Archive for February 2009

By Anuradha Kher, Online News EditorRichfield, Minn.–NorthMarq Minneapolis regional office has arranged first mortgage financing of $24.3 million for Crossroads at Penn (pictured), a 698-unit apartment community, located in Richfield, Minn. Financing was based on a 10-year term with two-years interest only followed by a 30-year amortization schedule and was arranged for the borrower by…

By Anuradha Kher, Online News EditorMinneapolis–The newly formed company, Bader Development, has partnered with DJR Architecture, Damon Farber Landscape Architects and The Frana Cos. on the mixed-use project, The Ellipse, planned for the northwest corner of Excelsior and France in Minneapolis. The Ellipse is Bader Development’s first project since it re-launched as a new company…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) commended the Obama Administration for including commercial real estate in the Financial Stability Plan that was unveiled yesterday.The four-part plan to unlock credit markets and strengthen the still-beleaguered U.S. financial system includes expanding the Term Asset-Backed Securities Loan…

By Keat Foong, Executive EditorSan Diego—The Mortgage Bankers Association (MBA) reported that $171 billion of multifamily and commercial mortgages—or one-tenth of the outstanding balance—held by non-bank lenders and investors will mature in 2009. The report was released at MBA’s multifamily and commercial real estate convention held here this week. “Substantial concerns have been raised about…

By Keat Foong, Executive EditorNorman, Okla.—Not every Fannie Mae-authorized Small Loan lender finances affordable projects, but Brookstone Cottages obtained just such a financing from Arbor Commercial Funding LLC. A wholly owned subsidiary of Arbor Commercial Mortgage LLC, Arbor Commercial Funding provided a $1.575 million mortgage for the newly constructed 64-unit property, which receives the Low…

By Keat Foong, Executive Editor San Diego–The Mortgage Bankers Association (MBA) opened its 2009 commercial real estate and multifamily finance conference with acknowledgment of the serious difficulties facing the industry and a focus on solutions.  John Courson, MBA president and CEO likened the industry to the woman held screaming in King Kong’s hand. “Yes, we are…

By Anuradha Kher, Online News EditorNorth Brunswick, NJ.–The Kislak Co. Inc. has recently completed the $27.5 million sale of Northwood Estates (pictured), an apartment community located at 500 Adams Lane in North Brunswick, NJ. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties…

By Erika Schnitzer, Associate EditorPajaro, Calif.—KTGY Group Inc. has received accolades for the design of Nuevo Amanecer Apartments, an affordable, workforce housing community in Pajaro, Calif. The Irvine, Calif.-based architecture firm was selected as a finalist by the Center for Community Innovation at the University of California, Berkeley. The 2009 I. Donald Terner Prize recognizes…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac has set a record of $24 billion in volume for its multifamily whole loan and bond guarantee business (multifamily mortgage settlements) in 2008. This is a more than 10 percent increase over the 2007 volume of $22 billion. This volume includes Freddie Mac’s targeted affordable housing products,…