Regions

By Anuradha Kher, Online News EditorOverland Park, Kan.–NorthMarq Capital Inc.’s Kansas City regional office recently arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a combined total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization schedule thereafter. NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac. 33-Unit Rental Property Sold for $4.1MVista, Calif.–Hendricks & Partners has arranged the sale of Meadow Ridge, a 33-unit property located at 415 Plymouth Dr. in…

By Erika Schnitzer, Associate EditorPyeongtaek, Republic of Korea—In a move that will mark the first time that private-sector developers, builders, managers and capital providers will create military housing on foreign land, the Department of the Army has chosen Humphreys Family Communities LLC (HFC) to design, build, finance and operate the U.S. Army Garrison Humphreys Housing Opportunity Project in the Republic of Korea.HFC is a joint venture between Irvine, Calif.-based Pinnacle AMS Development Company LLC; El Paso, Texas-based Hunt Companies; and Seoul, South Korea-based Samsung C&T Corporation. “Designing, building and maintaining housing is not [the DoD’s] core mission. The cost to…

By Anuradha Kher, Online News EditorBronx, N.Y.–The South Bronx community of Melrose Commons was recently honored for its pioneering role in the sustainable design and redevelopment of urban neighborhoods. The project was selected as a member of the Focus Group for the new Leadership in Energy and Environmental Design (LEED) for Neighborhood Development (LEED-ND) pilot program. Devastated from years of neglect, Melrose Commons was in shambles by the early 1990s. In response to the city’s redevelopment plan, which would have resulted in the displacement of residents, a community development organization, Nos Quedamos, was formed. Nos Quedamos joined forces in 1992 with…

By Anuradha Kher, Online News EditorWashington, D.C.—-Fannie Mae has reported a record loss of $29 billion in the third quarter as the housing slowdown deepened and the agency wrote down a tax-related asset that had buoyed capital.This is the fifth consecutive loss for the company, which has been operating under a government conservatorship since September of this year.According to a Reuters report, Fannie Mae warned in October that it would write down substantially all of its deferred tax assets, which had become a controversial addition to capital as losses mounted. Deferred tax assets can be used to offset future taxes…

By Anuradha Kher, Online News EditorChicago–Pending home sales (including multifamily and single-family homes) in September fell on the heels of a strong gain a month earlier as credit tightened and economic conditions deteriorated, according to the National Association of Realtors (NAR). The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, declined 4.6 percent to 89.2 from an upwardly revised reading of 93.5 in August, but is actually 1.6 percent higher than September 2007 when it stood at 87.8. Lawrence Yun, NAR chief economist, says pending sales have been above year-ago levels for two months in…

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) recently named Ronald Schiferl (pictured) as Chief Financial Officer.In his new role, Schiferl will be responsible for providing overall finance management for the corporation and its for-profit development arm, CPC Resources Inc. (CPCR), encompassing all accounting and treasury functions. Schiferl has more than 30 years of experience in the financial services industry. Before joining the CPC, he served as Chief Operating Officer of Naterra Land, Inc., a position he held for two years. Prior to joining Naterra Land, he worked at Opus Corp. for eight years as a senior vice…

By Anuradha Kher, Online News EditorLa Mesa, Calif.–Hendricks & Partners recently arranged the sale of the Baltimore Apartment Portfolio, a family-built and owned property for over 35 years. This 406-unit apartment property, located in the heart of La Mesa, Calif. was sold for $53,350,000.The project was constructed in phases between 1973 and 1980 by Morris and Barbara Steiman, who later left the property to the family trust. This was a very high-profile sale tracked by hundreds of real estate and legal experts in San Diego County. The property was purchased by Strategic Realty Capital of Los Angeles. HFF Arranges $50.78M…

By Erika Schnitzer, Associate EditorNeosho, Mo.—The historic renovation of the 15-unit Newton Place Apartments, an affordable independent living community for seniors 62 and older, is now complete.Developed by Terravest Development Corp. and designed by Rosemann & Associates PC, the four-story building is one of the tallest in the town. Newton Place Apartments is located in Neosho’s downtown square, near the town’s courthouse.Originally built in 1906, the building has served a number of purposes, including city hall, a dentist’s office, a bank, and a jail. Most recently, it was known as the Newton Hotel.The $2.8 million renovation of the project included…

By Anuradha Kher, Online News EditorPlantation, Fla.–The US Capital Holdings Group has received the City Council’s approval for 321 North, its $800 million project in the heart of Plantation, Fla. US Capital Holdings Group will begin redeveloping the former Plantation Fashion Mall into a mixed-use project featuring up to 590 residential units, 550,000 sq. ft. of retail and 613,000 sq. ft. of office.When completed, 321 North will provide the city with approximately $2 million in tax revenue per year and create upwards of 3,700 new jobs.   “This is a seminal moment at a seminal time,” says Wei Chen, CEO, US…

By Anuradha Kher, Online News Editor and Keat Foong, Executive EditorNew York–As Senator Barack Obama was chosen the next president of the United States on Nov. 4, the historic win became one of the biggest stories in recent times. But for finance professionals and developers in the multi-housing industry, how did this story impact the other big story—the credit crunch? MHN spoke to a few industry insiders to find out what they think.Jim Scofield, senior investment advisor at Sperry Van Ness, did not vote for President-Elect Barack Obama, but thinks his election to the Presidency of the greatest country in…