Archive for September 2008
In the Shadow of the Financial Crisis
By Keat Foong, Executive Editor Phew! What a week! Our very own event Multi-Housing World 2008 Conference and Exhibition was held in Denver last week. Within less than a week—a week—prior to the conference starting, the following happened: The government took over Fannie Mae and Freddie Mac, Lehman Brothers collapsed, and the sale of Merrill…
Read MoreQ&A with Bret Bobo: With More Problems Should Come More Opportunity
Bret Bobo (pictured) is the CEO of Outlook Capital, a newly launched real estate investment firm based in Miami. The company has raised funds from foreign investors to acquire distressed condominium projects in South Florida and hold onto them for future disposition when markets recover. Prior to joining Outlook Capital, Bobo was involved in various large…
Read MoreContemporary Luxury Tower to Rise Near U.N. Office
By Erika Schnitzer, Associate EditorNew York–The 25-story Alexander Plaza, a 52-unit luxury condominium, is now under construction. Developed by Continental Finance Corporation (CFC) and designed by Sydness Architects PC, the project is set to open in 2010.Located at 315 East 46 Street, the project is in the same neighborhood as the United Nations. The building’s…
Read MoreTODAY’S DEALS: 390-Unit Rental Property Acquired for $30M, and Other Transactions
By Anuradha Kher, Online News EditorHappy Valley, Ore.–Monterey Springs Holdings L.L.C. has received $30 million in acquisition financing for Monterey Springs Apartments (pictured), a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. The borrower relied on Red Mortgage Capital Inc. to facilitate the Fannie Mae DUS DMBS mortgage loan,…
Read MoreOpus Breaks Ground on 391-Unit Luxury Apartment Community
By Anuradha Kher, Online News EditorLisle, Ill.–Opus North Corp. recently broke ground on Arboretum Landmark, a 391-unit luxury apartment community, located within the Corporetum Office Campus in Lisle, Ill. The project, which includes one- and two-bedroom units, is expected for delivery in late 2009. “We started construction this month and it was difficult to get financing…
Read MoreMultifamily Interest Rates Stay Low Amid Financial Turmoil
By Keat FoongExecutive EditorChicago—Interest rates remain relatively low for multifamily permanent loans at the moment despite the turmoil in the financial world. Sue Blumberg, senior vice president and managing director in the Chicago office of NorthMarq Capital, says that spreads for Fannie Mae financing have for the most part held steady. For Freddie Mac financing,…
Read More“Capital Insights” with Jack Kern
I’m Going With Mickey on This One… There are a lot of economists and frequently quoted business commentators who are out there forecasting the recession, or their view that we’re not in one yet… Even venerated Sam Zell, senior scion and master of the multifamily industry commented recently that he thought we might slip into…
Read MoreEDITOR’S NOTE: In the Shadow of the Financial Crisis
By Keat Foong Executive EditorPhew! What a week! Our very own event Multi-Housing World 2008 Conference and Exhibition was held in Denver last week. Within less than a week—a week—prior to the conference starting, the following happened: The government took over Fannie Mae and Freddie Mac, Lehman Brothers collapsed, and the sale of Merrill Lynch…
Read MoreTODAY’S DEALS: Forest City Enterprises Closes $250M Construction Loan for Waterfront Station, and Other Transactions
By Anuradha Kher, Online News EditorWashington, D.C.–A consortium of five lenders will provide $250 million in construction financing for the initial phase of Forest City Enterprises Inc.’s new project, Waterfront Station, in Washington, D.C.Waterfront Station, located adjacent to the Waterfront/Southeastern University MetroRail station on M St. SW and 4th St., is a mixed-use redevelopment that…
Read MoreHUD, FEMA Launch Rental Assistance Program for Families Displaced During Ike
By Anuradha Khrer, Online News EditorHouston–The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have jointly launched a rental assistance program that will provide temporary rental payments and case management services to help thousands of families displaced by Hurricane Ike. The new program, slated to begin Nov. 1,…
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