Saturday, December 21, 2024
Read the Digital Magazines Subscribe to the Newsletter

Washington, D.C.

FinanceInvestment SalesNewsNortheastWashington, D.C.

FHFA Announces $70 Billion Loan Purchase Cap for Fannie Mae, Freddie Mac

by Channing Hamilton

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. FHFA’s 2023 volume cap is $75 billion for each agency. Additionally, at least 50 percent of each enterprise’s multifamily business is required to be mission-driven affordable housing, which is unchanged from this year. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from …

Continue Reading
0 FacebookTwitterLinkedinEmail
240 West State Street in Trenton, N.J.
DevelopmentFeaturesFinanceLeasing & MarketingNortheastWashington, D.C.

Biden-⁠Harris Administration Launches Effort to Spur More Commercial to Residential Conversions

by Channing Hamilton

WASHINGTON, D.C. — The Biden-Harris Administration has released a new guidebook, developed in partnership with the U.S. Department of Housing and Urban Development (HUD) and other federal agencies. The goal of the guidebook is to help housing providers identify federal resources to finance the conversion of commercial properties to residential and mixed-use developments. In addition to the guidebook, HUD will release an updated notice on how its Community Development Block Grant (CDBG) funding — $10 billion of which has been allocated during the current administration — can be used to boost …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company NewsNewsNortheastOperationsWashington, D.C.

NMHC Selects Bernard Fulton, Latoya Lovick as Vice Presidents

by Channing Hamilton

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has selected Bernard Fulton as vice president for housing policy and regulation, Latoya Lovick as vice president of membership and Ryan Hecker as a Research Assistant. Fulton comes to NMHC from the Housing Policy Council, where he served as Vice President for Government Relations. Prior to joining the Housing Policy Council, he served as legislative director for Congresswoman Jan Schakowsky, legislative representative for the City of New York and head of Congressional relations for HUD Secretaries Shaun Donovan and Julián Castro. As vice …

Continue Reading
0 FacebookTwitterLinkedinEmail
The Shay in Washington, D.C.
Investment SalesNewsNortheastWashington, D.C.

JLL Brokers Sale of The Shay in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — JLL Capital Markets arranged the sale of The Shay, a 245-unit community located in the Shaw neighborhood of Washington, D.C. Robert Jenkins and Bret Thompson led the Investment Sales and Advisory team representing the seller. Built in 2015, The Shay features studio, one- and two-bedroom units and amenities such as a pool with a sundeck, two rooftop decks, a catering kitchen with a dining area and a fitness center. The buyer was not disclosed.

Continue Reading
0 FacebookTwitterLinkedinEmail
A 3D render of the redevelopment of Mazza Gallerie in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Tishman Speyer Secures $150 Million to Redevelop Mazza Gallerie Mall in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan for the redevelopment of Mazza Gallerie, a former shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the loan. Mazza Gallerie will be converted into a mixed-use community with 320 apartment units, over 800 parking spots and 90,000 square feet of retail space. The mall’s 70,000-square-foot retail concourse will be anchored by a T.J. Maxx. The project’s residential component and first retail openings are expected to complete in 2025. Davis Construction and Smoot Construction are …

Continue Reading
0 FacebookTwitterLinkedinEmail
Alta Star Harbor in Alameda, Calif.
DevelopmentFeaturesNewsNortheastOperationsWashington, D.C.

U.S. Supreme Court Decision Limits Federal Jurisdiction Under Clean Water Act, Gains Support of Multifamily Industry

by Channing Hamilton

WASHINGTON, D.C. — The U.S. Supreme Court has released its decision on Sackett v. EPA, a case focused on the definition of the “waters of the United States” (WOTUS). The court unanimously ruled on May 25 that the federal jurisdiction under the Clean Water Act (CWA) extends only to wetlands that are “indistinguishable” from larger bodies of water by having a “continuous surface connection.” The decision narrows the reach of federal CWA protections and could have a major impact on a variety of industries, including commercial real estate. On June 1, 2022, …

Continue Reading
0 FacebookTwitterLinkedinEmail
A 3D render of the Thread in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Community Three Development Secures $17 Million to Develop The Thread in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Community Three Development has secured $17 million in construction financing for The Thread, the second phase of a redevelopment project in Washington, D.C. The project involves the conversion of the Grimke School building and surrounding properties into a mixed-use development. Clearwater Capital Management arranged the financing, which includes a senior loan from City First Bank and C-PACE financing facility from Stonehill PACE. Community Three Development completed the first phase of the redevelopment in July 2021. The property currently includes the African American Civil War Museum, the headquarters …

Continue Reading
0 FacebookTwitterLinkedinEmail
NewsNortheastPeople NewsWashington, D.C.

National Association of Home Builders Selects James Tobin as CEO

by Channing Hamilton

WASHINGTON, D.C. — The National Association of Home Builders (NAHB), a trade association representing the housing industry, has selected James Tobin as president and CEO. Tobin will work out of NAHB’s headquarters in Washington, D.C., and will assume the new post effective June 1. Tobin previously served as executive vice president and chief lobbyist at NAHB. Prior to joining NAHB in 1998, he worked as a senior legislative assistant to former U.S. Representative Frank Riggs of California and former U.S. Representative Gary Franks of Connecticut.

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingNewsNortheastPeople NewsWashington, D.C.

National Housing Conference President States Federal Reserve’s Rate Increases Risk Stagflation

by Channing Hamilton

WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …

Continue Reading
0 FacebookTwitterLinkedinEmail
A 3D render of Ltd. Med Center, a contemporary-style community in Houston.
FeaturesInvestment SalesNortheastOperationsWashington, D.C.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts
©2024 France Publications, dba France Media Inc.