DEAL OF THE DAY: GE Provides $29M Loan to Student Housing Complex
By Anuradha Kher, Online News EditorBryan-College Station, Texas–GE Real Estate has provided a $29.84 million, on-book fixed-rate loan to Jamespoint Management Co. for the purchase of Reveille Ranch Apartments, a student housing complex in Bryan-College Station, one mile north of Texas A & M University. The recently built Class A garden-style apartment community has 372 units (972 beds) in 21 three-story buildings on 25 acres. Texas A & M University has 46,000 students, of whom nearly 80 percent live off campus.“GE’s on-book financing gives us the flexibility to smooth out the leasing contracts and use our significant economies of scale…
Housing Downturn Has Upsides for Apartment Industry
By Anuradha Kher, Online News EditorWashington D.C.–The ongoing financial market turmoil and its effects on the broader economy are having varied consequences on the apartment sector, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey. Although sales volume is down and equity is less available, apartment demand is increasing due to the housing and mortgage market downturn. And there are signs that debt-financing conditions may be stabilizing, the study says.“The apartment industry is clearly benefiting from the downturn in the for-sale housing industry,” notes Mark Obrinsky NMHC chief economist. “While the ‘shadow’ rental market [unsold houses and condos…
95% of All Renters Surveyed Plan to Move in 2008, Says National Study
By Anuradha Kher, Online News EditorChicago–The two key factors driving more than half (55 percent) of all renters to move in 2008 are relocating for a job and reducing the cost of rent, says a national survey of current renters from Apartments.com. Almost half of all renters (48 percent) surveyed said they are moving to another city or state.These 2008 moving trends also echo the recent workplace findings conducted by a joint survey by CareerBuilder.com and Apartments.com. According to the survey, 14 percent of all employers are willing to pay to relocate new employees from another area to their company…
Plans for 56-story Luxury Building in Panama City Unveiled
By Anuradha Kher, Online News EditorPanama City, PANAMA–YOO, an international real estate design and development company, has unveiled plans for YOO Panama, a 56-story luxury condominium tower, set to open in late 2010. The $85 million project, located on Balboa Avenue, borders the ocean and offers views of the Panama Bay, Panama City and the Panama Canal. YOO Panama includes 234 luxurious one- and two-bedroom residences, each with terraces and floor-to-ceiling windows. The loft-style residences start at 1,378 square feet and the penthouse residences start at 2476 square feet.Each unit features master baths with stone tile floors and shower walls,…
Banks Support New Homeowner Rescue Program
Washington, D.C.–Six mortgage lenders will announce a plan Tuesday to save more homeowners facing foreclosure, The Wall Street Journal reports.The new Project Lifeline plan will provide help for homeowners 90 or more days past due on their mortgages. Some will be allowed to put a 30-day hold on their foreclosure while lenders try to restructure the loans to be more affordable.If a homeowner is already in bankruptcy, paying off an investment or vacation property loan or if a foreclosure date has been set within the next 30 days for a property, the homeowner will not qualify for the new plan.The…
CPC Provides $8M Loan for Construction of 24 Townhomes
By Anuradha Kher, Online News EditorLong Island, N.Y–The Community Preservation Corporation (CPC), a non-profit affordable housing lender, is providing an $8.475 million construction loan for developing 24 new townhouse-style condominiums in the Village of Freeport, located in Long Island’s Nassau County. The property, once used as a boat marina, was rezoned for residential use in 2003. Each of the new, three-story town homes will contain a two-bedroom, 2.5-bathroom duplex apartment with a cathedral ceiling living room, laundry room, two-car garage, deck and boat slip. There will also be an additional 15 boat slips and a parking area for 11 cars…
Southern Diversified Products
Improvising on other eco-friendly paints in the market, Southern Diversified Products LLC (SDP) is manufacturing Mythic Paint, the first zero-volatile organic compounds (VOC), zero-toxins and non-carcinogenic paint. It is a latex paint, and unlike other green paints available, which remove toxins from the paint at a later stage, the Mythic Paint production process improves the paint at its core. The Paint Quality Institute has estimated that the VOCs in traditional paints make up 10 percent of the ozone depleting substances in the US. So for a green building, the zero VOC Mythic Paint is perfect.The paint is available in a…
HFF Secures Joint Venture Equity and Debt Financing for 292-Unit Property
By Anuradha Kher, Online News EditorMedford, Mass.–The Boston office of HFF (Holliday Fenoglio Fowler LP) has secured joint venture equity and debt financing for Station Landing, a mixed-use project in Medford.HFF Senior Managing Director Frederic Wittmann and Real Estate Analyst Carlos Febres-Mazzei represented National Development, a Mass-based development company, to arrange joint-venture equity for the project with Bethesda, Md.-based ASB Real Estate Investments, through its ASB Allegiance Fund. HFF secured a 37-month, adjustable-rate loan through Wachovia Bank. A portion of the loan refinanced existing debt on several components of the project with the remainder providing construction financing for additional development….
Countrywide Financial Joins with Activist Group for New Subprime Mortgage Program
Calabasas, Calif.–Mortgage provider Countrywide Financial Corp. announced a partnership Monday with community organization ACORN, which represents low- to moderate-income families, to assist subprime homeowners facing foreclosure, the Boston Herald reports.Calabasas, Calif.-headquartered Countrywide will contemplate extending teaser rates for five years for subprime borrowers with strong payment records and let some borrowers refinance into prime mortgages. ACORN–the Association of Community Organizations for Reform Now–will provide home counseling services along with Countrywide’s home retention specialists.The plan is similar to the Bush administration’s Hope Now program, which Countrywide entered into voluntarily in December. However, unlike the Hope Now program–which homeowners must be no…
IMF Chief Says U.S. Economy Most Likely Will Get Worse
Mumbai–The U.S. economy will slow extensively for a considerable amount of time, the head of the International Monetary Fund said Monday.IMF Managing Director Dominique Strauss-Kahn said in a speech during his three-day visit to India that the global market needs to prepare for a potential ripple effect from the U.S. slowdown, which could also eventually affect emerging economies, The New York Times reports.Much of the concern revolves around uncertainties such as the continued decline of the U.S. housing market, a potential spending decrease and the possibility of more subprime-related loss disclosures from European banks. “The problem is today we have…