News
TODAY’S DEALS: NorthMarq Capital Arranges $21,700,000 Sale of 578-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorMadison, Wis.–NorthMarq Capital’s Chicago office has arranged the sale of the 578-unit New Fountains Apartment Community (pictured) on behalf of the seller for $21,700,000. New Fountains is located in Fitchburg, Wis. in the Southwestern submarket of the greater Madison, Wis. metro area. The buyer purchased the property at a 7.25 percent cap rate on actual revenue and will be performing an extensive renovation and repositioning of the asset. NorthMarq began working with the seller to refinance the property, but DeKruiff uncovered a unique market opportunity for the sale instead. A10 Capital’s Lending Group Provides Over…
NHC Names Terwilliger as Housing Person of the Year; Rep. Barney Frank Receives Public Service Award
By Anuradha Kher, Online News EditorWashington, D.C.–The National Housing Conference (NHC) recently honored J. Ronald Terwilliger, chairman of both Trammell Crow Residential (TCR) and Habitat for Humanity International, with the 2009 “Housing Person of the Year” Award at its 37th Annual Gala. The award recognizes Terwilliger’s efforts in providing housing that is affordable to all, and in particular, for his ongoing commitment to multifamily and workforce housing. Terwilliger is past chairman of the Urban Land Institute (ULI). In 2007, he made a $5 million gift to ULI to establish the ULI J. Ronald Terwilliger Center for Workforce Housing, which was created…
MARKET SNAPSHOT: San Diego Transaction Activity Indicates Market May Have Bottomed Out
By Erika Schnitzer, Associate EditorSan Diego—San Diego’s apartment market has shown recent signs of stabilizing, according to a new Cushman & Wakefield Special Annual Report. The report highlights countywide average per unit sales prices since 1986, along with six years of prices for 33 city and county areas. The report shows that there were 456 sales transactions in 2008, down from 482 sales in 2007 and down 66 percent from 2004. Despite this decline, the market may be bottoming out as the percent decrease from 2007 to 2008—just 5.4 percent—is a significant improvement compared to the 27.2 percent, 28.6 percent…
Three FHA Lenders Suspended by HUD for Violations
Washington, D.C.–The U.S. Department of Housing and Urban Development’s Mortgagee Review Board has suspended three lenders based on evidence of serious violations under HUD’s regulations. The three lenders are Golden First Mortgage Corp of Great Neck, N.Y., Great Country Mortgage Bankers, Inc. of Coral Gables, Fla. and Beneficial Mortgage Corporation of San Juan, P.R. They are now prohibited from originating new FHA-insured mortgages pending completion of HUD’s investigation into their lending practices.The Board found that Golden First Mortgage (GFM) failed to notify HUD/FHA of an investigation by the Office of Thrift Supervision (OTS) into the business activities of the company’s…
EDITOR’S NOTE: Worse Is Yet to Come
By Keat Foong, Executive Editor If you have been reassured by President Obama’s calm demeanor and are feeling more relaxed these days, there is an opinion article in a recent issue of The New York Times entitled “ The Economy is Still at the Brink.” In case you miss the point, an illustration accompanying the article says, in big, black, artistic, letters, “The Storm Is Not Over, Not By A Long Shot.” In the multifamily sector specifically, if the number of outfits being created that are specializing in turnarounds is any indication, players may be expecting the trickle of distressed…
Alliance Residential Opens Leasing for Recently Bought Condo Conversion
By Anuradha Kher, Online News EditorSeattle–Alliance Residential Co. recently added the Broadstone Domaine project to its property management portfolio. The company has completed condo conversion on the 91-unit apartment community in Seattle, which is now open for leasing.Located at 2480 and 2483 Birch Ave. North, in the Queen Anne neighborhood, the newly built property had not sold any of the units prior to Alliance buying it. “Units in a number of for-sale projects in Seattle, as in other parts of the country, are not selling at the price that builders initially expected,” Kelly Hughes, VP of Operations, tells MHN. “Which…
TODAY’S DEALS: NorthMarq Arranges $41M Construction/Permanent Loan for 117-Unit Senior Living Community, and Other Transactions
By Anuradha Kher, Online News EditorDenver–The Denver regional office of NorthMarq Capital has arranged a $41 million construction/permanent loan for The Carillon at Boulder Creek, a 117-unit senior living community located at 2525 Taft Dr. in Boulder, Colo. It is a nine-story building currently being renovated to feature 54 senior residential units, as well as construction of 63 new units on ground previously occupied by a one-story skilled nursing wing. The property will be operated by One Eighty/Leisure Care with amenities including a full service restaurant, outdoor garden and walking path, spa/salon, gym and an indoor lap pool. The property…
HUD Launches ‘Recovery Act in Action’ Week in Chicago
By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development, along with the city of Chicago, recently launched HUD’s “Recovery Act in Action” Week, along with $143 million in Recovery Act funds, in order to improve Chicago public housing, create jobs and jumpstart the local economy. The announcement marks the first day of HUD’s “Recovery Act in Action” Week, which is dedicated to communication with HUD’s stakeholders, grantees, staff and partners about the funds that are available for competition and Recovery Act program implementation. The week will include three days of webcasts that will provide education…
INSIDE THE DEAL: A ‘Grade A’ Helps Sell Louisiana Apartment Asset
By Keat Foong, Executive EditorLafayette, La.—The sale of Grand Pointe Apartments provides an example of the kinds of transactions that can take place in a down market—in which a strong market and high quality asset can help facilitate any deal. Apartment Realty Advisors (ARA) brokered the sale of the Class A luxury apartment community based here by the Mississippi-based regional developer of the property. On behalf of ARA’s Secondary Markets team based in Austin, Texas, Matt Heininger represented the developer. The buyer was an Omaha-based national investment corporation which owns and manages apartments throughout central U.S. “Despite the current difficult…
KTGY Designs Affordable Housing for Jamboree in Irvine
By Anuradha Kher, Online News EditorIrvine, Calif.–The Granite Court Apartment Homes in Irvine, Calif. are all set to open this July. Designed by KTGY GROUP, INC., Architecture and Planning and developed by Jamboree Housing Corp., Granite Court is an affordable housing community for families earning between 30 percent and 60 percent of the area median income. Granite Court features 71 units with 20 one-bedroom, 20 two-bedroom, and 31 three-bedroom apartments. Granite Court is situated on 1.23 acres in the city’s urban core at 2853 Kelvin Ave. in Irvine with a design that’s green, smart growth, modern, compact, with four stories…