DEAL OF THE DAY: KeyBank Provides $39.4M Refi for Construction Loan
Marina del Rey, Calif.–KeyBank Real Estate Capital recently provided $39.4 million in Fannie Mae funding to Golden West Properties.
‘Foong on Finance’ with Keat Foong: NAHB Changes Prediction Regarding New Construction
The National Association of Home Builders (NAHB) has revised up its forecast for multifamily construction this year. “The better-than-expected mid-year improvement in multifamily housing production has been significant enough for NAHB to increase its forecast for 2010,” states NAHB. The trade group projects that 120,000 units (two-plus units) will be started in 2010. At the International Builders’ Show in January, NAHB had predicted fewer than 100,000 units in starts for this year. NAHB attributes the improved outlook to increased employment, pent-up household formation, and financial hurdles for buying homes. Of course, 120,000 units still represents a low level of new…
DEAL OF THE DAY: HFF Completes $42M Sale of Institutional-Quality Property
North Lauderdale, Fla.–The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of Parrot’s Landing, a 560-unit multi-housing community in North Lauderdale, Fla.
DEAL OF THE DAY: NorthMarq Arranges $22M Permanent Loan for Newly Constructed Community
Los Angeles–The Denver regional office of NorthMarq Capital arranged permanent financing of $22 million for The Metro Art Apartments located at 11771 Montana Avenue in the Brentwood District of West Los Angeles, Calif.
INVESTMENT: Marcus & Millichap Markets Arizona Property on Behalf of Receiver
Peoria, Ariz.–Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Suntree Apartments, a 216-unit 175,152-square foot distressed asset in Peoria, Ariz., a major suburb of Phoenix.
INVESTMENT: HFF Markets 264-Unit Apartment Community in Indiana
Merrillville, Ind.–The Chicago and Indianapolis offices of HFF (Holliday Fenoglio Fowler, LP) announced today that they have been named to market for sale Broadmoor Country Club Apartments, a 264-unit multi-housing community in Merrillville, Ind.
DEAL OF THE DAY: ARA Executes Sale of Foreclosed Apt. Property on Behalf of GE Capital
Atlanta–ARA announced the sale of River Heights Apartments, a 381-unit garden-style community located on Columns Drive – one of Atlanta’s most prestigious and desirable addresses in Northeast Atlanta.
Green Training For All
The lack of sustainability programs for property managers is being addressed
Impact of New FHA Rules on Rental Housing Production
Will rental housing production take a big hit as a consequence of FHA’s less generous new rules?
DEAL OF THE DAY: Arbor Closes $3,150,000 Acquisition Loan
Bridgeport, Conn.–Arbor Commercial Funding LLC recently funded a $3,150,000 loan under the Fannie Mae DUS product line for the 66-unit complex known as Northbrook Apartments.