News

By Anuradha Kher, Online News Editor Uniondale, N.Y.–Arbor Commercial Funding LLC recently funded four loans totaling $18,285,500 under the Fannie Mae DUS product line. These loans include:A $3,804,300 refinance loan to the 128-unit Tree Top Apartments in Grand Prairie, Texas, under the Fannie Mae DUS Cash product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.A $5,630,200 acquisition loan to the 326-unit Northwood Apartments in Houston, under the Fannie Mae DUS product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.63 percent. A $7,501,000 acquisition loan…

By Anuradha Kher, Online News EditorEuclid, Ohio–Normandy Towers Apartments, located in Euclid, Ohio, has partnered with the Susan G. Komen for the Cure Northeast Ohio Affiliate to assist in the fight for the cure of breast cancer. During the entire month of October, Normandy Towers Apartments will donate 50 percent of each application fee to the Susan G. Komen for the Cure Northeast Ohio Affiliate. The application fee is $100 and so far, the property has taken seven rental applications.Susan G. Komen for the Cure’s promise is to save lives and end breast cancer forever by empowering people, ensuring quality…

By Anuradha Kher, Online News EditorAtlanta–A newly launched application that will allow users of ApartmentGuide.com to view, call and e-mail apartment listings directly from their iPhones or iPod touch is now available on the Apple App Store. This launch is the first of its kind in the apartment industry.“Using their iPhone or iPod touch, people searching for an apartment have immediate access to quality listing information, no matter where they are,” says Arlene Mayfield, president, Apartment Guide. “We believe that these devices, combined with the rich media of our apartment app, will drive valuable interactions between apartment shoppers and property…

By Teresa O’Dea Hein, Managing EditorLas Vegas–“While there currently is a gap in pricing expectations between buyers and sellers and transaction velocity has slowed considerably, the fact that there’s no ideal alternative opportunity to multifamily means that the market will come out of these short-term challenges with renewed strength–we just have to get there,” predicted Linwood Thompson, managing director at Marcus & Millichap. Thompson was speaking at the 2008 Multifamily Executive (MFE) Conference held in Las Vegas from Oct. 13 to 15.”There is no consensus that we’ve reached a pricing bottom yet,” Thompson added. He believes that most apartment buyers…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $38.7 million loan through Freddie Mac for The Links at Lincoln (pictured), a 612-unit multifamily property in Lincoln, Neb. HFF worked on behalf of the borrower, The Links at Lincoln, a Limited Partnership and Lindsey Management Co. Inc., to secure the 10-year, fixed-rate loan with the lender. Proceeds were used to retire the property’s construction financing.Completed in 2007, The Links at Lincoln features one- and two-bedroom apartments that are currently 97 percent leased. Community amenities include a clubhouse with fitness center, activity room…

By Anuradha Kher, Online News EditorNew York–Prices for Manhattan condominiums and co-ops exhibited stability during the third quarter of 2008, although some sectors showed signs of softening, according to the Brown Harris Stevens 3rd Quarter Manhattan Residential Market Report. The report is based on 3,165 reported Manhattan multifamily sales including condos, co-ops and condo-ops (a term used for condo buildings that have some co-op units).The average price of $1,473,351 was 12 percent higher than a year ago, but down slightly from the previous quarter, the report found.While the number of closings decreased by 14 percent compared to the same period…

By Anuradha Kher, Online News EditorLas Vegas–RealPage Inc., provider of on-demand software and services to the multifamily industry, has acquired OpsTechnology, an electronic purchasing marketplace for multifamily owners. The announcement was made today at the 2008 Multifamily Executive Conference.OpsTechnology will become a wholly owned subsidiary of RealPage and Sukhi Singh, president and founder, will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco office.Sukhi Singh, president of OpsTechnology, tells MHN, that the rough times in the economy have nothing to do with the timing of this acquisition. “Both…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily lending increased 7 percent between 2006 and 2007, from $137.9 billion to $147.7 billion, but fell steeply in the first half of 2008, according to the Mortgage Bankers Association (MBA).   The number of multifamily loans decreased by 5 percent, from 50,959 loans in 2006 to 48,577 loans in 2007; the average loan size increased by 11 percent, from $2.7 in 2006 to $3.0 million in 2007, according to MBA’s latest report.”2007 saw strong multifamily lending activity, but the market is changing significantly,” Jamie Woodwell, MBA’s vice president of commercial real estate research,…

By Anuradha Kher, Online News EditorSt. Louis, Miss.– NorthMarq Capital, Inc.’s St. Louis regional office, recently arranged first mortgage financing of $34.2 million for the Waterford Apartment portfolio located in St. Louis. The portfolio consists of four multifamily properties featuring a total of 746 units. Financing was based on a 10-year term and a 30-year amortization schedule, with the first two years interest only and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance.Arbor Closes Three DUS Loans Totaling $4,994,000 Edinburg, Texas, Winchester, Va, Johnson Creek, Wis.–Arbor Commercial Funding LLC has completed funding of three…

By Anuradha Kher, Online News EditorNew York–Extraordinary accomplishments in affordable housing development and investment are being recognized through this year’s Urban Land Institute (ULI) J.C. Nichols Prize for Visionaries in Urban Development. F. Barton Harvey III, former chairman and CEO of Enterprise Community Partners Inc., and former chairman of the board of Enterprise Community Investment Inc., is sharing the 2008 prize with Columbia, Md.-based Enterprise, provider of affordable rental and owner-occupied housing. The ULI J.C. Nichols Prize recognizes a person or a person representing an institution whose career demonstrates a commitment to the highest standards of responsible development. The $100,000…