Archive for April 2009
Why Foreigners are Not Investing in U.S. Apartment Sector
By Anuradha Kher, Online News EditorWashington, D.C.–Foreign investors too often overlook the U.S. apartment industry and the investment returns it has provided, even during recessionary periods, mainly because of misunderstandings about how the U.S apartment market functions, according to a new report titled “A Case for Investing in U.S. Apartments,” commissioned by the National Multi…
Read More‘Capital Insights’ with Jack Kern: The Department of Justice is Anti-Multifamily
“Government has laid its hand on the health, housing, farming, commerce and education industries, and to an ever increasing degree interferes with the people’s right to know. Government tends to grow; government programs take on weight and momentum as public servants say, always with the best of intentions. But the truth is that outside of…
Read MoreTODAY’S DEALS: Love Funding Closes $1.1M HUD 232/223(f) Skilled Nursing Facility Acquisition Loan, and Other Transactions
By Anuradha Kher, Online News Editor Houlton, Maine–Love Funding recently closed a $1.1 million HUD 232/223(f) loan to finance the acquisition of a skilled nursing facility. Love is a fully approved LEAN HUD lender; however, this loan was started under HUD’s MAP processing. Love Funding closed the loan to finance MAAKF Inc.’s acquisition of the Gardiner…
Read MoreWrightwood, Latest Firm to Eye Discounted Investment Market, Closes $243M Fund
By Tonie Auer, Southwest Correspondent Commercial Property News Chicago–Adding its name to the list of firms looking to capitalize on opportunities in the down commercial property market, Wrightwood Capital has closed a $243 million fund. The company’s High Yield Partners II Fund will be invested in recapitalizations, acquisitions and selected new development projects.Wrightwood Capital’s mezzanine…
Read MoreEnterprise Research Reveals Promising Approaches in Neighborhood Stabilization Program Plans
By Erika Schnitzer, Associate EditorColumbia, Md.—Enterprise Community Partners has released a report that reviews the impact of NSP (Neighborhood Stabilization Program) funds allocated from the Department of Housing and Urban Development (HUD). The report concludes that many of the NSP grantees are planning to use the funds for innovative and effective programs that can provide…
Read MoreMULTI-HOUSING EXECUTIVE UPDATE: Kislak Co. Promotes Baxter to President, and Other Moves
Woodbridge, N.J.–The Kislak Co. Inc. has promoted Don Baxter (pictured) to vice president. Baxter received the Rookie of the Year award in 2007 and the Salesperson of the Year award in 2008. “Baxter has a passion for hard work, a dedication to his clients and a keen sense of the investment real estate market, and…
Read MoreMulti-Housing Fundamentals Looking Shaky, Says McGraw Hill Economist
By Anuradha Kher, Online News EditorNew York–Overall construction starts are down 15 percent as the construction industry continues to face divergent forces in 2009, according to the McGraw-Hill Construction 2009 Outlook Spring update. The economy weakened substantially, and despite all the efforts and money directed at thawing frozen credit markets last fall, there’s been little…
Read More“Editor’s Notebook” with Diana Mosher: Stabilizing Neighborhoods Hit by Foreclosure Crisis
The effects of widespread single-family home foreclosures on American neighborhoods have received much media attention. We’ve seen light-hearted footage of enterprising teenagers skateboarding in abandoned swimming pools—as well as disturbing images of block after block of empty houses falling into disrepair. Lately the media has been focusing on new opportunities created as a result…
Read MoreGreen Adaptive Reuse Development in N.J.’s Capital Nears Sell Out
By Erika Schnitzer, Associate EditorTrenton, N.J.—HHG Development Associates, a Trenton, N.J.-based development firm specializing in adaptive reuse of historic structures, has sold 80 percent of the residences at The Cracker Factory, an approximately $5.5 million, 18-unit condominium conversion project.Formerly the Exton Cracker Bakery, which invented oyster crackers in the 1850s, The Cracker Factory includes two…
Read MoreTODAY’S DEALS: HFF Secures $8M Refi for 276-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) has arranged an $8 million refinancing for Corey Place Apartments, a 276-unit multifamily community in Dallas/Fort Worth, Texas.Working on behalf of Granite Redevelopment LLC, HFF placed the 10-year, 5.76 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS…
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