The Community Development Trust Completes Successful 2012 with Strong Production and Performance


New York, New York (PRWEB) February 06, 2013

The Community Development Trust (CDT), the countrys only private real estate investment trust (REIT) with a focus on providing capital for the creation and preservation of affordable housing, closed 2012 with notable accomplishments. Since last January, CDT acquired, or committed to finance more than 1,000 units of affordable housing. CDT is a national Community Development Financial Institution (CDFI), as well as a hybrid REIT. In support of the preservation of affordable housing, CDT acquires properties, originates mortgages, or buys and syndicates mortgages originated by other lenders.

Were very proud of our accomplishments in 2012 as, once again, weve generated positive returns for our shareholders while remaining committed to our mission of bringing debt and equity capital to underserved markets across the country, said Joe Reilly, President and CEO of CDT. We believe that our work throughout this past year demonstrates our strength and versatility as an organization, and we look forward to furthering our impact within the community development industry for years to come.

Some of CDTs highlights during 2012 include:


????Cushing Residence: In March, CDT partnered with Evergreen Housing Partners and the Senior Housing Group to acquire and preserve the affordability of the Cushing Residence in Hanover, Massachusetts. The 150-unit, 100% Section 8 property provides safe, affordable housing for seniors and the disabled. The property is located next to Cardinal Cushing Centers, a school that provides educational and vocational opportunities for children and young adults with developmental disabilities. CDTs arrangement has allowed for the continuation of numerous social services including a voluntary meal program, computer classes, visiting nurses, a full-time service coordinator, and a joint activity program between the property and the school.

????Town Creek Village: In April, CDT originated a $ 2.6 million first mortgage on Town Creek Village, a 96-unit affordable housing family community located in Lenoir City, Tennessee. The property was newly constructed and completed in 2011 by DPKY Development Company, LLC, and a Tennessee-based real estate company that has developed several multifamily affordable housing communities since 2002. The developers management affiliate, DPKY Management Company, LLC, manages the property, along with all of DPKYs other communities. Town Creek Village was developed with construction financing and Low Income Housing Tax Credit (LIHTC) equity from Regions Bank. The Tennessee Housing Development Agency provided subordinate debt to further support this development.

????Pleasant View Apartments: In June, CDT made its first acquisition with a nonprofit when it partnered with LINC Housing Corporation (LINC), a Long Beach, California-based nonprofit developer of affordable housing for low-income families, seniors, and people with special needs, to acquire the Pleasant View Apartments, a 60-unit, 100% affordable property, serving both seniors and low-income families in Fresno, California. The partnership facilitates on-site social services in the form of tutoring, health and wellness clinics, and special events. CDTs equity investment in Pleasant View Apartments is helping to finance a rehabilitation of the property which will include renovated kitchens, new roofs, new windows, and the construction of a new community center and playground.

????Mayor Estates: In August, CDT provided a mortgage to refinance Mayor Estates, a 60-unit affordable housing family community, located in Cambridge, Ohio. The $ 537,000 first mortgage, originated by CDT, preserved the affordability of the property as it neared the end of its Year-15 LIHTC compliance period. Mayor Estates is owned and managed by Cambridge Management Corporation, a not-for-profit affiliate of the Cambridge Metropolitan Housing Authority and was initially developed with equity capital from the Ohio Capital Corporation for Housing.

????Community Development Financial Institutions Fund Award: In August, CDT was awarded $ 1.45 million from the Community Development Financial Institutions Fund. This was CDTs fourth consecutive year of receiving an award. CDT was one of 108 established organizations serving low-income communities to receive this years largest award amount. The award is presented to leaders in community development and will allow CDT to further its commitment to make innovative, mission-driven investments around the country in communities that need them most.

????Vintage Crossing: In August, CDT closed its first preservation transaction with Denver-based Steele Properties/Community Housing Concepts, when it originated a $ 1.5 million acquisition loan for Vintage Crossing, a 50-unit community of senior housing located in Cuthbert, Georgia. CDTs financing included the funding of project upgrades totaling approximately $ 100,000, which will add to the future viability of this project. The community is supported by a long-term Section 8 contract and is managed by the Monroe Group, a national property management company specializing in affordable housing serving families and seniors.

????Steinbeck Commons: In October, CDT acquired a 100-unit, age-restricted, 100% project-based Section 8 property in Salinas, California called Steinbeck Commons. The property was purchased and rehabilitated with LIHTC equity and tax-exempt bonds by an affiliate of Southport Financial Services in 1998. By replacing the tax credit limited partner, CDT has enabled Southport to recapitalize the property and maintain operating the property as high-quality affordable housing for seniors in Salinas. The partnership will allow CDT and Southport to make immediate capital improvements to the property, including exterior painting, and ensure it remains in excellent physical condition well into the future.

