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Finance & Accounting, Headline »

[3 Mar 2015 | No Comment | ]
Crowdfunding breaks the billion

By Konrad Putzier
Real estate crowdfunding firms raised $1.014 billion worldwide in 2014, according to a report by research and consulting firm Massolution. Most of that money – $565 million – was raised in North America, more than doubling the 2013 total of $184 million.
The report highlights the impressive growth of real estate crowdfunding following its de-facto legalization in the U.S. in September 2013. In 2012, crowdfunding firms had raised a mere $19.1 million worldwide. U.S. crowdfunding platforms like Fundrise or Realty Mogul remain small players in real estate finance, but …

Finance & Accounting »

[3 Mar 2015 | No Comment | ]

Charles Rutenberg LLC premieres its “Health & Wealth in Real Estate” seminar series on Thursday, March 5th, with guest speaker Melanie Haselmayr, Founder and CEO of Mevvy, the revolutionary app discovery platform that has been touted in Forbes, AllBusiness.com and other national publications and business blogs. The first in an ongoing series of seminars that will be covering a wide range of topics, including technology, health and wealth management, it will be open exclusively to Rutenberg agents and their guests, and is being held at the 3 West Club, 3 West 51st Street, …

Finance & Accounting »

[27 Feb 2015 | No Comment | ]

Attorney General Eric T. Schneiderman today announced that his office has reached a settlement with 47 East 34th Street (NY), LP, the owners of an apartment building located at 47 East 34th Street in Manhattan, to repay $4,446,153 in unpaid taxes due to the City under Section 421-a of the New York Real Property Tax Law and convert all 110 units of the building to rent-stabilized units. Prior to the Attorney General’s investigation, the building was operating as an illegal extended-stay hotel, which is not permitted under 421-a rules. The …

Finance & Accounting, Headline »

[20 Feb 2015 | No Comment | ]
City investment in affordable housing off to slow start under de Blasio

The de Blasio administration has invested $400 million in affordable housing since the beginning of 2014, according to New York City’s commissioner of housing development and preservation, Vicki Been. The figure, disclosed by Been at a conference at Baruch College Thursday, indicates that the administration will have to dramatically increase its investment pace in order to create and preserve 200,000 affordable housing units by 2024.
But while public investment has been off to an expected slow start, the administration has had success attracting private investment.
“The city has put its money where …

Deals & Dealmakers, Finance & Accounting »

[12 Feb 2015 | No Comment | ]

By Michael Nachamkin, HFF
Developers and investors are back in the industrial development game throughout the United States.
User demand is high in most markets, and speculative development is gaining momentum, with eCommerce as a big driver of development in most markets.  Competition appears to be getting aggressive to acquire key land sites in the major and secondary markets, and we are starting to witness price inflation, especially in those markets that are land constrained, specifically coastal markets.
New Jersey is a prime example of ever increasing land pricing.  For instance, land that …

Deals & Dealmakers, Finance & Accounting »

[11 Feb 2015 | No Comment | ]

By Jake Mooney
For many multifamily REIT executives in recent years, the rhetoric about portfolio allocation has sounded a bit like the old Petula Clark song: “Things will be great when you’re downtown.”
But even as companies have chased the young, the childless and the free-spending toward the cities’ brighter lights, pushing asset prices ever higher in the hottest urban markets in the process, the relatively unglamorous suburbs have maintained a steady appeal.
The suburban thesis, and the fundamentals driving it, came into sharper relief in October when executives at a blue-chip apartment …

Finance & Accounting »

[4 Feb 2015 | No Comment | ]

Richard Bassuk, Chief Executive Officer of The Greystone Bassuk Groupannounced the closing of a $140,000,000 credit enhancement for The Dermot Company.
The loans was provided by Helaba Landesbank Hessen-Thuringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of  Dermot  and its partner, Lowe Enterprises Investment Management LLC as investment advisor on behalf of the Commonwealth of Pennsylvania State Employees Retirement System.
The financing was structured with $90,000,000 of 2010 Series A low floater tax-exempt bonds; $9,000,000 of 2015 Series A low floater tax-exempt bonds; and $41,000,000 of 2015 Series B low-floater taxable bonds issued as permanent financing …

Finance & Accounting »

[4 Feb 2015 | No Comment | ]

The Community Development Trust (CDT) announced its $100 million commitment to the Rental Assistance Demonstration (RAD) program, a program developed by the U.S. Department of Housing and Urban Development (HUD) designed to supplement congressionally allocated funds that alone are insufficient to keep up with the capital needs of public housing units across the country.
RAD allows projects currently funded under the public housing and Section 8 Moderate Rehabilitation (Mod Rehab) programs to convert their assistance to long-term, project based Section 8 rental assistance contracts.
Since the inception of RAD in 2012, CDT …

Finance & Accounting »

[4 Feb 2015 | No Comment | ]

By Michael Howe, director,
Institutional Products,
PENSCO Trust Company
For the past six years, the arrival of a New Year has also meant the arrival of media speculation that this will be the year that the Federal Reserve will raise its namesake fed funds rate.
But in prior years, the speculation remained just that — speculation. But at its policy meeting in December, the Fed indicated that 2015 is likely to be the year that it raises interest rates, although the central bank said it will be “patient” before taking rates up from …

Finance & Accounting »

[4 Feb 2015 | No Comment | ]

Eastern Union Funding continued to forge its national footprint by arranging a $42.66 million acquisition loan for one of CityR Group’s biggest deals yet — a 672-unit multifamily trade in Illinois.
Originated by Eastern Union president Ira Zlotowitz and Michael Muller, senior managing director, the Fannie Mae loan features a ten-year term with a 4.03 percent interest rate. Provided by Arbor Commercial Mortgage, the loan covers roughly 83 percent of the purchase price.
The property, The New Colonies, traded for $51.658 million and is located at 316 West 34th Street, Steger IL, …

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