News
Success of New Community Attributed to Appealing to Families
Resmark Apartment Living, a division of The Resmark Companies, announced it is 52 percent leased on the first 80 units at Union Place since opening in mid-March.
Pending Freddie Mac Relief Refinance Changes to Help Lenders Refinance More Borrowers
Freddie Mac announced plans to build on the success of its Relief Refinance Mortgage Program, which includes the Home Affordable Refinance Program (HARP 2.0), by aligning requirements for mortgages with loan-to-value ratios that are equal to or less than 80 percent with those for mortgages with LTV ratios greater than 80 percent.
TODAY’S DEALS: Security Properties Buys Portland Asset
Security Properties makes a value-add play; HFF lands construction financing and joint venture equity for a Virginia mixed-use development; and Advenir acquires an apartment property in an upscale submarket of Orlando, Fla. for $27.1 million.
Second Quarter Commercial/Multifamily Mortgage Originations Up 25 Percent from Q2 2011
Commercial/multifamily mortgage origination volumes during the second quarter of 2012 were up 25 percent from second quarter 2011 levels, and up 39 percent from the first quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
AFL-CIO Housing Investment Trust Gives $41 Million for New St. Paul Mixed-Use Development
The AFL-CIO Housing Investment Trust has committed $41 million of union pension capital to help finance the Penfield, a $62 million mixed-use development in downtown St. Paul.
Cali Bamboo Introduces First Composite Deck Made from Bamboo
Cali Bamboo has upped the bar for composite decks with its new BamDeck Composite Bamboo Decking. The resilient material features 60 percent recycled bamboo fiber and 40 percent recycled ‘number 2’ plastics from bottles, laundry detergent containers, plastic bags and water pipes.
Economy Watch: Apartment Market Has Big Momentum
The National Multi Housing Council reported more good news for apartment landlords on Monday, since for the sixth quarter in a row, the apartment industry improved across all indexes in the NMHC’s Quarterly Survey of Apartment Market Conditions.
Florida Multifamily Markets Hotter Than Most
Most multifamily rental markets are tight these days, but the metro markets of Florida have been doing especially well, according to the most recent report on the state by Apartment Realty Advisors Florida.
D.C. Affordable Seniors Housing Completes Renovation
The redevelopment of the Paul Laurence Dunbar Apartments has been completed. The 171-unit seniors housing property, formerly called the Campbell Heights Apartments, is a 40-year-old building on 15th Street NW in the District of Columbia.
$3M Renovation of Las Vegas Building Proves Lucky for Investor
iStar Residential recently invested $3 million in a redesign of The Martin in Las Vegas, and in the four months since the building’s relaunch, sales have risen by 300 percent.