News

By Anuradha Kher, Online News EditorWashington, D.C.–National vacancy rates for rental housing in the first quarter of 2009 were 10.1 (+ 0.4) percent, according to the latest figures released by the Census Bureau.  Meanwhile, apartment vacancy rates for the same time period stood at 7.2 percent, Grub and Ellis found.     The overall rental vacancy rate was not statistically different from the first quarter 2008 rate or the rate last quarter (10.1 percent each), whereas the apartment vacancy rate saw a big increase from 6 percent in the first quarter of 2008 to 6.6 percent in the fourth quarter of…

By Keat Foong, Executive Editor Joppatowne, Md.—How is it possible to obtain a construction loan from a bank in this market? Here is how it was done for Harborside Apartments. Meridian Capital Group arranged a three-year $10 million loan for an extension of the 300-unit garden-style apartment property. The loan will fund the construction of 84 apartment units in three new woodframe buildings, and a clubhouse.Tal Savariego, vice president at the New York-based Meridian, negotiated on behalf of the borrower an interest-only construction loan based on LIBOR. The biggest single factor in the construction project being funded was the fact…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $5.8 million refinancing for Seatree Apartments (pictured), a 220-unit multifamily community in southeast Houston.HFF placed the 10-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corp.).  The new loan allows Seatree Properties Ltd. to completely pay off the existing loan on the property.Seatree Apartments is located at 2800 Nasa Parkway approximately 20 miles southeast of downtown Houston via Interstate 45 in Seabrook. Renovated in 2006, the property is a garden-style complex that offers five floor plans averaging 750 sq. ft.Arbor Closes Two…

Washington, D.C.–The U.S. Green Building Council (USGBC) has released the Leadership in Energy and Environmental Design (LEED) regional credits as part of LEED 2009, the new version of the LEED Green Building Rating System. These LEED credits encourage that regional environmental priorities be addressed when it comes to the design, construction and operations of buildings in different geographic locations.   “Because environmental priorities differ among various regions of the country—the challenges in the Southeast differ from those in the Northwest, for example—regionally specific credits give LEED a way to directly respond to diverse, regionally grounded issues,” says Brendan Owens, vice president…

By Erika Schnitzer, Associate EditorLas Vegas—Real estate development firm George Gekakis Inc. (GGI) and Silver State Housing,  GGI’s nonprofit sponsor, have broken ground on McKnight Senior Village II, the second phase of a 187-unit affordable rental housing development for seniors 55 and older. “The project is located near downtown Las Vegas and is helping to revitalize the area and bring more affordable housing to our Las Vegas Valley. It is a priority in Southern Nevada, and we had made a commitment to that effort,” says Marina Adamy of George Gekakis Inc. “With the nation’s general population aging, and with more…

By Erika Schnitzer, Associate EditorAnaheim, Calif.—Diamond Apartment Homes, a green multifamily development designed to provide housing and mental health supportive services for previously homeless individuals and their families, recently celebrated its grand opening.The $9.8 million community, which offers 15 one- and 10 two-bedroom units in a three-story building, was developed by Jamboree Housing Corporation, an Irvine, Calif.-based nonprofit housing developer, and H.O.M.E.S. Inc. (Helping Our Mentally Ill Experience Success)—an Orange County-based nonprofit organization that provides housing and support for people with psychiatric disabilities—in conjunction with the City of Anaheim, Anaheim Housing Authority and Anaheim Redevelopment Agency.Designed by KTGY Group Inc.,…

By Anuradha Kher, Online News EditorFindlay, Ohio–Kelly Carmichael’s job is to walk into an apartment leasing office pretending to be someone looking to rent. It is also her job to ask a few questions about the apartments, wait for a member of the leasing office to take her around the community, and finally go back and wait for a follow-up call from the leasing office. Carmichael is a secret or mystery shopper in the Atlanta area who evaluates the quality of customer service at multifamily communities. She works for Findlay, Ohio-based Corporate Research International, a mystery shopping company that serves…

Chicago–Harrison Street Real Estate Capital LLC (Harrison Street), a Chicago-based real estate private equity firm, recently appointed Mark Burkemper as senior associate in its acquisition group. In his position at Harrison Street, Burkemper is responsible for assisting the acquisition group in  sourcing, analyzing, and closing transactions and venture relationships within the firm’s areas of specialty real estate. Harrison Street is a real estate private equity firm that was founded in 2005. As of January 2009, the firm owns approximately $1.8 billion in real estate assets that include over 8,200 student housing beds and 3,700 senior housing/assisted living units. Prior to…

By Anuradha Kher, Online News EditorTampa, Fla.–HFF (Holliday Fenoglio Fowler, L.P.) recently placed an $18.5 million loan with Freddie Mac for Mallory Square Apartments (pictured), a 383-unit multifamily community in Tampa, Fla. HFF placed the seven-year, adjustable-rate loan–which will also be serviced by HFF–with the lender. Loan proceeds are refinancing a construction loan.  “Freddie Mac ultimately provided the maximum loan available in the market for a non-recourse financing. The day-one interest rate was in the low 4 percent range with a built-in cap that is not significantly higher than where fixed-rate loans are priced today,” HFF Director Elliott Throne says….