News

Wellington, Fla.–Heather Straub (pictured) has been promoted to regional vice president of Bainbridge Management. Her responsibilities will include supervising the firm’s operations throughout the state of Florida.  Straub has 23 years of experience in the multifamily real estate industry, including five years at Bainbridge Management. During that time she has gained extensive experience in all aspects of portfolio management, as well as acquisitions, dispositions, property repositioning, renovations and real estate sales. She has also served on the board of directors of the Southeast Florida Apartment Association. Bainbridge also added Ricardo Alicea as regional property manager for the Orlando area. Adam Solomon…

By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group arranged a $5.4 million permanent financing for two properties totaling 64 multifamily units in Southern California.Meridian’s Los Angeles office represented the local undisclosed borrowers to secure 10-year fixed interest rates of 5.57 percent and 5.72 percent respectively.   Arbor Closes $1,725,000 Fannie Mae DUS Small LoanKinston, NC.–Arbor Commercial Funding LLC recently completed funding of a $1,725,000 loan under the Fannie Mae DUS Small Loan product line for the 84-unit complex known as Rouse Road Apartments in Kinston, NC.    The 10-year loan amortizes on a 30-year schedule and carries a note rate of…

By Erika Schnitzer, Associate EditorCharleston, S.C.—Greystar Real Estate Partners recently opened the final phase of its Daniel Island Village, a 283-unit development and Daniel’s Island’s only professionally managed apartment community.Built on 16 acres, Daniel Island Village is the only market-rate rental community on the island, Ashley Heggie, asset manager with Greystar, tells MHN. “It’s really an opportunity for people who want to live on the island and are unable to get into a house. It has one of the best school districts in the area,” he adds.The demographics of the community are mostly those from Charleston who want to lead…

Needham, Mass.–New Boston Fund, a real estate investment, development and management firm, has selected Resolve Technology’s Portfolio Maximizer software to automate the modeling of investment cash flows, debt and partnership waterfalls.”We were looking for a solution that would enhance the timeliness and efficiency of portfolio modeling in an integrated and scalable fashion,” says Tim Medlock, senior vice president and chief operating officer at New Boston Fund. “We selected Portfolio Maximizer because it allows us to address a number of needs within a single solution and we were impressed by the Resolve team’s understanding of real estate and partnership structures.” “Our most…

By Anuradha Kher, Online News EditorWashington, D.C.–The GREEN Act, which could potentially raise the bar for environmental performance in affordable housing, is getting a nod of approval from those involved in the multi-housing industry. Bill H.R. 2336 or the Green Resources for Energy Efficient Neighborhoods Act of 2009 (GREEN Act), which was recently reintroduced in the House by Representative Ed Perlmutter (D-Colo.), authorizes new federal resources for green affordable development while providing incentives to the private sector to invest in green affordable homes for low-income people. Doris W. Koo, president and CEO of Enterprise Community Partners, testified before the House…

By Erika Schnitzer, Associate EditorWashington, D.C.—As part of its “Recovery Act in Action” Week, the U.S. Department of Housing and Urban Development (HUD) is examining its role in implementing President Obama’s plans to stimulate the American economy with energy-efficient measures, neighborhood stabilization and job creation.At a Webcast held yesterday afternoon, members of the Department discussed and provided insight on the Green Retrofit program, which will provide $250 million in grants and loans for up to 25,000 apartment units to become more energy-efficient within the next two years.  (Click here for MHN’s coverage of the program).The Webcast panel included Jerry Anderson,…

By Anuradha Kher, Online News EditorLexington, Ky.–Walker & Dunlop provided a $10,680,000 loan for Spring House Apartments located in Lexington, Ky. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Spring House Apartments is a 224-unit garden-style apartment community built in 1986 and situated on 17.5 acres near the Lexington commercial business district. Common amenities include garages, carports, tennis courts, swimming pool and a clubhouse. The property was 95 percent leased at closing. NorthMarq Capital Arranges $3.92M Mortgage for 109-Unit Rental CommunitySioux…

By Anuradha Kher, Online News Editor Miami–Sixty two percent of the residential units completed in Downtown Miami since 2003 are occupied and the closing rate is accelerating despite obstacles to financing, according to a residential closings & occupancy study conducted by independent research firm Goodkin Consulting/Focus Real Estate Advisors in partnership with the Miami Downtown Development Authority (DDA). The study assessed occupancy and closing rates for 73 condominium buildings and seven rental apartment buildings that have come on line in the Downtown Miami area since 2003. Combined, the 80 buildings account for 22,959 residential units. “This is the first study since the start…

By Anuradha Kher, Online News EditorNew York–The number of unemployed persons has increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent, the U.S. Department of Labor’s Bureau of Labor Statistics reported recently. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million and has tripled since the start of the recession.With the apartment market firmly dependent on employment and household creation, this news does not bode well for multifamily owners. Even though the number of jobs being lost is decreasing, it could…

Fannie Mae is providing much-needed capital on the permanent debt side for multifamily housing today. Presently under conservatorship and government control, the agency is acting to manage risks in the changed economic environment. Keat Foong, executive editor at MHN, catches up with Fannie Mae Vice President of Multifamily Production Heidi McKibben (pictured) to get an update on this important source of multifamily financing from the point of view of capital availability and underwriting standards. McKibben indicates how seriously she thinks the economic downturn is affecting apartments, and she tells MHN that Fannie Mae is considering additional ways to “mitigate risks…