????Sutton Oaks Phase II: In October, CDT approved a fixed-rate forward commitment to originate a $ 4.6 million first mortgage on a 208-unit affordable housing family community located in San Antonio, Texas called Sutton Oaks Phase II. The property is the second phase of a new construction, mixed-income community that will serve as replacement housing for a public housing development built in 1952. When completed, Phase II will contain 49 public housing units that will receive income from an Annual Contributions Contract, 113 LIHTC units, and 46 market rate units. The property is being developed by Franklin Development Properties, Ltd., and the San Antonio Housing Facilities Corporation is the sponsor.

????Santa Ana Towers: In December, CDT acquired a limited partnership interest in a 200-unit age-restricted, 99% project-based Section 8 property located in Santa Ana, California called Santa Ana Towers. In 2001, Thomas Safran Associates (TSA) purchased and rehabilitated the property with tax-exempt bonds and 4% LIHTC equity. CDT made a preferred equity investment which allowed TSA to exercise its option to purchase the property from the LIHTC limited partner.

These highlights are representative of the impact CDT has on the communities it serves, by providing long-term capital to preserve the viability and affordability of the nations critically needed affordable housing.

About CDT

CDT is the country’s only private real estate investment trust (REIT) with a focus on providing capital for the creation and preservation of affordable housing. Working with local and national partners, our organization makes long-term equity investments in affordable housing and both originates and purchases long-term mortgages supporting the development and preservation of affordable housing. After more than fourteen years of operations, CDT has provided approximately $ 900 million in debt and equity capital to properties in 42 states and regions — helping to preserve and create more than 32,000 units of affordable housing.

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Guide to Complimentary Tax Help: Save Money Filing 2012 Tax Returns with New GoBankingRates.com Report


El Segundo, CA (PRWEB) February 26, 2013

Almost three-quarters of Americans are planning to cut back spending to compensate for paychecks reduced by the 2013 payroll tax increase that came with the fiscal cliff deal, according to National Retail Federations 2013 Tax Returns Survey. With the payroll tax increase already taking a chunk out of Americans paychecks, many consumers are already feeling the financial strain on their bank accounts, and will be less willing to spend extra money filing 2012 tax returns.

Leading finance resource GoBankingRates.com investigates a range of tax services to highlight the best no cost tax help in its latest consumer report. This guide shows tax filers how to save more money and ease the cost of filing 2012 tax returns.

If you think youre going to owe money this year, the last thing you want to think about is pulling more money out of your savings account to pay taxes, notes Stacey Bumpus, an expert contributor to GoBankingRates. Luckily, there is plenty free tax help available to not only answer your questions about filing, but submit your forms for you at no cost.

The guide to free tax help covers a range of resources, including no cost tax help hotlines, tax preparation services and websites, and mobile apps that can provide consumers with the information needed to prepare their 2012 tax return.

View the full list of free tax services here.

For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.

About Go Banking Rates

GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.

Contact:

Jaime Catmull, Director of Public Relations

GoBankingRates.com

JaimeC(at)GoBankingRates(dot)com

310.297.9233 x261

424-903-9002

###

Source: National Retail Federation 2013 Tax Returns







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Knight Frank: 70% of London offices sold in 2012 went to foreign buyers

London, UK (PRWEB UK) 5 February 2013

Today Knight Frank unveiled its latest analysis and forecasts for the central London office market at the Dorchester Hotel. Key points were:

Investment Market


The central London office market saw its strongest year for investment since 2007, thanks to a record level of purchases by foreign investors.

Total investment turnover for central London was ?13.8 bn in 2012, up from ?9.6 bn in 2011, and higher than the ten year average figure of ?10.8 bn.

In 2012, overseas buyers invested ?9.6 bn, the highest figure on record, and nearly 70% of total activity. In 2000, overseas buyers accounted for 24% of deals.

This is the fifth consecutive year that foreign investors have accounted for the majority of investment purchases by volume.

Leasing Market

Take-up of office space in the leasing market was 9.6 m sq ft in 2012, which was down on 2011 (10.7 m sq ft).

The vacancy rate (available office space as % of total stock) was 7.2% at the end of 2012, compared to 7.3% at the end of 2011. This is the first time on record that the UK economy has experienced a recession without the central London vacancy rate increasing.

The West End vacancy rate is now 5.6%, significantly lower than the long-term average of 7.6%.

