Author Archives: ipgocorp

Berkshire Group Joint Venture Breaks Ground on 248-Unit Multifamily Community in Boston Submarket

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FOXBOROUGH, MA – Berkshire Group, in a joint venture with The Hanover Company, announced the groundbreaking in on Domain Foxborough, a 248-unit apartment community located in Foxborough, Massachusetts. Completion for the development project is slated for late 2017.

Once stabilized, the property will be managed by Berkshire Communities, the property management division of Berkshire Group.

“We are excited to do another joint venture with The Hanover Company,” noted Kel Frazier, Vice President, Multifamily Development Investments, Berkshire Group. “Domain Foxborough fits nicely with our strategy and we are keen to watch the project progress. The development is located in a supply-constrained submarket with significant barriers to entry for future multifamily development. In addition, the site is highly visible and offers fantastic connectivity to the employment nodes within the region.”

Domain Foxborough amenities include a resort-style pool with grilling stations, game room and movie room, dog park, business center and fitness center.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group.

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Civil Rights, Consumer Groups Urge FHFA to Recapitalize Fannie and Freddie

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(RECAP: Several civil rights and community development groups wrote Tuesday to urge the Federal Housing Finance Agency to recapitalize Fannie Mae and Freddie Mac. The joint letter included the Center for Responsible Lending, the National Community Reinvestment Coalition and Amalgamated Bank. “Our organizations are deeply concerned that under the Preferred Stock Buy Agreements with the Treasury Department, the capital buffers of Fannie Mae and Freddie Mac will be completely eliminated by the end of 2017,” said the letter to FHFA Director Mel Watt. “This course of action is likely to destabilize the housing economy, undermine efforts to make housing finance more accessible and affordable, and drive up the costs of homeownership.”)

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Will ‘Modest’ Economic Growth Deter the Fed?

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(RECAP: All eyes are on economic data as the country waits to see if the Federal Reserve will raise the federal funds target rate later in June. A rate hike is widely anticipated by economists and analysts; the latest economic data reported by the Fed, but, may place the rate hike on hold at least until late July. According to the Federal Reserve’s latest Beige Book released on Wednesday, most of the Fed’s 12 Districts reported only modest economic growth from April through mid-May, the period covered by the Beige Book.)

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