Archive for March 2009
TODAY’S DEALS: KeyBank Real Estate Capital Closes $4.9M Loan for 180-Unit Property, and Other Transactions
By Anuradha Kher, Online News EditorLouisville, Colo.–KeyBank Real Estate Capital recently closed a $4.9 million Fannie Mae loan for a multifamily property in Louisville, Colo. Key provided a supplemental permanent mortgage loan to Meadow Ridge Apartments Ltd. for Grandview at Flatirons (pictured), a 180-unit garden-style apartment complex. The property was built in 1990. Arbor Closes $3.52M…
Read MoreTamarkin Co. Tops Off 11-Story Condo Project
By Anuradha Kher, Online News EditorNew York, N.Y.–Tamarkin Co. has now finished topping out at its new condominium building, 456 West 19th St. in New York’s Chelsea neighborhood. The 11-story building, which overlooks the High Line, features a hand-laid, sand-finished black brick exterior inspired by the neighborhood’s classic industrial modern architecture. Drawing on the artists’…
Read MoreMulti-Housing Loan Origination Declined, But Debt Outstanding Remained Stable
Washington D.C.–There is a further decline in origination volume while multifamily mortgage debt outstanding remained relatively stable, according to the Mortgage Bankers Association’s (MBA) Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2008. Though economic pressures such as job losses and the decline in retail spending will continue to curtail originations…
Read MoreINSIDE THE DEAL: The Art of the Deal in Approaching Next-Door Neighbors
By Keat Foong, Executive EditorFoster City, Calif.—The best prices can sometimes be obtained by selling properties to the next-door neighbor. The 42-unit Kula Kai Apartments was sold close to its listing price of $10.9 million, or nearly $260,000 per unit. The overall cap rate obtained was 5 percent. Representing both the buyer and seller were…
Read MoreFirst Low-Income Senior Housing in Chicago Neighborhood Breaks Ground
By Erika Schnitzer, Associate EditorChicago–McShane Construction Co., based in Rosemont, Ill., recently broke ground on Casa Maravilla, a 73-unit green affordable senior housing community under development by The Resurrection Project, a Chicago-based non-profit affordable housing developer. Located in Chicago’s growing Pilsen neighborhood, the five-story, $20 million apartment building is the first low-income housing for seniors…
Read More“Gimme Shelter” with Daniel Gehman: Been Down So Long
What a crazy time to be alive. So many of us have been waiting through this difficult “economic circumstance” for signs that things might be getting a little better. We can’t help but continue to scour the horizon for the little glimpse to encourage us. I think it was Confucius who said, “You cannot step…
Read More“Capital Insights” with Jack Kern: You May Find A Spot on the Beach After All…
Frankie: (as the Rat Pack carry Von Zipper away) Toodle-ooo Mouseketeers! (Annette Funicello as Dee Dee is standing next to him.) Beach Blanket Bingo, (c) Alta Vista Productions 1965 Florida, the favored retirement Mecca and employment destination of choice is anticipating a dip in population growth, running at the lowest level in almost 60 years.…
Read MoreRailing Dynamics Launches Aluminium Novaline Railing Line
Railing Dynamics Inc. has launched three new baluster options to its Novaline railing line. In the past, the company offered Novaline with wood-fiber structural top and bottom beams and one baluster option.Now, Novaline has been modified with stronger, structural aluminum and offers balusters in square, belly, glass, or ¾-in. round iron profiles. The balusters are…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranged $4M in First Mortgage Financing for 198-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorYuma, Ariz.–NorthMarq Capital has arranged a $4 million first mortgage financing for The Beach Club Apartments (pictured), a 198-unit multifamily complex, located in Yuma, Ariz.Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, BCH LLC, by NorthMarq through its affiliation with…
Read MoreVacation Home Sales Slipping in Downturn, But Long-Term Forecast Still Positive
By Anuradha Kher, Online News EditorWashington D.C.–The combination of vacation- and investment-home sales slipped to 30 percent of all existing- and new-home transactions in 2008, according to the National Association of Realtors (NAR). However, more than four out of 10 investment buyers and more than three in 10 vacation-home buyers paid cash for their properties.“Yes,…
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