Property, Rentals, Transactions

U.S. Trustee Program Reaches $50 Million Settlement with JPMorgan Chase to Protect Homeowners in Bankruptcy

WASHINGTON, D.C. – March 3, 2015 – (RealEstateRama) — The Department of Justice’s U.S. Trustee Program (USTP) has entered into a national settlement agreement with JPMorgan Chase Bank N.A. (Chase) requiring Chase to pay more than $50 million, including cash payments, mortgage loan credits and loan forgiveness, to over 25,000 homeowners who are or were in bankruptcy. Chase will also change internal operations and submit to oversight by an independent compliance reviewer. The proposed settlement has been filed in the U.S. Bankruptcy Court for the Eastern District of Michigan, where it is subject to court approval

Hanley Investment Group Sells Triple-Net Leased Kohl’s for $22 Million with Record-Breaking Low Cap Rate of 4.80%

IRVINE, CALIF. - March 3, 2015 – (RealEstateRama) — Hanley Investment Group, a nationally-recognized boutique real estate brokerage and advisory firm specializing in retail property sales, announced today that Ed Hanley, Kevin Fryman and Eric Wohl negotiated the sale of an 88,000-square-foot Kohl’s, located in the Los Angeles area. The single-tenant triple-net leased property sold for $21,950,000, representing a historic national record-breaking low cap rate of 4.80 percent.

6,000 RE/MAX Agents Celebrate Year of Success

LAS VEGAS – March 2, 2015 – (RealEstateRama) — RE/MAX (NYSE:RMAX), the global real estate franchisor, is holding its annual R4 international convention this week at the Mandalay Bay Resort and Casino. Nearly 6,000 attending agents are here to listen to the vision of cofounders Dave and Gail Liniger, learn best practices from respected coaches, and network with their colleagues from 53 countries around the globe

GEORGE SMITH PARTNERS SECURES $21 MILLION IN CONSTRUCTION FINANCING FOR NEW LOS ANGELES MULTIFAMILY DEVELOPMENT

LOS ANGELES, Calif. – March 2, 2015 – (RealEstateRama) — Commercial real estate investment banking firm George Smith Partners has successfully arranged $21 million in financing for its client, Elite Real Estate, LLC, for the ground-up construction of a 49-unit apartment community in the Brentwood neighborhood of Los Angeles, California

WESTERN NATIONAL GROUP LAUNCHES ENHANCED INSTITUTIONAL INVESTOR-FOCUSED PLATFORM

IRVINE, Calif. – March 2, 2015 – (RealEstateRama) — As part of an ongoing strategy to further grow its existing base of institutional investors, Western National Group has launched an enhanced institutional investor-focused platform and appointed George L. Ochs, a former institutional real estate manager with JP Morgan, as its Chief Marketing Officer

New Report Shows Lender Abuses and Feeble Enforcement Cause Minority Homeowners to Lose Homes

NEW YORK – March 2, 2015 – (RealEstateRama) — The American Civil Liberties Union and MFY Legal Services today released a report indicating that homeowners in communities of color are at greater risk of losing their homes due to loan servicers’ modification failures, with lax response from government regulators

Nursing Agency Operator to be Incarcerated for 92 Months and Forfeits Home

BOSTON – March 2, 2015 – (RealEstateRama) — The owner of a home nursing agency was sentenced yesterday to 92 months in prison for fraudulently billing millions of dollars of services to Medicare and then laundering the proceeds.

NREL Refines Method to Convert Lignin to Nylon Precursor

WASHINGTON, D.C. – March 2, 2015 – (RealEstateRama) — A new study from the Energy Department’s National Renewable Energy Laboratory (NREL) demonstrates the conversion of lignin-derived compounds to adipic acid, an important industrial dicarboxylic acid produced for its use as a precursor to nylon, plasticizers, lubricants, polyesters, and other popular products and chemicals

Financing approved for 600-plus affordable apartments

SEATTLE, Wash. – March 2, 2015 – (RealEstateRama) — With $110 million in financing approved yesterday by the Washington State Housing Finance Commission for three projects, more than 600 affordable apartments will be built in King and Snohomish counties

Pending Home Sales Rise in January to Highest Level in 18 Months

WASHINGTON, D.C. – February 27, 2015 – (RealEstateRama) — Improved buyer demand at the beginning of 2015 pushed pending home sales in January to their highest level since August 2013, according to the National Association of Realtors®. All major regions except for the Midwest saw gains in activity in January.

