TheNiche Posted October 8, 2009 Share Posted October 8, 2009 A lot of multifamily developers grudgingly (for reasons that houston-development touched on) started looking into mortgage insurance from HUD when things got tight in the private capital markets. The program has a finite budget, however, so there are only so many of these deals that can get done in any given fiscal year. As a point of reference: In fiscal year 2008, HUD insured mortgages for 88 projects with 13,784 units, totaling $1 billion. Year-to-date, they've endorsed 82 projects with 11,301 units, totalling $784 million. Quote Link to comment Share on other sites More sharing options...
houston-development Posted October 8, 2009 Share Posted October 8, 2009 so long story short, 221d4 loans are pretty much the only game in town. in previous years 9 out of 10 developers wouldnt touch the loan with their putz but with the credit markets frozen, there really are no other alternatives. developers that swore off d4 loans are now seriously considering them; though they will probably pass.on the plus side: no personal recourse, 40 year am, zero rent restrictions, and thats about iton the negative side: mip (which is comparable to the additional interest on a sub-prime loan), high reserves ($200 - $300 more / door), fighting over reimbursement of cap ex expenses, and a long and painful process to get the development loan closed.as for my own personal opinion for this development... his all in costs are relatively low, a carp load of units are coming on-line, and we have lost over 100k jobs. if i was in his shoes, i would sit on the dirt for a couple more years. its not a "prime" midtown location but in the next few/couple years, assuming mix and the super block eventually build out, it could become "prime" real estate. today, not so much.but thats just me. 1 Quote Link to comment Share on other sites More sharing options...
htownproud Posted October 8, 2009 Share Posted October 8, 2009 midtown apartments are currently at a high occupancy rate (e.g., Post is near 100%). obviously with Camden coming online, there will be excess capacity for awhile, but in 15 months who knows Quote Link to comment Share on other sites More sharing options...
TheNiche Posted October 8, 2009 Share Posted October 8, 2009 midtown apartments are currently at a high occupancy rate (e.g., Post is near 100%). obviously with Camden coming online, there will be excess capacity for awhile, but in 15 months who knowsEven Post Midtown is now offering concessions. They didn't used to have to do that. I'm betting that by this time next year, typical concessions in Midtown will be pushing past two months. Quote Link to comment Share on other sites More sharing options...
brian0123 Posted October 8, 2009 Share Posted October 8, 2009 (edited) no, thats not the case at all. the financing is via a hud 221d4 loan, which has ZERO restrictions. full market rents, full amenities, full everything. no one on the outside would know the difference... farb has rate locked and im 99% sure he moves forward. Sorry about that. I misread the post and for some reason thought it said HUD housing. Never the less, this development will be great for the area. The more people in Midtown... the better. Edited October 8, 2009 by brian0123 Quote Link to comment Share on other sites More sharing options...
rci2145 Posted October 14, 2009 Share Posted October 14, 2009 Anybody know what is meant by "luxury" apartments? Where would they rank with Post, Metro Midtown, Smith St., etc? Also, with 180 units, how would that rank in size compared to the other apartments in the area? Thanks. Quote Link to comment Share on other sites More sharing options...
brian0123 Posted October 19, 2009 Share Posted October 19, 2009 Drove by over the weekend and they have already started clearing the lot across the street. My guess is that these will end up being as the Chron article states... having a parking garage across the street with a skywalk over Bagby to the complex itself. Quote Link to comment Share on other sites More sharing options...
lockmat Posted October 20, 2009 Share Posted October 20, 2009 Added to the wikihttp://towrs.com/wiki/index.php/New_Projects_In_Houston%2C_Texas#Houston_Projects_Under_Construction Quote Link to comment Share on other sites More sharing options...
bsclark12 Posted December 9, 2009 Share Posted December 9, 2009 Hi -- Anyone know what's going on at 400 McGowen? I just noticed the other day that the field is cleared and foundations are being poured (this is on the otherside of McGowen from where the new luxury apartments are going in). Thanks! Quote Link to comment Share on other sites More sharing options...
brian0123 Posted December 9, 2009 Share Posted December 9, 2009 Hi -- Anyone know what's going on at 400 McGowen? I just noticed the other day that the field is cleared and foundations are being poured (this is on the otherside of McGowen from where the new luxury apartments are going in). Thanks!I think it might be the parking garage for the apts. I read somewhere that the garage will have a walkway over Bagby to the apts. Quote Link to comment Share on other sites More sharing options...
