Archive for February 2009
Developer/Investor Matchmaker Identifies $800M in Financing in One Month
By Erika Schnitzer, Associate EditorNew York—EquityInterface.com, a Website that introduces real estate developers and syndicators to individuals and private equity companies looking for investment opportunities, has identified $800 million in equity financing in the past month, according to the company.Originally launched as a beta site in 2008 and relaunched this January, Equity Interface is a…
Read MoreFacebook Function Allows Users of Apartment Search Site to Share Property Information with Friends
By Anurdha Kher, Online News EditorSan Francisco–MyNewPlace, an apartment and home rentals site, has added a Facebook Connect functionality to its Web site, allowing its users to get feedback on prospective apartments, condos and home rentals by posting property information to their Facebook page. MyNewPlace is probably the first real estate and apartments Web site…
Read MoreTODAY’S DEALS: Meridian Capital Arranges Interest-Only, 5.85% Refi for NYC Rental, and Other Transactions
By Anuradha Kher, Online News EditorNew York–Meridian Capital Group recently arranged a first mortgage loan in the amount of $32 million for the refinance of 222 West 83rd St. on the Upper Westside of Manhattan. The 13-story luxury property features 111 rental units and four commercial units. Avi Weinstock of Meridian’s New York office negotiated…
Read MoreRental Community for Baltimore Teachers Funded by New Markets, Historic Tax Credits
By Anuradha Kher, Online News EditorBaltimore–Miller’s Court, a 40-unit mixed-use rental community designed especially for Baltimore’s teachers, the organizations that support them and the communities they serve, will be completed by mid-2009. The $21.9 million project will also feature 31,000 sq. ft. of office space and 1,000 sq. ft. of retail space.The project will involve…
Read MoreInternational Buyers Make up 25% of Jersey City Condo’s 2008 Sales
By Anuradha Kher, Online News Editor Jersey City–77 Hudson, a luxury condominium tower in Jersey City, N.J., developed by K. Hovnanian Homes, is receiving global interest, with international buyers making up over 25 percent of its 2008 sales. In order to build on this success and to further market the project, Coldwell Banker Hunt Kennedy has…
Read MoreMultifamily Housing Starts Fall to Historic Low of 114,000 Units in January
By Anuradha Kher, Online News EditorWashington, D.C.–Housing starts for multifamily buildings (five units or more) in January 2009 stood at an annualized rate of 114,000 units, according to the latest residential construction statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD).“This is a historically low number,” David Crowe,…
Read MoreMARKET SNAPSHOT: Seattle Apartments Could Face 10% Revenue Drop
By Erika Schnitzer, Associate EditorSeattle—The Emerald City’s revenue for 2009 is expected to bring down the national norm, according to M/PF YieldStar, which predicts that Seattle’s near-term investment opportunities are gloomy at best.Occupancy in the city is currently at 93.2 percent, down 3.1 points from 96.3 percent one year ago, reports Greg Willett, vice president…
Read More“Gimme Shelter” with Daniel Gehman: Time and Paradigm—Part II
Because of my friendship with the director of the ULI Los Angeles Chapter, I was invited to the presentation of the executive summary of the ULI National Advisory Panel’s charrette on the Jordan Downs community and greater surrounding area of Watts. Those of you non-Angelenos may recall this storied community as the flashpoint of the…
Read More“Capital Insights” with Jack Kern
“It was impossible to get a conversation going; everybody was talking too much.” Yogi Berra I’m an average sports fan. I like some sports more than others and for the most part, find fun in just about everything. Even NASCAR ( continuous left turns for 500 miles at Beltway speeds) is a lot more interesting…
Read MoreTODAY’S DEALS: Arbor Closes $4.871M Fannie Mae DUS Small Loan, and Other Transactions
By Anuradha Kher, Online News Editor Waukegan, Ill.–Arbor Commercial Funding LLC has recently funded $4,871,000 loan under the Fannie Mae DUS Small Loans product line to finance the 120-unit complex known as Hinkston Pond Apartments (pictured) in Waukegan, Ill. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.29 percent. NorthMarq Capital…
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