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Monthly ArchiveNovember 2017

Hanover and real estate investment co. buy Hermann Park apartment tower

Houston-based apartment company Hanover Co. and PGIM Real Estate, part of Prudential Financial Inc.’s businesses, formed a joint venture to buy an apartment tower across from Houston’s Hermann Park. 

The JV bought Mosaic at Hermann Park, a 29-story, 396-unit apartment community on 2.35 acres at 5925 Almeda Road, according to a press release. The property also has 20,087 square feet of ground-floor retail space. An adjacent condominium tower was not part of the acquisition, a spokesman confirmed. 


Source: http://feeds.bizjournals.com/industry_21

Looking ahead to the 2018 housing market

Inventory shortages could begin to ease in certain markets in the U.S.

Source: http://feeds.bizjournals.com/industry_21

Mortgage industry latest real estate sector to express alarm over GOP tax bill

The mortgage industry is the latest group to express concern over the proposed GOP tax plan

From TRD New York: Add the mortgage industry to the list of groups concerned about the Republican tax plan.

Industry leaders are worried that a provision in the Senate bill changing the time when lenders pay taxes on income they get from managing mortgages could cause some smaller lenders to go out of business, according to Bloomberg.

Lenders currently pay taxes on this service as they receive the money, but under the Senate bill, they would have to pay these taxes upfront. The Mortgage Bankers Association said smaller companies unable to afford this could just abandon the practice entirely.

“It’s a fire drill,” MBA president David Stevens told Bloomberg. “We’re scrambling to get people on phone calls. It would cause a significant disruption in the industry.”

Senate leaders expect to vote on the bill Thursday or Friday, and it is unclear whether they plan to keep this provision in the bill or whether they targeted lenders on purpose.

The Republican tax proposals could have far-reaching effects on the real estate industry, including making it more expensive to own a home and making it more difficult to develop affordable housing, though it would likely be a boon for condominium developers and large real estate corporations.  [Bloomberg]Eddie Small

Source: http://feeds.feedburner.com/trdmiami

Exclusive: City settles lawsuit with 'harassed' East Austin homeowners; Case against homebuilder rolls on

Blake and Toria English moved from California to raise their family in Austin, but their lives took an ominous turn after they bought a new house in East Austin and discovered that city code enforcement officers had a problem with their home improvements. Here’s the latest on the lengthy saga, which the ABJ has followed for more than two years to put a face on what is perceived to be a sweeping problem: permitting and code enforcement in Austin.

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Oakland's new planning director talks about challenges and opportunities

William Gilchrist

Oakland planning and building director

Education: MIT master’s degree in architecture, MIT master’s degree in management, MIT  bachelor’s of science in design

Experience: Director of place-based planning in New Orleans; director of planning and engineering in Birmingham, Alabama.

Hobbies: Photography, drawing, music

Residence: Downtown Oakland

William Gilchrist joined Oakland’s government in September. He previously worked in Birmingham, Alabama, and New Orleans.…

Source: http://feeds.bizjournals.com/industry_21

RedSky scores construction loan for Cube Wynwyd

Rendering of Cube Wynwyd

RedSky Capital closed on an $18.27 million construction loan for an office building it plans to develop in Wynwood, property records show.

Bank of the Ozarks is providing the financing for Cube Wynwyd, an eight-story office building at 222 Northwest 24th Street. The project, with nearly 80,000 square feet of office space and about 11,400 square feet of retail space, will mark one of the first new office buildings in Wynwood. Records show the building has not yet broken ground.

Rendering of Cube Wynwyd

Blanca Commercial Real Estate is handling leasing. Asking rents range from about $38 to $42 per square foot triple-net for spaces that go up to a full 11,360-square-foot floor, Tere Blanca previously said. It’s 27 percent preleased to tenants that include Spaces, a shared workspace concept. Spaces just signed a nearly 24,000-square-foot lease at Cube Wynwyd, according to a spokesperson. Randy Carballo and Gavin MacPhail of JLL represented the co-working firm, and Blanca, Danet Linares and Flavia Eternod of Blanca Commercial represented RedSky.

Rendering of Cube Wynwyd

Arquitectonica is designing the LEED-certified building, which will include a rooftop terrace and 30-foot breezeway with restaurant and retail tenants on the ground floor. It’s slated to open in 2018.

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City Council to consider tax abatement for $57M Heritage Plaza project

The proposed tax abatement would come from the county and is valued at approximately $67,212 per year with a total of $672,129 over a 10-year period.

Source: http://feeds.bizjournals.com/industry_21

Tucker Carlson sells D.C. home — and buys another nearby

Political commentator Tucker Carlson has sold his home in Washington, but the Fox News host isn’t going far.

The conservative TV host and his wife, Susan Carlson, sold their 4,784-square-foot house in the District’s Kent neighborhood for $2.04 million in a deal that closed Sept. 29, according to public records. The couple has also bought a home about a mile away in the same neighborhood, according to sources familiar with the deal.

The Carlsons closed on their new house for $3.895 million on…

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Triangle homes selling at 'historically' rapid rate

Home sales in the Triangle’s 16-county region were up nearly 4 percent in October, and the median sales price is 8 percent above the same time period last year. Meanwhile, the average number of days a home stays on the market sunk 10 percent to 44 on the year, compared to 49 at this point in 2016, according to Triangle Multiple Listing Service.

In a separate report for the month of October, appraiser Stacey Anfindsen found that within the four core counties of Wake, Orange, Durham and Chatham,…

Source: http://feeds.bizjournals.com/industry_21

Fannie and Freddie are fighting with the Trump administration over $7.7B

FHFA Director Melvin Watt

From TRD New York: Fannie Mae and Freddie Mac owe the White House more than $7 billion, and the two entities are fighting over how to move forward.

Officials from the Federal Housing Finance Agency say they want Fannie and Freddie to keep between $2 billion and $3 billion to protect them against losses, but in exchange for this, officials from the Trump administration want to limit their market footprint through measures like tighter limits on loan sizes that they back, according to Bloomberg.

Fannie and Freddie are scheduled to pay the U.S. Treasury $7.7 billion by the end of December, and if FHFA director Mel Watt decides to withhold some money without getting approval from the administration, it could lead to a major conflict between President Donald Trump and the independent agency.

The negotiations stem from the government’s takeover of Fannie and Freddie in 2008. The two mortgage giants got $187.5 billion to help them get through the financial crisis, while taxpayers got a new type of stock in return that paid a dividend of 10 percent. [Bloomberg] – Eddie Small

Source: http://feeds.feedburner.com/trdmiami

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