News
NLIHC Study Highlights Plight of Renters in Market Going Through High Number of Foreclosures
By Anuradha Kher, Online News EditorWashington, D.C.–While there has been ample coverage on foreclosures and how they are affecting buyers, the impact of foreclosed homes on renters is often ignored.According to a new report, “Without Just Cause,” sponsored by the National Low Income Housing Coalition (NLIHC) and the National Law Center on Homelessness & Poverty (NLCHP), homelessness across the country is rising in the current market. The study, which has also received pro bono assistance from the law firm of WilmerHale, reveals that renters of foreclosed properties are among those most at risk of homelessness. The report outlines the rights,…
Affordable Historic Preservation Project Receives Honors for Revitalization Efforts
By Erika Schnitzer, Associate EditorKansas City, Miss.—The Missouri Alliance for Historic Preservation (MAHP) will honor the project team of East Armour Apartments, a 303-unit affordable historic preservation project, at the 2009 Preserve Missouri Award.Portland, Maine-based Eagle Point Cos., Kansas City, Miss.-based Rosemann & Associates PC and Shawnee, Kan.-based Straub Construction will be honored. The five-building, three-site community—comprised of Georgian Court, The Bainbridge and Linda Vista Apartments—is a historical landmark that has played a large role in the community’s urban renewal efforts, which include additional historic preservation projects.Eagle Point Cos. purchased the three properties, which offer one- and two-bedroom residences, in…
TODAY’S DEALS: Arbor Closes Four Fannie Mae DUS Loans Totaling $6,623,800, and Other Transactions
By Anuradha Kher, Online News Editor Uniondale, N.Y.–Arbor Commercial Funding LLC recently completed funding of four loans totaling $6,623,800 under the Fannie Mae DUS product line. The loans include:$1.6 million under the Fannie Mae DUS product line for Amber Square (pictured), a 64-unit community located in San Antonio. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent. $1,339,800 under the Fannie Mae DUS product line for the Pebble Beach Apartments, a 61-unit complex located in Universal City, Texas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent….
Private Equity Lenders, Agencies Expect Their Lending in ’09 to Increase Up to 20%
By Anuradha Kher, Online News EditorChicago–Fifty-three percent of nationwide lenders to the commercial real estate sector expect loan production to increase in 2009 versus 2008, according to findings from Jones Lang LaSalle’s annual 2009 Loan Production Outlook survey. Private equity lenders and government agencies expected increased lending, with an average rise in production up to 20 percent in 2009 while the surveyed banks and life companies all expected a volume decrease of about 30 to 80 percent in 2009.The Jones Lang LaSalle survey was distributed to 50 lenders, including a mix of life insurance companies, commercial mortgage-backed securities (CMBS) dealers,…
Foreclosures, Finance Pressures Undermine Delivery of Services for Upkeep of Condos In Florida
By Anuradha Kher, Online News EditorFt. Lauderdale–Mounting financial pressures caused by bank foreclosures have negatively impacted the ability of communities to comply with state-mandated fiscal requirements and are undermining delivery of services critical to the upkeep, repair and safety of condos and Homeowners Associations statewide, according to a new survey of Florida’s condominium, homeowner and other community association property owners.In a report titled “State of Distress: The Mortgage Foreclosure Crisis within Florida’s Condominium and Homeowner Association Population,” two-thirds (65.3 percent) of respondents living in communities hit by mortgage foreclosures said lender foreclosures are “causing a revenue shortfall that is placing…
INSIDE THE DEAL: Fractured Condo Sale: Foreign Buyer Snaps Up Condo Conversion at $55,000 Per Unit
By Keat Foong, Executive EditorPembroke Pines, Fla.—A recent transaction brokered by Apartment Realty Advisors (ARA) demonstrates that condominiums can be readily sold in this market for the right price—in this case, at $55,000 per unit. ARA’s Florida division arranged the bulk sale of 26 remaining condo units at the 250-unit garden apartment-style La Via Condominium located here. Shaoul Mishal, president of Israel-based Gamla-Cedron Group purchased the units for $1.43 million, or $55,000 per unit. This price compares to an average condo sales price of about $230,000 per unit at the height of the market, says Avery Klann, senior vice president…
CAS Partners Rebrands its Real Estate Services Cos.
By Erika Schnitzer, Associate EditorDallas—CAS Partners has introduced new branding to support its expansion into client-focused multifamily real estate services. “I think that continuing to do things the way we have always done them and expect different results is not going to serve us well in these turbulent times,” Toni Portmann (pictured), CEO of CAS Partners, tells MHN. “I think that our company, and everyone in the industry, needs to reinvent themselves around what the client needs and wants.”She explains that in these economic times, property owners looking for higher levels of profitability must reconsider how they manage their properties,…
Sharp Introduces Microwave Drawer Oven Models with Increased Capacity, New Features
Sharp’ s new 24- and 30-in. Insight Pro Microwave Drawer ovens have an increased interior capacity of 1.2 cubic feet. This microwave, which solves the important question of where to place the microwave, is ideal for open-plan kitchens, islands and tight spaces within multifamily homes. In addition to increased capacity, the new model also includes a beverage center, which is tall enough to hold a 20-ounce takeout cup of coffee and wide enough to fit a 9-in.x13-in. oblong dish. The new model features smaller, lower drawer slides aimed to make it easier to reach into the cooking area, as well…
TODAY’S DEALS: The Kislak Co. Completes Sale of 206-Unit Community for over $12M, and Other Transactions
By Anuradha Kher, Online News EditorClaymont, Del.–The Kislak Co. Inc. recently completed the $12.8 million sale of East Pointe Apartments (pictured), an apartment complex located at 2610 Philadelphia Turnpike in Claymont, Del. “While unemployment is a concern and apartment occupancies have dipped slightly, rents will increase long-term, and investment alternatives remain scarce,” says Senior vice president and co-managing director Robert J. Holland. “The stock market is uncertain and banks are offering very low, sub-3 percent returns on money markets and CDs. Multifamily properties, some with annual returns of at least 6 percent, remain very compelling. Mortgage rates also remain relatively…
LoanMarq’s Software Automates Loan Processing
By Anuradha Kher, Online News EditorKnoxville, Tenn.–Sthenia Solutions’ LoanMarq software, which was unveiled in December of 2008, is experiencing an increased level of interest in a market where mortgage companies have had to lay off their processing staff. This has resulted in increased pressure on existing employees, something that the LoanMarq mortgage software aims to help with.The Web 2.0 framework is designed for service-oriented collaboration, workflow, productivity and process management. It brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple web-based community. “It is a web-based customer service tool, which automates loan processing stage…