News
DEAL OF THE DAY: Bernard Financial Originates $9.76M Loan for Prudential Huntoon Paige
Roseville, Mich.–Bernard Financial Group arranged a $9,760,700 loan for the Kensington Place Apartments.
Combined Wells Fargo-Wachovia Top U.S. CRE/Multifaily Loan Server, Notes MBA Survey
Washington, D.C–According to the mid-2010 survey of commercial and multifamily mortgage services by the Mortgage Bankers Association, Wells Fargo (including Wachovia) tops the list firms of master and primary servicers in the U.S. $462.8 billion in loan volume.
Hayden & Associates Appoints Two to Management Team
Fort Myers, Fla.–Hayden & Associates recently appointed Bonita and Jay Vandall to its management team. Bonita Vandall has been a licensed community association manager since 1988 and holds several designations from the Community Association Institute. She has also served on the board of the South Gulf Coast Chapter of the Community Associations Institute for six years and was named Manager of the Year for 2001. Ken Hayden, president of Hayden & Associates, says, “Bonita’s focus will be developer controlled communities and new business development and Jay will continue to provide his expertise with community and maintenance management services. Prior to…
Court Allows Receiver to Sell Abandoned Arizona Apartment Portfolio for $123M
San Diego–Maricopa County (Ariz.) Superior Court Judge Eileen S. Willett has ruled that San Diego-based Trigild can sell seven Arizona apartment properties that it currently holds in receivership.
Development of Upscale Apartment Project Atop Manhattan Hotel Reaches Completion
New York–Beatrice occupies the top 30 floors of the tower at 105 West 29th St. in Manhattan’s Chelsea neighborhood.
DEAL OF THE DAY: George Smith Arranges Interest-Only Financing, Finds Buyer for Borrower
Redlands, Calif.–George Smith Partners arranged $12.8 million in Freddie Mac financing and a $16.6 million sale for a 198-unit, Class B multifamily property in Redlands, Calif., announces David Rifkind and Steve Bram, principals and managing directors of George Smith Partners.
MyNewPlace Names Gary Parkhurst as VP of Sales
San Francisco–Gary Parkhurst has been appointed as the new vice president of sales at MyNewPlace. In this role, Parkhurst will provide strategic leadership to the sales team and facilitate new business in an effort to increase revenue by driving sales through the company’s core listing products on MyNewPlace.com. Throughout his career, Parkhurst served in a variety of executive sales and marketing roles at a range of organizations. Most recently, Parkhurst served as senior vice president for ELM Resources, a non-profit, mutual benefit corporation serving the student loan industry. In his role, Parkhurst planned and executed a high-growth sales strategy which…
Moore Design Group Creates Boutique Hotel Atmosphere for The Carlton in Houston
The multifamily industry is feeling the effects of increased competition. Smart money is placing its bets on creating opportunity through cosmetic improvements.
Home Sales Drastically Drop; Lowest in Over a Decade
Washington, D.C.–The first time homebuyer tax credit expired in May, and as expected, existing-home sales were sharply down in July, according to the National Association of Realtors.
Summer Proves an Unusually Busy Season for New 565-Unit Brooklyn Condo Project
New York, N.Y.–Closings have gotten underway at The Edge.