Federal bill may slow foreclosures
President Bush signed into law one of the most far-reaching housing bills yet in an effort to stabilize the tumultuous housing market.
The Housing and Economic Recovery Act of 2008 includes a Federal Housing Administration overhaul that is meant to simplify and make FHA-backed mortgages more available while helping families refinance existing mortgages and keep their homes.
Under the billÂ’s terms, the FHA will be allowed to insure up to $300 billion in new 30-year fixed-rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down loan balances to 90 percent of the homesÂ’ appraised value.
The cost of the new FHA program — which would begin on Oct. 1 and be in place for a limited time — will be funded by fees from Fannie Mae and Freddie Mac, along with fees paid by both lenders and borrowers.
“We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac,” said White House spokesman Tony Fratto in a press release. “The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes.”
National foreclosure filings in the second quarter 2008 were up nearly 121 percent from the previous yearÂ’s second quarter, and they increased nearly 14 percent from the first quarter of 2008, according to RealtyTracÂ’s U.S. Foreclosure Market Report.
Texas ranked 21st in the nation, with the Lone Star State recording 14,781 foreclosure notices. Dallas and Fort Worth ranked 49th and 50th in the nation, respectively, in major metropolitan foreclosure filings. In Dallas, foreclosures were filed against 7,638 properties. Fort Worth did slightly better with only 3,785 properties facing foreclosure.
Construction begins
on medical center
Turner Construction Co. has broken ground on a 50,000-square-foot addition and a 15,000-square-foot renovation of Weatherford Regional Medical Center in Weatherford. The first phase of the $27 million expansion project includes a new 23-bed emergency department, a new 12-bed intensive care unit, a new testing and diagnostic center, and an expansion of the imaging, laboratory and pharmacy services.
Colleyville developer invests
in Dallas Medical District
Colleyville-based Realty Capital Partners has acquired about eight acres with two existing office buildings comprising 125,000 square feet in Dallas with plans to develop an upscale residential project. Under the name RCP Medical District Urban Living Ltd., Realty Capital plans to develop 300 Class A apartment units in the Southwestern Medical District of Dallas. One of the existing buildings will be demolished to make room for the apartment development, while the other building will be preserved. The site is off of Maple Avenue, between Interstate 35 and the future Dallas Area Rapid Transit.
Calif. company buys FW hotel
Shiva Management, a southern California-based operator, has purchased the 247-key Radisson Hotel Fort Worth South for $11.5 million.
Allegiance Realty Corp. sold the 155,904-square-foot hotel located at 100 E. Alta Mesa Blvd. in Fort Worth after completing $8 million in renovations during its three-year ownership.
Previously, the hotel was operated as a Holiday Inn before losing its flag under former ownership.
This transaction completes the disposition of AllegianceÂ’s Radisson portfolio. Monty Levy and Ros Mallory of JLL handled this transaction.
Two floors of Colleyville
building sold
Paradigm Group Partnership II has purchased two floors of a Colleyville building located at 55 Main St. Paradigm bought the first and second floors of the building from local developer Realty Capital Corp. for $4.2 million.
The 33,000-square-foot, multiuse building was built in 2002. The first floor contains 11,095 square feet of retail and condo space, and the second floor contains 14,090 square feet of office and condo space. The third floor holds luxury residential units.
Realty Capital Corp. was represented in-house by Jobi Decker and Chad OÂ’Neal.
Sheraton open for business
Starwood Hotels & Resorts Worldwide Inc. has opened its Sheraton Fort Worth Hotel and Spa following a $46 million transformation of the former Ramada property. Owned by Presidio Cos. and managed by PHG Texas Management Corp., the 430-room Sheraton joins a bustling downtown Fort Worth hospitality market.
“With our multimillion dollar hotel transformation, the Sheraton Fort Worth Hotel and Spa will truly establish itself as one of the leading hotel choices in Fort Worth and the Metroplex,” said Guneet Bajwa, executive vice president of Presidio Cos.
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