By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group recently arranged permanent financing for a substantial undisclosed regional sponsor in excess of $27 million for an 11-property multifamily portfolio (pictured top) located throughout Southern California encompassing 395 units. Meridian’s Los Angeles office negotiated the non-recourse, 5.60 percent fixed interest rate for 10 years. The most challenging facet of these deals in today’s credit environment was the in-place ownership structures, since the deals involved an extensive number of tenants in common (TICS). HFF Arranges $8.45M Loan for 192-Unit Luxury CommunityIndianapolis–The Iocal office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $8.45…

By Anuradha Kher, Online News EditorHillside, N.J.–Despite the current economic climate and challenges faced by the residential real estate market, P&F Management Co. LLC, is continuing to provide solutions for a variety of underutilized real estate assets and portfolios, as well as real estate-backed securities. Currently, P&F Management has more than 750 units in the planning and/or development stages along with another 250 units under construction in New Jersey. The company has acquired more than 1,500 distressed residential units so far. “P&F Management is very optimistic about the future,” says Glen Fishman, founder and CEO, P&F Management. “Because of our smart-buy strategies,…

By Anuradha Kher, Online News EditorMarlton, N.J.–Interstate Realty Management Company (IRM), a property management firm and an affiliate of the Michaels Organization, has appointed Mark Morgan, CPM as president. Morgan succeeds James Henderson, who retired as IRM President in October 2008, after 26 years.Morgan, a 24-year veteran of the company whose first job was on-site leasing specialist, will oversee a portfolio of more than 33,000 apartment homes at 250 communities in 26 states, Washington D.C. and the U.S. Virgin Islands.“Morgan brings tremendous knowledge of every facet of our operations to his new role as president of Interstate Realty Management,” says…

By Anuradha Kher, Online News EditorChicago–Since the housing woes began last year, the city of Chicago along with The Partnership for New Communities, has been offering $10,000 as a gift for buyers of units located in six developments that are part of Chicago’s Plan for Transformation. The Plan for Transformation includes replacement of high-rise public housing with new mixed-income communities featuring contemporary town homes and low-rise buildings, where public housing residents will live in the same neighborhood as people who purchase market rate and affordable homes. Generally, these developments will consist of one-third public housing, one-third affordable housing and one-third…

By Anuradha Kher, Online News EditorReno, Nev.–In the current economic climate, when almost every company is going through challenges, Fast Wrap USA plans to grow and even increase its sales by nearly 40 percent. Fast Wrap specializes in shrink-wrapping everything from construction material and furniture to lumber and boats. With an increasing number of construction projects—be it multifamily, hotels or office—being halted or stopped due to lack of financing or inability to put tenants in the buildings, Fast Wrap is expecting good business throughout the downturn.“When construction came to a halt, leaving projects uncompleted, the need arose to protect the…

By Anuradha Kher, Online News EditorWashington, D.C.–While there has been ample coverage on foreclosures and how they are affecting buyers, the impact of foreclosed homes on renters is often ignored.According to a new report, “Without Just Cause,” sponsored by the National Low Income Housing Coalition (NLIHC) and the National Law Center on Homelessness & Poverty (NLCHP), homelessness across the country is rising in the current market. The study, which has also received pro bono assistance from the law firm of WilmerHale, reveals that renters of foreclosed properties are among those most at risk of homelessness. The report outlines the rights,…

By Anuradha Kher, Online News EditorClaymont, Del.–The Kislak Co. Inc. recently completed the $12.8 million sale of East Pointe Apartments (pictured), an apartment complex located at 2610 Philadelphia Turnpike in Claymont, Del. “While unemployment is a concern and apartment occupancies have dipped slightly, rents will increase long-term, and investment alternatives remain scarce,” says Senior vice president and co-managing director Robert J. Holland. “The stock market is uncertain and banks are offering very low, sub-3 percent returns on money markets and CDs. Multifamily properties, some with annual returns of at least 6 percent, remain very compelling. Mortgage rates also remain relatively…

By Anuradha Kher, Online News EditorKnoxville, Tenn.–Sthenia Solutions’ LoanMarq software, which was unveiled in December of 2008, is experiencing an increased level of interest in a market where mortgage companies have had to lay off their processing staff. This has resulted in increased pressure on existing employees, something that the LoanMarq mortgage software aims to help with.The Web 2.0 framework is designed for service-oriented collaboration, workflow, productivity and process management. It brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple web-based community. “It is a web-based customer service tool, which automates loan processing stage…

By Anuradha Kher, Online News EditorNewark, N.J.–Two Center Street, a mixed-use residential and retail project on a 1.2-acre site adjacent to the New Jersey Performing Arts Center (NJPAC), has been selected as one of the City of Newark’s top economic development priorities following a rigorous evaluation conducted by a Scorecard committee convened by the Brick City Development Corp. Two Center Street is a partnership between NJPAC and Dranoff Properties Inc. of Philadelphia.“We are pleased to be advancing our partnership with the New Jersey Performing Arts Center. This project will strengthen our downtown, add hundreds of new housing units and create…

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 after the executives of the 50-year-old firms, Steven-Scott Development and Steven-Scott Management decided to form a separate entity for development work.Executives Sid Bader and his son Scott have launched Bader Development along with Scott’s son Robb, vice president of acquisitions and development. Robb recently returned…