Mortgage

CPC and L+M Close On $33 Million to Refi, Preserve 386 Units of Affordable Housing in the Hudson Valley

January 2020

NEW YORK—The Community Preservation Corporation and L+M Development Partners recently announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. Two of the properties are located in Rockland County and one in Dutchess County. The properties…

New MBA White Paper Predicts Both Challenges, Opportunities for Commercial RE Market in 2020

December 2019

WASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…

A.S.A.P. Mortgage Opens Seventh Branch in Morris Park

December 2019

NEW YORK—A.S.A.P. Mortgage reported recently it had opened its seventh branch office with a new location in the Bronx, connecting its existing coverage areas in Westchester and Manhattan. The new office in the Morris Park section of the Bronx is located at 1965 Williamsbridge Road and opened in December. Led by award-winning founder and CEO…

New York, Connecticut and Other States File Appeal of SALT Reform Court Ruling

November 2019

ALBANY—New York Gov. Andrew M. Cuomo and New York Attorney General Letitia James announced that New York, Connecticut, Maryland and New Jersey have filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit to continue litigation against the federal government for what they term as the unlawful and unprecedented cap…

How Mortgage Rates Could Affect the Markets in 2020

November 2019

With the year rapidly moving towards the close of what has evolved into a surprisingly successful real estate season, we should take a moment to reflect on the 2019 mortgage finance market and its effect on activity, and what is to come for 2020. Last November (2018) you may recall, interest rates were hovering close…

Community Preservation Corp. Raises More Than $700M for Workforce, Affordable Housing Investment

November 2019

NEW YORK—The Community Preservation Corporation, a leading nonprofit multifamily finance company headquartered in New York City, announced on Nov. 6 it has more than $700 million in capital available to lend and invest in affordable and workforce housing in New York State and the Northeast United States. CPC officials say the firm intends to work…

HUD, Justice Department Agree to Ease Use of False Claims Act

October 2019

WASHINGTON—U.S. Housing and Urban Development Secretary Ben Carson and U.S. Attorney General William Barr issued a Memorandum of Understanding on Oct. 28 between the two agencies that sets what the two agencies say is “prudential guidance on the appropriate use of the False Claims Act for violations by Federal Housing Administration lenders. “This agreement clearly…

Peekskill Issues Open Call to Private Investors for DRI Funding

October 2019

PEEKSKKILL—The City of Peekskill, which in August of this year was awarded a $10-million grant through the state’s Downtown Revitalization Initiative to revitalize its downtown district, issued an open call for privately sponsored project proposals to be considered for DRI funding. City officials say the purpose of the open call is to hear from members…

Slow Economic Growth, Trade Tensions and Politics Cast Shadow Over Wall Street

October 2019

ALBANY—The fortunes of Wall Street have a lot to say in how the residential markets, particularly luxury housing, in the greater New York metropolitan area perform. Based on the results of the financial services sector in the first half of this year, the luxury markets should be enjoying a boost. However, the second half of…

Bunge Global HQ Available for Sublease

October 2019

WHITE PLAINS—Bunge Limited’s corporate headquarters at 50 Main St. here has been put on the market for sublease. The firm announced in August its intent to move its corporate headquarters to St. Louis, MO. The company expects to complete its headquarters move by the end of the second quarter 2020. CBRE has been named by…

County of Rockland Removed from State's Fiscal Stress List

October 2019

NEW CITY—New York State Comptroller Thomas DiNapoli recently released the 2018 Fiscal Stress Monitoring System report, which did not include Rockland County. “In 2013, the County of Rockland had a score of 86.7% and was listed as New York State’s most fiscally stressed local government. Not being included in the 2018 report with a score…

Locations Close to Public Transit Boost Residential, Commercial Real Estate Values

October 2019

WASHINGTON—Neighborhoods located within a half-mile of public transit services outperformed those in areas farther from public transit based on a number of factors, according to a report released on Oct. 14th by the American Public Transportation Association and the National Association of Realtors. “The Real Estate Mantra – Locate Near Public Transportation” highlighted the critical…

Ratings Agency Says GSE Reform Could Take Years to Implement

September 2019

WASHINGTON—A host of housing and finance organizations have expressed support for the plans submitted by the Trump Administration, specifically the Treasury Department and the U.S. Department of Housing and Urban Development, earlier this month to reform the housing finance system and the Government-Sponsored Enterprises Fannie Mae and Freddie Mac. The Treasury Housing Reform Plan consists…

Westchester to Present Minority/Women-Owned Businesses (MWBEs) Conference on Sept. 25

August 2019

WHITE PLAINS—The Westchester County Office of Economic Development in partnership with the Town of Yorktown and the Yorktown Small Business Association has announced conXpo North, a conference where Minority/Women-Owned Businesses (MWBEs), Service Disabled Veteran Owned Businesses (SDVOBs) and Disadvantage Business Enterprises (DBEs) can attend informative workshops, connect with county departments, and network with local businesses.…

NAR Applauds Long-Awaited FHA Condo Rule

August 2019

WASHINGTON—The National Association of Realtors recently commended the Department of Housing and Urban Development for finalizing new Federal Housing Administration condominium loan policies. The changes, many of which NAR had championed for more than a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country. “We are…

Country Bank to be Acquired by OceanFirst Bank for $102 Million

August 2019

NEW YORK—Country Bank, which began operations in 1988 and later relocated its headquarters to New York City, will be merged into OceanFirst Bank in a deal valued at $102.2 million. Toms River, NJ-based OceanFirst Financial Corp., parent company of OceanFirst Bank announced its intent to merge with Country Bank Holding Company, Inc., parent company of…

MBA Tracks Real Estate Lending Trends in New Report

July 2019

WASHINGTON—The Mortgage Bankers Association's first quarter of 2019 Commercial/Multifamily DataBook was released earlier this month. The quarterly report summarizes major trends that developed during the first three months of the year. "Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers," said Jamie Woodwell, MBA's vice president…

Strategic Capital Secures $70M Loan for River Club at Hudson Park

July 2019

YONKERS—Global commercial real estate advisory firm Newmark Knight Frank announced on July 2 it had arranged a $70-million fixed-rate loan for the financing of the River Club at Hudson Park in Yonkers on behalf of Strategic Capital, the investment arm of China Construction America. The Newmark Knight Frank team was led by Dustin Stolly and…

A.S.A.P. Mortgage Expands Presence into Dutchess County

June 2019

FISHKILL—A.S.A.P. Mortgage reports it has recently opened a new branch location in Fishkill. The firm’s sixth office further expands its coverage into Dutchess County and the upper Hudson Valley region. “We are very excited to now serve the lending needs of homebuyers in Dutchess County,” says A.S.A.P. Mortgage founder and CEO Irene Amato, “especially as…

In Memoriam: George Lawrence

June 2019

The Hudson Gateway Association of Realtors regrets to inform its membership of the passing of a real estate executive who has had a lasting impact on Westchester’s real estate industry—George Lawrence. Lawrence of Vero Beach, FL peacefully passed away on Tuesday, June 18, 2019 at the age of 81. He was born on Aug. 9,…