Finance & Investment
Stimulus Funds Help Kick Off Affordable Senior Housing Project
Waukegan, Ill.–The assistance of federal stimulus funds allowed Banner Apartments to begin constructing The Residences at Fountain Square outside Chicago.
Apartment Managers See Marked Improvements in Fundamentals This Year
The economic downturn certainly had a negative impact on the apartment sector, but notable improvements in the market from 2009 to 2010 indicate that the worst may very well be over.
Impediments of Aging Affordable Housing
Industry experts face up to the issues presented by the nation’s older stock of affordable housing.
Shadow Inventory Experiences 10 Percent Year-over-Year Increase
Santa Ana, Calif.–Residential shadow inventory rose 10 percent from August 2009 to August 2010, according to new statistics released by property information services provider CoreLogic.
DEAL OF THE DAY: Colliers Represents Hamilton Zanze in $9.7M Sale
Mesa, Ariz.–Colliers International-Greater Phoenix negotiated the sale of Sorrento Apartments, a 226-unit multifamily property located at 901 South Dobson Road in Mesa, Ariz., for $9.7 million or $42,920 per unit.
Scott Watson Rejoins Johnson Capital, Looking Forward to Multifamily Deals
Irvine, Calif.–Scott Watson has rejoined Johnson Capital as a vice president and will be arranging debt and equity capital for a wide range of commercial and residential real estate.
USDA Offers $14M for Rural Affordable Housing Rehabilitation
Washington, DC–The U.S. Department of Agriculture has unveiled a new program to provide low-interest loans to rehabilitate multifamily housing in rural areas.
SPECIAL REPORT: Real Estate Companies See Businesses Strengthening Despite High Unemployment Levels, Cite ‘Unprecedented’ Availability of Capital
New York– Commercial real estate executives expressed growing optimism about their businesses although U.S. employment growth is expected to remain weak through 2011.
DEAL OF THE DAY: NorthMarq Arranges $44M Mortgage at 4.04% Interest on Behalf of Amli
Woodridge, Ill.–Frank Relihan, vice president, Kenneth Gentzel, senior vice president and managing director and Gary McGlynn, senior vice president and managing director of NorthMarq’s Washington, DC Regional office arranged first mortgage financing of $44 million for AMLI at Seven Bridges, a 520-unit multifamily complex located at 6566 Double Eagle Drive in Woodridge, Ill.
OneWest Cuts $1.4B Deal With Citi Holdings
OneWest Bank FSB has purchased a $1.4 billion multifamily and commercial real estate loan portfolio from Citibank NA’s Citi Holdings division.