Archive for December 2008
Credit Markets, Economy Add Pressure to Multifamily Mortgage Performance, Says MBA
By Anuradha Kher, Online News EditorWashington, D.C.–Delinquency rates continued to tick up in the third quarter for most multifamily mortgage investor groups, but remained at the lower end of their historical averages, according to the third quarter Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). “The frozen credit markets and deteriorating economic conditions are placing…
Read MoreCapital Insights with Jack Kern: TARP to Commercial Real Estate Owners?
Once I built a tower, up to the sun, brick, and rivet, and lime; Once I built a tower, now it's done. Brother, can you spare a dime?(c) "Brother, Can You Spare a Dime," lyrics by Yip Harburg, music by Jay Gorney (1931) With over $500 billion in commercial real estate loans coming up for…
Read MoreTODAY’S DEALS: PNC ARCS Closes Over $9M in Loan to56-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorNew York, N.Y.–PNC ARCS has closed a $9.416 million loan for the Fourth Avenue Apartments, a 56-unit community in Brooklyn, N.Y.Built in 2008, the Fourth Avenue Apartments is an A-rated, 10-story building containing 56 apartments and a 28-car parking garage. There are no other amenities in the building.The loan was…
Read MoreCubellis Chosen as Master Planner for Plymouth, Mass. Community
By Erika Schnitzer, Associate EditorPlymouth, Mass.–Cordage Development LLC has chosen Boston-based Cubellis, an international architecture, interior design and engineering firm, as the master planner of the redevelopment of the historical Cordage Park property, a 2.4 million-sq.-ft. site that will include 675 residential units, as well as retail, office and hotel space, at build-out.The former industrial…
Read MoreMulti-Housing News Executives Update: Arbor Names Robert Russell to Senior Vice President, and Other Moves
By Anuradha Kher, Online News EditorNew York–Arbor Commercial Mortgage has appointed Robert Russell (pictured) to senior vice president in Arbor’s New York City office. In this position, Russell is responsible for sourcing and structuring multifamily and commercial transactions. He reports to John Caulfield, executive vice president, director of operations. Prior to joining Arbor, Russell was…
Read MoreBuilders Should Not Necessarily Ignore the Bankruptcy Option
By Keat Foong, Executive Editor Washington, D.C.–Bankruptcy is definitely an option that builders should learn about even if they do not pursue it, according to the presenter at a recent seminar sponsored by Builder Partnerships. Jim Weigel, of The Shinn Group, a home builder consultant, was the presenter for the seminar entitled “Financial Impacts: Is…
Read MoreDallas City Council Approves Development of District with Several Transit Stations
By Anuradha Kher, Online News EditorDallas–The Dallas City Council has approved its first Tax Incremental Financing (TIF) District focused on multi-station transit-oriented development (TOD). Spread across 559 acres, the new TIF District features public rights-of-way and stretches from the Lovers Lane/Mockingbird area along the DART rail line to the Lancaster/VA Medical Center region. The District…
Read MoreFoong on Finance: Real Estate Bubbles
When reporting on multifamily finance in the 2000s, I came across a common refrain from desperate mortgage bankers again and again: “There is a surplus of money chasing a limited amount o f product.” This intensely competitive environment—for lenders, that is—went on for years, seemingly never-ending. But the capital “surplus” environment did come to an…
Read MoreToday’s Deals: Hendricks & Partners Arranges Sale of Rental Community for $18.4M, and Other Transactions
By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Skyline Gateway (pictured), a 246-unit apartment community located at 4601 East Skyline Dr. in Tucson, Ariz., for $18.4 million.Constructed in 1985, Skyline Gateway is a gated community featuring 14 three-story, garden-style buildings. The property features one- and two-bedroom units in six…
Read MorePost, Skyrise, Greenway Mark Grand Opening of Dallas Suburb Mixed-Use Community
By Erika Schnitzer, Associate EditorRichardson, Texas–Post Properties, Skyrise Properties, and Greenway Investment Co. recently celebrated the grand opening of Eastside, a mixed-use development located in the Dallas suburb of Richardson, Texas that will offer 435 apartments, 80,000 sq. ft. of retail and 200,000 sq. ft. of office space upon its build out, slated for late…
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