McCormack Baron Salazar News

The latest news from McCormack Baron Salazar and its communities.

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McCormack Baron Salazar celebrates a healthy and successful 2011

Holiday CardThe McCormack Baron Salazar family of companies is pleased to share our many accomplishments of 2011.

In addition to the groundbreakings, openings, awards and celebrations listed below, McCormack Baron Salazar would also like to recognize the hard work and dedication of all of our employees, partners, and residents throughout this year

McCormack Baron Salazar celebrated the following groundbreakings and grand openings of communities across the country:

Groundbreakings

o BW Cooper, New Orleans, LA

o North Sarah Phase I, St. Louis, MO

o Legends Park North, Memphis, TN

o Liberty Park Phase II, Pittsburgh, PA

o Oakland Heights Rehabilitation, Kansas City, MO

Grand Openings

o Senior Living at Cambridge Heights, St. Louis, MO

o Harmony Oaks, New Orleans, LA

o Northpark at Scott Carver, Miami, FL

o The Symphony Apartments, Phoenix, AZ

o McKinley Park, Memphis, TN

In addition, McCormack Baron Salazar became the first developer in the world to have two stage-3 completed LEED for Neighborhood Design certified developments.

McCormack Baron Salazar was also awarded a $30.5 million Choice Neighborhood Initiative Implementation Grant in San Francisco and is part of the team that was awarded a $30.5 million CNI Implementation Grant in New Orleans.

MBS Urban Initiatives CDE provided New Markets Tax Credit Financing for the following programs and developments:

New Markets Tax Credit Financing

West Park Tulsa, OK

CNI/Pullman Park Chicago, IL

Cascadia Center Seattle, WA

Producer's Choice Soy Energy Moberly, MO

Better Family Life Chicago, IL

New Markets Tax Credit Grand Openings

Eastside Target Pittsburgh, PA

National Dance Institute New York, NY

Variety Boys & Girls Club Boyle Heights, CA

One Commerce Memphis, TN

McCormack Baron Asset Management pursued its acquisition strategy in the Salt Lake City area by acquiring an additional rental property this year and presenting letters of intent on several others. McCormack Baron Asset Management also evaluated other metro areas to target for acquisitions. Taking advantage of today's favorable interest rates, McCormack Baron Asset Management successfully refinanced 7 projects, with another 8-10 applications in process and another dozen under evaluation for refinance.  These have presented a significant opportunity to improve performance in the McCormack Baron-developed portfolio.

In addition to managing the rental properties that celebrated grand openings this year, McCormack Baron Ragan was contracted on four fee-managed properties. In addition, with Al Ragan moving to MBS Community Capital, McCormack Baron Ragan brought on Tim Zaleski to serve as President of the company.  Also in 2011, McCormack Baron Ragan established Green Streets jobs program in San Francisco.

Alan J. Ragan was named President of the newly-formed MBS Capital Corporation, a subsidiary of McCormack Baron that will focus on acquisition and syndication of new and existing residential real estate properties across the United States.

The Sunwheel Energy Partners solar energy and water efficiency project in St. Louis, MO was commissioned and placed in service.

Finally, demonstrating a corporate and company-wide commitment to sustainability, the McCormack Baron Family of Companies won the highest award for corporate sustainability in the St. Louis Green Building Challenge - an achievement that could not have been done without the dedication of our valuable, valued employees.