By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio.  “The Grove of Peoria is an anomaly in the current Chicago market,” says John Marr, senior vice president of Alliant Capital’s Stamford office and originator of this transaction. “With no population growth and an economy dealing with massive job losses, the area’s apartment market has taken…

By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development on the southernmost tip of Miami Beach, for $25 million, then dropped it to $15 million, and finally managed to sell it to a European bachelor for $9.9 million with help from Wall Street-based brokerage firm Platinum Properties. It took just 48 hours to close…

By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout has launched an online rental marketing service that allows property managers to create advertisements for their listings that are syndicated across the Web to rental sites and search directories.“Over 70 percent of renters start their searches online,” Misty Lackie, CEO of Go Smart Solutions LLC, the company that created RentShout and that provides self-serve advertising solutions, tells MHN. “The process it takes to enter listings in multiple directories is very time-consuming and cost-ineffective.” With RentShout, Lackie explains, property managers only have to enter their listing information into one database, which is then pushed…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development announced today that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. According to Secretary Shaun Donovan, today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.    The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing a first home. Families can only access this credit after filing their tax returns with…

By Anuradha Kher, Online News EditorWest Palm Beach, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) has recently secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Fla.HFF placed the 6.11 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae). The loan has a 10-year term that is interest-only and is open at par after Year Five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.  Located at 1441 Brandywine Rd. overlooking the Bear Lakes Country Club in West…

Valerie Neng (pictured), director of Housing & Community Development, joined WHEDCo in 2007. She leads WHEDCo’s green building efforts, including programs for whole building health, tenant education, green property and asset management practices, and implementing a multi-year energy retrofit project. She also seeks new development opportunities in the South Bronx that align with WHEDCo’s mission to provide beautiful, green and affordable housing. Prior to WHEDCo, Neng worked in several capacities at the NYC Department of Housing Preservation & Development (HPD), including project management and underwriting for multifamily new construction projects. Before entering public service, Neng was a researcher with consulting…

By Anuradha Kher, Online News EditorHouston–Architectural firm Meeks + Partners is launching M+P Green Studio, which will help incorporate sustainable strategies into the planning and design of multifamily developments. A three-man team of LEED-accredited professionals, including Associate Partner Keith Malone, AIA, LEED AP, will run the studio. In addition to LEED guidelines, the M+P Green studio team members will incorporate the green initiatives set forth in the newly adopted National Green Building Standards.The other two members of the team are Ryan Meeks and Trevor Meeks. “This is a very important step for the firm, because many of our development partner…

By Anuradha Kher, Online News EditorIndio, Calif.–Horizons at Indio, an affordable housing community developed by Urban Housing Communities (UHC) and Heritage Community Housing (HCH), has received an Honorable Mention in the Senior Housing category of the 15th Annual Charles L. Edson Tax Credit Excellence Awards program. Architectural firm KTGY Group, Inc. designed the development with emphasis on creating a walkable, pedestrian-friendly senior environment.“We’re thrilled to receive this recognition for our community in Indio,” says John Bigley, chief operating officer, Urban Housing Communities. “Horizons exemplifies our commitment to excellence in affordable housing, and it’s gratifying to be recognized for our efforts.”…

By Anuradha Kher, Online News Editor  Palm Beach, Fla.–Love Funding recently closed a $47,212,900 new construction/permanent loan for the Village at Secret Lake, a planned 432-unit multifamily housing community in Kissimmee, Fla. Upon completion, the Village at Secret Lake will be comprised of 12 separate four-story elevator buildings, and residents will be able to enjoy views of a conservation area, pond and an oversized resort-style pool. Love Funding was able to provide funds for the construction of the proposed development through an FHA-insured loan based on a 1.17:1 debt cover ratio. By utilizing HUD’s 221(d)(4) loan program. Love Funding was…