News
Apartments Still a Landlords’ Market, Says NAR
By Dees Stribling, Contributing Editor Washington, DC—The forecast for rental apartments is still positive, according to the Q1 2014 Commercial Real Estate Outlook, which was released this week by the National Association of Realtors. In fact, according to the outlook, the apartment sector will remain the strongest kind of commercial real estate into 2015, as it has been for a number of years now. NAR predicts that apartment vacancies nationwide will edge up from 4 percent, as of the second quarter of 2014, to 4.1 percent in Q2 2015. Though that represents a small increase, it doesn’t mean a fundamental…
New Joint Master Plan for Philadelphia’s 30th Street Station Underway
New York-based Skidmore, Owings & Merrill LLP (SOM), in association with Parsons Brinckerhoff, OLIN and HR&A Advisors has been selected by Amtrak, Drexel University and Brandywine Realty Trust to develop a comprehensive joint master plan for the area surrounding Philadelphia’s 30th Street Station.
TODAY’S DEALS: Harbor Group Buys 568 Units in CBRE-brokered Sale
CBRE’s New York Institutional Group brokers a two-property Connecticut sale; Grandbridge brokers $24.5 million Miami rental apartment construction financing; and The Bascom Group closes the first acquisition under its new private capital program.
Foxford Communities Begins Sale of Ill. Luxury Apartments
Foxford Communities have begun sales at Clocktower Pointe, a 108-unit luxury condominium development in Countryside, Ill.
MHN Interview: Cynthia Parker, CEO, BRIDGE Housing
With a strong track record in affordable housing development, San Francisco-based BRIDGE Housing decided to take it up a notch. In its 30th year in existence, the Bay Area non-profit announced that it would aim to double the size of its portfolio by 2017.
Berkadia Expands Mortgage Originations Capabilities with Acquisition of Keystone Commercial Capital
Berkadia Commercial Mortgage LLC announced the acquisition of Keystone Commercial Capital, a full-service commercial mortgage banking company headquartered in Phoenix.
TODAY’S DEALS: PCCP Provides Northland with $98M for Massachusetts Development
Northland Investment Corp. lands $98 million for a mixed-use development; NorthMarq refinances a student housing portfolio in Idaho; and HFF arranges an $8 million financing through Sun National Bank.
Boston Housing Project Redevelopment Completed
The second phase of the redevelopment of the Homes at Old Colony has been completed. The phase involved work on 129 residential units at the property, which is thought to be the nation’s oldest public housing project.
Greysteel Arranges Sale of Fredericksburg, Va. Community
Greysteel has announced that it has brokered the sale of a 200-unit affordable housing community in Fredericksburg, Va. The transit-oriented community, Townsend Square Apartments, was acquired by Federal Capital Partners for $18.8 million.
Auction.com CEO Named Finalist for EY Entrepreneur of the Year
Jeff Frieden, chief executive officer and co-founder of Auction.com, is a finalist for EY Entrepreneur Of The Year™ 2014 in the Orange County Region.