Michael Organ

Walker & Dunlop Continues to Invest in its Affordable Platform with the Addition of an Affordable Equity Finance Expert

Retrieved on: 
Monday, October 23, 2023

Walker & Dunlop, Inc. announced today that it is adding new capabilities to its already expansive affordable housing platform.

Key Points: 
  • Walker & Dunlop, Inc. announced today that it is adding new capabilities to its already expansive affordable housing platform.
  • The team welcomes 20-year industry veteran Warren Horvath as a managing director to source non-LIHTC and programmatic joint-venture equity for affordable housing owners and operators.
  • "I couldn't be more thrilled to join Walker & Dunlop's growing affordable housing platform," commented Horvath.
  • Walker & Dunlop’s Affordable Housing platform brings together a dedicated group of affordable specialists who provide our clients with solutions to achieve their affordable housing objectives.

CDT Invests in $1.2 Billion Acquisition Preserving More Than 10,000 Affordable Housing Units

Retrieved on: 
Monday, April 24, 2023

NEW YORK, April 24, 2023 /PRNewswire-PRWeb/ -- The Community Development Trust ("CDT"), together with The Michaels Organization ("Michaels") and Goldman Sachs Urban Investment Group ("UIG"), have completed the purchase of 90 affordable housing communities, a $1.2 billion acquisition that will ensure long-term affordability for the residents of more than 10,000 units of quality affordable housing. This joint venture partnership, known as the Essential Housing Impact Partnership ("EHIP"), results in the long-term preservation of more than 10,000 apartment units affordable to families and seniors with very low, low, and moderate incomes. Essential Housing is CDT's largest acquisition to date, and nearly doubles CDT's total equity assets under management, now just over 22,000 units.

Key Points: 
  • CDT Invests in $1.2 Billion Acquisition Preserving More Than 10,000 Affordable Housing Units.
  • The Community Development Trust ("CDT"), together with The Michaels Organization ("Michaels") and Goldman Sachs Urban Investment Group ("UIG"), have completed the purchase of 90 affordable housing communities, a $1.2 billion acquisition that will ensure long-term affordability for the residents of more than 10,000 units of quality affordable housing.
  • Essential Housing is CDT's largest acquisition to date, and nearly doubles CDT's total equity assets under management, now just over 22,000 units.
  • Michael Lear, Chief Business Development Officer for CDT, added, "CDT is proud to be part of this large-scale acquisition to preserve critical affordable housing alongside nationally renowned housing leaders.

Cambridge Savings Bank Supports the Redevelopment and Expansion of the Innes Apartments as Lead Bank in $93 Million Construction Loan

Retrieved on: 
Thursday, December 8, 2022

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced it is the lead bank in a $93 million construction loan to support the Innes Redevelopment Project, with the development of two new multi-purpose buildings in Chelsea, MA.

Key Points: 
  • Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced it is the lead bank in a $93 million construction loan to support the Innes Redevelopment Project, with the development of two new multi-purpose buildings in Chelsea, MA.
  • The mixed-income redevelopment will also include onsite amenities for residents and much needed ground-floor retail space to activate the Central Avenue Smart Growth area.
  • It has been a long journey to get to this point in the process and our partners at Cambridge Savings Bank have played a huge role in making it all possible.
  • Marcus Partners and its affiliates own, operate and are developing 6M+ square feet of real estate and 1,500+ multifamily units.

Walt Disney World Selects Developer for 80-Acre Affordable and Attainable Housing Initiative in Central Florida

Retrieved on: 
Wednesday, November 16, 2022

LAKE BUENA VISTA, Fla., Nov. 16, 2022 /PRNewswire/ -- Walt Disney World has selected The Michaels Organization, a prominent and visionary developer known for creating high-quality homes in communities across the country and here in Central Florida, to build, own and operate a new attainable housing development, offering affordable options for qualifying applicants within certain income levels. Walt Disney World will contribute approximately 80 acres of land in southwest Orange County, Florida, for the development, located west of State Road 429 and just a couple of miles from Flamingo Crossings Town Center.

Key Points: 
  • After a thorough search, Walt Disney World chose The Michaels Organization for its long-standing track record in building and managing attainable housing communities.
  • Negotiations between Walt Disney World and The Michael's Organization on a definitive agreement for the project are underway.
  • "For more than 50 years, Walt Disney World has cared for and invested in our community, and we're committed to being a part of this solution which will bring more attainable housing to Central Florida," said Jeff Vahle, president of Walt Disney World Resort.
  • "We are excited to work with an iconic brand like Disney to deliver attainable housing for the Central Florida community," said Michaels CEO John J. O'Donnell.

Hagens Berman: College Student Renters Take on Mega Property Management Companies in New Antitrust Class-Action Lawsuit

Retrieved on: 
Wednesday, November 2, 2022

Attorneys at Hagens Berman today filed a lawsuit against some of the nations largest U.S. housing managers on behalf of college student renters who accuse the companies of price-fixing rents for apartments in student housing markets across the country.

