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Sunday, December 23, 2007
Residential Building Down in Ireland
Cork, Ireland--The decline in Irish home construction continued in the second quarter of 2007, with the volume of residential construction output dropping 10 percent, The Irish Times reports.
However, figures show that the overall building and construction activity was up by 4 percent because of strong annual growth in the civil engineering and nonresidential building sector, according to the Cork-based Central Statistics Office (CSO).
Housing output value for the quarter was down 6.2 percent compared to 2006.
source: multi-housingnews.com
However, figures show that the overall building and construction activity was up by 4 percent because of strong annual growth in the civil engineering and nonresidential building sector, according to the Cork-based Central Statistics Office (CSO).
Housing output value for the quarter was down 6.2 percent compared to 2006.
source: multi-housingnews.com
Developer Gets the OK from City Council to Begin Renovations on New Orleans Public Housing Complex
New Orleans--Non-Profit developer Providence Community Housing and investment capital provider Enterprise Community Partners will be able to start renovating New Orleans' Lafitte public housing development because of a unanimous New Orleans City Council vote Thursday to continue rebuilding several of the city's public housing developments.
As New Orleans struggles to rebuild itself in the wake of Hurricane Katrina, Providence and Enterprise were selected by the U.S. Department of Housing and Urban Development (HUD) and the Housing Authority of New Orleans (HANO) to plan and develop a new community on and around the site of Lafitte in historic Tremé neighborhood.
The team is working to develop mixed-use, mixed-income properties that will include 900 subsidized rental apartments and 600 homes for first-time homeowners and working families.
“We listened to the residents who want to come back home to a stronger, healthier community,” said Doris W. Koo, president and CEO of Enterprise Community Partners. “Today, the City Council listened as well. We are very excited to continue our work with the families and other community leaders so we together can cooperatively create Tremé/Lafitte into a neighborhood of choice.”
Providence and Enterprise have created a phased rebuilding approach that includes the immediate rehabilitation of at least 94 apartments, which will be reopened for short-term occupation so that individuals can return immediately if they desire.
The plan also allows for the preservation of three historic buildings and the Sojourner Truth community center.
The Louisiana Housing Finance Agency awarded the Providence-Enterprise team $12.8 million in Gulf Opportunity Zone Low Income Housing Tax Credits, and the State of Louisiana Office of Community Development gave $27 million in Community Development Block Grant funds for the renovations.
Based in New Orleans, Providence Community Housing is a non-profit affordable housing developer founded by a coalition of faith-based groups in April 2006. Providence has a five-year goal to bring 20,000 victims of Hurricane Katrina home by restoring, rebuilding or developing 7,000 homes to foster new single-family home and apartment communities.
For 25 years, Enterprise, a national nonprofit that provides loans, grants and information resources, has created neighborhood solutions through public-private partnerships with financial institutions, governments and community organizations. Enterprise has raised and invested $8 billion in equity, grants and loans to finance more than 225,000 affordable rental and for-sale homes.
source: multi-housingnews.com
As New Orleans struggles to rebuild itself in the wake of Hurricane Katrina, Providence and Enterprise were selected by the U.S. Department of Housing and Urban Development (HUD) and the Housing Authority of New Orleans (HANO) to plan and develop a new community on and around the site of Lafitte in historic Tremé neighborhood.
The team is working to develop mixed-use, mixed-income properties that will include 900 subsidized rental apartments and 600 homes for first-time homeowners and working families.
“We listened to the residents who want to come back home to a stronger, healthier community,” said Doris W. Koo, president and CEO of Enterprise Community Partners. “Today, the City Council listened as well. We are very excited to continue our work with the families and other community leaders so we together can cooperatively create Tremé/Lafitte into a neighborhood of choice.”
Providence and Enterprise have created a phased rebuilding approach that includes the immediate rehabilitation of at least 94 apartments, which will be reopened for short-term occupation so that individuals can return immediately if they desire.
The plan also allows for the preservation of three historic buildings and the Sojourner Truth community center.
