News
DEAL OF THE DAY: NorthMarq Arranges $37M Mortgage for Two Phases of Apartment Project
Overland Park, Kan.–NorthMarq Capital has arranged first mortgage financing of $37 million for Stonepost Apartments.
Sycamore Urban Restarts Los Angeles-Area Townhome
Thousand Oaks, Calif.–Construction of an incomplete townhome project is about to pick up where it left off in 2008 now that Sycamore Urban Properties has taken the property off the hands of the FDIC.
DEAL OF THE DAY: Berkadia Originates $25,230,600 in Fixed-Rate Debt for Chicago Multifamily Property
Chicago–Berkadia Commercial Mortgage originated $25,230,600 in fixed-rate debt through its FHA/HUD program for the refinance and additional construction of Long Grove House, a multifamily property in Chicago.
NAHB Recognizes West L.A. Condo Project as “Trend-Setter”
Los Angeles–NAHB has recognized T Lofts, an 84-unit condo redevelopment project in Los Angeles, as a “top trend-setter in the multifamily housing industry.”
1st Service Solutions Launches 1st Equi-Debt Solutions
Dallas—1st Service Solutions, the first firm to serve completely as a borrower’s advocate, has launched 1st Equi-Debt Solutions, which will offer equity and debt to borrowers of non-performing commercial real estate loans as part of their debt restructure. The new firm was formed by Ann Hambly, founder and CEO of 1st Service Solutions and Mike Meisenbach, CPA and founder of Asset Advisory Alliance (A3). Most recently, Meisenbach was principal and president of Investment and Capital Markets Advisory Services for Lee & Associates, a commercial real estate firm. In this role, he sourced equity and debt solutions for commercial property owners….
Campus Apartments Wins Race to Launch First Student Housing App
With smartphones becoming more prevalent by the minute, Campus Apartments’ SmartClick Mobile became the first student housing app.
Insurance Costs Down for Apartments
According to the National Multi Housing Council, apartment owners saw a 6 percent decline in insurance costs in 2010 compared with last year.
DEAL OF THE DAY: Charles Dunn Represents Buyer in $1.9M REO Sale by Citibank
Los Angeles–Michel Hibbert of Charles Dunn Company negotiated a $1.9 million sale of a 19-unit apartment complex in Los Angeles.
MARKET SNAPSHOT: Consistency Remains Milwaukee’s Greatest Strength
Milwaukee–A modest pricing correction of single-family home has maintained renter demand in Milwaukee, according to the most recent report by Marcus & Millichap.
Jack Kern Joins Palatine Capital Partners as Partner
New York—Palatine Capital Partners Management LLC recently announced that Jack Kern, former head of research at Archstone-Smith, has joined the firm as a partner. In this newly expanded position, Kern will be responsible for providing market and real estate research and analysis in evaluating equity and debt investment opportunities. In addition, he will focus on strategic initiatives for Palatine. Kern has been a part of Palatine’s strategic investment team for the past year as an advisor, providing research oversight on opportunities. “Our team has built a successful working relationship with Jack as a consultant, and this is a logical next…