News

By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae invested a total of $35.5 billion in multifamily housing in 2008. Red Mortgage Capital, Citibank and Sovereign Bank, FSB produced the greatest volumes in flow (all loans including Delegated Underwriting and Servicing), seasoned pools and structured transactions, contributing over $9 billion dollars collectively. Fannie Mae also announced the top originators of its DUS multifamily debt financing product, which is the company’s primary multifamily lending platform for the past 20 years. Fannie Mae DUS lenders were responsible for over 90 percent of the Fannie Mae multifamily debt business in 2008.“Fannie Mae and its…

By Anuradha Kher, Online News EditorAuburn, Ala.–Aerowire is a technology company that provides wireless Internet connections to multifamily projects as well as municipalities and offices. The company, which was founded by President Butch Brock three years ago, claims to provide a faster alternative to other high-speed Internet access options by installing a small 12-in. x 4-in. antenna on the roof of a building. Any building’s existing wiring (or laptops with wireless internet cards) can be used to deliver connections to the Internet.“Student housing properties are our primary customers,” Bill Lavers, vice president of development at Aerowire, tells MHN. “We have…

By Anuradha Kher, Online News EditorRiviera Maya, MEXICO–Grupo Grand Coral, owned by Spanish financial houses including Bancaja and Banco de Valencia, has unveiled plans for Grand Coral Riviera Maya, a 6,900-unit resort condominium community located on 561 acres in the coastal town, Playa del Carmen. In addition to the condo project, the $2.5 billion investment will feature hotels, resorts, an 18-hole Nick Price golf course and entertainment and retail/restaurant outposts.Construction phases are estimated to take place over the next 10 years and $700 million has been invested to date. Mareazul (pictured), a 300-unit luxury beachfront condominium community, is currently under…

By Erika Schnitzer, Associate EditorAtlanta—The Mansion on Peachtree Hotel and Residences, a 42-story condo/hotel tower, has received GreenGuard Building Construction Certification, the first multifamily project in the state to achieve this award. The Certification is based on the requirements of the pending ANSI (American National Standards Institute) standard for newly constructed buildings to prevent mold and moisture.“It’s a voluntary program—a commitment made by the general contractor and owner to focus on quality and construction,” Taylor Gonsoulin, PE, CIAQP, LEED AP, general manager of Air Quality Sciences, a national building consulting organization and the third-party consultant for The Mansion on Peachtree,…

By Anuradha Kher, Online News EditorRancho Cucamonga, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments (pictured), a 236-unit multifamily community in Rancho Cucamonga, Calif.Working on behalf of institutional investors advised by J. P. Morgan Asset Management – Global Real Assets, HFF senior managing director Whit Wilcox placed the seven-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp. (Freddie Mac). Loan proceeds are paying off a maturing loan that the borrower had with a portfolio lender. HFF has closed more than $100 million in financing through Freddie Mac in 2009.Fairway…

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Partners Inc. has appointed Alazne (Ali) Solis (pictured) as its new senior vice president. Solis was also recently named policy and corporate affairs executive, which expanded her focus to include the areas of communications, marketing, online services and resource development in addition to public policy. Solis’ complete title is now senior vice president and policy and corporate affairs executive and she will split her time between the organization’s Columbia, Md., and Washington, D.C., offices.  Solis joined Enterprise in February 2000. In the summer of 2008, she led the Save America’s Neighborhoods Campaign,…

By Anuradha Kher, Online News EditorWashington, D.C.–The apartment industry was buffeted by crosswinds in 2008, according to the National Multi Housing Council’s (NMHC) ranking of the 50 largest apartment owners and the 50 largest apartment managers. This is the 20th year since NMHC started the ranking.”The apartment sector is better positioned than most to produce a robust recovery, however,” says NMHC President Doug Bibby. “It is not overbuilt, like the single-family sector, and demographic trends, changing lifestyles and our desire to grow more sustainably all point to strong long-term demand for apartments.”  “All in all, there were fewer changes in…

By Erika Schnitzer, Associate Editor Salt Lake City—San Francisco-based architecture firm Group 41 is breaking new ground with a shipping container design for multifamily development. The proposal is for a 200-unit, market-rate transit-oriented community in Salt Lake City.“For years, we put out a formal offer of discounted design services for anyone who was serious about wanting me to design a single-family home [from shipping containers]. I talked to hundreds of people, but not a single one turned into a real project,” says Joel Karr, founder and principal, Group 41. “People are intrigued by the idea but are resistant to trying…

By Anuradha Kher, Online News EditorNew York–The average Manhattan apartment price (including condos, co-ops and cond-ops) of $1,502,339 was up slightly from last quarter, but down 11 percent from the previous year, according to the first quarter market report released today by Brown Harris Stevens. The total number of closings decreased by 58 percent compared to the same period a year ago.“This reflects what most people thought would happen, and it’s not a big surprise,” Greg Heym, chief economist for Terra Holdings, which is the parent company of Brown Harris Stevens, tells MHN. “The fourth quarter is always slow and…