The City office market was a bright spot, with take-up increasing to 5.8 m sq ft in 2012, up from 5.5 m sq ft in 2011. The City vacancy rate was 8.4%, down from 8.9% a year earlier.

The City benefitted from a growing cluster of technology, media and telecoms firms, who acquired 1.2 m sq ft of office space in the 2012. This marks a 25% increase on 2011.

Residential market

Transaction levels for 2012 hit ?18 billion with 11,900 deals contracted at an average price of ?1.5 million

Prime Central London growth for 2012 hit an average of 8.7%. The prime markets of Belgravia and Knightsbridge were the star performers at 15%

An analysis of all transactions show UK buyers accounted for 58% of purchases. In the new homes environment this figure decreases to 27%

James Roberts, head of commercial research, said: A lot of people are surprised that the City has seen take-up rise in 2012, because it is associated with the banks, who are known to be cutting staff. However, Clerkenwell, Farringdon and Shoreditch are now firmly established as technology and media districts, and we expect to see this momentum build with the forthcoming 4G roll out. Technology, Media and Telecoms firms were the largest source of demand of office space in City in 2012, accounting for 22% of activity. Also, the insurers who operate in the Lloyds insurance market have been taking more office space, with activity from this industry more than doubling to 878,000 sq ft in 2012.

Stephen Clifton, investment partner, said: Foreign buyers dominating the London office investment market has become an established state of affairs. The pound has weakened further in recent weeks, which only increases the logic for overseas investors to buy in London. Also, pricing looks attractive compared to their home markets in many cases. Prime yields on City offices are 5.00%, on West End offices they 4.00%, whereas in Hong Kong they are around 3.00%. In 2012, much of the focus was on the safer assets, but in 2013 I expect to see investors taking on more risk, including looking at development sites in order to ride the global economic recovery.

Philip Hobley, leasing partner, said: A difficult year for the global economy pushed down demand for leasing office space, but what is remarkable is that the vacancy rate did not rise, which has happened in all past recessions, and how strong deal terms have been. This is because the lack of speculative development over the past five years has kept market supply under pressure. When the global economy gains traction again, I expect improved demand to rapidly push supply down, resulting in wider rental growth by year end.

Ian Marris, head of development consultancy, said: The prime markets enjoyed a strong year despite some adverse economic conditions and political interventions. The fundamentals are positive with London being driven by a strong demand from macro investors.

This said we believe the growth in 2013 will be held back, as investors seek to negotiate hard on pricing. A year of price consolidation will be a good outturn and sets the market in good shape for steady medium term growth of 25% over the next five year period.

John Snow, head of central London offices, concluded: London proved in 2012 it deserves its reputation as a resilient property market. In the leasing market, supply is comparatively low, with the vacancy rate at 7.2%, which is below the long run average figure. The investment market remains popular with overseas investors, who are now spending more than double the amount on London offices that they did ten years ago.

For further information, please contact:

Alice Mitchell, commercial pr manager, Knight Frank +44(0)20 7861 5168 alice.mitchell (at) knightfrank (dot) com

Ends

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 207 offices, in 43 countries, across six continents. More than 6,340 professionals handle in excess of US$ 886 billion (?594 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit http://www.knightfrank.com.







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July 2012: Chicago Real Estate Market Outlook

The July 2012 Chicago real estate round up continues an upward positive trend as it pertains to the local market here. With Fed Chairman Ben Bernanke’s assertion that the national market as a whole appears to be bottoming out it appears that we have finally cleared that major hurdle towards a full market recovery. Real estate in Chicago has always been unique and continues to be. The rental market here continues to be white hot and sales activity has increased significantly well beyond the expectations of most of the top local Realtors here in downtown Chicago. Beyond that rates remain low and those sellers who can afford to price with fair market valuation pricing have seen there homes sell lightning fast- especially in the downtown proper area where inventories have all but dried up creating stiff competition amongst buyers. Hang in there folks, things seem to be leveling out and stabilizing. If you’re looking for more information on how the latest market news effects you personally I’m always available to answer question by phone at (773) 313-3904 or by email at blog@newmanrealtyillinois.com.

Belgravia Group has been one of Chicago’s most successful real estate developers for more than 60 years — a track record that few companies can match. Alan Lev has been the President and CEO of Belgravia, one of our clients, for almost 20 years. He’s one of the most knowledgeable and candid players in the Chicago real estate market, and always has a take worth hearing on the topic. Join us for a look at Belgravia’s current and future projects, some discussion on the condo and rental markets, and Alan’s take on the city areas where there are still opportunities for development.