By Anuradha Kher, Online News EditorHarleysville, Pa.–GPX Partners L.P. has recently acquired Village Square, a 128-unit garden-style apartment community, located at 422 Main St. in Harleysville, Pa., for $13.12 million.“Village Square is a strong addition to our growing multifamily portfolio,” says Joseph Conwell, managing director of GPX Realty Partners. “The combination of the very desirable location and our capital improvement plans will result in a high quality of living for the residents.”Built in 1972, Village Square is situated on 10.7 acres and features one- and two-bedroom units ranging from 715 sq. ft. to 875 sq. ft. Amenities in this garden-style…

By Anuradha Kher, Online News EditorEuclid, Ohio–Normandy Towers Apartments, located in Euclid, Ohio, has partnered with the Susan G. Komen for the Cure Northeast Ohio Affiliate to assist in the fight for the cure of breast cancer. During the entire month of October, Normandy Towers Apartments will donate 50 percent of each application fee to the Susan G. Komen for the Cure Northeast Ohio Affiliate. The application fee is $100 and so far, the property has taken seven rental applications.Susan G. Komen for the Cure’s promise is to save lives and end breast cancer forever by empowering people, ensuring quality…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $38.7 million loan through Freddie Mac for The Links at Lincoln (pictured), a 612-unit multifamily property in Lincoln, Neb. HFF worked on behalf of the borrower, The Links at Lincoln, a Limited Partnership and Lindsey Management Co. Inc., to secure the 10-year, fixed-rate loan with the lender. Proceeds were used to retire the property’s construction financing.Completed in 2007, The Links at Lincoln features one- and two-bedroom apartments that are currently 97 percent leased. Community amenities include a clubhouse with fitness center, activity room…

By Anuradha Kher, Online News Editor, MHN and Michael Fickes, Contributing Correspondent, CPNGainesville, Fla.–NorthMarq Capital Inc.’s Atlanta regional office arranged first mortgage financing of $35 million for The Woodlands of Gainesville (pictured), a 258-unit student housing facility, located in Gainesville, Fla.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.$100M JV to Acquire, Auction Builder Inventories, Bank ForeclosuresLos Angeles–Two real estate investment firms, Los Angeles-based LandCap Partners and Kennedy Wilson of Beverly Hills, have contributed $100 million in equity to a joint venture…

By Anuradha Kher, Online News EditorSan Francisco, San Ramon, Garden Grove, Calif.–NorthMarq Capital Inc.’s (NorthMarq) San Francisco regional office, recently arranged first mortgage financing of $7.5 million for 1055 California St., a 15-unit multifamily property, located in San Francisco while the Los Angeles regional office arranged a $53 million first mortgage financing for Mill Creek at Windemere Apartments (pictured), a 400-unit multifamily complex, located in San Ramon, Calif. and $12.415 million first mortgage for the acquisition and renovation of Westminster Arms, an 88-unit multifamily property, located in Garden Grove, Calif. Financing for the San Francisco property was based on a…

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNDenver–Almost exactly six months after closing on the sale of 86 apartment properties to DRA Fund VI LLC and joint venture partner Steven D. Bell & Co., UDR Inc. has concluded the reinvestment of 1031 exchange funds from the from the $1.7 billion sale. The Denver-based Real Estate Investment Trust (REIT) used $951 million of the proceeds to purchase, in various transactions, 12 apartment communities encompassing nearly 4,100 residential units. The acquisitions allowed the company to reposition its portfolio with newer properties within close proximity to lifestyle centers…

By Anuradha Kher, Online News Editor, MHN and Eugene Gilligan, Senior Editor, CPNWashington, D.C.–The U.S. government’s takeover of Fannie Mae and Freddie Mac is a necessary step to stabilize the U.S. housing market, according to multifamily industry experts who are still examining the ramifications of the announcement.The takeover will go a long way toward solving what Stuart Saft, partner in the law firm of Dewey & LeBoeuf, called a “Catch 22” that has been bedeviling a critical part of the economy— housing. Real estate, being an illiquid asset, needs a steady stream of capital inflows, Saft points out. The credit…

By Anuradha Kher, Online News EditorNew York–Compared to second quarter 2007, Los Angeles, New York and San Francisco saw major setbacks in the number of sales, according to Investment Properties Report, Q2 2008, a quarterly analysis of multifamily homes in the three regions conducted by PropertyShark.com, based in New York.“The biggest problem causing the setbacks in the number of sales is the lack of financing for properties, which means there are fewer buyers in the market,” Bill Staniford, CEO, PropertyShark.com, tells MHN. “It is the basic malaise in the economy right now and people are holding onto their properties because…

By Anuradha Kher, Online News EditorBryan, Texas; Lawrence, Mass.; Buffalo, Minn.–NorthMarq Capital Inc. recently arranged construction/mini-perm financing of approximately $43.82 million and secured an equity of $11.42 million for Wave’s Z Islander, an 852-bed, 368-unit student housing facility, located in Bryan, Texas.The company also arranged first mortgage bridge financing of $16.195 million for Hampton on Beacon Street Apartments, a 222-unit multifamily property, located in Lawrence, Mass. and first mortgage financing of $4.16 million for Evergreen Square Apartments, a 78-unit multifamily property, located in Buffalo, Minn.The construction/mini-perm financing is based on a term of 42 months with interest-only for the construction…

By Anuradha Kher, Online News EditorNew York–The New York office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan’s Upper West Side.The three-year construction loan is placed with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60 percent loan-to-cost with an additional mezzanine portion achieving approximately 72 percent loan-to-cost.The development site is located along Riverside Drive between 62nd and 63rd Streets. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units,…