Archive for April 2008

By Anuradha Kher, Online News EditorWashington, D.C.–Wachovia, Wells Fargo and Bank of America were the top multifamily/ commercial originators in 2007, according to the Mortgage Bankers Association (MBA) fourth annual commercial/multifamily finance firms annual originations rankings.Other originators in the top 10 include Deutsche Bank Commercial Real Estate, Credit Suisse, Holliday Fenoglio Fowler L.P., Capmark Financial…

By Anuradha Kher, Online News EditorDallas–Granite Properties and Gables Residential has begun construction on a $200-million mixed-use project in uptown Dallas. The development, featuring a high-rise 292-unit residential apartment complex as well as a 19-story Class AA office tower, is located on 2.145 acres in the center of Uptown. Completion of the two-tower project is…

By Erika Schnitzer, Associate EditorAtlanta–The first phase of 12th & Midtown, a three-million sq.-ft. mixed-use development, has recently been completed. The development is set to span four city blocks in Midtown Atlanta and will feature over 1.2 million sq. ft. of residences, offices, hotel rooms and retail shops.1010 Midtown, a 35-story tower comprised of 443…

Vernon, Conn.–W&K Associates, an owner and manager of properties, has bought 28-32 Elm St., a nine-unit apartment building in Vernon, Conn., for $500,000. The broker for the deal was Hartford, Conn.-based Chozick Realty.The property is located in the downtown area of Vernon, which is less than 15 miles east of Hartford, Conn.“It is on a…

Washington, D.C.–Banks are so affected by the U.S. housing crisis that many are beginning to delay reacting to homeowners mortgage defaults, according to Bloomberg. The amount of borrowers at least 90 days late on their loans hit its highest level in at least five years, increasing to 3.6 percent at the end of December, according…

Washington, D.C.–The economy lost 80,000 jobs last month–the third consecutive rise in unemployment, the Labor Department said Friday.Sudden declines in the manufacturing and construction sectors influenced the biggest drop in five years, the New York Times said.The unemployment rate rose from 4.8 percent to 5.1 percent, its highest level since 2005. In addition, employers eliminated…

Washington, D.C.–Banks are adding fees and restrictions to make loans insured by the Federal Housing Administration more expensive and harder to get, The Wall Street Journal reports. The FHA recently received higher loan limits–$729,750 for high cost areas–until the end of the year, which are expected to be raised permanently. As other mortgage types have…

Washington, D.C.–On Thursday, the Senate began debating a bipartisan bill that could offer homeowners help and provide homebuilders with $6 billion in tax breaks, the Los Angeles Times reported Friday.The tax provision is the biggest expense in the measure and was met with criticism as senators rejected an amendment offered by Sen. Richard J. Durbin…