News
Seattle’s Eco-Friendly Stream Uptown Community Begins Leasing
Stream Uptown, a 118-unit, Class-A, mid-rise apartment community in Seattle’s Uptown enclave, has begun leasing residences. The announcement was made by Stream Real Estate LLC, a Seattle-based company focused on developing multifamily residential properties in the core of the Emerald City.
TODAY’S DEALS: Alliance Residential Buys 629-Unit Asset in Phoenix
Alliance Residential completes a $50 million buy; Beech Street Capital closes a $15.9 refinance for a 99-unit seniors housing asset in Washington; and NorthMarq arranges a $22.1 million mortgage with an interest-only feature.
Preventing Pests Before the Spring Renting Season
When the weather warms and snow melts, many people will take the opportunity to relocate to new apartments and houses. Unfortunately, rodents and other pests can become a major nuisance as your renting season heats up in early spring.
Suburban Philly Apartments Trade for $37.5M
Tenby Chase Apartments, a 327-unit property in Delran, N.J., has traded hands. SDK Apartments bought the asset from Pantzer Properties for $37.5 million. Currently, it’s 98 percent occupied.
Raintree Partners Acquires Luxury L.A. Community for $77M
Raintree Partners has acquired a $77 million multifamily community in Los Angeles. The luxury community, called The Plaza at Sherman Oaks, contains 392 units.
TODAY’S DEALS: NorthMarq Arranges $63.9M Fannie Mae Loan with Prepayment Reduction
NorthMarq arranges a $63.9 million loan through its affiliate AmeriSphere Multifamily Finance; Venture West arranges $20.2 million in acquisition loans; and Vitus Group buys a Section 8 asset in Portland.
Export-Import Bank Provides Crucial Loan for Hospital Project in Sub-Saharan Africa
The Export-Import Bank of the United States has recently approved a substantial loan that will be used in the development of a Ghanaian hospital.
Curtain Rises on NoHo Senior Arts Colony in North Hollywood
The newly developed, $32 million NoHo Senior Arts Colony opens this month, the first in the multifamily housing industry’s history to incorporate a professional theater within a seniors rental housing property.
Economy Watch: Housing Starts Spike
The Census Bureau reported that private housing starts in December came in at an annualized rate of 954,000 units. That’s 12.1 percent more than the revised November total of 851,000, and a whopping 36.9 percent above the rate of 697,000 in December 2011.
Baptist Gardens Opens in Atlanta
Residents have started moving to Baptist Gardens, an affordable seniors housing property in Atlanta.