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 [...]

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 [...]

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 [...]

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’ [...]

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 [...]

By Anuradha Kher, Online News EditorMiami–More than 200 condominium and townhome projects with blocks of 20 units or more are currently presenting investors with potential acquisition opportunities in Miami-Dade County according to CondoReports.com’s 1Q09 Miami Bulk Buyer Report.   The report differs from previous studies of unclosed inventory as it is both countywide and includes recent [...]

By Anuradha Kher, Online News Editor  Scottsdale, Ariz.–Realty DataTrust and Rent.com have signed an agreement to integrate rental rate data from over 25,000 property listings on Rent.com into apartment market data and trends website, PadZing.com. The inclusion of Rent.com property data with data from current content provider VaultWare, an online apartment availability and reservation system, [...]

By Erika Schnitzer, Associate EditorAnaheim, Calif.—1818 Platinum Triangle, a 265-unit luxury apartment community developed by the Houston-based Hanover Co. and designed by Irvine, Calif.-based KTGY Group Inc., Architecture and Planning, is now open.1818 Platinum Triangle is located within the 820-acre, mixed-use master planned Platinum Triangle, which will be comprised of 20,000 residential units, five million [...]

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, [...]

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 [...]