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 over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country. “We are thrilled…
Read MoreNEW 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…
Read MoreWASHINGTON—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…
Read MoreYONKERS—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…
Read MoreFISHKILL—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…
Read MoreThe 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,…
Read MoreNEW YORK—Wells Fargo & Co. announced on June 11 it had reached an agreement to sell Eastdil Secured, its private real estate investment banking division, in a management buyout transaction. The sales agreement follows Eastdil’s management-led recapitalization, in partnership with Guggenheim Investments, on behalf of certain institutional clients, and Temasek, a global investment company headquartered…
Read MoreNEW YORK—State officials announced on May 29 the completion of the $160-million rehabilitation and refinancing of the Michelangelo Apartments, a 494-unit Mitchell-Lama affordable housing development in the Melrose section of the Bronx. Michelangelo Apartments was originally built in 1975 and contains four towers with 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom…
Read MoreWASHINGTON—Mortgage applications increased 2.7% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2019. The Market Composite Index, a measure of mortgage loan application volume, increased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…
Read MoreRE/MAX Distinguished Homes & Properties celebrated the grand opening of its new location in Tuckahoe at 273 Columbus Ave. on May 8th. Eric Stein, and Al Posillico, Broker/Owners, along with the Mayor of Tuckahoe Greg Luisi, co-president of the Eastchester Tuckahoe Chamber of Commerce Juan Gonzalez, Miriam Janusz, executive director of the Eastchester Tuckahoe Chamber…
Read MoreNEWBURGH—Houlihan Partners Realtors reports that it recently arranged financing for two buildings at 700 and 900 Corporate Blvd. in Newburgh. Steve McCulloch of the White Plains-based commercial real estate and investment firm, worked on behalf of a private partnership in the transaction. The buildings total 72,000 square feet of flex space and are located within…
Read MorePEEKSKILL—Governor Andrew M. Cuomo announced on May 1 the opening of Lofts on Main, a $28-million mixed-use housing development in Peekskill's downtown arts district. The newly constructed development features 75 apartments for local artists and residents with a variety of income levels, as well as 7,200 square feet of ground floor commercial space. "New York's…
Read MoreELMSFORD—-Hudson United Mortgage Services, LLC recently announced that Zoraya Arguelles, who is fluent in Spanish and French, has joined the Elmsford team as Senior Loan Officer for Westchester and the Bronx. With more than 22 years of experience in the mortgage industry, Arguelles brings her expertise and language versatility to Hudson United Mortgage’s diverse clients.…
Read MoreWASHINGTON—As the Senate Banking Committee solicited feedback on Chairman Mike Crapo's plan to restructure America's housing finance system at multiple hearings last week, industry consensus surrounding the principles of reform began to emerge. Between hearings on March 26 and 27, when NAR President-Elect Vince Malta testified before the committee, the desire for a well-regulated utility…
Read MoreCHICAGO—Commercial brokerage firm JLL reported on March 19 it had entered into a definitive agreement to acquire HFF, Inc. in a cash and stock transaction with an equity value of approximately $2 billion. The two companies reported the transaction was unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF,…
Read MoreWHITE PLAINS—A.S.A.P. Mortgage, which is headquartered in Cortland Manor, has embarked on a significant expansion effort of late that has included the opening of new offices in New York City and White Plains and the launch of a new commercial finance division. In addition, the company reports its intent to open additional locations in the…
Read MoreWHITE PLAINS—Jerry Houlihan of Houlihan-Parnes Properties, with its affiliate mortgage servicing company H-P Capital LLC, reported recently it has arranged the placement of first mortgage bridge loans for the following properties in the New York/Connecticut area: • A $550,000 first mortgage loan on a 4,000 square foot diner in Yonkers on the Bronx border. •…
Read MoreNEW YORK—The Community Preservation Corporation, a leading non-profit affordable housing and community revitalization finance company, announced on Feb. 12th the launch of CPC Mortgage Company LLC, a subsidiary created solely to focus on the company’s rapidly growing Agency lending business. CPC Mortgage Company LLC was officially introduced at a reception on Feb. 11th during the…
Read MoreWASHINGTON—In what can only be viewed as great news for Realtors and the residential real estate market, the Federal Reserve on Wednesday decided to hold rates steady and even signaled an end to what had been seen by some as an aggressive policy of raising rates. The Federal Reserve decided to maintain the federal funds…
Read MoreWASHINGTON—A bill has been introduced in the U.S. Senate to protect 800,000 federal workers, including thousands across New York State, and their families, from potentially losing their homes, facing apartment eviction or falling behind on bills that could then go to collection. On the 30th day of the partial federal government shutdown, US Senator Brian…
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