News

By Erika Schnitzer, Associate Editor Detroit—The reported bankruptcies of two of the top American automakers has certainly affected Motor City’s unemployment rate significantly. According to the April U.S. Bureau of Labor Statistics figures, of the 49 metropolitan areas with a population of one million or more, the Detroit-Warren-Livonia MSA reported the highest unemployment rate at 13.6 percent. The MSA reported a 6.6 percent in over-the-year unemployment rate increase. Furthermore, in the same month, the two metropolitan divisions that comprise this area registered the highest jobless rates: Detroit-Livonia-Dearborn at 14.6 percent and Warren-Troy-Farmington Hills at 12.8 percent.Dillon notes that the only…

By Anuradha Kher, Online News EditorOakland, Calif.–PropertyBridge Inc., provider of electronic payment services to the residential real estate management industry, has announced the results of its 2009 Community Contest, a marketing promotion for community managers that was held from February to April 30, 2009. As part of the promotion, each PropertyBridge client’s (management company) respective apartment communities competed with each other.Nearly 1,000 properties across the nation were part of the contest. The contest aimed to increase PropertyBridge transactions by awarding cash prizes to managers of communities with the largest increase in transactions over the previous month. Participating clients saw electronic transactions…

By Erika Schnitzer, Associate EditorSanta Monica, Calif.—Pugh + Scarpa Architects recently completed a new 46-unit permanent housing facility with rehabilitation and support services for formerly homeless and mentally disabled populations for clients Step Up on Second and A Community of Friends.An urban infill project, Step Up on Fifth also includes ground-level retail space and subterranean parking.The $18 million community features an exterior that incorporates colored water jet anodized aluminum panels that not only provides a measure of privacy to residents but also filters some of the sunlight.“What we wanted to do when we designed it was give the 46 tenants…

By Anuradha Kher, Online News EditorLong Beach, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured $6.4 million in financing for Esther Ridge Apartments (pictured), a 78-unit multifamily community in Long Beach, Calif.Working on behalf of Westland Industries Group, HFF placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital Inc. – FNMA (Fannie Mae). Esther Ridge Apartments is located at 630-800 East Esther Ave. close to the Long Beach and San Diego Freeways in Long Beach. The 100 percent occupied property has 20 one-bedroom/one-bath units averaging 525 square feet each, 40 two-bedroom/one-bath units averaging 750 square feet each, eight two-bedroom/two-bath units averaging…

By Anuradha Kher, Online News EditorAustin, Texas–Atlanta-headquartered Apartment Realty Advisors (ARA) has launched its National Manufactured Housing Group in Austin, Texas. Andrew Shih based in Austin and Todd Fletcher based in Chicago will be part of the transaction execution team.Shih has been with ARA since 2008, and was the Texas representative for CBRE’s manufactured housing group prior to joining ARA, while Fletcher was responsible for acquisitions and dispositions of manufactured housing communities for Hometown America, the largest privately held owner and operator of manufactured housing communities in the U.S. “This is an especially interesting asset class that has been overlooked…

By Anuradha Kher, Online News Editor Washington, D.C.–The weakening economy and continued credit crunch led to increases in commercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA). “Multifamily mortgage delinquency rates continued to rise in the first quarter,” says Jamie Woodwell, vice president of commercial real estate research at MBA. “Delinquency rates on multifamily mortgages held by banks and thrifts, by Fannie Mae and in commercial mortgage-backed securities (CMBS) are all now at levels higher than at any time since the 2001 recession. First quarter delinquency rates on…

By Keat Foong, Executive EditorTucson, Ariz.—Unlike construction financing, refinancing is still relatively plentiful for multifamily housing in today’s markets. But only if certain criteria are met. Here is an example of one transaction, completed by Alliant Capital LLC, that works. Alliant Capital supplied $5.5 million for the refinance of Cottonwood Creek, a 102-unit townhouse community in Tucson, Ariz. The 10-year Fannie Mae loan carries a 5.71 percent rate, and a two-year interest-only feature. The original loan on Cottonwood Creek was first taken out about 10 years ago—before many of the high-leverage loans were made in the bull-run of the past…