News
Portfolio Maximizer Allows Real Estate Investment Analysis, Optimization to Be Implemented Quickly
By Anuradha Kher, Online News Editor Needham, Mass.– Resolve Technology has reduced the time and cost of implementation of a new program called Portfolio Maximizer, thereby enabling real estate investment management organizations to start using the solution within days. “In today’s volatile market, where the need for re-forecasting has become greater than ever, real estate investment managers struggle to make timely decisions based on real data and accurate analysis,” says Eric Forman, Resolve Technology’s CEO. “With this Portfolio Maximizer, we are now able to provide investment managers with a solution they can start using immediately to address these very acute…
Q&A with Dale Henson: Fundamentals of Apartment Market Will Likely Start Positive Turn By Late 2010 or Mid-2011
Dale Henson formed the Atlanta-based Dale Henson Associates in 1970 as a non-contingent real estate development advisory firm. It provides market-based analytical services to developers, investors and lenders in the Atlanta area. The firm does not provide brokerage services.Henson, who now serves the company as president, has represented clients in real estate consulting since 1967. He is a frequent speaker for the Urban Land Institute. He talks to Online News Editor Anuradha Kher about the multifamily market in Atlanta, when he thinks the fundamentals of the apartment market will turn around and how the shadow market is affecting Atlanta’s apartment…
MARKET SNAPSHOT: Vacancy in New York Remains Tight, Despite Increasing Unemployment
By Erika Schnitzer, Associate Editor New York—New York’s reliance on rental housing is expected to prevent significant revenue declines, according to the 2009 National Apartment Report by Marcus & Millichap.However, due to the increasing number of job cuts that have taken place in the last 60 days, as well as those expected to occur within the next six months, Peter Von Der Ahe, vice president-investments and director of the Manhattan office of Marcus & Millichap’s National Multi Housing Group, predicts that occupancy rates will be greatly affected. “My biggest question is, how long is the time delay between the event…
TODAY’S DEALS: NorthMarq Capital Arranged $23.025M Mortgage for Fremont Property, and Other Transactions
By Anuradha Kher, Online News EditorFremont, Calif.–NorthMarq Capital has arranged a $23.025 million first mortgage financing for Stevenson Place Apartments (pictured), a 200-unit multifamily complex, located in Fremont, Calif. Financing was based on a 10-year term plus a one-year floating option with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. KeyBank Real Estate Closes $7.3M Loan for 82-Unit Rental CommunityKent, Wash.–KeyBank Real Estate Capital recently closed a $7.3 million Fannie Mae loan for a multifamily property in Kent, Wash. Key provided the funding to Schneider Homes to refinance The…
EDITOR’S NOTE: It Is Still Possible to Obtain Construction Financing
By Keat Foong, Executive EditorUnlike other sectors of commercial real estate, the multi-housing sector is lucky in that we still have construction financing available to us. We are talking government-insured construction financing. And no, the financing does not require that the developer build low-income, or rent-restricted, housing in any way. Neither is it a “voucher program” etc. Get this right: this type of financing applies to market-rate apartments. The architecture firm Humphreys and Partners Architects LP recently sponsored a webinar on Federal Housing Administration-insured financing, in particular focusing on the FHA “221(d)(4)” program for new construction and substantial rehab (FHA…
Chicago Tower’s Rental Units Set to Open in May
By Anuradha Kher, Online News EditorChicago–Magellan Development Group has topped off Aqua, its 82-story tower at the east end of the Lakeshore East village just north of Millennium Park in Chicago. The rental component of the project, featuring 474 units will occupy 33 floors between the 19th and the 52nd floor. The mixed-use tower, which comprises a hotel on the first 19 floors and condominiums on the last 30 floors, will be complete by fall of this year.“The rental demand in this neighborhood is very good,” Tricia Van Horn, vice president of marketing at Magellan Development Group, tells MHN. “Concessions…
CondoReports.com to Provide Pricing, Sales, Foreclosure Information on Condo Market
By Anuradha Kher, Online News Editor Miami–CondoReports.com has recently launched its Web site, which utilizes proprietary technology to offer free reports and information on nearly 2,000 condominium and townhouse communities in Miami-Dade County in Florida. The Web site provides market information, pricing, sales, listings, foreclosures and ownership for each building. “Whether you’re a buyer, seller, owner, realtor, lender, investor, appraiser or institution—CondoReports will change the way you research and evaluate condominium ownership, lending and transaction decisions,” Adam Cappel, president of CondoReports.com says. CondoReports.com does not provide general market statistics, instead producing reports specific to the building a client is interested in. In…
Koskinen Will Step in as Interim CEO of Freddie Mac Following Moffet’s Departure
By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac’s board of directors has named John A. Koskinen (pictured) as the company’s interim CEO and Robert R. Glauber as its interim non-executive chairman. Both appointments will be effective upon the resignation of current CEO David M. Moffett, who is resigning from his position as CEO and member of the board this week.Koskinen has served as non-executive chairman of Freddie Mac since September 2008. Previously he was president of the United States Soccer Foundation for four years, deputy mayor and city administrator of Washington, D.C. from 2000 to 2003, assistant to the president…
INSIDE THE DEAL: Apartment Generates Buyer Interest Despite State of Markets
By Keat Foong, Executive EditorRosenberg, Texas—It is still possible to sell apartments in this market, and the Brazos Ranch transaction brokered by Apartment Realty Advisors (ARA) provides an example of deals that are closing. “In light of the current environment, everyone involved in the transaction was thrilled to get Brazos Ranch closed. Deals are still happening but the finish line is not as easy to reach as it once was,” says ARA Houston Principal David Wylie. Wylie represented the Houston-based seller, Judwin Properties Inc. Steve Alvis of NewQuest represented the buyer, Inland Real Estate Acquisitions Inc., the purchasing arm of…
TODAY’S DEALS: HFF Places $33.2M Loan for 261-Unit Rental Community, and Other Transactions
By Anuradha Kher, Online News EditorStamford, Conn.–HFF has arranged $32.2 million in first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of Newbury Common Apartments (pictured) in Stamford, Conn. HFF worked on behalf of Seaboard in arranging the fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corp.). Newbury Common Apartments is located at 1450 Washington Blvd. in Stamford’s central business district near the Stamford campus of the University of Connecticut. It has two towers with 261 units, which are 96 percent leased as well as 9,000 sq. ft. of commercial space plus a 295-space underground parking…