By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding LLC recently closed a funding of a $13 million loan under Fannie Mae DUS to refinance the 200-unit apartment complex, The Meadows in Montgomery, Ala.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.78 percent. Ronen Abergel, director in Arbor’s New York lending office originated the loan. “We committed to a rate in two weeks by executing an early rate lock agreement with the borrower, says Abergel. “In addition, we closed in 29 days with a 5 percent increase in proceeds over initial screening.“In light of…

By Anuradha Kher, Online News EditorIrving, Texas–Collegiate Development Services LP has recently been selected to develop and construct Midwestern State University’s new on-campus residence hall with 96 apartment-style units, to be complete by August 2009.The project will meet all the requirements set forth by the Historically Underutilized Business for the State, a program that encourages and promotes the use of minority and woman-owned businesses in the Department’s procurement activities. This new residence hall is located on the southwest corner of Louis J. Rodriguez Drive and Midwestern Parkway in Wichita Falls, Texas. The project, to be built on approximately five acres,…

By Anuradha Kher, Online News EditorAnnapolis, Md.–Despite the slowing economy, seniors housing and care “held its own” in the fourth quarter of 2007, according to the National Investment Center for the Seniors Housing & Care Industry (NIC). The report is based on NIC’s Key Financial Indicators and is updated quarterly.Capitalization rates remained stable compared in the fourth quarter compared to the previous quarter, according to NIC. Only continuing care retirement communities showed a major downtick – of about 130 basis points – but that was from a relatively small sample of 13 transactions, says NIC. Overall, about 220 transactions were…

Washington, D.C.–Fannie Mae and Freddie Mac’s regulator said that the agencies are still a “significant supervisory concern,” The Wall Street Journal reported Wednesday.The Office of Federal Housing Enterprise Oversight said in its annual report to Congress that although both mortgage-finance agencies helped offer liquidity and stability to the U.S. mortgage market in 2007, “matters requiring attention”–including Freddie’s internal controls and corporate governance–still existed.Fannie Mae’s “somewhat aggressive” strategy for managing interest-rate risk was also labeled as a potential problem.”While they have made progress in fixing many of their systems…they still have much work to do, especially with the continuing challenges of…

Washington, D.C.–U.S. homebuilder confidence remained at a record low in April due to declining home values and tighter lending, according to the National Association of Home Builders/Wells Fargo index of builder sentiment.The index remained at 20, Bloomberg said. In December, it plummeted to a new low of 18. A reading below 50 indicates the majority of respondents feel conditions are weak.The Washington, D.C.-based NAHB’s buyer traffic index, which gages the amount of prospective buyers checking out properties, also remained the same–at 19–for the third month in a row.As sales drop for a third year and the supply of unsold homes…

London–U.K. homebuilder stocks dropped after the London-based Royal Institution of Chartered Surveyors reported Tuesday that March home price declines rose their highest levels in 30 years, the Times Online reports.Persimmon fell 2.5 percent to 65; Taylor Wimpey, Bellway, Barratt Developments and Bovis Homes all declined more than 3 percent.A separate survey this week found retail sales had dropped for the first time in two years in March in the U.K., with big ticket items particularly affected. Home Retail Group–which owns Argos and Homebase–dropped 3.3 percent.The housing market decline may also damage banks in the U.K. because many of their assets…

Washington, D.C.–Housing starts fell to their lowest level in 17 years in March, the Commerce Department said Wednesday.U.S. homebuilder starts fell 11.9 percent to a seasonally adjusted annual rate of 947,000–the lowest housing start rate since 1991, according to MarketWatch. Compared to a year ago, starts fell 36.5 percent.Building permits also declined 5.8 percent to 927,000 last month–a 40.9 percent drop from March 2007.Last month, multifamily unit starts plummeted 24.6 percent; multifamily permits declined 5 percent.New home completions dropped to their lowest level since December 1995–a seasonally adjusted annual rate of 1.22 million.In all four regions, starts dropped. In the…

By Erika Schnitzer, Associate EditorNew York–A slowdown in household formation and additional condo completions will counter-balance stronger demand for apartments, according to Reis Inc.’s “First Quarter Apartment, Office and Retail Sector Trends.”According to Reis’ forecast, the slowing economy will continue to weaken household formation in the second and third quarters. Recent college graduates will have difficulty finding jobs, and will be forced to move home, thus cutting into the household formation rate. Additionally, Sunbelt metros are grappling with additional condo completions, Reis points out. Renters are seeking out condominiums for rent, an activity that is partly responsible for a relatively…

By Anuradha Kher, Online News EditorAustin, Texas– Chicago, Ill.-based Campus Acquisitions, a firm that focuses on student housing acquisitions, redevelopments and new construction, recently bought Sterling by the River, a 170-unit student housing property located in West Columbia, S.C. for $26 million.Built in 2007, Sterling by the River is comprised of 12 buildings totaling 472 beds, featuring 86 two-bedroom, 36 three-bedroom and 48 four-bedroom units. Apartment Realty Advisors (ARA) Austin Managing Director Patton Jones and ARA National Student Housing Group Director, Chris Bancroft, represented the seller, Houston-based Dinerstein Cos., in the transaction.“Sterling by the River was highly sought after by…