Atlanta–Gables Residential recently hired Lynette Hegeman (pictured) as its new vice president of marketing. Hegeman comes to Gables with 17 years of experience in marketing, sales management and development primarily for the hospitality and real estate industries. Most recently she ran her own marketing company focused on helping developers of residential communities in resort locations create and execute effective marketing strategies. Naomi Bayer of Enterprise Conformed to Board of Directors at SONYMANew York–The New York State Senate has confirmed Naomi Bayer to the Board of Directors of the State of New York Mortgage Agency (SONYMA). Bayer currently serves as senior…

By Anuradha Kher, Online News EditorOakland, Calif.–Hendricks & Partners recently arranged the sale of 6116 Telegraph Ave. in Oakland, Calif., for $2,375,000. The 17-unit apartment community was sold to Alameda Apartments LP of San Rafael, Calif. Arbor Closes $935,000 Fannie Mae DUS Small LoanCarmichael, Calif.–Arbor Commercial Funding LLC recently completed funding of a $935,000 loan under the Fannie Mae DUS Small Loan product line for the 17-unit complex known as Parkside Apartments in Carmichael, Calif.  

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.72 percent.


Steve Bram is president and co-founder of George Smith Partners, Inc. An expert on multifamily finance, he has personally arranged over $2.5 billion of financing in over 150 transactions during his 25 years at GSP, including all types of construction, bridge and permanent financing on commercial and residential properties along with joint venture and equity placements. Bram is also active in community affairs, having served as chairman of the Real Estate and Construction Division of the Jewish Federation of Los Angeles. He talks to MHN Online News Editor Anuradha Kher about how the Obama Administration’s policies will impact multifamily financing,…

Las Vegas—Property managers across the United States are experiencing difficulty locating qualified renters, according to a TransUnion survey of more than 870 property managers. The survey results were released today at the National Apartment Association’s Education Conference & Exposition in Las Vegas.Of those surveyed, 81 percent are concerned that they will not find reliable residents for the remainder of the year. This is of particular concern, since 32 percent of respondents stated that vacancy rates are higher than the same period last year, 48 percent viewed it about the same and 20 percent have experienced lower vacancies. “Our survey confirms that…

By Anuradha Kher, Online News EditorLas Vegas–After conducting a study about use of social networking among residents and property managers, NCI, parent company of Apartment Finder, today launched a suite of tools and services for the social web at the National Apartment Association Conference and Expo in Las Vegas. The company conducted a proprietary research in the multifamily industry comparing the social media habits and attitudes of residents to property managers. Key findings show that while 80 percent of residents use social networks with more frequency and intensity than people at management companies, close to 76 percent of multifamily professionals…

By Erika Schnitzer, Associate Editor Cincinnati—Compared to other markets in the midwest, the Cincinnati/Northern Kentucky region has fared well “because it doesn’t have a huge auto influence and has a pretty diverse economic base,” asserts Debbie Corson, CPM, CCIM, principal in Apartment Realty Advisor’s (ARA) Dayton, Ohio office.Effective rents have increased slightly more than 1 percent, and concessions have decreased from one year ago. According to ARA’s first quarter Cincinnati/Northern Kentucky Multifamily Report, both market and effective rents were up $9 from one year ago—to $702 and $673, respectively.Corson attributes this to the “slowdown in apartments coming online with very…

By Anuradha Kher, Online News EditorGilbert, Ariz.–Hendricks & Partners recently arranged the sale of Sky View Ranch, located at 4632 East Germann Rd. in Gilbert, Ariz. for $17,500,000.The 232-unit Sky View Ranch is a class “A” asset constructed in 2007 and featuring 11, three-story rental buildings offering eight floor plans of one-, two-, and three-bedroom units averaging 971-sq.-ft. Units feature nine-ft. ceilings, air conditioning, extra storage, fully-equipped kitchens and high-speed internet. Community amenities include a swimming pool, clubhouse, gated/controlled access, garages, business center, and fitness center. The seller was Fairfield Skyview Ranch L.P. c/o Fairfield Residential LLC of San Diego…

By Anuradha Kher, Online News Editor Washington, D.C.–The Mortgage Bankers Association recently lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The $84 billion drop is due to lower purchase originations and the rest is due to lower rate/term refinancings and very low volumes in the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP). MBA is now forecasting $737 billion in purchase originations and $1,297 billion in refinance originations. MBA’s Chief Economist Jay Brinkmann explained, “In March we boosted our forecast of mortgage originations by over $800 billion…

By Anuradha Kher, Online News EditorWashington, D.C.–There has been a recent moderation in the downturn in design services billings, but the Architecture Billings Index (ABI) reveals that an economic recovery has stalled for now. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the May ABI rating for multifamily was 45.5 while for overall it was 42.9, nearly identical to the 42.8 mark in April. Both these scores still indicate an overall decline in demand for design…