By Anuradha Kher, Online News EditorLos Angeles, Anaheim, Calif.–The Villas del Lago Apartments (pictured right half of image box) in the Westlake/MacArthur Park district of Los Angeles, and Elm Street Commons (left half of image box ) in Anaheim, Calif.’s Colony Historic District, both affordable housing projects opened recently with 100 percent occupancy. AMCAL Multi-Housing Inc. was the developer for Villas del Lago, and a team of Squier Properties, ADI Inc. and the City of Anaheim developed Elm Street Commons.The two developments represent substantial steps forward in providing well-designed affordable homes with community amenities. “We have a long commitment to…

By Anuradha Kher, Online News EditorWashington, D.C.–Foreign investors too often overlook the U.S. apartment industry and the investment returns it has provided, even during recessionary periods, mainly because of misunderstandings about how the U.S apartment market functions, according to a new report titled “A Case for Investing in U.S. Apartments,” commissioned by the National Multi Housing Council (NMHC) and produced by Torto Wheaton Research. “Apartments have a long track record of having the highest risk-adjusted investment returns compared to other property types,” says Doug Bibby, NMHC President. “Yet our sector remains largely overlooked by foreign capital.” “For the most part,…

By Anuradha Kher, Online News Editor Houlton, Maine–Love Funding recently closed a $1.1 million HUD 232/223(f) loan to finance the acquisition of a skilled nursing facility. Love is a fully approved LEAN HUD lender; however, this loan was started under HUD’s MAP processing. Love Funding closed the loan to finance MAAKF Inc.’s acquisition of the Gardiner Healthcare Facility, a 55-bed skilled nursing and residential care facility located in Houlton, Maine. The property, originally built in 1963, sold for $950,000 or $17,273 per bed. The non-recourse loan represents a loan-to-acquisition cost ratio of 116 percent because the loan also provided $155,000 for…

By Tonie Auer, Southwest Correspondent Commercial Property News Chicago–Adding its name to the list of firms looking to capitalize on opportunities in the down commercial property market, Wrightwood Capital has closed a $243 million fund. The company’s High Yield Partners II Fund will be invested in recapitalizations, acquisitions and selected new development projects.Wrightwood Capital’s mezzanine and equity program is available for assets with sponsor equity and provides capital structured as either a mezzanine loan or a preferred equity investment, company executives said. As the commercial real estate investment market has seen prices fall as the credit crunch and economic downturn…

By Erika Schnitzer, Associate EditorColumbia, Md.—Enterprise Community Partners has released a report that reviews the impact of NSP (Neighborhood Stabilization Program) funds allocated from the Department of Housing and Urban Development (HUD). The report concludes that many of the NSP grantees are planning to use the funds for innovative and effective programs that can provide examples for additional neighborhoods.”These are innovative program ideas that are likely to be high-impact and high success,” said Amanda Sheldon, research and policy analyst at Enterprise, during a Webcast presentation of the findings of the report, which is entitled “The Challenge of Foreclosed Properties: An…

Woodbridge, N.J.–The Kislak Co. Inc. has promoted Don Baxter (pictured) to vice president. Baxter received the Rookie of the Year award in 2007 and the Salesperson of the Year award in 2008. “Baxter has a passion for hard work, a dedication to his clients and a keen sense of the investment real estate market, and for this he is a well-respected and valued employee of his company,” says Jeffrey Wiener, president and co-managing director.  Noted Affordable Housing Lawyer Monique DeLapenha Joins Ballard Spahr As PartnerPhiladelphia–Monique DeLapenha, a real estate lawyer well known for her work in public and affordable housing,…

By Anuradha Kher, Online News EditorNew York–Overall construction starts are down 15 percent as the construction industry continues to face divergent forces in 2009, according to the McGraw-Hill Construction 2009 Outlook Spring update. The economy weakened substantially, and despite all the efforts and money directed at thawing frozen credit markets last fall, there’s been little sign of any positive impact, the report finds. While steps proposed by the Obama administration in March to deal with the troubled banking system were favorably received by the financial markets, their implementation will require time and their degree of success is uncertain, especially for…

By Erika Schnitzer, Associate EditorTrenton, N.J.—HHG Development Associates, a Trenton, N.J.-based development firm specializing in adaptive reuse of historic structures, has sold 80 percent of the residences at The Cracker Factory, an approximately $5.5 million, 18-unit condominium conversion project.Formerly the Exton Cracker Bakery, which invented oyster crackers in the 1850s, The Cracker Factory includes two units set aside for low-income residents. It is part of the Trenton Ferry historic district, an urban, mixed-use neighborhood. In addition to this project, HHG Development Associates is also restoring three historic buildings on the corner of Centre and Ferry Streets, adding eight loft/condo units…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) has arranged an $8 million refinancing for Corey Place Apartments, a 276-unit multifamily community in Dallas/Fort Worth, Texas.Working on behalf of Granite Redevelopment LLC, HFF placed the 10-year, 5.76 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS Program. Loan proceeds are refinancing an existing acquisition rehab loan. Corey Place Apartments is located at 602 West Pioneer Parkway approximately 12 miles west of downtown Dallas via Interstate 30 in Grand Prairie. The property was renovated in 2008 and is currently 95 percent occupied….

Little Rock, Ark.–With the aim of expanding its reach in the South, Marcus & Millichap Real Estate Investment Services recently opened a new office in Little Rock, Ark. Matthew Fitzgerald will be the regional manager based in this office. “Little Rock fits into our strategy for the mid-market office program,” Fitzgerald tells MHN. “The multihousing market here is doing ok and is somewhat active and we want to be here in order to have a local presence.” He adds, “While it is a difficult market, transactions are still happening and our clients still want to execute strategy whether it’s selling…