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Sunday, December 23, 2007
StarPoint Properties LLC Targets $100M in San Diego Acquisitions for 2008
StarPoint Properties LLC, a real estate company based in Beverly Hills, Calif., has announced a $100-million acquisition program that targets San Diego and the surrounding areas for 2008. The first acquisition is a circa-1924 apartment building located in the Hillcrest area of San Diego. The 58-unit complex, located at 1571 University Ave., sold for $6.2 million.
“Until recently, we were priced out of the San Diego market because of condo conversions,” says Paul Daneshrad, CEO and president of StarPoint Properties. “Now, the market is opening up, allowing us to buy at apartment pricing. Given the strength of the market’s overall fundamentals, such as its future growth and the limited supply, it is a perfect time for us to re-enter the market.”
The Beverly Hills-based company plans to renovate the complex, known as Casa Grande (pictured), yet maintain features such as the original wood flooring and much of the original architectural detailing.
“This complex has been a part of the Hillcrest community almost as long as the community has existed,” says Daneshrad. “While it was originally built as a hotel, it was converted to apartments about 50 years ago. Today, it is a prime location within walking distance of all the trendy shops and restaurants. Our goal is to participate in the area’s urban rejuvenation and make this a luxuriously stylish building for not only the residents, but the community as well.”
The complex, which is comprised of studio and one-bedroom apartments, also includes two 1,700-sq.-ft. penthouse apartments with 17-ft. ceilings that highlight sweeping views of the area.
Current plans include upgrading the interiors of the apartments, as well as enhancing the garden-style common areas and spacious lobby entrance. In addition, new features such as a fitness center and additional storage areas are being planned.
source: multi-housingnews.com
“Until recently, we were priced out of the San Diego market because of condo conversions,” says Paul Daneshrad, CEO and president of StarPoint Properties. “Now, the market is opening up, allowing us to buy at apartment pricing. Given the strength of the market’s overall fundamentals, such as its future growth and the limited supply, it is a perfect time for us to re-enter the market.”
The Beverly Hills-based company plans to renovate the complex, known as Casa Grande (pictured), yet maintain features such as the original wood flooring and much of the original architectural detailing.
“This complex has been a part of the Hillcrest community almost as long as the community has existed,” says Daneshrad. “While it was originally built as a hotel, it was converted to apartments about 50 years ago. Today, it is a prime location within walking distance of all the trendy shops and restaurants. Our goal is to participate in the area’s urban rejuvenation and make this a luxuriously stylish building for not only the residents, but the community as well.”
The complex, which is comprised of studio and one-bedroom apartments, also includes two 1,700-sq.-ft. penthouse apartments with 17-ft. ceilings that highlight sweeping views of the area.
Current plans include upgrading the interiors of the apartments, as well as enhancing the garden-style common areas and spacious lobby entrance. In addition, new features such as a fitness center and additional storage areas are being planned.
source: multi-housingnews.com
NLIHC Praises Senate Introduction of Bill to Create National Housing Trust Fund
The National Housing Trust Fund Campaign applauded the introduction of legislation to create a National Affordable Housing Trust Fund (NHTF).
“The NHTF Campaign has reached this milestone today because of the hard work of thousands of low income housing advocates who are educating their elected officials about the critical shortage of affordable housing for the lowest income people in our country,” said Sheila Crowley, president and CEO of the National Low Income Housing Coalition (NLIHC), which coordinates the campaign for the National Housing Trust Fund. “We look forward to working with Senators Kerry and Snowe and the other original cosponsors to move their bill through the Senate in 2008.”
The bill will establish a dedicated funding source for the production, preservation and rehabilitation of 1.5 million affordable homes over 10 years. At least 75 percent of the funds will be for housing for households that are extremely low income, earning less than 30 percent of an area's median income.
The bill was introduced by Senator John Kerry (D-MA) with the tripartisan co-sponsorship of Senators Olympia Snow (R-ME), Bernie Sanders (I-VT), Pete Domenici (R-NM), Charles Schumer (D-NY), Susan Collins (R-ME), and Edward Kennedy (D-MA).
The House has passed its version of the bill by a “strong bipartisan vote” of 264-148, says NLIHC.
source: multi-housingnews.com
“The NHTF Campaign has reached this milestone today because of the hard work of thousands of low income housing advocates who are educating their elected officials about the critical shortage of affordable housing for the lowest income people in our country,” said Sheila Crowley, president and CEO of the National Low Income Housing Coalition (NLIHC), which coordinates the campaign for the National Housing Trust Fund. “We look forward to working with Senators Kerry and Snowe and the other original cosponsors to move their bill through the Senate in 2008.”
The bill will establish a dedicated funding source for the production, preservation and rehabilitation of 1.5 million affordable homes over 10 years. At least 75 percent of the funds will be for housing for households that are extremely low income, earning less than 30 percent of an area's median income.
