Finance & Investment
APARTMENT MARKET STATISTICS: August 2013
Apartment prices continue to increase. According to PPR/Costar, price per unit of apartments in the first quarter was $147,257—increasing from $110,380 in the fourth quarter.
Economy Watch: Real Estate Investment Still Low
The Bureau of Economic Analysis released some of the underlying details of last week’s preliminary GDP report, including information about real estate investment trends, by measuring such investments as a percentage of GDP.
Bidding Wars are Back
5 things multifamily investors need to know in this seller’s market.
TODAY’S DEALS: Friedkin Buys a 374-Unit Illinois Asset
HFF brokers a Illinois sale for MEPT; Titan SenQuest acquires a Texas seniors housing asset; and Beech Street Capital closes a $10.5 million loan for a Utah acquisition.
Capital Stack
Developers seeking financing for apartment acquisitions and/or rehabs are faced with a variety of situations depending on the type of financing—senior loan, transitional financing, or gap financing—that is being sought.
MHN Interview: Financing Supportive Housing for Veterans
KayBank recently provided $5 million in Low Income Housing Credit to finance a supportive housing development for veterans called Cadence Square in Canandaigua, N.Y. MHN speaks to Kevin Nowak, national equity investment manager for Key Community Development Corp., a part of KayBank, about this transaction, as well as the importance of enhanced-use leases.
MHN Interview: The Key to Bridge Lending
Walker & Dunlop recently provided more than $73 million to borrowers through its Interim Loan Program. MHN talks to Sandor Biderman, senior vice president of Walker & Dunlop, about this program and what type of communities the company is interested in investing in going forward.
Economy Poised for a Stronger Second Half of 2013
The ongoing housing recovery coupled with improvement in both consumer confidence and the labor market are expected to boost economic growth in the second half of the year, according to Fannie Mae’s Economic & Strategic Research Group.
TODAY’S DEALS: Passco Completes $28M Buy in Durham
Passco Companies buys a 280-unit asset; Centerline provides a $113.7 million refinance for a Northern California portfolio; and Walker & Dunlop closes loans for properties in the Mid-Atlantic.
Robert Russell Joins Greystone as Head of CMBS Production and Managing Director of Fannie Mae/Freddie Mac Originations
Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has appointed Robert Russell as the head of CMBS Production and managing director for the firm’s Fannie Mae and Freddie Mac platform.