Archive for April 2009
MHN Special: Austin Market Report with Nielsen-Claritas Research
displayGallery(123993);By Erika Schnitzer, Associate EditorAustin, Texas—known for its live music scene and enormous university—is a relatively young city, which makes it an ideal rental market. Ranked by Money magazine as the No. 2 Best Place to Live in 2006, Austin has continued to experience employment growth, with its government base helping to minimize the downturn,…
Read MoreTODAY’S DEALS: NCB Arranges Over $57M in New Loan Originations, and Other Transactions
By Anuradha Kher, Online News EditorNew York–NCB has arranged over $57 million in new loan originations during the month of March for 24 New York area properties. The financings included $41.8 million in mortgages and $15.3 million in lines of credit. Some of the loans were:$11 million first mortgage for Midland Avenue Owners Corp. a…
Read MoreEDITOR’S NOTE: Prognosis for TALF: Not Good?
By Keat Foong, Executive EditorThe Term Asset-Backed Securities Loan Facility (TALF) was extended by the Obama Administration in February to provide government financing to private investors for the purchase of CMBS in addition to other types of asset-backed securities. At this point, signs that TALF would have a positive effect in reviving the conduits market…
Read MoreMARKET SNAPSHOT: Denver Vacancies Closely Match Unemployment Rates
By Erika Schnitzer, Associate EditorDenver—Vacancy increases in the Denver metropolitan area are on par with the market’s employment rate, according to Grubb & Ellis’ Multi-Housing Market Trends report for first quarter 2009. The approximate 2 percent rate of vacancy increase was closely correlated to the 2 percent increase in unemployment.“In terms of strength of the…
Read MoreIREMJobs.org Joins Forces with RealEstateJobs.com, Jobs Posted on One Will be Posted On Other
Chicago–RealEstateJobs.com and IREMJobs.org, both job sites focused on real estate, have now come together to enable employers who post jobs on one site to receive duplicate coverage on the other at no additional cost. The collaboration benefits each of the company’s advertisers, giving the positions posted exposure to a significantly larger and more diverse pool…
Read MorePublic Housing Redevelopment in Sarasota, Fla. Leases First Batch of Units
By Anuradha Kher, Online News EditorMarlton, N.J. –The first phase of Janie’s Garden, a new, mixed-income multifamily community part of the Newtown Redevelopment plan in Sarasota, Fla. recently opened nine of its 86 units.The project is developed by the Sarasota Housing Authority and Michaels Development Co., and managed by Interstate Realty Management. Both Michaels Development…
Read MoreMulti-Housing Cap Rates Have Increased 150 Basis Points, According to CBRE
By Anuradha Kher, Online EditorBoston– Cap rates increased by approximately 150 basis points, on average, from May 2008 to March 2009, according to the CB Richard Ellis (CBRE) 2009 Multi-Housing Annual Market Report, which surveys 35 U.S. markets. March 2009 results show that higher cap rate increases were reported for Class A assets compared to…
Read More‘Eye on the Economy’ with Adam Perrotta
As concerned taxpayers around the nation take to the streets in “tea parties” to protest the federal government’s spending on financial rescue efforts, an eventual economic recovery still seems far away. But there are a few glimmers of hope on the horizon. Those aggrieved tea partiers can at least take some solace in the fact…
Read More90-Degree Turn: Stimulus Package Redirects Housing Efforts to Affordable rentals
By Eugene Gilligan, Multifamily Editor, Commercial Property NewsThe American Recovery and Reinvestment Act of 2009 is now law and on task to kick-start the moribund U.S. economy, including a re-dedication by the federal government to developing and rehabilitating affordable housing.This sharper focus comes at an opportune time, given investors and developers’ difficulty finding financing in…
Read MoreINSIDE THE DEAL: Jones Lang LaSalle Facilitates $19.3M Student Housing Sale for ING Real Estate
By Keat Foong, Executive EditorRichmond, Va.—Here is one way to encourage sales in this market: Find properties with an assumable loan. Jones Lang LaSalle closed the sale of a pair of student housing buildings on the Virginia Commonwealth University (VCU) campus in Richmond, Va., for ING Real Estate. Kanye Anderson Real Estate Partners purchased the…
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