Archive for May 2009

By Anuradha Kher, Online News EditorNew York–The government’s recent “stress tests” of the nation’s 19 largest banks showed that 10 banks — including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. —need to raise a total of $75 billion in new capital to absorb potential losses if the recession were to take…

By Anuradha Kher, Online News EditorChicago–Magellan Development Group has completed sales at the 35-story The Chandler, the fourth luxury condominium tower developed at Lakeshore East. The last unit, priced at over a $1 million, was sold after being on the market for close to a year. Lakeshore East is the $4-billion mixed-use complex anchoring the…

By Erika Schnitzer, Associate Editor Baltimore—Despite losing nearly 26,000 jobs from January 2008 to January 2009, the Baltimore metro area is outperforming its neighbors, according to the first quarter 2009 report prepared by Transwestern and its research affiliate, Delta Associates.Although the overall metro area’s unemployment rate is currently 7.1 percent, as of January 2009, the…

By Martin A. Shelton, Esq.Brownfield property purchasers and developers are wise to have a clear understanding of the legal and regulatory requirements associated with the process. It’s the difference between holding a brown parcel worth its weight in gold or waste. The Resource Conservation and Recovery Act (RCRA) Brownfields Prevention Initiative begun by the U.…

By Anuradha Kher, Online News EditorMiami–NorthMarq Capital (NorthMarq) recently arranged $20 million first mortgage financing for the Broadwater Apartments (pictured), a 424-unit multifamily property located in Miami. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Love…

By Erika Schnitzer, Associate EditorWashington, D.C.—Many of the jobs created through the federal stimulus package do not pay enough for workers to afford rent, according to a new study by the Center for Housing Policy, the research affiliate of the National Housing Conference.The study, “Paycheck to Paycheck,” ranks homeownership and rental affordability for more than…

By Keat Foong, Executive Editor Evansville, Ind.—Here is one way to increase the chance of loan approval: obtain a cross-defaulted and cross-collateralized loan. Walker & Dunlop originated a combined Fannie Mae DUS loan of $46 million for a portfolio consisting of three conventional multifamily properties in Evansville, Ind. and five student housing properties serving Indiana…

By Anuradha Kher, Online News EditorRockville, Md.–First Advantage SafeRent recently launched a new Resident Liability Policy as part of the RegistryTLC renters insurance program. This low-cost policy is designed to help residents get the coverage they need to comply with their lease provisions at a time when many residents are experiencing economic challenges. Through a…

By Erika Schnitzer, Associate EditorMt. Prospect, Ill.—NorthMarq Capital has arranged $8.5 million in first mortgage financing for Huntingtown Towers (pictured), a 214-unit apartment community located in Mt. Prospect, Ill.Financing was based on a 10-year term with a 30-year amortization schedule. It was arranged for the borrower—Huntington LLC—though NorthMarq’s affiliate, AmeriSphere Multifamily Finance, which is a…