News
Receivers: the New Link to Buying Distressed Properties
With distressed properties at record levels, an increasing number of REITs and developers are turning to receivers to find bargains and lenders are turning to the same source to help salvage troubled loans.
Aries Capital Affiliate Awarded $35M in New Markets Tax Credits
Chicago–Urban Development Fund L.L.C. has received an allocation totaling $35 million under the NMTC program for redevelopment of low-income areas in the United States.
New Affordable Seniors Apartments Underway in Suburban L.A.
West Covina, Calif.–Work has begun on 65 new residences at West Covina Senior Villas II, an affordable senior housing project east of Los Angeles.
Federal Home Loan Bank Awards $5.1 Million for Affordable Housing in Virginia
Atlanta–Federal Home Loan Bank of Atlanta will award $5.1 million to assist in the funding of 12 affordable housing developments in Virginia.
TODAY’S DEALS: KTGY Designed Student Housing to Break Ground at Univ. of La Verne
KTGY-designed mixed-used student housing project to break ground at La Verne Univ.; Education Realty Trusts has purchased two communities next to the Univ. of Virginia; and NorthMarq arranges $15.5M mortgage for property in San Diego.
Economy Watch: World Economy Still Roiled
The world economy continues to be vexed by the disaster in Japan; the Fed remains optimistic about quantitative easing; and Americans are pessimistic about retirement.
Affordable Housing Project Springs Up in Affluent L.A. Suburb
Neighbors were not initially receptive to Mirandela, a 34-residence affordable seniors housing apartment property, but the finished product has brought nothing but accolades.
Dolben Hires Two Property Managers
Woburn, Mass.–The Dolben Company, Inc. has hired two regional property managers, Tim Bostrom and Derek Olszanowski.
Waterton Goes Hunting for More Multifamily
Chicago–Waterton Residential has closed on a $500 million multifamily investment fund that will specialize in seeking value-add multifamily opportunities through repositioning and recapitalization properties.
TODAY’S DEALS: HFF Arranges $22.35M in Financing for North Texas Multifamily Community
HFF arranges $22.35 million in financing for La Valencia at Startwood; Federal Capital Partners buys two Maryland communities; and Beech Street funds $31.4 million Fannie Mae loan originated by Meridian Capital.