Archive for November 2008
After Fannie, Freddie Also Posts Losses over $25B in 3Q
Washington, D.C.–Freddie Mac has posted a loss of $25.3 billion for the third quarter, a development that has forced the agency to ask the government for an initial injection of $13.8 billion.The mortgage finance company is asking for the first time to tap into the $200 billion promised by the Treasury Department to keep it…
Read MoreMulti-Housing Executives Update: New Jersey Apartment Association Appoints New Executive Director, and Other Moves
By Anuradha Kher, Online News Editor Monroe Township, N.J.–The New Jersey Apartment Association (NJAA) recently named Jean Maddalon (pictured) as the association’s executive director. As NJAA Executive Director, Maddalon is responsible for the overall leadership, management and operations of the association. She will oversee the education, media relations and government affairs activities as well as the…
Read MoreTODAY’S DEALS: Freddie Mac Funding Helps Bring Added Value to 68-Building Rental Property, and Other Transactions
By Anuradha Kher, Online News EditorSan Diego–Freddie Mac recently purchased a $73.7 million loan from Wells Fargo Bank that enabled borrower Loma Palisades, a California general partnership, to refinance the 546-unit Loma Palisades Apartments. The 68-building, garden-style complex in San Diego was built in 1959. A portion of the proceeds will help complete the rehabilitation…
Read MoreMultifamily Investment Sales Surge in LA as Distressed Properties Flood Market; NYC Sees Two-Year Low
By Anuradha Kher, Online News EditorNew York–As prices for multifamily properties in Los Angeles potentially reached their bottom in the third quarter, San Francisco came close to bottoming out, while New York City remained far from it, according to the Investment Properties Q3 2008 report, released by PropertyShark.com this week. The report looks at multifamily…
Read MoreTivoli Plans 53-Story Condo/Hotel in Atlanta’s Midtown
By Erika Schnitzer, Associate EditorAtlanta—Tivoli Properties Inc. announced plans yesterday for a 53-story condominium/hotel development, to be operated by the Mandarin Oriental Hotel Group. Sales are currently underway for what will become one of Atlanta’s tallest buildings and the city’s tallest residential tower.Designed by Atlanta-based Smallwood, Reynolds, Stewart, Stewart and Associates, the $285 million project…
Read MoreCapital Insights with Jack Kern: To the Bat Cave, Alfred
Oh, those happy go lucky guys at AIG are at it again. Having been the fortunate beneficiaries of millions in taxpayer funds, they've now held another retreat and are claiming it was for educational purposes for the investment broker network. Isn't the investment broker network responsible for how we got into this mess in the…
Read MoreThe Green Picture with Erin Brereton: Want to Make a Big Difference? Build Green Communities
Green design has become more popular in recent years in large multifamily and commercial building planning. Take, for example, the Conference Center at the newly re-opened TreePeople Center for Community Forestry in Los Angeles, which recently was awarded LEED Platinum certification. TreePeople is an environmental non-profit. Its Conference Center provides a gathering place for local,…
Read MoreTODAY’S DEALS: CB Richard Ellis Negotiates Sale of Six Assets for $36.4M, and Other Transactions
By Anuradha Kher, Online News EditorWaterbury, Conn.–The Multi-Housing Team at CB Richard Ellis’ Connecticut office recently negotiated the sale of six assets totaling 723 units for $36,400,000. The assets are located in Greater Waterbury, Conn. CBRE represented the seller, Creative Management & Realty Co. Inc. and procured the buyer in each transaction. The properties each…
Read MoreBalfour Beatty Communities to Develop, Renovate 850 Military Housing Units
By Anuradha Kher, Online News EditorColumbia, S.C.–Balfour Beatty Communities has secured financing for the Fort Jackson military family housing project located in Columbia, S.C. The financing proceeds will be used for the design, development and construction/renovation of a total of 850 end-state housing units at the installation.The 50-year term for the project includes a five-year…
Read MoreBank Lending to Commercial Real Estate Plunged 73%
By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily mortgage loan originations remained low in the third quarter, but witnessed a slight increase as compared to the second quarter of 2008, according to the Mortgage Bankers Association’s (MBA) quarterly survey of commercial/multifamily mortgage bankers originations. Third quarter originations for all commercial property types were 53 percent lower…
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