The Louisiana Housing Finance Agency awarded the Providence-Enterprise team $12.8 million in Gulf Opportunity Zone Low Income Housing Tax Credits, and the State of Louisiana Office of Community Development gave $27 million in Community Development Block Grant funds for the renovations.
Based in New Orleans, Providence Community Housing is a non-profit affordable housing developer founded by a coalition of faith-based groups in April 2006. Providence has a five-year goal to bring 20,000 victims of Hurricane Katrina home by restoring, rebuilding or developing 7,000 homes to foster new single-family home and apartment communities.
For 25 years, Enterprise, a national nonprofit that provides loans, grants and information resources, has created neighborhood solutions through public-private partnerships with financial institutions, governments and community organizations. Enterprise has raised and invested $8 billion in equity, grants and loans to finance more than 225,000 affordable rental and for-sale homes.
source: multi-housingnews.com
DEAL OF THE DAY: 286-Unit Texas Apartment Building Sold
Pearland, Texas--Hendricks & Partners, headquartered in Phoenix, has announced the sale of the 286-unit Whispering Winds apartments in Pearland, Texas for an undisclosed amount.
East Lansing, Mich.-based TR Associates of Whispering Winds, LP sold the complex to Whispering Apartments, LLC of Los Angeles.
Jim Hearn, Ed Cummins and Ryan Terrell of the Houston office of Hendricks & Partners and Tom Warren and Christopher Thomson of the Dallas office negotiated the transaction on behalf of the seller.
Constructed in 1986, Whispering Winds consists of one-, two- and three-bedroom units that average 900 square feet.
Apartments feature washer/dryer connections, ceiling fans, private patios and walk-in closets. Select units contain fireplaces.
The complex's amenities include two swimming pools, a tennis court and a children’s playground.
source: commercialpropertynews.com
East Lansing, Mich.-based TR Associates of Whispering Winds, LP sold the complex to Whispering Apartments, LLC of Los Angeles.
Jim Hearn, Ed Cummins and Ryan Terrell of the Houston office of Hendricks & Partners and Tom Warren and Christopher Thomson of the Dallas office negotiated the transaction on behalf of the seller.
Constructed in 1986, Whispering Winds consists of one-, two- and three-bedroom units that average 900 square feet.
Apartments feature washer/dryer connections, ceiling fans, private patios and walk-in closets. Select units contain fireplaces.
The complex's amenities include two swimming pools, a tennis court and a children’s playground.
source: commercialpropertynews.com
Billing, Customer Service Support for Spanish-Speaking Tenants Announced
Irvine, Calif.--NWP Services Corp. (NWP), an Irvine-based provider of billing, resident payment and utility management solutions for the multifamily industry, has announced that the company will enhance its billing and customer service support for Spanish-speaking residents.
In response to the needs of its customers, NWP recently introduced a new English-to-Spanish translation feature on its monthly resident utility billing statement. This billing enhancement will help Spanish-speaking residents better understand their charges and the payment options that are available to them, as well as to make them aware of the bilingual phone support and customer service that NWP offers.
This latest enhancement is a part of NWP’s ongoing bilingual support program, which currently includes a host of specialized services designed to assist Spanish-speaking residents. These support services include a team of dedicated bilingual customer service representatives as well as an automated toll-free phone system exclusively for Spanish-speaking residents to access account information, make payments and get answers to frequently asked questions 24 hours a day, seven days a week.
The support program also includes a series of Spanish language conservation materials to educate residents on how they can reduce utility costs through conversation of water, electricity and natural gas.
Bilingual support services allow NWP to communicate more effectively with a higher percentage of its customers’ residents. The resulting benefit for property owners is a greater potential to collect a higher number of more accurate payments, which in turn increases the financial return of their resident billing program.
"A major element of our job is to anticipate the needs of our natural customer and maximizing communication with residents is always critical," says Angela Rodebaugh, director of NWP Client Services. "NWP has filled a need with its bilingual support services, and as a result our customers’ programs are more successful and residents are more satisfied. NWP will continue to focus on additional enhancements in this area in the future."
source: multi-housingnews.com
In response to the needs of its customers, NWP recently introduced a new English-to-Spanish translation feature on its monthly resident utility billing statement. This billing enhancement will help Spanish-speaking residents better understand their charges and the payment options that are available to them, as well as to make them aware of the bilingual phone support and customer service that NWP offers.
