Regions

By Anuradha Kher, Online News EditorWashington, D.C.–The GREEN Act, which could potentially raise the bar for environmental performance in affordable housing, is getting a nod of approval from those involved in the multi-housing industry. Bill H.R. 2336 or the Green Resources for Energy Efficient Neighborhoods Act of 2009 (GREEN Act), which was recently reintroduced in the House by Representative Ed Perlmutter (D-Colo.), authorizes new federal resources for green affordable development while providing incentives to the private sector to invest in green affordable homes for low-income people. Doris W. Koo, president and CEO of Enterprise Community Partners, testified before the House…

By Erika Schnitzer, Associate EditorWashington, D.C.—As part of its “Recovery Act in Action” Week, the U.S. Department of Housing and Urban Development (HUD) is examining its role in implementing President Obama’s plans to stimulate the American economy with energy-efficient measures, neighborhood stabilization and job creation.At a Webcast held yesterday afternoon, members of the Department discussed and provided insight on the Green Retrofit program, which will provide $250 million in grants and loans for up to 25,000 apartment units to become more energy-efficient within the next two years.  (Click here for MHN’s coverage of the program).The Webcast panel included Jerry Anderson,…

By Anuradha Kher, Online News EditorLexington, Ky.–Walker & Dunlop provided a $10,680,000 loan for Spring House Apartments located in Lexington, Ky. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Spring House Apartments is a 224-unit garden-style apartment community built in 1986 and situated on 17.5 acres near the Lexington commercial business district. Common amenities include garages, carports, tennis courts, swimming pool and a clubhouse. The property was 95 percent leased at closing. NorthMarq Capital Arranges $3.92M Mortgage for 109-Unit Rental CommunitySioux…

By Anuradha Kher, Online News Editor Miami–Sixty two percent of the residential units completed in Downtown Miami since 2003 are occupied and the closing rate is accelerating despite obstacles to financing, according to a residential closings & occupancy study conducted by independent research firm Goodkin Consulting/Focus Real Estate Advisors in partnership with the Miami Downtown Development Authority (DDA). The study assessed occupancy and closing rates for 73 condominium buildings and seven rental apartment buildings that have come on line in the Downtown Miami area since 2003. Combined, the 80 buildings account for 22,959 residential units. “This is the first study since the start…

By Anuradha Kher, Online News EditorNew York–The number of unemployed persons has increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent, the U.S. Department of Labor’s Bureau of Labor Statistics reported recently. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million and has tripled since the start of the recession.With the apartment market firmly dependent on employment and household creation, this news does not bode well for multifamily owners. Even though the number of jobs being lost is decreasing, it could…

Fannie Mae is providing much-needed capital on the permanent debt side for multifamily housing today. Presently under conservatorship and government control, the agency is acting to manage risks in the changed economic environment. Keat Foong, executive editor at MHN, catches up with Fannie Mae Vice President of Multifamily Production Heidi McKibben (pictured) to get an update on this important source of multifamily financing from the point of view of capital availability and underwriting standards. McKibben indicates how seriously she thinks the economic downturn is affecting apartments, and she tells MHN that Fannie Mae is considering additional ways to “mitigate risks…

By Anuradha Kher, Online News EditorMadison, Wis.–NorthMarq Capital’s Chicago office has arranged the sale of the 578-unit New Fountains Apartment Community (pictured) on behalf of the seller for $21,700,000. New Fountains is located in Fitchburg, Wis. in the Southwestern submarket of the greater Madison, Wis. metro area. The buyer purchased the property at a 7.25 percent cap rate on actual revenue and will be performing an extensive renovation and repositioning of the asset. NorthMarq began working with the seller to refinance the property, but DeKruiff uncovered a unique market opportunity for the sale instead. A10 Capital’s Lending Group Provides Over…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Housing Conference (NHC) recently honored J. Ronald Terwilliger, chairman of both Trammell Crow Residential (TCR) and Habitat for Humanity International, with the 2009 “Housing Person of the Year” Award at its 37th Annual Gala. The award recognizes Terwilliger’s efforts in providing housing that is affordable to all, and in particular, for his ongoing commitment to multifamily and workforce housing. Terwilliger is past chairman of the Urban Land Institute (ULI). In 2007, he made a $5 million gift to ULI to establish the ULI J. Ronald Terwilliger Center for Workforce Housing, which was created…

By Erika Schnitzer, Associate EditorSan Diego—San Diego’s apartment market has shown recent signs of stabilizing, according to a new Cushman & Wakefield Special Annual Report.  The report highlights countywide average per unit sales prices since 1986, along with six years of prices for 33 city and county areas.  The report shows that there were 456 sales transactions in 2008, down from 482 sales in 2007 and down 66 percent from 2004.  Despite this decline, the market may be bottoming out as the percent decrease from 2007 to 2008—just 5.4 percent—is a significant improvement compared to the 27.2 percent, 28.6 percent…

Washington, D.C.–The U.S. Department of Housing and Urban Development’s Mortgagee Review Board has suspended three lenders based on evidence of serious violations under HUD’s regulations. The three lenders are Golden First Mortgage Corp of Great Neck, N.Y., Great Country Mortgage Bankers, Inc. of Coral Gables, Fla. and Beneficial Mortgage Corporation of San Juan, P.R.   They are now prohibited from originating new FHA-insured mortgages pending completion of HUD’s investigation into their lending practices.The Board found that Golden First Mortgage (GFM) failed to notify HUD/FHA of an investigation by the Office of Thrift Supervision (OTS) into the business activities of the company’s…