Archive for December 2008

By Erika Schnitzer, Associate EditorParsippany, N.J.—NorthMarq Capital Inc. recently arranged a $26 million construction facility for a 73-acre, 156-unit adult community.“The successful outcome illustrates there is still financing available for well-conceived, for-sale development projects that have a viable exit strategy,” says Martin Klebanoff, senior vice president and co-manging director of NorthMarq.NorthMarq secured a revolving, interest-only…

By Teresa O’Dea Hein, Managing EditorLos Angeles–In true Hollywood fashion, the recent well-choreographed topping out ceremony for the W Hollywood Hotel & Residences included a dramatic performance by aerial acrobats unfurling celebratory banners from the rooftop. The $600 million Hollywood & Vine mixed-use development includes 143 W Residences, an adjacent 305-room W Hotel, Legacy Partners’…

By Keat Foong, Executive Editor Austin, Texas–Rental affordability is likely to continue to be an issue despite the recession, suggests a research report from Mission Residential LLC, an apartment development and investment company. Analyzing data from the American Housing Survey, Richard Moody, chief economist and director of research at Mission Residential wrote that “renter households…

By Erika Schnitzer, Associate Editor Cambridge, Mass.—KeyBank Real Estate Capital has closed $51.8 million in Fannie Mae and Freddie Mac loans for four multifamily properties in Mass. and N.Y.Two of the four borrowers used Fannie Mae funding for properties in Mass. Forest City 91 Sidney Street LLC borrowed $25 million in Fannie Mae DMBS funding…

By Erika Schnitzer, Associate EditorIrvine, Calif.—Douglas Woodward has been named managing director of Enterprise Land Fund LLC, a partnership of IHP Capital Partners and LARO Properties LP. In this role, Woodward will initially be focusing on the purchase, entitlement and development of land in the cities of Ventura, Los Angeles, Orange and San Diego, including…

By Keat Foong, Executive EditorWashington, D.C.—The government will likely continue to support Fannie Mae and Freddie Mac as long as is necessary, suggested a senior fellow at the conservative think-tank American Enterprise Institute. “Fannie Mae and Freddie Mac will continue in business into the future under the government’s control,” Peter Wallison tells MHN. Wallison said…

By Erika Schnitzer, Associate Editor Los Angeles—Milbank Real Estate, a Los Angeles-based developer and real estate investment firm, recently opened its newest condominium, The Roosevelt, a 222-unit adaptive reuse project. The transit-oriented development is situated directly above the Seventh Street Metro station.Bank of America provided the construction loan for the $150 million project, which will…

By Teresa O’Dea Hein, Managing EditorWashington, D.C.–While many people may be counting down the shopping days to Christmas, there are only 74 days left, as of December 5, until the end of analog television broadcasts. Are you, and your communities, prepared for Feb. 17, 2009 transition to digital TV?To highlight this issue, the National Multi…