DEAL OF THE DAY: NorthMarq Arranges $28.876M Freddie Mac Refi for Mixed-Use Property
Chicago– NorthMarq Capital’s Chicago office has arranged fixed-rate financing of $28.876 million for Pensacola Place.
SPECIAL REPORT: Multifamily Conditions are Showing Significant and Rapid Improvements Across the Board
Dallas–The environment for apartment development may be starting to appear attractive again.
DEAL OF THE DAY: Continental Realty Purchases Phoenix Apartments for $45.5M in Cash
Phoenix–Continental Realty Advisors (CRA) has acquired The Canyons Luxury Apartment Community.
DEAL OF THE DAY: CB Richard Ellis Brokers First Downtown San Diego Apartment Sale Since 2007
Security Properties Inc. paid $22 million for Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. The multifamily transaction is the first 100-unit apartment sale in downtown San Diego since March 2007, according to CB Richard Ellis.
‘Foong on Finance’ with Keat Foong: Financial Legislation Signed into Law
So this week President Obama signs into law the financial reform bill, the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new set of laws supposedly provides for: increased regulation of the financial industries–tightening oversight of the derivatives market–and consumer protections in the use of financial products. It is purported to put into place procedures to help avoid future tax-payer-funded bank bailouts. And it increases capital requirements for banks. Read some comments about the bills here. And our sister publication Commercial Property Executives earlier discussed (“Upward Climb,” p. 30) the bill’s possible effects on the commercial real estate market specifically….
DEAL OF THE DAY: Arbor Closes $1,500,000 Fannie Mae DUS Small Loan
Arbor Commercial Funding LLC recently funded a $1,500,000 loan under the Fannie Mae DUS Small Loan product line for the 48-unit complex known as Villa Serena Apartments in Pittsburg, Calif.
DEAL OF THE DAY: Walker & Dunlop Closes on $20.21M Acquisition Loan at 78% LTV
Walker & Dunlop arranged a $20,208,000 acquisition loan for Spring House Apartments located in Laurel, Md. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 78.3 percent loan-to-value ratio with a 1.24 debt-service coverage.
DEAL OF THE DAY: Marcus & Millichap Lists $21M Distressed Mobile Home Park for Short Sale
Westland, Mich.–Marcus & Millichap Real Estate Investment Services retained the exclusive listing for Westland Meadows.
DEAL OF THE DAY: Colony Capital, The Cogsville Group Invest in 1,600 Commercial Real Estate Loans Held by FDIC
Colony Capital LLC and The Cogsville Group LLC have closed on the purchase from the Federal Deposit Insurance Corp. (FDIC) of a $1.8 billion portfolio of more than 1,600 commercial real estate loans acquired by the FDIC as receiver of 21 failed financial institutions.
DEAL OF THE DAY: Bernard Financial Sources $13M Financing for Mich. Property from Life Insurance Co.
Bernard Financial Group arranged a $13,000,000 loan for the Westlake Apartments. The financing comes from Minnesota Life insurance Co.