News
TODAY’S DEALS: HFF Arranges $191M in Construction Financing for Boston Mixed-Use Development
HFF arranges construction financing from a life insurance company for The Van Ness, located in Boston; Preferred Apartment Communities completes a Virginia purchase; and Greystone provides $30 million for two properties in Texas and Tennessee.
MBA: Independent Mortgage Banker Profits Decrease in the First Quarter as Volumes Decline
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,772 on each loan they originated in the first quarter of 2013, down from $2,256 per loan in the fourth quarter of 2012, as production volume declined, the Mortgage Bankers Association reported.
Austin’s Elan Apartment Homes Captures Top Award
Elan Apartment Homes, a 270-unit northwest Austin, Texas, community acquired by Crossbeam Concierge in December 2011, has been named a “Property of the Year” by the Austin Apartment Association.
Mixed-Income Apartments Open in Boston
The first phase of Charlesview Residences, a 340-unit development in Boston’s Allston-Brighton neighborhood, has opened.
JV Breaks Ground on Mass. Mixed-Use Development
A groundbreaking ceremony was recently held for Merchants Row, a mixed-use development in the Quincy Center in Quincy, Mass. The project was made possible in part by $55 million in equity financing secured by LaSalle Investment Management.
TODAY’S DEALS: HFF Arranges $28.5M for Class A Florida Asset
HFF arranges a refinancing for a Jacksonville property; NorthMarq and West Coast Capital place $11.5M for a 124-unit asset in Redlands, Calif.; and Beech Street Capital completes a Fannie Mae acquisition loan.
New-Home Sales Rise 2.1 Percent in May
Sales of newly built, single-family homes rose for a third consecutive month in May, posting a 2.1 percent gain to a seasonally adjusted annual rate of 476,000 units, according to data released by HUD and the U.S. Census Bureau.
Gerber Expands Ultra Flush Toilet Offering with 1.28 gpf Model
Upgrading to high efficiency toilets is the easiest way to put a major dent in community water use. This is especially true for older properties that might still employ units that use up to 3.5 gallons per flush.
Hendricks-Berkadia Taps Houston Apartment Veterans to Launch New Office
Hendricks-Berkadia, the investment sales business unit of Berkadia Commercial Mortgage LLC (Berkadia), announced the hiring of Chip Nash and Greg Austin as partners with the firm.
McCann Realty Hires Texas-Based Vice President of Acquisitions
B. Todd Marney has joined McCann Realty Partners (“MRP”) as vice president of acquisitions.