Regions

By Anuradha Kher, Online News Editor     Sunnyvale, Calif.–Raintree Partners has acquired Trellis Square Apartment Homes (pictured) in Sunnyvale, Calif. The property is a 204-unit luxury apartment community located in the heart of Silicon Valley for $38.25 million. This is the first multifamily acquisition for Raintree Partners.“Through our relationship with an institutional investor, Raintree Partners has the capital available to acquire a substantial portfolio of multifamily development and redevelopment projects located within high growth markets in the Western United States,” says Jeffrey B. Allen, CEO of Raintree Partners. Aaron Hancock, director of acquisitions for Raintree Partners, says, “We will continue to…

By Erika Schnitzer, Associate EditorLos Angeles—KTGY Group Inc., Architecture and Planning has been awarded the 2009 Best of 50+ Housing Gold Award by the National Association of Home Builders’ (NAHB) in the category of “Best Multifamily Rental 50+ Community (Affordable)-On the Boards” for its design and planning of Echo Park. The property is a 90-unit affordable urban infill senior apartment community that is designed for LEED (Leadership in Energy and Environmental Design) Silver certification. KTGY has been awarded with at least one Best of 50+ Housing Award annually since 2004. Last year, KTGY received the Best of 50+ Housing Gold…

By Anuradha Kher, Online News EditorWashington, D.C.–The Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) has been expanded to cover commercial real estate backed securities (CMBS) and loans. In addition, the loans provided to investors under TALF to purchase the securities will have five-year terms, which better match the needs of CMBS investors. Previously, the loans were only for three years and were aimed at consumer credit, such as car loans and credit cards. The five-year loans for CMBS purchases will begin in June, and the Fed will extend up to a total of $100 billion in such loans….

By Anuradha Kher, Online News EditorWashington, D.C.–Move-ins have begun at the 27-unit Ontario Court Apartments where the Jubilee JumpStart Early Childhood Development Center has also been built. Located at 2525 Ontario Road, NW, in the Adams Morgan neighborhood in northwest Washington, D.C. the newly renovated $9 million redevelopment project is the result of a public-private partnership with the federal New Markets Tax Credit (NMTC) program, the District of Columbia Department of Housing and Community Development (DHCD), Jubilee Housing, Jubilee JumpStart, PNC Bank and Enterprise Community Investment Inc. (Enterprise).  The 85-year-old Ontario Court Apartments will continue being an affordable housing project,…

By Keat Foong, Executive Editor Chicago—Some developers are contemplating getting ready for the purchase of distressed loans. Here is an example of a sale transaction of performing loans. The Loan Sales group of HFF (Holliday Fenoglio Fowler LP) completed the sale of four performing first mortgage commercial loans for $31 million on behalf of Nationwide Life Insurance Co. HFF Senior Managing Director Stuart Salins and Associate Director Thomas Gerfin represented the seller in the transaction. The four loans range in size from about $3.95 million to $10 million, with an aggregate face amount of approximately $31 million. The loans were…

By Erika Schnitzer, Associate EditorChicago—ApartmentBids.com has launched a new Website to connect property managers and residents based on information in prospective renters’ profiles.“We provide information about properties and surrounding neighborhoods and we provide managers with qualified information about renters,” Nirav Patel, co-founder of ApartmentBids.com, tells MHN. “The key to quality leads is that the profiles of renters are very detailed; we provide a lot of detail to make it easier to convert leads into leases,” Patel says. In addition to contact information, potential renters also fill out information on employment and credit history.The prospective renter completes a detailed profile and…

By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed the Boston Capital Tax Credit Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. With this closing, Boston Capital has invested $640 million in equity since January 2008.  “At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets,” says Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high…

By Keat Foong, Executive EditorDallas—Financial advisor and asset manager Recap Advisors has changed its name to better reflect its broadened capabilities. CAS Partners announced that Recap Advisors, its financial advisory services and asset management business unit, is now rebranded as CAS Financial Advisory Services.  The 20-year old CAS Financial Advisory Services “has been an acknowledged expert in the finance, restructuring and asset management of multifamily residential properties,” said Toni Portmann, CAS Partners CEO. Headed by CEO David Smith, the company had provided financial solutions for nearly 800 multifamily and affordable properties with assets of more than $4 billion.Since it was…

By Anuradha Kher, Online News EditorNew York–Rents for nursing homes, in-home care and assisted living kept growing in 2009, according to a new study conducted by Richmond, Va.-based insurer Genworth Financial Inc. The average annual rent for a private room in a nursing home is $74,208, or $208 per day, a 4.7 percent boost over the past year and 4.3 percent annually over the past five years, according to the study. The annual rent ranges from $50,594 in Louisiana to $125,925 in Connecticut. Overall, the Northeast clocks in with the highest rents of the nation for nursing homes.(IL = independent…

By Anuradha Kher, Online News EditorWashington, D.C.–Apartment market conditions continue to worsen, though the pace is decelerating, according to the National Multi Housing Council’s (NMHC) latest Quarterly Survey of Apartment Market Conditions. While all four market indexes remained below 50 (index numbers below 50 indicate conditions are worsening; numbers above 50 indicate conditions are improving), they all rose from three months ago. In particular, about half of respondents thought conditions were unchanged in the sales volume, equity finance, and debt finance markets.“It still does not look like the apartments sector has reached its bottom,” Mark Obrinsky, NMHC’s Chief Economist, tells…