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Redevelopment Authority Approves 4 Boston Projects Boston Mayor Thomas Menino announced that four projects totaling more than $75 million in private investment have received approvals from the Boston redevelopment authority’s board of directors. BPG Completes Phase II of Philadelphia M-F Portfolio Buy BPG Properties Ltd has completed the second phase of a three property multi-family portfolio acquisition from a publicly-traded REIT. Channelside Acquires The Place at Channelside in Tampa Cushman & Wakefield announced the sale of the majority of The Place at Channelside, a 245-unit condominium complex in Tampa, Fla. Student Housing Fund Puts $47M into Pair of New Projects Place/BV Student Housing Fund L.L.C. has invested a total of $47 million in two new student housing projects, one in Indiana and the other in North Carolina. A joint venture of Place Properties L.P. and Blue Vista Management L.L.C., the $280 million fund focuses on acquiring and developing student housing properties nationwide. The Trends: Fiscal Crisis Digs In The ailing economy hasn?t damaged the apartment sector as badly as it has other commercial real estate sectors, thanks largely to debt capital available through Fannie Mae and Freddie Mac. But the multi-family industry is starting to feel the impact of the global fiscal turndown, according to the National Multi Housing Council?s October 2008 quarterly survey on apartment conditions. The News: Making Lemonade Out of Miami Condo Market As a huge number of condominiums sit empty in Miami, Rilea Group president & CEO Alan Ojeda has launched a venture to make the best of a bad situation: a short-term rental program at its One Broadway Brickell luxury high-rise apartment property in the city?s Brickell Financial District. Freddie Mac Funds $50M for Pair of Alabama M-F Properties The Dallas office of Holliday Fenoglio Fowler L.P. has secured a $50.78 million loan through Freddie Mac for the owners of two Alabama multi-family properties with a total of 792 units. Forest City Completes Trio of Financing Deals Totaling $167M Despite the sagging economy and possible recession, Forest City Enterprises Inc. recently completed three financing transactions totaling more than $167 million. Still, even the $10.9 billion Forest City has learned that the nagging credit crisis is making it ever more difficult to ferret out lenders with money to lend. NYC Feels Heat from Credit Crisis, But Long-Term Outlook Still Favorable New York City?s commercial real estate market isn?t immune to the fallout caused by the economic downturn. Transactions have plummeted 61 percent from the beginning of the year through October, according to data from Real Capital Analytics Inc. In the longer term, however, the outlook for the market remains strong. HP Communities Takes Over $243M Air Force Housing Redevelopment HP Communities--a joint venture of Hunt Development Group and Pinnacle AMS Development--has negotiated a contract with the U.S. Air Force under which HP will take over the construction, development and management of 3,689 family homes at four military bases in the United States. NY State Approves $66M to Build, Renovate Affordable Housing More than 1,000 affordable housing units will be created or renovated across New York State from Manhattan to Monroe County as well as in Brooklyn and 10 other counties thanks to $66.8 million in financing approved this week by the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corp. Tax Credit Equity Fund Gets $50M for Low-Income Development National New Markets Fund L.L.C. has received a $50 million New Markets Tax Credit allocation from the Treasury Department to provide funding for real estate development in financially strapped neighborhoods. This allocation marks the third that the fund--created by Strategic Development Solutions and Economic Innovation International Inc.--has been awarded by the department. Group 24 Joins Turnberry in $300M San Fran Condo High-Rise Group 24 L.L.C. has become a 50 percent partner with Turnberry Ltd. in the latter?s Turnberry Tower, a $300 million, 40-story luxury residential condo (pictured) in San Francisco?s Rincon Hill district. The project is Turnberry's first venture in California, and this is also the first collaboration between the two companies.s. Balfour Beatty Moving Forward with $168M Military Housing Project Financing has been secured for the $168 million military family housing project at Fort Jackson in Columbia, S.C., where Balfour Beatty Communities will be providing 850 homes, including 610 new units. Henderson Global Grabs Two San Fran Bay Area Assets The San Francisco Bay market proves fruitful territory for acquisitions for Henderson Global as the Chicago-based independent investment manager picks up an office property and a multi-family community in a joint venture with Glenborough L.L.C. BPG Purchases Atlanta M-F Site for $53M Continuing its search for high-quality multi-family properties despite the tanking economy, private equity real estate fund manager BPG Properties Ltd. acquired a suburban Atlanta multi-family community for $52.8 million from Atlanta-based Post Apartment Homes, L.P. Executive Q&A: Riverstone Residential CEO Talks Shop Dallas-based Riverstone Residential Group, already one of the nation's largest privately owned third-party residential real estate management companies, is getting even larger, growing by leaps and bounds with such moves as its April acquisition of Seattle-based HSC Real Estate Inc. And as Riverstone CEO Christy Freeland told CPN, size really does matter. Ohio Merger Forms State?s Largest Affordable Housing Owner The Wallick Cos. of Columbus, Ohio, and the Cincinnati-based Stern-Hendy Properties today announced that they will merge. The 42-year-old family-owned Wallick, with 625 employees, is one of the largest owner-managers of affordable housing in the state. $420M Waldorf Coming to Philadelphia A 58-story Waldorf=Astoria Hotel and Residences has been announced for Philadelphia, set to open in 2012. The $420 million mixed-use project will be co-developed by Mariner Commercial Properties Inc. and Gatehouse Capital Corp. San Diego-Area M-F Trades for $69M Three R&V Management Corp.-sponsored partnerships--Hillcrest Montecito L.P., VLD Bonnie Brae L.P. and Vista Bella Terra L.P.--have scooped up Bella Terra, a 460-unit apartment community in Vista, a city in northern San Diego County, from RREEF for $69.5 million.

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