News
Share of Loans in Foreclosure Grows, as Does Number of Renters
Washington, D.C.–Serious mortgage delinquency rates are at near historically high levels, according to data released today by Foreclosure-Response.org. If there’s a silver lining in this bleak news, its greatest beneficiary will likely be the multifamily housing industry, which is certain to profit from growing ranks of renters.
TODAY’S DEALS: Associated Estates Grabs 250-Unit Community in Virginia
Associated Estates buys a 250-unit Class AA community in Fairfax, Va.; BRE properties acquires a 150-unit community in California for $48.8 million; and ARA brokers the sale of an apartment property at $72,120/unit.
Buckingham Cos. Commences Rebranded CityWay Project in Indianapolis
Indianapolis–Buckingham Cos. has just broken ground on its new upscale mixed-use development in downtown Indianapolis. Designed as a transformative development, the $155 million project will mark another big step in bringing together two areas of the city.
InoviaPods Deliver with Custom Made Prefab Bathrooms
Novi Industries Inc. unveils a new prefabricated bathroom system that can bring a consistent, high-quality product to any residential, student housing, healthcare or hotel development project.
Jones Lang LaSalle Expands Financing Expertise in D.C. and Florida
Washington, D.C.–Jones Lang LaSalle has hired two real estate investment banking experts in the Washington, D.C. office. Shawn McDonald and Mike Yavinsky join the firm’s Capital Markets practice as executive vice presidents. McDonald will partner with multifamily investment sales Managing Directors Al Cissel and Scott Melnick to advance the firm’s financing expertise in the apartment sector throughout the Mid-Atlantic. Yavinsky will work under the direction of Managing Director Wes Boatwright to enhance the firm’s real estate investment banking offerings in the region. McDonald joins the firm from Freddie Mac, where he was a regional director of production and sales for…
AvalonBay Wins Bid to Acquire NJ Hospital Site for Redevelopment
Princeton, N.J.–AvalonBay Communities Inc. has inked a deal to buy the University Medical Center at Princeton from the nonprofit Princeton HealthCare System (PHCS), as well as nine houses that the health-care organization owns nearby.
‘On the Ground’ with Eric Brown: Treat Your Blog Like a Content Command Center
As apartment marketers start to trek down the content marketing pathway, they should treat their blogs as command central.
TODAY’S DEALS: ARA Arranges the Sale of a Texas Community
ARA arranges the sale of a 160-unit community in Beaumont, Texas; Oak Grove Capital originates $59.5 million bond credit enhancement; and Marcus & Millichap sells a community in Washington, D.C., for $30.8 million.
Walker & Dunlop Announces VP, Deputy Chief Underwriter of FHA Finance Division
Bethesda, Md.–Walker & Dunlop has announced that Ernest Benjamin has been promoted to vice president and deputy chief underwriter of Walker & Dunlop’s FHA Finance program. Benjamin joined Walker & Dunlop in March of 2009 as senior underwriter, and was then promoted to assistant vice president of FHA Finance, where he was responsible for managing the underwriting and due diligence process for FHA/HUD insured multifamily and healthcare loans. Prior to joining Walker & Dunlop, Benjamin was a consultant with Deutsche Bank Berkshire Mortgage and a Risk Officer/Underwriter with Wachovia Multifamily Capital, Inc. where he worked primarily as a FHA &…
Moinian Wins Mortgage Extension for 100 John Street
New York–The Moinian Group has obtained an extension of the securitized $84 million mortgage loan on the Renaissance at 100 John Street, the residential portion of a 36-story mixed-use property in downtown Manhattan.