News

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily mortgage loan originations remained low in the third quarter, but witnessed a slight increase as compared to the second quarter of 2008, according to the Mortgage Bankers Association’s (MBA) quarterly survey of commercial/multifamily mortgage bankers originations. Third quarter originations for all commercial property types were 53 percent lower than during the same period last year. The year-over-year decrease was seen across all property types and most investor groups. “Uncertainty stemming from the credit crunch, and now the deteriorating economy, has led to a continued pull-back among both lenders and borrowers,” says Jamie Woodwell, MBA’s…

By Erika Schnitzer, Associate EditorWheaton, Ill.—Airhart Construction has opened its latest rowhome model at Courthouse Square, a community that will be comprised of 50 rowhomes and 182 condominiums at completion.The community, developed through a joint venture between Airhart Construction—which built the rowhomes—and Focus Development—which is working on the condominium portion of the project—is located on the site of the historic DuPage County Courthouse, which more recently served as the campus of National-Louis University. The development’s design focused on the historic nature of the site. “We worked hard to play off the historic nature of the courthouse,” Court Airhart, president, Airhart…

Washington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) Joint Legislative Program Lawmakers is warning lawmakers who are under political pressure to “do something” to stimulate the economy and stop the slide in housing prices to act carefully and reject proposals that could do more harm than good. According to NMHC and NAA, a new $22,000 homebuyer tax credit, which has been talked about recently, is a bad idea. The legislation overturning the ban on seller-financed downpayment programs and calls for a federally financed interest rate buydown on mortgages, could also do harm to the housing industry,…

By Anuradha Kher, Online News EditorBloomington, Minn.–NorthMarq Capital Inc. arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization schedule thereafter. The company also arranged first mortgage financing in the amount of $2.012 million for the New Country Village, a 48-unit multifamily property located in Cicero, N.Y. Financing was based on a 10-year fixed term plus 1-year floating and a 30-year amortization schedule.Plus, NorthMarq…

By Anuradha Kher, Online News EditorOrlando, Fla.–Habitat Orlando recently broke ground on one of its biggest homebuilding efforts to date, Staghorn Villas, an $8 million townhome community that will provide affordable housing for 58 local families. This is also Habitat’s first multifamily project in central Florida.When complete in the spring of 2011, the 3.9-acre townhome community will feature 10 buildings, each of which include four to eight townhomes surrounded by green spaces and play areas. It is located at Silver Star Road and LeHavre Boulevard in Orlando.Habitat requires that all homeowners participate in building the community that they will live…

By Anuradha Kher, Online News EditorWashington, D.C.–To insure that there is sufficient capital to support mortgage lending to qualified borrowers, the National Association of Realtors (NAR) is recommending continued government involvement in the secondary mortgage market.”As the leading advocate for housing issues, NAR developed these principles for consideration by the 111th Congress and the new presidential administration in light of disruptions in the credit markets and the conservatorship of Fannie Mae and Freddie Mac,” says NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage. “NAR believes that the federal government must continue to play a role in the…

By Anuradha Kher, Online News EditorAnnapolis, Md.–Loan volume and loan performance remained strong during the second quarter of 2008 for the seniors housing and care market, according to the National Investment Center (NIC) for the Seniors Housing and Care Industry. Each quarter, NIC collects financial and performance data from the nation’s leading senior living lenders, owners/operators and appraisal professionals.Based on this data, loan volume in the second quarter of 2008 was $1.55 billion, which was up 68 percent from the first quarter. However, when comparing year over year, the second quarter results were unchanged. “This fits with the recent boom…

Washington, D.C.—The November 4 election produced a number of victories for the nation’s home builders.In Arizona, NAHB (National Association of Home Builders) worked with the High Production Home Builders to defeat Proposition 201, which would have nullified certain provisions of NOR (Notice and Opportunity to Repair) legislation. The final tally was 22 percent in favor, 78 percent against the proposals.Signed into law in 2003, NOR requires homeowners to provide written notice to builders prior to filing a lawsuit claiming a construction defect. Contractors then have 30 days to propose to inspect the alleged defects, offer to settle the claim, or…

By Anuradha Kher, Online News EditorOklahoma City–Sperry Van Ness has recently completed the sale of a four-property, 1,325-unit multifamily portfolio to Chicago-based Inland Real Estate Acquisitions Inc. for $132,108,000. The properties include Legacy Crossing and Legacy at Arts Quarter (pictured) in Oklahoma City, Okla. and Legacy Woods in Edmond and Legacy Corner in Midwest City, Okla. This transaction marks one of the largest per unit prices of nearly $100,000 ever achieved for apartments in the Oklahoma City area.Located at 3131 Southwest 89th St. in Oklahoma City, the 396-unit Legacy Crossing was built in 2001. Legacy at Arts Quarter, located at…

By Anuradha Kher, Online News EditorKansas City, Mo.–The National Housing & Rehabilitation Association recently named Georgian Court Apartments the winner of the 2008 J. Timothy Anderson Award for Excellence in Historic Rehabilitation at its 2008 Fall Forum Awards Ceremony in Boston. Georgian Court Apartments is located in Kansas City, Mo. The Timmy Awards were established in 2005 to recognize outstanding real estate projects throughout the country that use federal historic rehabilitation tax credits. Rosemann & Associates P.C. was architect and interior designer on the project while Eagle Point Co. was the developer. “It’s a great honor to receive an annual award…