Finance & Investment
TODAY’S DEALS: U.S. Bank Closes $55.1M for Affordable Seniors Developments
U.S. Bank paves the way for two Retirement Housing Foundation projects in L.A.; Beech Street closes $8.5 million for a Tampa refinance; and Alliant Capital provides a $975,000 loan.
Presidio Apartments Becomes Bell Lake Creek after Bell Partners Acquisition
The Austin Presidio Apartments community has been acquired by the investors from Bell Partners Inc. on May 30th. The transaction cost has not been made public, but the property, which will stay under the management of Bell Partners, will change its name into Bell Lake Creek.
APARTMENT MARKET STATISTICS: June 2013
Bank lending increased across the board for multifamily properties and income-producing commercial real estate, according to Chandan Economics. Overall, the recent permit numbers have been strong enough to support a five-plus starts rate in range of 285,000 over the next couple of months, stated the National Association of Home Builders.
APARTMENT MARKET STATISTICS: May 2013
The prices of multifamily housing shot up to an average of $115,954 per unit in the fourth quarter, according to CoStar/PPR. Marcus and Millichap’s statistics for the nation’s top apartment markets show average rent increase of 3.0 percent in the fourth quarter.
Walker & Dunlop Honored with Top Awards by Fannie Mae
Walker & Dunlop, Inc. announced that it received two top awards at the 2013 Fannie Mae DUS® Meeting in Washington, D.C., for deals closed in 2012.
Fannie Mae Releases New Research Study: Renters Are Satisfied, but Continuing to Reach for Homeownership
Fannie Mae’s Economic & Strategic Research Group released a new research study that investigates the impact of consumer attitudes toward renting and homeownership on the future of housing in America.
Greystone Funds $6 Million Acquisition of Portsmouth M-F Complex
Greystone, a financial services and private investment group with headquarters in New York, announced this week it has closed on a $6 million Delegated Underwriting and Servicing loan from Fannie Mae. The loan will be used for the acquisition of Cedarfield at Churchland Apartments in Portsmouth, Virginia.
Kennedy Wilson Buys East Valley M-F Complex for $61.8 Million
A Salt Lake City apartment community was recently acquired by an international real estate investment and services firm. Kennedy Wilson has paid a fee of around $61.8 million for the Foothill Place Apartments complex and has secured a financing deal with Berkeley Point Capital LLC in order to complete the acquisition. KW has invested $15 million of private equity in the transaction and for the balance of the purchase with Berkeley, along with the $49.7 million loan provided by Berkeley.
Art of the Deal
Joint venture possibilities proliferate as investor appetite for multifamily grows.
Financing With ‘Hard Money’
Yes, rates are still higher than most banks, but the other terms that would let lenders take over the properties have gone away.