News

By Anuradha Kher, Online News EditorIrving, Texas–KeyBank Real Estate Capital recently closed a $25 million loan for Canal Side Lofts (pictured), a 306-unit urban loft complex in Irving, Texas. KeyBank provided a permanent loan through Freddie Mac, refinancing an existing construction loan KeyBank had provided when the property was built in 2006. The borrower is Canal Side lofts, Ltd.Arbor Closes $15,035,900 Fannie Mae DUS Loan, and Other TransactionsStone Mountain, Ga.–Arbor Commercial Funding LLC recently completed a funding of a $15,035,900 loan under the Fannie Mae DUS product line to finance the 435-unit complex known as Hidden Pointe Apartments in Stone…

By Keat Foong, Executive Editor Washington, D.C.–The Mortgage Bankers Association (MBA) confirmed the economic slowdown has begun to adversely affect the commercial real estate market. MBA’s just-released the Commercial Real Estate/Multifamily Finance Quarterly Data Book for the third quarter of 2008 shows that property fundamentals, property sales and commercial/multifamily mortgage performance were all negatively affected by the economic and financial downturns. “For more than a year, we have been faced with the question of whether commercial real estate would be the next shoe to drop,” said Jamie Woodwell, vice president of Commercial Real Estate Research for MBA.  “The weakening economy,…

By Anuradha Kher, Online News EditorWashington, D.C.–President-elect Barack Obama has asked Congress to consider delaying the February 17 deadline for the nation’s television stations to switch to digital signals. This anticipated change could postpone the introduction of new advanced wireless services.The Obama administration believes that if the deadline is not pushed out, millions of Americans could lose access to television services because of a spike in requests for free coupons to acquire new equipment necessary to receive digital signals using older analogue TV sets. There are apparently over a million people on the waiting list. Robert Bishop, CPM Vice President…

By Anuradha Kher, Online News EditorMattawan, N.J.–The end of the housing market crunch in New Jersey is in sight, and the market is likely to bottom out in 2009 as credit restrictions loosen with a full swing recovery forecasted for 2010, according to real estate analyst Jeffrey Otteau of Otteau Valuation Group, an appraisal, consulting and market analysis group.  Otteau recently spoke to an audience of about 40 people at a home-buying workshop sponsored by American Properties Realty.“Mark my word, 10 years from now, people will look back at the first half of 2009 and say, ‘That was the time…

By Anuradha Kher, Online News EditorLubbock, Texas–The Dallas office of HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $16.3 million refinancing through Freddie Mac for Ashton Pointe (pictured), a 366-unit multifamily community in Lubbock, Texas.HFF worked on behalf of McDougal Cos. to secure the 10-year, 5.64 percent fixed-rate loan, which will be also be serviced by HFF. Ashton Pointe is located at 308 Frankford, close to West Loop 289 in Lubbock. It was completed in three phases from 1996 to 2003. The property is currently 92 percent occupied.Balfour Beatty Communities Acquires Interest in Military Housing Privatization Project at Lackland Air…

Chris Jones, ARB, RIBA (pictured) is the managing principal of RMJM’s Urban Studio, catering to public and private clients developing large-scale projects. He specializes in dealing with the complexities of working in an urban context, sustainable and energy efficient design. He has worked on the award-winning Performance Academy and led the Lifestyle Academy projects for Newcastle College, U.K.’s largest education facility with music, performing arts and media under one roof. Jones is an active member of the Royal Institute of British Architects and the Urban Land Institute.He talks to MHN Online Editor Anuradha Kher about RMJM’s multifamily projects around the…

By Erika Schnitzer, Associate EditorDallas—Lincoln Property Company, a Dallas-based diversified real estate services company, has entered into an expanded engagement with J Turner Research to measure customer satisfaction levels of current and prospective residents at 18 communities.“What we do is we send an anonymous survey of what the prospect says, so the manager and leasing staff are really getting constant feedback about the [prospects’] perceptions of the leasing agent, the physical marketability and the value perception,” Joseph Batdorf, president, J Turner Research, tells MHN.Previously, J Turner conducted only employee surveys for Lincoln Property. In addition, J Turner will now measure…

By Anuradha Kher, Online News EditorWashington, D.C.–Opus East L.L.C. has completed Opus Hall, a seven-story residence hall at The Catholic University of America, located at 620 Michigan Ave. in Washington, D.C. Construction on the 127,000-sq.-ft. facility began in September 2007 and was completed in 15 months. Students will start moving into the new dorm when they return from winter break this week.“The student housing market appears to be doing well right now, but is facing similar challenges—like the difficulty in getting financing,” says Barry Boyd, project manager for Opus Hall. “Certainly, there is more scrutiny of projects,” he says.Currently, 300…

Washington, D.C.–Interest rates for fixed-rate 30-year mortgages fell for the 10th week to another record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae, says Freddie Mac.The 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point for the week ending Jan. 8, 2009, down from last week when it averaged 5.10 percent, according to Freddie Mac’s latest results of its Primary Mortgage Market Survey (PMMS). Multifamily loans are generally priced relative to Treasury yields. Since 10-year Treasury yields hit 50-year lows in December, it…

By Anuradha Kher, Online News EditorCharlotte, N.C.–An affiliate of Hathaway Properties Inc, Ansley at Tyvola Road LLC., has completed the financing of a $26,500,000 apartment project in Charlotte, N.C. The construction loan, in the amount of $20,350,000, was provided by Compass Bank. A group of private investors provided the remaining equity for the project. The project, to be named Ansley Falls at Tyvola Road (pictured), is located on 19 acres in Mecklenburg County. It will feature one-, two- and three-bedroom units, two luxury pools, a clubhouse, fitness center, cardio theatre, media room, java lounge, gated access and more. Groundbreaking is…