bsclark12 Posted December 9, 2009 Share Posted December 9, 2009 I think it might be the parking garage for the apts. I read somewhere that the garage will have a walkway over Bagby to the apts.hmmm - I know you're right in that there will be an elevated walkway, but I thought that was going to be over Helena? Bagby seems like an awfully busy street to have such a walkway... Quote Link to comment Share on other sites More sharing options...
iluvmidtown Posted December 30, 2009 Share Posted December 30, 2009 I live across the street from the new Farb development. Wow! It's going up fast. Very impressive. I walked into the on-site office and saw the design rendering for interior and exterior. I was told that the theme will be," luxury boutique hotel." I hate to say it, but pretty amazing. Not only is this going to be a top-knotch project, but also they're including several green elements into the construction. I heard that Austin based Big Red Sun( they did San Jose Hotel in Austin)is working on their saltwater pool/landscaping concept. Kudos! Can't wait to see how it turns out. Does anyone of a completion date? Quote Link to comment Share on other sites More sharing options...
DrLan34 Posted January 17, 2010 Share Posted January 17, 2010 I live across the street from the new Farb development. Wow! It's going up fast. Very impressive. I walked into the on-site office and saw the design rendering for interior and exterior. I was told that the theme will be," luxury boutique hotel." I hate to say it, but pretty amazing. Not only is this going to be a top-knotch project, but also they're including several green elements into the construction. I heard that Austin based Big Red Sun( they did San Jose Hotel in Austin)is working on their saltwater pool/landscaping concept. Kudos! Can't wait to see how it turns out. Does anyone of a completion date?It seems like the parking garage will be on that middle lot under the lofts or in the center instead of across the street from bagby...Also, does anyone know how far down mcgowan (towards this new development) that the sidewalk expansion project will go? It would definitely be helpful to have those wider sidewalks along next to this new apartment complex Quote Link to comment Share on other sites More sharing options...
houstonartstudent Posted January 18, 2010 Share Posted January 18, 2010 Anybody know what is meant by "luxury" apartments? Where would they rank with Post, Metro Midtown, Smith St., etc? Also, with 180 units, how would that rank in size compared to the other apartments in the area? Thanks. Apparently having a grocery store, small neighborhood gym or other beneficial retail underneath you isn't considered a luxury in Houston Of course it's better than an empty lot but why is it a requirement to have a parking lot in front of every store in Houston? - OK I'll step off my soap box Quote Link to comment Share on other sites More sharing options...
brian0123 Posted February 13, 2010 Share Posted February 13, 2010 So I just drove by this place an can't believe how quickly these are going up. They have one block of apartments on one side of Bagby, a parking garage on the other side (and it looks like they will surround it w/ more apartments), and then more apartments one block away from Bagby. The one thing I was wondering is what are they going to do about parking for the two blocks of apartments w/out a garage? I don't see anywhere they could possibly build a skywalk between the blocks. Are people living on the 4th floor one block over going to have to walk across Bagby everytime they want to get to their car? Quote Link to comment Share on other sites More sharing options...
houston-development Posted February 15, 2010 Share Posted February 15, 2010 So I just drove by this place an can't believe how quickly these are going up.its going up fast because (1) his grandfather pretty much started davis bros and (2) HUD pops the GC for delays. put just those two together and its pretty much a top priority.They have one block of apartments on one side of Bagby, a parking garage on the other side (and it looks like they will surround it w/ more apartments), and then more apartments one block away from Bagby. The one thing I was wondering is what are they going to do about parking for the two blocks of apartments w/out a garage? I don't see anywhere they could possibly build a skywalk between the blocks.the parking garage is for all 3 buildings and (or as of last time i saw the drawings) will be connected via skybridges.Are people living on the 4th floor one block over going to have to walk across Bagby everytime they want to get to their car?yes, unless they park on the street. Quote Link to comment Share on other sites More sharing options...
houstonartstudent Posted February 15, 2010 Share Posted February 15, 2010 It looks like they're keeping the cell phone tower in the middle of the block - I think they should dress it up to look like a mini crown to bring a little bit of Memorial City flare to the area Quote Link to comment Share on other sites More sharing options...
houston-development Posted February 16, 2010 Share Posted February 16, 2010 It looks like they're keeping the cell phone tower in the middle of the block - I think they should dress it up to look like a mini crown to bring a little bit of Memorial City flare to the area farb didnt have any other option. he offered to move it, all expenses paid, but they declined. as a side note, the pool will not be on top of the garage. its now located on the ground floor and the area will be spruced up resort-like with cabanas, grills, etc. Quote Link to comment Share on other sites More sharing options...
