Cashing in on CMBS
Multifamily assets that have gone to special servicing present a growing source of opportunities
DEAL OF THE DAY: Arbor Closes $1.93M Fannie Mae Loan for Project-Based Property
Arbor Commercial Funding LLC funded a $1,930,000 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for the 64-unit complex known as Lake June Village Apartments in Dallas.
Nurturing the Talent Pipeline
NAAEI’s certification programs supply the apartment industry with a skilled workforce
Here’s the Money
One year after the financial crisis, there are multiple options for financing multifamily housing
‘Foong on Finance’ with Keat Foong: What’s Up in Miami?
Everyone thinks Miami is overbuilt, right? But the latest report from Marcus & Millichap shows that Miami apartments may not be doing so badly. M&M research says that vacancy in Miami-Dade has already been flat for six months. “Some areas where the threat of shadow stock is not as significant continue to record notable results. The average vacancy rate in the Hialeah, North Dade and North Miami/Bayshore submarkets is around 5 percent,” states M&M. Given such trends, investors are returning in increasing numbers. There is currently about $1.7 billion in distressed apartment properties in Miami-Dade, says M&M. However, opportunities to buy at firesale…
DEAL OF THE DAY: Lee & Associates Transacts $4.7M Purchase of Foreclosed Condos/Apts.
Fifty-one vacant apartment units at 11927 – 33 Magnolia Boulevard in Valley Village, Calif. have been sold to a private investor for $4.7 million in an all-cash transaction.
DEAL OF THE DAY: Boston Capital Invests in Affordable Multifamily Development in Somerville, Mass.
Boston Capital invested in Clarendon Hill Towers, a 501-unit multifamily development in Somerville, Mass. Boston Capital provided the tax credit equity for the development and partnered in the rehabilitation with the Clarendon Hill Towers Tenant Association and Connolly & Partners.
DEAL OF THE DAY: ARA Brokers Sale of Bank-Owned Property for $50/Sq. Ft.
Multi-housing specialist Apartment Realty Advisors (ARA) recently brokered the $1,350,000 sale of a 34-unit property located at 1205-1225 Yukon Street in Lakewood, Colo.
‘Foong on Finance with MHN’s Keat Foong’: Lunch with Carol Galante
No doubt, industry players wanted to hear what Carol Galante, deputy assistant secretary of the Department of Housing and Urban Development (HUD) had to say. Galante heads HUD’s multifamily housing programs, and if you want to know about the Obama’s Administration’s proposals to tighten the FHA multifamily insurance programs, Galante would have the answers. Members of the audience packed a large conference room at the law offices of Nixon Peabody recently for the first-ever “Brown Bag Luncheon” event sponsored by the New York Housing Conference (NYHC). Galante, for many years the president of BRIDGE Housing Corp. before she was…
DEAL OF THE DAY: Southern Calif. Apartment Property Changes Hands for $254,033/Unit
Marcus & Millichap Real Estate Investment Services brokered the sale of The Madison, a 90-unit, 118,874-square foot luxury apartment building in Rancho Palos Verdes. The sales price of $22,863,000 represents $254,033 per unit and $211 per square foot.