News
Make Dull Multifamily Spaces ‘Pop’ with AirStone
AirStone is an ultra-lightweight stone veneer that can easily be installed without grout to give any space an attractive update. The product has 80 percent recycled content and is 50 percent lighter than manufactured concrete stone.
American Realty Capital New York Recovery REIT Acquires Brooklyn Condo
American Realty Capital New York Recovery REIT Inc. recently purchased The 163 Washington Condominiums, consisting of 50 rental units and a 36-space parking facility in Brooklyn, N.Y., for $31.5 million.
Economy Watch: U.S. Economy Dragging, Texas Shows Some Pep
Two different branches of the Federal Reserve issued economic reports on Monday, one not particularly sanguine about the U.S. economy, the other more hopeful about a region whose relatively strong economy has gotten some attention lately.
Louisville Apartment Property Trades for $22.5M
The Chicago-based Infinity Group has sold Vieux Carre Apartments, a 326-unit complex in Louisville, for $22.5 million.
TODAY’S DEALS: ARA Closes an Equity Raise for a Houston Development
ARA sources JV equity for an Alliance development; Northwestern Mutual sells a 137-unit asset in Medford, Ma.; and NorthMarq Capital arranges a $14.5 million Freddie Mac mortgage.
South Mississippi Housing and Development Corp. and The Michaels Organization Break Ground on Affordable Community
South Mississippi Housing and Development Corp. and The Michaels Organization have broken ground on McIntosh Homes, an independent-living affordable housing community for seniors in Gulfport, Miss.
Arbor’s FHA Multifamily Lending Business Accelerates Expansion with Hiring of New Chicago Originator
Arbor Commercial Mortgage LLC, a direct commercial real estate lender originating on a national basis, has expanded its multifamily FHA loan origination capabilities further with the appointment of an experienced FHA originations director in the company’s Chicago office.
Commercial/Multifamily Mortgage Debt Outstanding Declines Fueled by Drop in CMBS Loans
The level of commercial/multifamily mortgage debt outstanding decreased by $10.4 billion, or 0.4 percent, in the second quarter of 2012, as the balance of loans in CMBS, CDO and other ABS issues continued to decline, according to the Mortgage Bankers Association (MBA).
aptsandlofts.com Continues Expansion at Cobble Hill Office
New York—aptsandlofts.com, a privately owned full-service NYC real estate brokerage, has announced that Jeanine Castellano will be joining aptsandlofts.com residential division as senior project manager, leading the leasing at 27 on 27th in the Court Square neighborhood of Long Island City. aptsandlofts.com expert Brad Philips has been named managing director of the Cobble Hill office. A longtime agent with MNS and the Developers Group with over 10 years of industry experience, Castellano will oversee the leasing program at 27 on 27th, aptsandlofts.com’s new rental tower in the Court Square neighborhood of Long Island City, slated to launch in October of…
Construction Process Underway on Charlestown Crossing
Charlestown Crossing, an apartment community that represents the first joint venture between The Dolben Company Inc. and Klein Enterprises, is on track for delivery of first units in April 2013, and completion of construction a year later.