Archive for November 2008
Airhart, Focus Release Newest Model Home at Courthouse Square
By Erika Schnitzer, Associate EditorWheaton, Ill.—Airhart Construction has opened its latest rowhome model at Courthouse Square, a community that will be comprised of 50 rowhomes and 182 condominiums at completion.The community, developed through a joint venture between Airhart Construction—which built the rowhomes—and Focus Development—which is working on the condominium portion of the project—is located on…
Read MoreNMHC, NAA Ask Lawmakers to Exercise Caution in Implementing New Economic Stimulus Actions
Washington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) Joint Legislative Program Lawmakers is warning lawmakers who are under political pressure to “do something” to stimulate the economy and stop the slide in housing prices to act carefully and reject proposals that could do more harm than good. According to NMHC and…
Read MoreFoong on Finance: The Apartment Sales Market Slows Down
The apartment investment sales market since the financial market crisis occurred in mid-September has “freezed up” as apartment buyers and sellers face deep uncertainty over the future of the nation’s—indeed, the global—economic condition. According to the results of one study, reported here in the previous issue, apartment sales volume has plunged a whopping 69 percent.…
Read MoreTODAY’S DEALS: NorthMarq Capital Arranges over $92M for Multiple Properties, and Other Transactions
By Anuradha Kher, Online News EditorBloomington, Minn.–NorthMarq Capital Inc. arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization…
Read MoreHabitat Orlando Breaks Ground on Its First Multifamily Project in Central Florida
By Anuradha Kher, Online News EditorOrlando, Fla.–Habitat Orlando recently broke ground on one of its biggest homebuilding efforts to date, Staghorn Villas, an $8 million townhome community that will provide affordable housing for 58 local families. This is also Habitat’s first multifamily project in central Florida.When complete in the spring of 2011, the 3.9-acre townhome…
Read MoreGovernment Involvement in Secondary Mortgage Market Will Ensure Flow of Capital, Says NAR
By Anuradha Kher, Online News EditorWashington, D.C.–To insure that there is sufficient capital to support mortgage lending to qualified borrowers, the National Association of Realtors (NAR) is recommending continued government involvement in the secondary mortgage market.”As the leading advocate for housing issues, NAR developed these principles for consideration by the 111th Congress and the new…
Read MoreLoan Performance, Volume for Seniors Housing Industry Remains Strong in Q2
By Anuradha Kher, Online News EditorAnnapolis, Md.–Loan volume and loan performance remained strong during the second quarter of 2008 for the seniors housing and care market, according to the National Investment Center (NIC) for the Seniors Housing and Care Industry. Each quarter, NIC collects financial and performance data from the nation’s leading senior living lenders,…
Read MoreNov. Election Produces Wins for Nation’s Home Builders; NAHB Urges Congress to Act
Washington, D.C.—The November 4 election produced a number of victories for the nation’s home builders.In Arizona, NAHB (National Association of Home Builders) worked with the High Production Home Builders to defeat Proposition 201, which would have nullified certain provisions of NOR (Notice and Opportunity to Repair) legislation. The final tally was 22 percent in favor,…
Read MoreTODAY’S DEALS: Sperry Van Ness Completes Sale of 1,325-Unit Portfolio for over $132M, and Other Transactions
By Anuradha Kher, Online News EditorOklahoma City–Sperry Van Ness has recently completed the sale of a four-property, 1,325-unit multifamily portfolio to Chicago-based Inland Real Estate Acquisitions Inc. for $132,108,000. The properties include Legacy Crossing and Legacy at Arts Quarter (pictured) in Oklahoma City, Okla. and Legacy Woods in Edmond and Legacy Corner in Midwest City,…
Read MoreKansas City Affordable Housing Project Wins Timmy Award
By Anuradha Kher, Online News EditorKansas City, Mo.–The National Housing & Rehabilitation Association recently named Georgian Court Apartments the winner of the 2008 J. Timothy Anderson Award for Excellence in Historic Rehabilitation at its 2008 Fall Forum Awards Ceremony in Boston. Georgian Court Apartments is located in Kansas City, Mo. The Timmy Awards were established in…
Read More