Orange Bank & Trust Opens New Thornwood Office

January 10, 2019

THORNWOOD— The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust announced on Jan. 7 the opening of its full-service Thornwood branch at 859 Franklin Ave. “We are proud to continue to serve the Mount Pleasant community with our new branch in Thornwood,” said Joseph Ruhl, regional president at Orange Bank &…

Read More

Westchester IDA’s $49M in Incentives to Reap Nearly $882M in Private Investment

January 3, 2019

WHITE PLAINS—The Westchester County Industrial Development Agency released its full-year 2018 activity report on Jan. 2 which showed that its $48.8 million in incentives are projected to create $881.4 million in future private investment capital in the county’s economy. The report noted that the approved projects will create 2,680 construction jobs, 222 permanent jobs and…

Read More

NAR’s Malta Tells Congress Housing Finance Reform Must Be Bipartisan

December 26, 2018

WASHINGTON—On Dec. 21, National Association of Realtors President-Elect Vince Malta testified before the House Financial Services Committee. During the hearing, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Financing Reform Act of 2018,” Malta, a third-generation Realtor and the CEO and broker of Malta & Co., Inc. in San Francisco,…

Read More

Most Counties in HGAR Region See Increased Home Loan Limits

December 4, 2018

WASHINGTON—On Nov. 27, the Federal Housing Finance Agency announced it will raise the national conforming loan limit for 2019 by 6.9% from $453,100 to $484,350. In addition, the high-cost limit will rise from $679,650 to $726,525. As a result, loan limits will be higher in all but 47 counties or county equivalents across the country…

Read More

CPC Wins Fannie Mae Multifamily Lending Approval; Moving NYC Headquarters to News Building in 2019

November 7, 2018

NEW YORK—Fannie Mae has approved the Community Preservation Corp., a leading nonprofit affordable housing and community revitalization finance company, as a Multifamily Special Affordable Lender to originate Multifamily Affordable Housing (MAH) and Small Mortgage Loans. Also, CPC reported that it will move its New York City operations into nearly 30,000 square feet of space at…

Read More

GUEST VIEWPOINT: Why are Commercial Construction Loans Inherently Risky?

November 6, 2018

Too often, developers can’t secure permanent financing upon a project’s completion. If it’s a condominium project will the condo project sell out? Then, there is construction gamble, as cost overruns, accidents, delays and other problems tend to occur on every job. Imagine, for example, a crane falling or dropping an expensive beam. Further, good labor…

Read More

TD Bank Finances Hunts Point Affordable Housing Project

September 7, 2018

NEW YORK—TD Bank reported on Aug. 28 it had closed on an $18.4-million construction loan for MHANY Management Inc. and We Stay/Nos Quedamos, Inc. (Nos Quedamos) to develop the second phase of Phoenix Estates, a new eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000 square foot building will eventually become…

Read More

Gov. Cuomo Says Capital Gains Cut Will Cost NY $500 Million

August 13, 2018

NEW YORK—New York Gov. Andrew Cuomo announced on Aug. 9th his intent to propose legislation to “decouple” state tax policy from the federal tax code if the Trump Administration follows through on a plan to enact a $100-billion capital gains tax cut. Gov. Cuomo in a press conference in New York City also called on…

Read More

Guest Viewpoint: The CRE Market Looks to Stay Hot in 2018 and Beyond

July 11, 2018

The commercial real estate lending market came off of a record year in 2017, as mortgage originations totaled $530 billion. Fundamentally, rates, property values, credit policies and demand support the continuing strength of the CRE market. Technically, a large block of maturing CMBS loans will leave many CRE owners attempting to sell should they be…

Read More

Rockland County’s Financial Recovery Hits Key Milestone

July 5, 2018

NEW CITY—In four years, Rockland County government has gone from having approximately $42,000 in the bank and $138 million in debt, to being in the black with a fund balance of more than $6 million. Rockland County Executive Ed Day announced the positive budgetary news relating to the county’s just released Comprehensive Annual Financial Report…

Read More

NAR Roundtable Tackles Fannie, Freddie Reform, Privatization

June 27, 2018

WASHINGTON—With America’s homeownership rate struggling to match falling unemployment and increasing consumer confidence, protecting the benefits of the secondary mortgage market remains critical to the health of the overall housing industry. On June 22, the National Association of Realtors hosted a roundtable event examining the scope and status of comprehensive Government-Sponsored Enterprise, or GSE, reform,…

Read More

National Association of Realtors Applauds Passage of Banking Reform Bill

May 24, 2018

WASHINGTON—The U.S. House passed bipartisan legislation on Tuesday (May 22) that the National Association of Realtors believes will bring much-needed bank regulatory relief and consumer protections and is a step in the right direction for the industry. S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” contains several favorable provisions for housing, including…

Read More

New Home Purchase Mortgage Applications Rose 7.5% in April

May 15, 2018

WASHINGTON—Recently released mortgage finance activity data released by the Mortgage Bankers Association indicate mixed results during the month of April. The Mortgage Bankers Association Builder Applications Survey data for April 2018 released on May 10 showed mortgage applications for new home purchases increased 7.5% compared to April 2017. Compared to March 2018, applications decreased by…

Read More

Avison Young Arranges $120-Million Loan For Westchester Financial Center Purchase

May 15, 2018

WHITE PLAINS—Avison Young’s New York Capital Markets Group reports it has arranged a $120.3-million financing package for the acquisition and redevelopment of the Westchester Financial Center, a 571,000-square-foot office complex located at 50 Main St/ and 1-11 Martine Ave. in White Plains. The buyers, a joint venture comprising Ginsburg Development Companies, LLC and Robert Martin…

Read More

Hudson United Approved as Mortgage Banker in New York

April 9, 2018

NANUET—Hudson United Mortgage recently announced that it has been approved as a mortgage banker in New York. The new license will allow Hudson United to operate as a correspondent lender in its own name, control more of the process, and bring on additional investors with niche products. “This is a tremendous achievement and opens an…

Read More

Debt, Smaller Down Payments Leave Millennials Vulnerable to Already Challenging Market

April 4, 2018

SANTA CLARA, CA—Rising interest rates and home prices will cause a resounding majority of millennials to modify their home search, perhaps prompting them to seek a smaller or less expensive home or even consider different neighborhoods, according to a survey released on April 4 by Two factors are contributing to market sensitivity from millennials—their…

Read More

UBS Settles NY Mortgage Securities Case for $230 Million

March 21, 2018

NEW YORK—New York State Attorney General Eric T. Schneiderman announced today (March 21) a $230-million settlement with UBS in connection with its packaging, marketing and issuance of residential mortgage-backed securities to investors prior to the housing crisis in 2006. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and…

Read More

Mortgage Finance Firm Moves To Downtown White Plains

March 15, 2018

WHITE PLAINS—Robert Withers, President and CEO of M1 Capital Corp., announced recently that M1 Capital Corp., a leader in real estate financing, has moved its offices to 50 Main St., Suite 1000, in White Plains. Withers also reported he has re-launched his popular blog, The Equity Strategist, in which he explores aspects of the real…

Read More

Report: NY Property Tax Exemptions Top $450 Billion

March 12, 2018

ALBANY—New York State Comptroller Thomas P. DiNapoli issued a report recently that highlighted recent trends in property tax exemptions in New York State outside of New York City and the impact they have on local governments and school districts. “Property tax exemptions can be a valuable tool to improve housing affordability or fuel economic growth,”…

Read More