DEALS OF THE DAY: Investors Savings Bank Provides Construction Financings in New Jersey, New York, Pennsylvania Tri-State Area
Short Hills, N.J.–Here is one bank that is active providing not only acquisition, but also construction, financing in the tri-state area of New Jersey, New York and Pennsylvania. Investors Savings Bank’s Commercial Real Estate group says it recently completed financing for seven transactions.
DEAL OF THE DAY: Walker & Dunlop Closes $13.8M Acquisition Loan
Atlanta–Walker& Dunlop provided a $13,800,000 acquisition loan for Lansdowne and Gladstone Towers located in Aldan, Pa.
DEAL OF THE DAY: Berkadia Supplies $11M Refinance Loan Carrying 4.15% Interest
Santa Cruz, Calif.–Berkadia Commercial Mortgage LLC originated $11,000,000 in fixed-rate debt through its Freddie Mac program for the refinance of Hidden Creek Apartments, a multifamily property in Santa Cruz, Calif. The loan features a fixed rate of 4.15 percent.
DEAL OF THE DAY: NorthMarq Helps Refi CMBS Loan with $4.2M Mortgage from Alternative Capital Source
Garland, Texas–Paul Brighton, senior vice president and senior director of NorthMarq Capital’s Dallas Regional office, arranged first mortgage financing of $4.2 million for Country Village Apartments, a 160-unit multifamily property located at 4362 W. Walnut in Garland, Texas.
‘Foong on Finance’ with Keat Foong: Is the Tea Party Good for Commercial Real Estate?
Jobs, jobs, jobs. Speaking to executives in the commercial real estate financing industry, I hear that the most important economic indicator for them is, without doubt, job growth. Job growth has to increase before the commercial real estate fundamentals can improve. If Tea Party candidates sweep the upcoming elections in November, will that bring about better job growth prospects for the economy? There are two courses of action one would think a Tea Party politician would want to implement immediately and radically: (1.) cutting taxes and (2.) cutting spending. Will cutting taxes and cutting government spending at a deep level bring about better job…
DEAL OF THE DAY: Kislak Brokers Sale of Bank-Owned Property for $460,000 in Market Seeing Increased Demand for Smaller Properties
Hillside, N.J.–The Kislak Company Inc. announced the sale of a bank-owned mixed-use retail and multifamily property in Hillside, N.J. for $460,000. Vice President Jeffrey Squires represented both parties in the transaction.
DEAL OF THE DAY: CB Richard Ellis Fund Acquires Apartment Community in S. Florida
Pembroke Pines, Fla.–The CB Richard Ellis Strategic Partners U.S. Value 5 fund has purchased The Resort at Pembroke Pines, a 1,520-unit garden-style apartment community in southern Florida that is 94 percent occupied, via CB Richard Ellis Investors’ Multi-Housing Group.
DEAL OF THE DAY: Raintree Acquires $68.2M Property, Loan Carries 4.18% Interest
San Diego–Raintree Partners completed the acquisition of Trieste Apartment Villas, a 302-unit multifamily community in the La Jolla area of San Diego County, Calif. The purchase price was $68.2 million, according to Jeff Allen, CEO of Raintree Partners.
DEAL OF THE DAY: Colliers Brokers Santa Barbara Sale at Cap Rate of 4.11%
Santa Monica, Calif.–Colliers International directed the sale of Villa Cordova, a 21-unit apartment building located at 1133 10th St. in Santa Monica, Calif., to 10th Street Partners LLC., a private investor. The transaction is valued at $5,775,000.
DEAL OF THE DAY: Arbor Supplies $1.08M Small Loan
Haltom City, Texas–Arbor Commercial Funding LLC announced the recent funding of a $1,080,000 loan under the Fannie Mae DUS Small Loan product line for the 68-unit complex known as Haltom Oaks Apartments in Haltom City, Texas.