Freddie Mac Provides $548M for Affordable Housing Units, Proves Conservator’s Commitment to Multifamily
By Anuradha Kher, Online News EditorMcLean, Va.–With the collaboration of Citi Community Capital and Municipal Capital Markets, Citi recently closed $548 million in its first Tax-Exempt Bonds Securitization (TEBS) with Freddie Mac. This is the second largest TEBS transaction in Freddie Mac’s history and one that will support more than 8,800 affordable housing units.The collateral to be securitized consists of a pool of predominantly fixed-rate, tax-exempt and taxable multifamily housing revenue bonds and is comprised of 79 tax-exempt bonds and nine taxable “tail” bonds.“The transaction is secured by 51 multifamily properties, all Low-Income Housing Tax Credit (LIHTC) properties,” says Mike…
Q&A with Jeff Adler: Job Growth in Telecom, Biotech, O&G, Emerging Alternative Energy Industry in Denver is Driving Demand for Multifamily Here
Jeff Adler (pictured) is the executive vice president and chief operations officer of Apartment Investment and Management Co. (AIMCO), the largest apartment owner in the United States.He previously served as the company’s chief property operations officer and executive vice president of AIMCO Property Operations and several other positions.Currently, he focuses on initiatives in consumer marketing, customer analytics, and information technology at AIMCO. As the 2008 Multi-Housing World Conference and Exhibition kicks off in Denver today, Adler talks to MHN Online News Editor, Anuradha Kher about the state of the Denver multifamily market, how AIMCO is tackling the slowdown in the…
SPECIAL REPORT: Mile-High TODs Pick Up Speed
By Teresa O’Dea Hein, Managing EditorDenver–A busload of Multi-Housing World attendees enjoyed a comprehensive tour of multifamily developments in the Mile High City this morning as they got to see firsthand how Denver has transformed its housing stock and neighborhoods in the last 10 years, with the help of an extensive light rail system. Downtown Denver and the surrounding submarkets have become very popular places to live, with 63,000 people now residing within 1.5 miles of downtown. The building of Coors Field spurred redevelopment of many formerly derelict downtown blocks, explained Jeffrey Hawks of the Denver office of Apartment Realty…
Green Park Financial, J.S. Watkins Partner in Small Loan Purchase Program
By Erika Schnitzer, Associate EditorBethesda, Md.–Green Park Financial has announced a partnership with J.S. Watkins Partners in a multifamily small loan pool purchase program. The program will purchase pools of multifamily loans that cannot be sold to GSEs due to size restrictions.“We see it as an opportunity to help facilitate community banks—freeing up balance sheets by facilitating the sale to Fannie of loans on books that they might not otherwise be able to see, given the size of the deals individually,” says Ted Patch, chief production officer, Green Park Financial.The basic outline of the program is aimed at community bankers…
First Affordable Housing Project Supported by Enterprise Rural and Native American Initiative to Open Soon
By Anuradha Kher, Online News EditorGallup, N.M.–Enterprise, Supportive Housing Coalition of New Mexico, CARE 66, the city of Gallup, the New Mexico Mortgage Finance Authority, Annenberg Foundation and the state of New Mexico will open this Friday the newly constructed Chuska Apartments, an affordable “green” housing property bordering the Navajo Nation at 2534 East Aztec Ave. in Gallup, N.M.Chuska Apartments is the first affordable housing development supported by the recently launched Enterprise Rural and Native American Initiative. The development offers 30 fully subsidized, energy-efficient apartments located in six residential buildings.The Enterprise Rural and Native American Initiative is a commitment to…
TODAY’S DEALS: Lincoln Property Co., INVESCO JV Sells 252-Unit Rental Community for $28.9M, and Other Transactions
By Anuradha Kher, Online News EditorDecatur, Ga. –Apartment Realty Advisors (ARA) recently executed the sale of Lincoln at Decatur Apartments, a 252-unit, Class A apartment community located in Decatur for $28.9 million, to McKinney Properties.McKinney financed the acquisition through their own self-managed private equity fund. A joint venture of Lincoln Property Co. and INVESCO Real Estate engaged ARA to market the community for sale after completing a substantial renovation of the property that bolstered market rents and NOI. The community is located in Atlanta’s desirable in-town neighborhood of Decatur, which also includes the 600-acre Emory University campus, the U.S. Centers…
TODAY’S DEALS: $55M Freddie Mac Financing for Suburban Maryland Apartments, and Other Transactions
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNCrofton, Md.–Financing to the tune of $55 million has been put in place for the Keswick Park Apartments, a 406-unit multifamily asset in Crofton, Md., about 25 miles northeast of Washington, D.C. and 25 miles south of Baltimore. Johnson Capital arranged the capital for Boston-based borrower Berkshire Property Advisors L.L.C. The backing came in the form of a seven-year fixed-to-float loan with a 6.11 percent interest rate, through Freddie Mac’s Acquisition-Rehab program. The interest-only financing will be amortized over 30 years following the first four years of the…
Profile: Fogelman Management Focuses on Company Culture
By Rachel Block, MHN Contributing EditorMark Fogelman is president and COO of the Fogelman Management Group (FMG), a privately held, full-service property management organization founded in 1963. FMG, based in Memphis, Tenn., manages 51 properties and 18,000 apartments, covering 12 states and 21 cities throughout the Midwest and Southeast. Five hundred and fifteen employees help to maintain FMG’s high rankings, shown by its continuous placement in the top 10 of Ellis National Benchmark’s listing for shopping reports–-in the second quarter of 2008, the company obtained sixth place out of 47 companies. FMG also takes pride in its philanthropic program, Fogelman…
Real Estate Private Equity Co. Raises $222M for Multifamily Fund
By Anuradha Kher, Online News EditorChicago–Waterton Associates LLC, a Chicago-based real estate private equity firm, raised $222 million of equity capital for its Waterton Residential Property Fund X. The fund is the fourth joint venture between Waterton and the California State Teachers Retirement System (CalSTRS) and targets value-added and opportunistic multifamily investments nationwide. This includes the acquisition of distressed properties as well as performing and non-performing multifamily debt. With the equity commitments and maximum allowable debt, the total capitalization of the fund is $635 million.The Parc at Pruneyard, a 252-unit property located near downtown Campbell in California’s Silicon Valley, is…
Luxury Sports Condominium Hotel Breaks Ground
By Erika Schnitzer, Associate EditorBlacksburg, Va.—Virginia’s first luxury sports condominium hotel, The Colosseum, will be breaking ground this afternoon. Developed by Virginia Tech alumni, the project is located in the heart of what is known as Hokie Nation and has pledged to donation a portion of the sale of each unit to the construction of the school’s new basketball facility.The two-tower, six-story, 241-unit development “is geared towards Virginia Tech alumni and fans who want to come to support things—specifically sports—done at Virginia Tech,” notes Jamie Oliver, director of marketing for the Colossum and president of Highlander Construction & Development. “We…