Key Points: 
  • Attorneys at Hagens Berman today filed a lawsuit against some of the nations largest U.S. housing managers on behalf of college student renters who accuse the companies of price-fixing rents for apartments in student housing markets across the country.
  • RealPage specifically designed an algorithm for the student housing market, called YieldStar Student, to help lessors maximize revenue by raising rent prices that they charged students, according to the lawsuit.
  • Defendants include Greystar Real Estate Partners LLC, Cushman & Wakefield Inc., BH Management Services, LLC, Campus Advantage Inc., Cardinal Group Holdings LLC, CA Ventures Global Services LLC, D.P.
  • The new lawsuit isnt the first time Hagens Berman has fought for the rights of college students.

Interplay Learning Partners with Residential Real Estate Leader The Michaels Organization to Expand Maintenance Labor Pool and Tackle Turnover With Simulation-Based Training Courses

Retrieved on: 
Friday, October 21, 2022

AUSTIN, Texas, Oct. 21, 2022 /PRNewswire/ -- Interplay Learning, the leading global provider of online and VR training for the essential skilled trades, announced today its partnership with The Michaels Organization, a national leader in residential real estate. Initiated in October 2021, Interplay Learning is providing over 2,300 maintenance technicians with on-demand, simulation-based training courses in the areas of HVAC, plumbing, electrical, appliance repair, and safety, preparing entry-level technicians to be job-ready in 18 weeks.

Key Points: 
  • "Training is a critical focus for attracting and retaining entry-level skilled talent into accessible maintenance roles across Michaels' properties," said Lea Ann Bowers, Director of Talent Development at Michaels.
  • Michaels' emphasis on delivering engaging and continuous training pathways is expected to be a key driver of continued success for Michaels' 440-plus apartment communities nationwide.
  • With a long-standing commitment to innovation and industry-leading employee training, Michaels is pleased with the addition of Interplay's industry-leading trade catalogs into its maintenance training program.
  • Doug Donovan, Founder and CEO of Interplay Learning, commented, "We're proud to partner with The Michaels Organization to deliver accessible and innovative maintenance training to its maintenance teams and new hires.

The Michaels Organization Sells Zoey Apartments in Austin, Texas

Retrieved on: 
Tuesday, August 30, 2022

CAMDEN, N.J., Aug. 30, 2022 (GLOBE NEWSWIRE) -- The Michaels Organization , a national leader in residential real estate, announced today that it has completed the sale of Zoey Apartments , a newly constructed premier apartment community in the fast-growing market of Austin, Texas.

Key Points: 
  • CAMDEN, N.J., Aug. 30, 2022 (GLOBE NEWSWIRE) -- The Michaels Organization , a national leader in residential real estate, announced today that it has completed the sale of Zoey Apartments , a newly constructed premier apartment community in the fast-growing market of Austin, Texas.
  • The $59.2 million Zoey development began leasing in early August and at the time of sale was 82 percent occupied.
  • "Texas is one of several key markets where Michaels is developing new multifamily communities," said Chris Brookshire, Michaels Vice President and Zoey's lead developer.
  • The Michaels Organization is a national leader in residential real estate, offering full-service capabilities in development, property management, construction, and investment management.

Cambridge Savings Bank Provides Strategic Land Ventures with $84.5 Million in Funding to Support the Construction of Mixed Income Housing

Retrieved on: 
Tuesday, August 30, 2022

In addition to a variety of market-rate options, the projects will add 61 critically needed affordable housing units to the Winchester community.

Key Points: 
  • In addition to a variety of market-rate options, the projects will add 61 critically needed affordable housing units to the Winchester community.
  • Additionally, CSB offered financial support to Cambridge Housing Authority and Caritas Communities to help support the fight against homelessness in the Greater Boston area earlier this year.
  • Our partners at Cambridge Savings Bank have been the perfect consultants for this project given their intimate awareness of the apartment construction process and experience in affordable housing development, said Geoff Engler, Managing Partner of Strategic Land Ventures.
  • We look forward to partnering with them as we continue to bring exciting mixed-income housing options to the Boston market.

AH Board Votes to Negotiate Master Developer Agreement For Atlanta Civic Center

Retrieved on: 
Wednesday, August 24, 2022

Atlanta Housing CEO Eugene Jones Jr. thanked AH board members for devoting the time and attention necessary for their decisive vote.

Key Points: 
  • Atlanta Housing CEO Eugene Jones Jr. thanked AH board members for devoting the time and attention necessary for their decisive vote.
  • The Civic Center Evaluation Committee included representatives from the City of Atlanta, Invest Atlanta, the community and AH staff.
  • AH and the Development Team will begin negotiating a master development agreement immediately to finalize business terms and final due diligence.
  • Completed in 1965, the new Civic Center complex represented a bold effort to establish a civic and iconic home for the arts in the heart of Atlanta.

Michaels, DL3 Realty Set to Move Forward on Park Station Lofts in Chicago

Retrieved on: 
Tuesday, August 16, 2022

Park Station Lofts is just steps away from the University of Chicago and in close proximity to the upcoming Obama Presidential Library Campus.

Key Points: 
  • Park Station Lofts is just steps away from the University of Chicago and in close proximity to the upcoming Obama Presidential Library Campus.
  • Park Station is a transit-oriented development, located just 350 feet from the Cottage Grove Station of the CTA Green Line.
  • DL3 Realty is serving as a co-developer alongside Michaels Development while Michaels Management will serve as the property management company.
  • DL3 Realty is a full-service real estate development firm committed to accelerating the transformation of emerging communities through high-impact commercial real estate projects.