This latest enhancement is a part of NWP’s ongoing bilingual support program, which currently includes a host of specialized services designed to assist Spanish-speaking residents. These support services include a team of dedicated bilingual customer service representatives as well as an automated toll-free phone system exclusively for Spanish-speaking residents to access account information, make payments and get answers to frequently asked questions 24 hours a day, seven days a week.
The support program also includes a series of Spanish language conservation materials to educate residents on how they can reduce utility costs through conversation of water, electricity and natural gas.
Bilingual support services allow NWP to communicate more effectively with a higher percentage of its customers’ residents. The resulting benefit for property owners is a greater potential to collect a higher number of more accurate payments, which in turn increases the financial return of their resident billing program.
"A major element of our job is to anticipate the needs of our natural customer and maximizing communication with residents is always critical," says Angela Rodebaugh, director of NWP Client Services. "NWP has filled a need with its bilingual support services, and as a result our customers’ programs are more successful and residents are more satisfied. NWP will continue to focus on additional enhancements in this area in the future."
source: multi-housingnews.com
GE's Balance-Sheet Loan Saves Transaction when Original Lender Cancelled Commitment
Vacaville, Calif.—Portfolio lenders are coming to the rescue in a time when some lenders are backing out of deals. GE Real Estate recently made a $15.1 million loan shortly after another lender withdrew from the transaction.
The loan enabled the San Francisco-based Jackson Square Properties LLC to acquire a 136-unit apartment complex.
“We were within days of completing a deal to acquire Sommerset Apartments here when the initial lender backed out of the agreement,” said Jeff Jaeger, principal, Jackson Square Properties. “We completed other similar real estate acquisitions in California and elsewhere and were surprised when that lender decided against completing this deal.”
Troy Tegeler, managing director at CBRE Melody, which brokered the transaction, commented, “When credit tightens, we can count on GE Real Estate to deliver timely, on-book financing for our clients’ solid investment opportunities.”
Nathan McElmurry, director, GE Real Estate, said the property was located close to Travis Air Force Base and to major employers. He said the company was also impressed with Jackson Square’s executive team and the company’s success in operating and owning apartment buildings in strong multifamily markets. “This, coupled with the CBRE Melody team’s depth of multifamily experience, gave us a high level of comfort on the deal,” he said.
Sommerset Apartments is a 136-unit complex in a predominantly residential area located in Vacaville, a bedroom community between Sacramento and San Francisco in Solano County. The county’s population is expected to grow by 10 percent between 2005 and 2010, and the more than 6,200 multifamily units in Vacaville have an overall occupancy of 94 percent. Rents are also expected to increase 5.6 percent this year.
source: multi-housingnews.com
The loan enabled the San Francisco-based Jackson Square Properties LLC to acquire a 136-unit apartment complex.
“We were within days of completing a deal to acquire Sommerset Apartments here when the initial lender backed out of the agreement,” said Jeff Jaeger, principal, Jackson Square Properties. “We completed other similar real estate acquisitions in California and elsewhere and were surprised when that lender decided against completing this deal.”
Troy Tegeler, managing director at CBRE Melody, which brokered the transaction, commented, “When credit tightens, we can count on GE Real Estate to deliver timely, on-book financing for our clients’ solid investment opportunities.”
Nathan McElmurry, director, GE Real Estate, said the property was located close to Travis Air Force Base and to major employers. He said the company was also impressed with Jackson Square’s executive team and the company’s success in operating and owning apartment buildings in strong multifamily markets. “This, coupled with the CBRE Melody team’s depth of multifamily experience, gave us a high level of comfort on the deal,” he said.
Sommerset Apartments is a 136-unit complex in a predominantly residential area located in Vacaville, a bedroom community between Sacramento and San Francisco in Solano County. The county’s population is expected to grow by 10 percent between 2005 and 2010, and the more than 6,200 multifamily units in Vacaville have an overall occupancy of 94 percent. Rents are also expected to increase 5.6 percent this year.
source: multi-housingnews.com
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