News

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Investment Inc., an affordable housing finance and investment company, will now provide U.S. Department of Agriculture (USDA) Section 538 Rural Development loans and will deliver Federal Housing Administration (FHA) multifamily and healthcare loan products as a HUD-approved Multifamily Accelerated Processing (MAP) lender.Enterprise will also provide proprietary non-agency construction and permanent financing for multifamily properties in addition to its Fannie Mae DUS products.“Enterprise is committed to offering the multifamily and commercial permanent debt products and services that developers need to support their work to revitalize and stabilize communities,” says Lamar Seats, senior vice…

By Anuradha Kher, Online News EditorFederal Way, Wash., Atlanta–Apartment Realty Advisors (ARA), the privately held, full-service investment advisory brokerage firm headquartered in Atlanta, has arranged the sale of Silver Shadow apartments in Federal Way, Wash. for $13,450,000, as well as the 269-unit multifamily community, The Stratford, located in Atlanta for $28.5 million.Silver Shadow apartments, located at 27606 Pacific Highway South, is a garden-style complex built in 1989. It consists of 11 two- and three- story buildings with 44 one-bedroom units, 72 two-bedroom units and 16 three-bedroom units. Building amenities include a clubhouse, heated indoor pool, spa and exercise room.  “The…

Arlington, Va.–Although analysts feared high subprime loan resets would bring payments to unrealistic levels and increase foreclosures, many borrowers are defaulting before their rates reset, CNNMoney.com reports.Defaults for subprime loans given in 2007, which are still due for a reset, rose to 11.2 percent n November–twice the rate of 2006 subprime loan defaults 10 months after issuance, according to Michael Youngblood, an analyst at Arlington, Va.-based financial firm Friedman, Billings Ramsey.The relaxed lending rules of recent years could be to blame. Borrowers were given adjustable-rate mortgages they could barely afford even with the low initial rates. After a few years,…

Paris–France’s biggest bank, BNP Paribas SA, posted a 42 percent fourth quarter profit drop due to the reduced value of securities damaged by the troubled credit markets–but BNP Paribas fared better than many other European banks in the subprime breakdown, Bloomberg reports.In line with estimates BNP Paribas released in late January, net income declined from 1.72 billion euros in 2006 to 1.01 billion euros ($1.47 billion). The bank wrote down 589 million euros on leveraged loans and debt backed by bond insurers; it also earmarked 309 million euros connected with U.S. loans and securities.However, BNP Paribas’ subprime-related expenses of 1.2…

Washington, D.C.–Mortgage rates have crept up in recent weeks and businesses are experiencing a credit crunch as restrictive as the August credit collapse–despite two Federal Reserve short-term interest rate cuts in January, The New York Times reports.The Fed is now facing stagnant growth, higher oil and food costs and increasing inflation. Consumer prices leapt 4.3 percent higher last month compared to 2006–the biggest spike in two years, according to a Labor Department report released Wednesday. Central bank officials said a few hours after the price report that they’d reduced their growth outlook for 2008 to 1.3 to 2 percent and…

London–U.K. gross mortgage lending increased from a 2 ½-year low in December to £26.5 billion in January–almost hitting the January 2007 level, according to the London-based Council of Mortgage Lenders.However, the piece of positive mortgage news–a rarity in the U.K.’s current troubled market–won’t impact consumer confidence unless Bank of England lending data, due later this month, reveal an increase in housing sales, according to the Financial Times.”It is likely that demand will be stronger for remortgaging than for house purchase in the short term,” Council of Mortgage Lenders director-general Michael Coogan told the Times.

By Anuradha Kher, Online News EditorAlexandria, Va.–Orion Residential, a national multifamily investment and condominium development company, is teaming up with Accelerated Marketing Partners, a Boston-based real estate marketing and consulting company, to auction 43 one- and two-bedroom condominiums at reduced prices.The auction will take place on March 16, at the Hilton Alexandria Mark Center Hotel on 5000 Seminary Rd. in Alexandria. Jon Gollinger, principal of Accelerated Marketing Partners says, “This is an historic, once-in-a-lifetime opportunity for purchasers to determine their market value for a home. Prices like this have not been seen in over a decade.”Selected two-bedroom condominiums with recent…

By Anuradha Kher, Online News EditorWashington, D.C.–Senate Realty Corp., a Washington, D.C.-based real estate company, will host a free 30-minute home-buying seminar and bus tour of affordable housing condominiums on Feb. 23, in an effort to help buyers looking to invest in a slowed housing market with historically low interest rates.The District of Columbia Housing Finance Agency (DCHFA) is co-sponsoring the event.“In this weakened housing market that’s trying to correct itself, we’re seeing affordable housing products sell very well in D.C.,” says Cher Castillo Freeman, principal broker, Senate Realty. “There are lots of buyers seeking property below $400,000, who are…

By Anuradha Kher, Online News EditorCharlotte, N.C.–The Laramar Group, a real estate investment and management company, has acquired Waterford Lakes Apartments, a 694-unit property in Charlotte, N.C., located at 8000 Waterford Lakes Drive for more than $50 million.Waterford Lakes consists of resort-style residences located within walking distance of rapid transit, and near local employment centers, shopping and major metropolitan areas. Jeff Elowe, president of Laramar Group says, “Its lush surroundings and locale make this property a great addition to our portfolio.”A $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End…

By Anuradha Kher, Online News EditorLong Island, N.Y.– Encino, Calif.-based Marcus & Millichap Real Estate Investment Services has arranged the sale of Suburbia Gardens and Thunderbird Gardens, two multifamily communities totaling 85 units in the West Babylon section of Long Island, N.Y. for $12.75 million.Fairfield Properties bought the two communities, owned by Rinmark Properties and Kimcore Realty.“Long Island is one of the most fundamentally sound markets for multifamily housing in the entire country,” says Hoff. “Fairfield takes great pride in their properties, and will invest millions of dollars to upgrade and improve these well-located assets to better serve their tenants…