News
DEAL OF THE DAY: Colliers Witnesses Intense Competition for $34,228/Unit Sale of Lender-Owned Property
Phoenix–Colliers International has negotiated the sale of the Biltmore Center apartment community.
NAHB Names Michaels MF Development Firm of the Year
NAHB honors Michaels Development Co. for leadership in the multifamily housing industry and successful achievement of the company’s vision and goals.
DEAL OF THE DAY: NorthMarq Arranges $20.25M Mortgage in ‘Broken Condo’ Transaction
Oceanside, Calif.–NorthMarq Capital’s Michael Elmore has arranged first mortgage financing of $20.25 million for River Oaks Apartments.
Economy Watch: Mortgage Modifications Still Slow Slogging
The government’s Making Home Affordable Program saw 30,000 homeowners receive permanent mortgage modifications in November. However, the program has also seen a 54 percent dropout rate.
Multifamily Industry to Benefit from Tax Deal
According to NMHC and NAA, there were a number of wins for the multifamily industry in the tax bill passed by Congress and signed by President Obama earlier this month.
Advanced Mixed-Use Project Wins New Jersey State Environmental Award
Jersey City, N.J.–Hoboken Brownstone Company has been honored with a Governor’s New Jersey Environmental Excellence Award for its conversion of a seven-acre brownfield site in Jersey City, N.J. into a progressive, energy-efficient mixed-use property.
Whirlpool Introduces Appliances for New Year
Whirlpool Corporation and its portfolio of brands are introducing a number of new kitchen and laundry appliances to developers.
DEAL OF THE DAY: Oak Grove Capital Closes $7.2M HUD 223(f) Refinancing Loan
Shakopee, Minn.–Oak Grove Capital provided $7.2 million in funding for White Pines Apartments. The HUD MAP 223(f) refinance was for a repeat borrower.
New Partnership to Fund Affordable Housing Renovations
Chicago–The John D. and Catherine T. MacArthur Foundation, the National Affordable Housing Trust and Cornerstone Real Estate Advisers L.L.C. have partnered to preserve federally subsidized rental housing in a number of markets.
DEAL OF THE DAY: CB Richard Ellis Completes $3.6M Sale
Passaic, N.J.–CB Richard Ellis brokered the $3.6 million sale of a multifamily building at 37-47 High Street in Passaic, N.J.