Apartment Look

When Mayor de Blasio held a press conference in May 2014 to debut his new affordable housing plan , his full- color presentation touted a project called Spring Creek in Brooklyn. Spring Creek was flagged as a “case study” partnership between the city and developers to “create a strong, vibrant and self-sustaining neighborhood.” But on Friday, the bulk of that project remained a big, ugly vacant field of weeds and abandoned roadway in East New York. More than 1,500 of 1, 803 planned affordable units are now in a bureaucratic Twilight Zone — and may become less affordable as a result. “There is no progress from the progressive mayor ,” said the Rev. David Brawley, a leader of East Brooklyn Congregations , one of the groups sponsoring Spring Creek . Brawley said the delays to Spring Creek caused by the de Blasio administration are particularly ironic given that the mayor cited the project in his promise to build or preserve 200, 00...

NEW YORK, NY -  Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $15. 5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments , located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21 , two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units , and 16 three bedroom-two bath townhouse units . The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan will be used to refinance the existing balance on the property.  Centerli...

GRAND RAPIDS, MI - There's still a lot of concrete to be poured and drywall to be painted, but progress is being made on two of the city's largest apartment construction projects . Rockford Construction Co. and Wolverine Building Group handed out hardhats and safety vests to reporters on Wednesday, Aug. 23, so they could show off the progress they are making on projects along Market Avenue SW and in the Midtown Neighborhood along the Medical Mile.. At 234 Market Avenue SW , Rockford Construction is past the halfway point in building an apartment complex that will include 235 rental units , a 300- car parking ramp and ground floor retail space The property sits just west of a $60 million expansion of Founders Brewing Co. and across Market Avenue from 19 acres of riverfront property used by city public works departments . The city-owned land is on the market as a prime site for future development. Project manager Dan Korcek said they are on schedule to complete the $44 mil...

The city of East Palo Alto , a wedge of modest houses and light industrial sites in the heart of Silicon Valley , has been passed by in the great tech boom . A historically black area , it has seen a big Hispanic influx in the past two decades, with more than three out of four residents now coming from one of those two groups. It is still living down its reputation, gained a quarter of a century ago, as the murder capital of the US: one out of every 571 of its residents was the victim of a homicide in a single year. Things have improved since then. But over the same period, it has become the poor neighbour to some of the world's richest companies. In one of the ultimate signs of the divide between the haves and have-nots of the western US, the municipal government of East Palo Alto didn 't own the rights to draw more from the state's water reserves, which it would need in order to grow. In June this year, it took a gift of cash, from the private foundation set up by Mar...

Six years ago, Mike Brown and Casey Lynch stood on Downtown Boise ’s 8th Street and wondered: Why don’t more people live here? Downtown seemed to have everything that a growing percentage of Americans wanted in a place to live. “I mean, there’s all kinds of jobs. There’s a million coffee shops and hair salons and restaurants, and there’s an active street life ,” says Brown, who founded the Los Angeles- based development company LocalConstruct with Lynch in 2008. Casey Lynch, left, and Mike Brown have made their mark in Boise. Provided by LocalConstruct But in 2011, fewer than 4,000 people lived in Downtown’s scattered apartment and condominium buildings and houses. On a typical weekday afternoon , most Downtown workers got in their cars and put the city in the rearview mirror. Brown and Lynch saw an opportunity. They thought Boiseans would trade ample floor space and vaulted ceilings in the suburbs for smaller, high- end Downtown apartments that offered amenities like gyms, a do...