The bill was introduced by Senator John Kerry (D-MA) with the tripartisan co-sponsorship of Senators Olympia Snow (R-ME), Bernie Sanders (I-VT), Pete Domenici (R-NM), Charles Schumer (D-NY), Susan Collins (R-ME), and Edward Kennedy (D-MA).
The House has passed its version of the bill by a “strong bipartisan vote” of 264-148, says NLIHC.
source: multi-housingnews.com
Boston Fed, Five Banks Unveil Northeast Refinancing Campaign
Five of New England's largest banks announced a campaign Thursday to alert subprime borrowers about fixed-rate refinancing options, The Boston Globe reports.
The Bank of America Corp., Sovereign Bancorp Inc., Citizens Bank, TD Banknorth Inc. and Webster Financial Corp. pledged to offer $125 million for refinancing in the program, which was coordinated by The Federal Reserve Bank of Boston.
The campaign is targeted toward homeowners who may be at risk of foreclosure because their monthly loan payments are about to increase. All money being offered involves pre-existing funds and homeowners will still be required to meet standard requirements for lending, according to the Globe.
The banks have created a Web site, mortgagerelieffund.com, with information about the program. Interested homeowners may also call the banks for additional information.
source: commercialpropertynews.com
The Bank of America Corp., Sovereign Bancorp Inc., Citizens Bank, TD Banknorth Inc. and Webster Financial Corp. pledged to offer $125 million for refinancing in the program, which was coordinated by The Federal Reserve Bank of Boston.
The campaign is targeted toward homeowners who may be at risk of foreclosure because their monthly loan payments are about to increase. All money being offered involves pre-existing funds and homeowners will still be required to meet standard requirements for lending, according to the Globe.
The banks have created a Web site, mortgagerelieffund.com, with information about the program. Interested homeowners may also call the banks for additional information.
source: commercialpropertynews.com
Inflation Sees Steep Rise; Consumer Spending Up in November
-High oil prices caused inflation to progress at its fastest pace in two years, but consumer spending rose in November, the Commerce Department said Friday.
Inflation has increased 3.6 percent over the last 12 months, dragging prices up along with it, The New York Times reports.
Consumer spending increased more than most analysts had forecast, rising 1.1 percent in November--its biggest rise in three years. However, the rise may have just reflected the post-Thanksgiving holiday shopping frenzy, the Times says.
When adjusted for inflation, spending rose 0.5 percent last month. Income levels rose 0.4 percent.
The rise in purchasing implied that the economy may be in less danger of slowing than was feared.
The spending data, along with Friday's inflation results, could discourage the Federal Reserve from cutting interest rates at its next meeting, due to its continued concern with inflation.
source: multi-housingnews.com
Inflation has increased 3.6 percent over the last 12 months, dragging prices up along with it, The New York Times reports.
Consumer spending increased more than most analysts had forecast, rising 1.1 percent in November--its biggest rise in three years. However, the rise may have just reflected the post-Thanksgiving holiday shopping frenzy, the Times says.
When adjusted for inflation, spending rose 0.5 percent last month. Income levels rose 0.4 percent.
The rise in purchasing implied that the economy may be in less danger of slowing than was feared.
The spending data, along with Friday's inflation results, could discourage the Federal Reserve from cutting interest rates at its next meeting, due to its continued concern with inflation.
source: multi-housingnews.com
Barclays Files Lawsuit Against Bear Stearns In Wake of Subprime Collapse
New York--U.K. bank Barclays filed a lawsuit against Bear Stearns Wednesday night in New York relating to the collapsed complex subprime security-packed hedge fund that securities house Bear Stearns managed, The Financial Times reports.
Although the suit is not the first to come from the U.S. subprime crisis, it is unique because the bank is ready to publicly present its case against Bear Stearns--and could be indicative of future lawsuits, the Times says,
Bear Stearns, which faces other claims from hedge fund investors, said the Barclays lawsuit was unjustified.
Other banks also have seen shareholder lawsuits questioning whether or not the banks may have minimized their subprime investment losses, according to the Times, which could lead to a number of cases similar to the lawsuits filed after the stock market boom.
Citigroup, JPMorgan Chase and other banks paid billions in settlements in those lawsuits, filed by shareholders claiming they played a role in Enron's demise.
source: multi-housingnews.com
Although the suit is not the first to come from the U.S. subprime crisis, it is unique because the bank is ready to publicly present its case against Bear Stearns--and could be indicative of future lawsuits, the Times says,
Bear Stearns, which faces other claims from hedge fund investors, said the Barclays lawsuit was unjustified.
Other banks also have seen shareholder lawsuits questioning whether or not the banks may have minimized their subprime investment losses, according to the Times, which could lead to a number of cases similar to the lawsuits filed after the stock market boom.
Citigroup, JPMorgan Chase and other banks paid billions in settlements in those lawsuits, filed by shareholders claiming they played a role in Enron's demise.
source: multi-housingnews.com
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