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Jacks of All Trades
OVER THE PAST FEW YEARS, many multifamily CFOs added a new, albeit unfortunate, bullet point to their resumes: “loan workout specialist.” Some could probably also add: “crisis management expert.
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Multifamily Developers Make Moves to Round Out Their Business Models
Throughout the recession, many multifamily builders diversified to survive, positioning themselves for long-term stability.
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Discouraged Equity Investors Turn to Development Opportunities
Since the volume of acquisition opportunities never materialized as many investors had hoped, all of that pent-up equity on the sidelines is beginning to view new construction as a more attractive option.
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Breaking Ground: Labor Prices Help New Construction Deals Pencil Out
While construction debt is much more limited now, construction costs have come down so much that deals are penciling out again.
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Wilmington, Del.
Home to many financial companies, Wilmington has been hit particularly hard by the recession. But local architects aren't completely without hope.
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Preservation Finalists
SAN LEANDRO, CALIF.— The acquisition and rehab of Ashland Village started out as a no-brainer for Eden Housing, Inc., says Executive Director Linda Mandolini.
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Family Finalists
GULFPORT, MISS.— Edgewood Manor, a 120-unit, 15-building Sec. 8 development, became a symbol of people being left behind during the months after Hurricane Katrina hit the Gulf Coast.
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Seniors Finalists
PALO ALTO, CALIF.— Alta Torre provides 55 units of affordable seniors housing while complementing the adjacent Taube Koret Campus for Jewish Life.
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Green Finalists
SAN JOSE, CALIF.— Once the site of a sorority house near San Jose State University and then an aging residential hotel, Casa Feliz Studios has been reborn as a contemporary and sustainable development serving extremely low-income residents.
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Digging for Dollars
Developers are, inherently, eternally optimistic.