Jax Posted February 16, 2010 Share Posted February 16, 2010 Somebody should post photos of this place. It's hard to imagine an apartment complex with a cell phone tower sticking out of it. 1 Quote Link to comment Share on other sites More sharing options...
houston-development Posted February 16, 2010 Share Posted February 16, 2010 Somebody should post photos of this place. It's hard to imagine an apartment complex with a cell phone tower sticking out of it.the tower will be enclosed by the parking garage, though the top will be exposed. on paper, it should be difficult to notice, unless youre looking for it. Quote Link to comment Share on other sites More sharing options...
OkieEric Posted February 16, 2010 Share Posted February 16, 2010 Somebody should post photos of this place. It's hard to imagine an apartment complex with a cell phone tower sticking out of it.The same thing happened with 2222 Smith St back when they built it - you can see it sticking out on bird's eye view on bing.com2222 Smith St Quote Link to comment Share on other sites More sharing options...
Jax Posted February 16, 2010 Share Posted February 16, 2010 Hopefully they'll have better reception than I do in the museum district. I can barely make a call on AT&T, even near a window without the audio breaking up and cutting in and out. Quote Link to comment Share on other sites More sharing options...
fatesdisastr Posted February 16, 2010 Share Posted February 16, 2010 Somebody should post photos of this place. It's hard to imagine an apartment complex with a cell phone tower sticking out of it. I had some time so I ran over there and took some 3 Quote Link to comment Share on other sites More sharing options...
crunchtastic Posted February 17, 2010 Share Posted February 17, 2010 It may just be the the first new apartment building featuring the added amenity of a parrot colony. I understand they particularly like cell towers, and tend to live by the dozens in them. Don't know if they're a nuisance in the way grackles are. Quote Link to comment Share on other sites More sharing options...
kdog08 Posted February 17, 2010 Share Posted February 17, 2010 Those grackles are nuts, it's amusing to watch the turf wars that occur on those big powerlines along Westpark inside the loop. Quote Link to comment Share on other sites More sharing options...
JWW Posted February 18, 2010 Share Posted February 18, 2010 What is the name of the project? HouDev, I have a question about HUD popping a GC for delays... I will post it in the D and R Estate thread if you feel like responding.. Quote Link to comment Share on other sites More sharing options...
dbigtex56 Posted May 8, 2010 Share Posted May 8, 2010 According to Nancy Sarnoff, Jonathan Farb, grandson of Harold Farb, will build apartment buildings at 306 Mc Gowen, in Midtown (article says at the corner of Bagby; Google Maps puts it between Baldwin and Helena) containing 185 units.ArticleI think it's the vacant lot with the big-ass radio tower on it. Quote Link to comment Share on other sites More sharing options...
HoustonMidtown Posted May 8, 2010 Share Posted May 8, 2010 According to Nancy Sarnoff, Jonathan Farb, grandson of Harold Farb, will build apartment buildings at 306 Mc Gowen, in Midtown (article says at the corner of Bagby; Google Maps puts it between Baldwin and Helena) containing 185 units. Article I think it's the vacant lot with the big-ass radio tower on it. Also discussed here: Quote Link to comment Share on other sites More sharing options...
lockmat Posted May 8, 2010 Share Posted May 8, 2010 It will have a 24-hour concierge, dog walking service, dog run, on-site kiosks delivering healthy meals and a saltwater pool with landscaping designed by the same firm that did the landscaping at the San Jose Hotel in Austin.A main building will contain 97 apartments wrapped around a six-story parking garage.Two adjacent buildings on either side — each with 44 units — will be connected by sky bridges.The units will range in size from 650 and 1,385 square feet with rents from $1,100 to $2,100 a month.http://www.chron.com/disp/story.mpl/business/6995837.htmlInteresting, it seems all three of these, especially two, will be relatively small, but I guess on three separate blocks, or just two? Quote Link to comment Share on other sites More sharing options...
sevfiv Posted May 10, 2010 Share Posted May 10, 2010 Like topics combined.. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.