Kimball Hill Homes Suspends New Construction Starts
Kimball Hill Homes today announced that as a result of the severe economic downturn and escalating turmoil in the credit markets, the Company has made the difficult decision to begin the wind-down of its operations with efforts to facilitate a sale of its business or a bulk sale of its assets to continue during this period. The Company also filed its Chapter 11 plan, which is supported by the official committee of unsecured creditors and the Company’s...
Court Grants Kobra Properties Early Motions Designed to Pay Employees, Maintain Operations
U.S. Bankruptcy Judge Michael S. McManus yesterday granted most of Kobra Properties’ “first day” motions allowing the company and its related entities to operate on a business as usual basis as it works to restructure under Chapter 11. Kobra’s related restaurant operations are not affected by its Chapter 11 filing. “Judge McManus’ ruling is a positive step toward reorganizing Kobra for the benefit of its creditors and the protection of...
EPA Drops Lawsuit Challenging Page Mill Properties Rent Hikes: So-called Illegal Rent Increases, Werent Illegal After All
After five consecutive court defeats, the City of East Palo Alto has agreed that rent increases initiated earlier this year by a major property owner are legal after all. Lawyers for East Palo Alto say the City will permanently dismiss claims against Page Mill Properties, which represents the investors and property owners of 1789 rental units in the Woodland Park neighborhood west of Highway 101 in East Palo Alto. “I’m pleased that these false...
Columbia Bank is an Approved FHA Mortgage Lender
Columbia Bank announced that it has begun accepting applications for Federal Housing Administration (FHA) Residential Mortgage Loans within New Jersey. As an approved FHA lender, Columbia Bank has been granted the authority to offer qualified homebuyers the opportunity to purchase a home with a low down-payment, low closing costs and more flexible credit guidelines. Columbia’s FHA Mortgage Loans are specifically designed for borrowers who would...
Fannie Mae to Suspend Foreclosures Until January 2009 While Streamlined Modification Program is Implemented
In order to support the streamlined modification program announced on November 11, 2008, Fannie Mae (NYSE: FNM) issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009. The temporary suspension of...
Alabamas Brett/Robinson Beats Condo Pitfalls, Opens New Beachfront Building, Second Largest in State
Gulf Coast real estate developer Brett/Robinson and Alabama Governor Bob Riley announced the grand opening – and stellar sales – of the state’s second largest building earlier this month. Not only does the opening of the $175 million, 25-floor Phoenix West demonstrate buying power in a weak economy, it’s a bright spot in a national real estate stall. “This is a big deal for Alabama’s Gulf Coast, and an example for the nation,”...
Alabama’s Brett/Robinson Beats Condo Pitfalls, Opens New Beachfront Building, Second Largest in State
Gulf Coast real estate developer Brett/Robinson and Alabama Governor Bob Riley announced the grand opening — and stellar sales — of the state’s second largest building earlier this month. Not only does the opening of the $175 million, 25-floor Phoenix West demonstrate buying power in a weak economy, it’s a bright spot in a national real estate stall. “This is a big deal for Alabama’s Gulf Coast, and an example for...
Guardian Management LLC Signs Agreement to Acquire Atherton-Newport Assets in Excess of 4,000 Multifamily Units
Guardian Management LLC (Guardian), a Pacific Northwest real estate investment and asset management firm specializing in multifamily housing investments, has signed preliminary agreements to acquire the real estate portfolio of Atherton-Newport Investments (ANI). ANI is a multifamily housing firm, based in Orange County California, which has been working under Chapter 11 reorganization since January. The assets to be acquired by Guardian include more...
Deep Down Announces 140% Increase in Revenues for the Third Quarter
Deep Down, Inc. announced unaudited results for the three months and nine months ended September 30, 2008, on Form 10-Q filed with the U.S. Securities and Exchange Commission. Revenue for the three months ended September 30, 2008 increased $6.8 million to $11.7 million, a 140% increase over the same three-month period in 2007. The increase in revenue included $8.5 million from the acquisitions of Mako and Flotation, while our historical service lines...
Bridger to Advise TIC Investors Following DBSI Bankruptcy
Bridger Commercial Funding announced today that it has been retained as an expert advisor for certain Tenants-in-Common (TICs) who made investments in commercial real estate properties sponsored by DBSI. DBSI’s Chapter 11 bankruptcy filing in Delaware on November 10, 2008 may impact over 8,300 investors. “TIC investors that acquired interests in DBSI properties face potentially severe financial and tax consequences as a result of DBSI’s bankruptcy,”...
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