News
TODAY’S DEALS: Kennedy Wilson Completes 2011’s Largest MF Transaction
Kennedy Wilson completes the largest multifamily asset transaction for 2011; BH Properties purchases a 420-unit community in Phoenix; and Hendricks & Partners brokers a $1.35 million sale of an apartment community in California.
SoCal Mortgage Banker Sees Burgeoning Opportunity in Multifamily Finance
Marina Del Rey, Calif.–Q10/Dwyer-Curlett has arranged $31.8 million in equity financing for the development of the Shores, a 544-unit apartment project to be built in Marina Del Rey. The deal is the first foray into multifamily finance by the company, which is a mortgage banking firm with three offices in southern California, and a member of Q10 Capital LLC, which specializes in commercial real estate finance.
Fifteen Years in the Making, Oakland’s MacArthur Transit Village Breaks Ground
Oakland, Calif.–It has been a very, very long time coming, but work has finally gotten underway on MacArthur Transit Village, a massive, mixed-use transit-oriented development that will ultimately deliver 624 multifamily residences centered on a Bay Area Rapid Transit station and additional future transportation outlets in Oakland, Calif.
Sammons Enterprises Forms Compatriot Capital
Dallas–Sammons Enterprises Inc., one of the nation’s largest privately owned companies with assets approaching $50 billion, has announced the launch of a new real estate strategy under a newly organized subsidiary, Compatriot Capital, Inc. Paul E. Rowsey was named president and chief executive officer, and Mark D. Van Kirk will become senior vice president of Compatriot. Rowsey and Van Kirk joined Compatriot from E2M Partners, a Dallas-based private equity firm investing in national real estate assets on behalf of individual and institutional investors. In 2010, Sammons acquired a 30 percent interest in E2M after being a longtime investor in multiple…
Economy Watch: Case-Shiller Calls a Housing Double Dip
The Case-Shiller indexes were down again during the first three months of the year, and the consensus among residential market observers is that the home-price “double dip” is here–the phrasing that Case-Shiller uses to describe the state of the residential market, in fact.
TODAY’S DEALS: The Donaldson Group Acquires 492-Unit Asset
The Donaldson Group and Angelo, Gordon & Company acquire a 492-unit property in Suitland, Md.; Essex Realty Group sells a portfolio consisting of six Chicago properties; and Deutsche Bank Berkshire Mortgage provides $31.3M in interest-only, Fannie Mae financing.
Kenny Emson Named SVP of Finance and Administration for NMHC
Washington, D.C.—Financial and nonprofit veteran Kenny Emson has been named senior vice president of Finance and Administration for the National Multi Housing Council (NMHC). As a member of the Council’s senior leadership team, Emson will oversee the organization’s financial and administrative operations and will participate in the strategic planning process. Emson brings more than 20 years of experience to the position, including serving as chief development officer, senior vice president and chief financial officer for The Community Foundation for the National Capital Region, a philanthropic nonprofit that pools $350 million in charitable donations to make grants that benefit both Washington-area…
Apartments to Rise on Site of Failed San Diego Condo Development
San Diego–Alliance Residential Co. has acquired a 1.3-acre development site in the Little Italy district of downtown San Diego and is planning 201 apartment units for it.
Economy Watch: EU Under Pressure to Bail Greece Out Again
It was a long holiday weekend in the United States, but across the Atlantic, Euro-bureaucrats and -bankers were at work trying to keep Greece from defaulting on its debts and thus doing some kind of unpredictable harm to the euro.
Toby Halliday Joins Stewards of Affordable Housing For the Future
Washington, D.C.—Stewards of Affordable Housing for the Future (SAHF) has announced the addition of Toby Halliday as executive vice president for policy and operations. Halliday will lead SAHF’s policy initiatives in addition to overseeing the organization’s operations and management. Halliday previously served as vice president for federal policy at the National Housing Trust (NHT), a SAHF member organization, for over three years. In this role he worked with Congressional and HUD leadership to promote the preservation and improvement of affordable rental housing, including testifying before Congress on these issues. Halliday coordinated and chaired the Preservation Working Group, a coalition of…