Regions
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.
Metro at Woodbridge to Add 24 Upscale Apartment Units to Thirsty Northern New Jersey Market
Sterling Properties will soon deliver a new luxury rental option in Woodbridge, N.J., as construction of Metro at Woodbridge nears completion. The property will offer 24 upscale residences, the likes of which are hard to come by in the area.
MARKET SNAPSHOT: Vacancy in St. Louis Declines for Sixth Consecutive Quarter
St. Louis–Vacancy in St. Louis is expected to decrease 110 bps, to 6.5 percent, this year, according to Marcus & Millichap’s third quarter report on the market.
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.
A Possible Solution to the UK’s Housing Crisis for the Elderly
The United States isn’t the only nation feeling the burden of a housing crisis. The UK is also dealing with this, especially in terms of providing housing for the elderly.
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.
Chicago’s Lake Shore Drive to Sprout 500-Unit Luxury Apartment Tower
A new residential high-rise will soon grace the skyline of Chicago, now that Related Midwest has kicked off construction of a 45-story luxury apartment building on a one-acre, block-long site at 500 Lake Shore Drive.
TODAY’S DEALS: IPA Sells 298-Unit Community
Institutional Property Advisors arranges the sale of a 298-unit community for $23.2 million; The Largo Group of Companies arranges refinancing for a community in Farmington, N.Y.; and Houlihan-Parnes arranges the sale of five Bronx apartment buildings.
Regency Club Apartments Sale Closes
In a $44 million deal announced recently, Regency Club Apartments in Jackson, N.J. sold to Gaia Real Estate Investments, LLC, and partners Phoenix Realty Group and Harel Insurance.