National
Editor’s Note: The Industry Steps Out to Celebrate the MHN Award Winners
Editor-in-Chief Diana Mosher discusses the winners of the 2011 MHN Excellence Awards.
MHN Interview: Bud Malone, CEO of Mortgages USA
MHN interviews Bud Malone, CEO of Mortgages USA, who describes the current outlook for multifamily and explains why he considers rentals ‘a great wake up from the American Dream.’
TODAY’S DEALS: ARA Awarded 708-Unit, Class A Marketing Task
Oklahoma City, Okla.—Atlanta-headquartered ARA has been awarded the exclusive listing for the marketing of The Lincoln at Central Park, a 708-unit, Class A community located in Oklahoma City, Okla. Principal Brian O’Boyle and associate Bart Wickard will be leading marketing efforts on the 2007 and 2010-built property. “This is an excellent investment opportunity—a Class ‘A+’ community in a super metro location,” says O’Boyle. “Offering the most coveted amenities, The Lincoln at Central Park enjoys a great location with easy access to all of Oklahoma City’s major employers.” The community is located in northeastern Oklahoma City near both Interstates 44 and…
TODAY’S DEALS: Essex Buys Two Seattle Area Communities
Essex Property Trust acquires two properties in the Seattle area for $165.1 million; Behringer Harvard buys a 132-unit luxury community in Concord, Calif.; and NorthMarq arranges a $32 million mortgage through New York Life Insurance Co. for a portfolio of apartments in Miami, Fla.
TODAY’S DEALS: MG Properties Group Acquires $23.3M Seattle Community
MG Properties Group acquires a 146-unit community in Seattle; Johnson Capital arranges $13 million for two properties in Orange County, Calif.; and CBRE arranges the $54.5 million sale and acquisition financing of a large multifamily property in Minnesota.
Energy-Efficiency Loans See Few Defaults, But Banks Still Mostly Not Interested
Washington, D.C.–A new report by the American Council for an Energy-Efficient Economy (ACEEE), “What Have We Learned from Energy Efficiency Financing Programs?” finds that energy-efficiency loan programs for building upgrades have exceedingly low default rates, ranging from 0 percent to 3 percent. The report drew its conclusion from a review of 24 energy-efficiency loan programs.
Not Your Father’s Student Housing: Banks Looking to Lend on Student Housing
Providence, R.I–Not so long ago, banks viewed the prospect of financing the development of student housing with skepticism, if not out-and-out resistance. No more. Banks today have done a complete 180 on the idea of financing student housing. And there’s a good reason for that.
TODAY’S DEALS: Education Realty Trust Purchases UC Riverside Student Housing
Education Realty Trust purchases their partner’s interest in UC Riverside student housing; NorthMarq Capital arranges permanent financing of $30.6 million for Las Vegas apartments; and Greenwich Village 30-unit building hits sales block for $10.95 million.
TODAY’S DEALS: Home Properties Acquires 544-Unit Community in Maryland
Homes Properties buys a community in Maryland for $90.4 million; Charles Dunn Company completes a $5.5M sale in Los Angeles; and Alliant Capital funds a 15-year refi loan at 4.57 percent.
TODAY’S DEALS: Praedium, Price Realty JV Acquires 500-Unit Texas Community
A joint venture between The Praedium Group and Price Realty Corporation acquires a 500-unit community in Texas; KeyBank provides a $50 million secured credit facility for Sunrise Senior Living Inc.; and Tikijian sells a 240-unit property in Indianapolis.