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Top Tile Trends from Cersaie
a series of oversized porcelains featuring maps of large urban spaces such as Rome, New York, Buenos Aires, Cairo, Beijing and Sydney, includes epoxy adhesives that match the collection’s five colors. Geometry 201—Beyond the BasicsCircles and squares continue to take shape, but these days the new geometric forms come in the way of polygons, hourglass figures and geographic diagrams. Cotto Veneto’s “Cerchi” takes on new contours, blending in a play of continuous geometry. Sichenia’s “Glamour” is lavishly decked out in a sea of circles. Edgier forms can be found in a number of collections, including Litokol’s “Night Vision” and Vogue’s…
TODAY’S DEALS: KeyBank Real Estate Capital Closes $4.9M Loan for 180-Unit Property, and Other Transactions
By Anuradha Kher, Online News EditorLouisville, Colo.–KeyBank Real Estate Capital recently closed a $4.9 million Fannie Mae loan for a multifamily property in Louisville, Colo. Key provided a supplemental permanent mortgage loan to Meadow Ridge Apartments Ltd. for Grandview at Flatirons (pictured), a 180-unit garden-style apartment complex. The property was built in 1990. Arbor Closes $3.52M Fannie Mae DUS MBS LoanSyracuse, N.Y.–Arbor Commercial Funding LLC recently completed funding of a $3,520,000 loan under the Fannie Mae DUS MBS product line to finance the 138-unit complex known as Ballantyne Apartments in Syracuse, N.Y.The 10-year loan amortizes on a 30-year schedule and carries…
Tamarkin Co. Tops Off 11-Story Condo Project
By Anuradha Kher, Online News EditorNew York, N.Y.–Tamarkin Co. has now finished topping out at its new condominium building, 456 West 19th St. in New York’s Chelsea neighborhood. The 11-story building, which overlooks the High Line, features a hand-laid, sand-finished black brick exterior inspired by the neighborhood’s classic industrial modern architecture. Drawing on the artists’ studio spaces of the early 20th century, the building features 22 duplex residences with custom-designed multi-paned steel windows and 20 ft. ceilings. The project will be ready by early 2010, and though sales began four months ago, the firm is taking a slow and quiet…
Multi-Housing Loan Origination Declined, But Debt Outstanding Remained Stable
Washington D.C.–There is a further decline in origination volume while multifamily mortgage debt outstanding remained relatively stable, according to the Mortgage Bankers Association’s (MBA) Commercial Real Estate/Multifamily Finance Quarterly Data Book for the fourth quarter of 2008. Though economic pressures such as job losses and the decline in retail spending will continue to curtail originations and to raise the pressure on outstanding mortgages, expectations for the commercial mortgage market have been set so low that it may be hard to under-perform them, according to MBA’s analysis. “Moderate amounts of new construction coming online, added to a significant pull-back in demand…
INSIDE THE DEAL: The Art of the Deal in Approaching Next-Door Neighbors
By Keat Foong, Executive EditorFoster City, Calif.—The best prices can sometimes be obtained by selling properties to the next-door neighbor. The 42-unit Kula Kai Apartments was sold close to its listing price of $10.9 million, or nearly $260,000 per unit. The overall cap rate obtained was 5 percent. Representing both the buyer and seller were Tom Doglio, vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Palo Alto, Calif., and Brian Henry, senior associate and associate member at that time of Marcus & Millichap’s National Multi Housing Group. Doglio and Henry were co-listing agents. According…
First Low-Income Senior Housing in Chicago Neighborhood Breaks Ground
By Erika Schnitzer, Associate EditorChicago–McShane Construction Co., based in Rosemont, Ill., recently broke ground on Casa Maravilla, a 73-unit green affordable senior housing community under development by The Resurrection Project, a Chicago-based non-profit affordable housing developer. Located in Chicago’s growing Pilsen neighborhood, the five-story, $20 million apartment building is the first low-income housing for seniors in this community. It is located on the same block as Casa Morelos, a seven-story, 45-unit affordable building that is being developed and constructed by the same project team.Financing for the 70,000-sq.-ft. Casa Maravilla is being provided by the City of Chicago Department of Housing…
Railing Dynamics Launches Aluminium Novaline Railing Line
Railing Dynamics Inc. has launched three new baluster options to its Novaline railing line. In the past, the company offered Novaline with wood-fiber structural top and bottom beams and one baluster option.Now, Novaline has been modified with stronger, structural aluminum and offers balusters in square, belly, glass, or ¾-in. round iron profiles. The balusters are boxed and sold separately.RDI began offering in-fill baluster options for its Endurance systems, and has since received requests from many of their distributors for Novaline. This resulted in the company’s reengineering of the Novaline system to accommodate the new options. The problem, according to Product…
TODAY’S DEALS: NorthMarq Capital Arranged $4M in First Mortgage Financing for 198-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorYuma, Ariz.–NorthMarq Capital has arranged a $4 million first mortgage financing for The Beach Club Apartments (pictured), a 198-unit multifamily complex, located in Yuma, Ariz.Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, BCH LLC, by NorthMarq through its affiliation with AmeriSphere Multifamily Finance LLC. Arbor Closes $3,520,000 Fannie Mae DUS MBS LoanSyracuse, N.Y.–Arbor Commercial Funding LLC recently funded a $3,520,000 loan under the Fannie Mae DUS MBS product line to finance the 138-unit complex known as Ballantyne Apartments in Syracuse, N.Y.The 10-year loan amortizes on…
Vacation Home Sales Slipping in Downturn, But Long-Term Forecast Still Positive
By Anuradha Kher, Online News EditorWashington D.C.–The combination of vacation- and investment-home sales slipped to 30 percent of all existing- and new-home transactions in 2008, according to the National Association of Realtors (NAR). However, more than four out of 10 investment buyers and more than three in 10 vacation-home buyers paid cash for their properties.“Yes, it’s a vacation home but it is also an investment,” Rob Käll, president and co-founder of Bookt, tells MHN. Bookt creates the “back-end engines” and online tools for property management companies and property owners to connect them with vacationers around the globe. “Maybe not two…
Luxury Apartment Community Opens in Calif.’s Platinum Triangle
By Erika Schnitzer, Associate EditorAnaheim, Calif.—1818 Platinum Triangle, a 265-unit luxury apartment community developed by the Houston-based Hanover Co. and designed by Irvine, Calif.-based KTGY Group Inc., Architecture and Planning, is now open.1818 Platinum Triangle is located within the 820-acre, mixed-use master planned Platinum Triangle, which will be comprised of 20,000 residential units, five million sq. ft. of retail and 15 million sq. ft. of office space at build out. The master planned community—which surrounds and includes Angel Stadium, Honda Center and The Grove of Anaheim—will be served by the Anaheim Regional Transportation Intermodal Center (ARTIC), which KTGY is also…