Meridian Acquires 16,000 SF Medical Office Building in Berkeley, California

SAN RAMON, CALIF. – February 27, 2015 – (RealEstateRama) — Meridian Property Company, a full service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the purchase of a 15,915-square-foot medical office building located in Alameda County at 2920 Telegraph Avenue in Berkeley, California. Meridian purchased the property from Gambro of Deerfield, Ill., in an off-market direct deal transaction. The sales price could not be disclosed

Realtors® Demand Congressional Action to Strengthen Patent Laws, Protect Small Businesses

WASHINGTON, D.C. – February 26, 2015 – (RealEstateRama) — Without meaningful patent litigation reform, Realtors® and other small and midsize business owners will remain targets of extortion by unscrupulous entities that demand licensing fees or threaten frivolous lawsuits under the guise of patent infringement.

CEDIA Partners with Powerhouse Alliance to Offer In-Person Training

INDIANAPOLIS – February 26, 2015 – (RealEstateRama) — CEDIA has partnered with Powerhouse Alliance to offer a series of networking training workshops at Volutone. Partnering with Volutone will provide another outlet for home technology professionals to experience face-to-face education with instructor support.  The courses available are part of the pathway to prepare for CEDIA’s Residential Networking Specialist certification exam. Courses in the networking training pathway have consistently sold out and have gained wide support from the industry

ConsensusDocs Releases Updated Owner and Trade Contractor Agreement

WASHINGTON, D.C. – February 25, 2015 – (RealEstateRama) — The ConsensusDocs 850 Agreement Between Owner and Trade Contractor is the latest release in the 100+ document library of standard contracts written by a coalition of 40+ industry associations. The standard contract document was updated to reflect today’s construction needs. The agreement allows an owner to contract with a builder when construction management (CM) agency is used (and not a single general contractor). This agreement can be used for multi prime, CM, Agency, or Owner acting as its own CM. This contractual arrangement is appropriate when construction management services are provided externally by a CM or by the owner itself.

National Architecture + Planning Firm KTGY Expands Los Angeles 55+ Studio to Accommodate Rising Demand

LOS ANGELES, CALIF. – February 24, 2015 – (RealEstateRama) — Award-winning national architecture and planning firm KTGY Group, Inc., has added 55+ housing industry veteran Doug Ahlstrom as a director to lead and expand the firm’s Los Angeles 55+ Studio. With over 35 years of programming, planning, design and construction experience in the age-appealing, age-targeted and service-enriched seniors industry, Ahlstrom has directed and overseen the design of high-end as well as affordable and market rate assisted living and independent care communities, Alzheimer’s/memory support, adult day care, seniors’ special needs and community wellness centers. Ahlstrom most recently served as a director of seniors housing at KEPHART and a principal with Professional Design Consultants.

META HOUSING CORPORATION BREAKS GROUND ON $32 MILLION ARTS-FOCUSED AFFORDABLE FAMILY APARTMENT COMMUNITY IN GLENDALE

LOS ANGELES, Calif., – February 24, 2015 – (RealEstateRama) — Meta Housing Corporation has broken ground on the Glendale Arts Colony, a new, 70-unit, arts-focused, affordable housing development for families in Los Angeles County. The new, $32 million development will integrate a series of arts elements, and is the fifth “arts colony” project that Meta Housing has developed, according to Kasey Burke, President of Meta Housing Corporation.

RE/MAX Japan Celebrates 2 Major Milestones

DENVER – February 24, 2015 – (RealEstateRama) — Master franchise RE/MAX Japan has many reasons to celebrate so early in the new year, as it has opened its first office franchise, RE/MAX Properties Interface, in Tokyo, and also sold its first regional franchise, RE/MAX OSAKA, which includes Japan’s third largest city.

PASSCO COMPANIES EXPANDS INVESTMENT TEAM; ADDS INDUSTRY VETERAN BOB PETERSON AS VICE PRESIDENT

IRVINE, Calif. – February 23, 2015 – (RealEstateRama) — Passco Companies, LLC has appointed industry expert and veteran Bob Peterson as Vice President, Investments for the company.

Existing-Home Sales Cool in January As Available Inventory Remains Subdued

WASHINGTON – February 23, 2015 – (RealEstateRama) — Existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight month, according to the

Novus Equities, LLC, Named Paterson Historic Preservation Commission’s Stewardship Award Honoree for Historic Commercial Building Preservation

PATERSON, N.J., – February 23, 2015 – (RealEstateRama) — Novus Equities, LLC, was recently named the recipient of the Historic Commercial Building Stewardship Award, awarded annually by the Paterson Historic Preservation Commission. The Jersey City, N.J.-based company, which has been active throughout city for more than 15 years, was acknowledged for restoring a turn-of-the-century building located at 38-40 Park Ave., in the city’s Sandy Hill neighborhood.