By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital has arranged first mortgage financing of $5 million for Colony Apartment Homes (pictured), a 212-unit multifamily property, located in Richfield, Minn.Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Hendricks & Partners Arranges Sale of Five-Unit Property for Over $1MBel Air, Calif.–Hendricks & Partners has arranged sale of Ovada Garden Terrace, located at11378-11382 Ovada Place in Bel Air, Calif. The five-unit apartment community was sold for $1,575,000, $315,000 per unit, at 4.0 percent CAP.Ovada Partners LLC of Encino,…

By Erika Schnitzer, Associate EditorOakland, Calif.—PropertyBridge Inc. has launched its 2009 Community Contest, a marketing promotion for property managers to boost resident payment adoption.“We hear from clients that they are feeling the pinch” in this economy, Summer Palma, marketing manager for PropertyBridge, tells MHN. “We are working with them to promote a lower-cost payment alternative. Every time a resident makes a payment [using PropertyBridge], it automatically updates in the property management system, eliminating the task for the leasing staff so they can focus on leasing.”Palma adds that the purpose of this contest is for PropertyBridge to work with its clients…

By Anuradha Kher, Online News Editor  Norfolk, Va.–For Rent Media Solutions has hired Carol Marple (pictured) as Texas regional manager. Marple began her career as an on-site assistant manager for Harry Reed Management. While at Reed, she transitioned into marketing and took on the position of director of marketing and training. Marple was also instrumental in the development and implementation of Greystar University, a program developed after Greystar Real Estate Partners acquired Harry Reed Management in 1993. “I look forward to playing my part in the growth of For Rent Media Solutions’ Texas region,” says Marple. “This year, I would…

By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae, through its lender and housing partners, financed $35.5 billion in multifamily rental housing in 2008. Fannie Mae’s multifamily financing include debt financing through lender partners and bond purchases.”Fannie Mae and its DUS lenders were pleased to provide significant liquidity and stability to the multifamily industry despite record levels of uncertainty and volatility experienced by the markets in 2008,” said Phil Weber, SVP of multifamily at Fannie Mae.Fannie Mae’s DUS lenders and affiliates delivered $33.3 billion of the company’s total investment in multifamily housing, including $21.8 billion in total DUS product. Approximately 89…

By Anuradha Kher, Online News EditorWashington, D.C.–Total sales of homes, including single-family and condo, fell 6.4 percent in the quarter as a result of job losses and low consumer confidence, according to the National Association of Realtors (NAR).Lawrence Yun, NAR chief economist, says the market is clearly depressed from job losses and consumer concerns about the economy. “Assuming housing provisions in the economic stimulus package are quickly enacted and provide enough encouragement for home buyers, we could see a quick lift in home sales for the critical spring home-buying season,” he adds.“If that occurs, we could see home prices begin…

Las Vegas–NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments (pictured), a 184-unit multifamily property, located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with 40/86 Mortgage Capital. The borrower was only looking to refinance the existing mortgage and locked the rate early as the loan had a lock-out. The lender committed the loan early in the process and held the commitment through a turbulent market.Federal Home Loan Bank of Atlanta to Award More Than $12.4M…

Samuel Wagner (pictured) is chief operating officer of LeaseProbe LLC. He is also the COO of Real Diligence LLC, which offers financial due diligence for commercial real estate clients. Wagner established Real Diligence in 2006 to provide a host of technologically-savvy real estate services. In 2007, Real Diligence began working with LeaseProbe to provide comprehensive financial due diligence to LeaseProbe’s customers. LeaseProbe then merged with Real Diligence, bringing it under the Madison Commercial Real Estate Services umbrella.Wagner talks to MHN Online News Editor Anuradha Kher about the five questions multifamily developers should ask when managing their portfolios in the current…

By Anuradha Kher, Online News EditorSanta Monica–Olympic Studios, featuring 100 375-sq. ft. two-story lofts, is now 50 percent occupied. Located at 2001 Olympic Blvd., a few blocks from Santa Monica College, the rental project opened in January with a tentative opening of the second phase in about six months.The lofts feature fully equipped kitchens on one level, with small bedrooms located on the second level. “Despite their size, the units convey a spacious, private ambiance, thanks to 17-foot ceilings and clerestory windows,” says architect Wade Killefer. Killefer works for the Santa Monica-based Killefer Flammang Architects (KFA), which designed the project….

By Keat Foong, Executive EditorSan Diego—Fannie Mae and Freddie Mac multifamily executives provided assurances with regards to their companies’ abilities to supply continued liquidity to the multifamily market despite mandated portfolio reductions in 2010, during a session at the Mortgage Bankers Association (MBA) multifamily and commercial real estate conference held here this week. Moderator Shekar Narasimhan, managing partner of Beekman Advisors, asked if Fannie Mae’s and Freddie Mac’s appetites for multifamily financing will decline when the portfolio cap is imposed and what actions might the agencies take. Currently, the two agencies are said to be responsible for more than 90…