own…

South Florida cities rank high in foreclosure volume, commercial deals are hamstrung by the credit crunch, and property values are down 6 percent, said Matt Haggman, a real estate reporter at The Miami Herald, who keynoted Friday morning’s South Florida Property Opportunities Conference, presented by CPN. Nonetheless, Haggman remains optimistic about South Florida’s commercial real estate prospects. Despite Time magazine’s recent headline that asked “Is Florida the Sunset State?” – an in-depth feature article that explored the worst real estate meltdown since the Great Depression – Haggman looks at the Tri-County area through the lens of transition. South Florida, he…

Peter Rummell, former CEO of Jacksonville, Fla.-based The St. Joe Co., Florida’s largest private landowner, has been chosen as the new CEO of the North Palm Beach, Fla.-based Nicklaus Cos. Rummell, 62, retired from St. Joe in May and will take over his new position in mid-August, according to the Nicklaus Cos. In addition, Rummell will head the NicklausMilstein Fund, which was formed to capitalize on real estate development and investment opportunities that arise from the Nicklaus golf-course-design business. Nicklaus Design currently has more than 55 courses under construction and projects under development in 44 countries. Nicklaus Companies L.L.C. was…

Canadian Apartment Properties Real Estate Investment Trust has just wrapped up the acquisition of a 50 percent interest in a 784-unit apartment portfolio from CST Corp. All eight buildings are in the Toronto area, and both the seller and buyer are based in the city. CAP REIT shelled out a total of $45 million to become co-owner of the high-quality portfolio, which boasts an average occupancy level of 98 percent. In addition, the firm has also just taken a 137-unit multi-family in British Columbia for $14 million. The group of multi-family assets includes a four-structure high-rise apartment community with 369…

Despite a sluggish economy resulting in a small decline in market tightness, overall apartment demand is holding up fairly well, according to the National Multi Housing Council’s (NMHC) latest quarterly survey. Sales volume is down and both equity and debt capital are less available, the study finds. The Market Tightness Index, which measures changes in occupancy rates and/or rents, decreased from 44 last quarter to 40 this quarter. For all four of the survey indices, a reading above 50 indicates that, on balance, conditions are improving; a reading below 50 indicates that conditions are worsening; and a reading of 50…

After 11 years with Los Angeles-based real estate concern Arden Realty Inc., chief operating officer Robert Peddicord (pictured) has announced his resignation. “I think at this point in time, I’ve done all that I can do at Arden, and as they head into a national platform and investment management, the company is in good hands, so it felt it was a good time to go,” Peddicord told CPN. During his tenure at Arden, Peddicord moved from his first position of leasing manager up to COO upon General Electric acquisition of the company in May 2006. He will leave Arden having…

Los Angeles-based Cheryl Rowley Design, a 20-year-old hospitality design group, is venturing into the luxury senior living market, with Maravilla, a 410-unit resort-style senior living facility in Scottsdale, Ariz.An owner and developer of resort-style retirement living, Senior Living Resources LLC is the developer and owner of this project, set on 25 acres, adjacent to the AAA five-diamond Fairmont Scottsdale Resort.Maravilla will provide luxury accommodations and high-end amenities to an independent living, assisted living and memory care clientele. Currently under construction, Maravilla Scottsdale will provide residents with independent living, assisted living and memory care residences, as well as services such as…

Hill International has announced it has been awarded a contract by SmartCity (Kochi) Infrastructure Private Ltd. to provide project management services for the SmartCity Kochi development in India. Hill’s services on the development will include project administration, document control, master scheduling, budgeting and cost management, project reporting, design management, value engineering, construction tendering, construction program management and claims management. The two-and-a-half year contract has an estimated value to Hill of approximately $9 million. Located in the southeastern Indian coastal city of Kochi, SmartCity Kochi will be a technology epicenter. The development, built on approximately 300 acres and developed as a…

Plans for the conversion of Fort Lauderdale, Fla.’s Sheraton Yankee Trader Hotel into the 433-room Westin Beach Resort (pictured) have gotten a big boost with the closing of an $84 million financing deal for the project. Borrower A1A Trader L.L.C., an affiliate of Starwood Capital Group, was able to obtain a senior secured increasing term loan from ING Real Estate Finance, which took on the roles of Administrative Agent and Sole Lead Arranger on the transaction. After having occupied the oceanfront site at 321 N. Fort Lauderdale Beach Blvd. for 44 years, the Sheraton Yankee closed its doors in April…

Midway Companies recently unveiled plans for CityCentre, its 1.8-million-sq.-ft. mixed-use project in Houston featuring 650 residential units, 400,000 square feet of retail, restaurants and entertainment, a 144,000-sq.-ft. urban Life Time Athletic fitness facility and 425,000 square feet of Class A office space. CityCentre is spread across 37 acres at the intersection of Interstate 10W and Beltway 8 (Sam Houston Parkway) in the Memorial area of West Houston. When complete in 2009, approximately 1,500 people will occupy the project’s residential section, which includes 370 multifamily residential units, 250 urban apartment lofts, 35 brownstones and 22 condominium-style penthouse residences atop a 245-room…