Regions

By Erin Brereton, Content ManagerNew Orleans–Providence Community Housing and Enterprise Community Investment announced Wednesday that they will use a $41 million investment in Gulf Opportunity (GO) Zone low-income housing tax credit equity to renovate three senior apartment buildings and build one multifamily complex in Hurricane Katrina’s core disaster area.The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by the hurricanes–Louisiana, Mississippi, Alabama, Texas and Florida–with increased allocations of low-income housing tax credits and Community Development Block Grants to build affordable housing.Providence closed on the properties scheduled for renovation, which will have a total of 474 affordable…

By Keat Foong, Executive Editor Las Vegas—The CMR Commercial Mortgage Fund has provided $25.5 million in a debtor-in-possession bridge loan to Nevada Towers LLC to refinance a first deed of trust on the property, slated to undergo a conversion into a mixed-use development. Nevada Towers holds entitlements to convert the property from a 200-unit apartment complex into a high-rise mixed-use project consisting of hotel, residential and retail space, along with limited gaming space and parking.“It’s unusual that a $25 million loan goes from approval to close in 13 business days and we are proud to have executed a transaction of…

London–As generally expected, the Bank of England held interest rates at 5.5 percent on Thursday, The Financial Times reports.The bank is taking time to assess the impact of inflation and the U.K.’s economic decline. Reports next month should reveal whether or not consumers are spending less, as recent reports from Marks and Spencer and other retailers suggest, according to the Times.The Monetary Policy Committee will watch for wage inflation increases, which may be on the rise, and the state of the sterling, which recently declined. “The key argument for waiting is that the news on near term influences on inflation…

London–After a three-month decline, U.K. home prices rebounded in December, according to the nation’s largest mortgage lender.Hailfax said that, based on its loans to homebuyers, average national home prices increased by 1.3 percent last month. British home prices increased by an average of £11,759 in 2007, according to Halifax, who again forecast prices will stay flat for the year.In November, prices had dropped 1.3 percent. Home prices fell 0.7 percent in October and 0.6 percent in September, The Times reports.Home prices now are only 0.8 percent over the last quarter of 2006. The price decreases late in 2007 were enough…

New York–Stocks fell early on Thursday following a profit warning from Capital One Financial Corp., prompting new panic about the credit markets, The New York Times reported Thursday.McLean, Va.-based Capital One said its 2007 profit will be less than expected due to growing loan delinquencies and legal reserve costs in the fourth quarter. The credit card company is taking a $1.9 billion loan loss provision, which includes about $1.3 billion in charge-offs.The company’s statement corroborated some analysts’ concerns that other credit classes have been damaged by the subprime mortgage market collapse and that future corporate earnings may be lessened by…

Washington, D.C.–Federal Reserve Chairman Ben Bernanke implied Thursday that more rate cuts may be necessary to stimulate the economy, The Wall Street Journal reports.Speaking to the Women in Housing and Finance and Exchequer Club in Washington, Bernanke noted that, because financial and economic conditions can change suddenly, the Fed must be observant and ready to act quickly.Bernanke cited higher oil prices, decreased equity prices and falling home values as growing threats to the economy. “In light of recent changes to the outlook for and the risks to growth, additional policy easing may well be necessary,” he said. Bernanke’s comments–his first…

By Matthew Marin, Associate EditorHenderson, Nev.–American Nevada Co. and The Vista Group, both real estate developers, have formed a joint venture with Atlanta-based Place Properties, a nationwide multifamily developer, to develop Midtown Place, the first major student-housing complex serving UNLV students in Henderson, Nev.The project, located at Maryland Parkway and Cottage Grove adjacent to the UNLV campus, will be the first off-campus, student-housing complex for UNLV. It is also situated where University Park Apartments currently stands.  Upon completion, the project will encompass approximately 3,000 suites designed for the UNLV student of the 21st century, including a fitness center with personal…

By Erin Brereton, Content ManagerAddison, Texas–Dutch pension fund PGGM has agreed to invest $100 million in Addison, Texas-based commercial real estate company Behringer Harvard’s growing portfolio of Class A apartment communities.PGGM initially committed $100 million to the portfolio in May 2007; the new commitment brings its total investment to $200 million. PGGM also has an option to expand its commitment to $300 million.The funds will allow Harvard to finance and purchase apartment communities from national and regional developers that are planned, currently under construction or recently completed, according to Behringer Harvard Senior Vice President Mark Alfieri.Since PGGM’s initial investment, Behringer…

Farmington Hills, Mich.–Farmington Hills, Mich.-based iCap Realty Advisors recently secured $24.15 million in refinancing for residential and commercial properties in three Michigan cities.Director Jill Jasinski arranged $11.15 million to refinance Augusta Woods, a 309-pad mobile home community in Willis, Mich., through financing that involved a $10.7 million senior mortgage, provided by LaSalle Bank, and $445,000 in mezzanine debt, provided by a second source. The conduit financing included a 10-year term, 30-year amortization and two years of interest-only payments.Jasinski also helped obtain $10 million in permanent financing for an 84,565-square-foot mixed-use property in Birmingham, Mich. that contains retail and office space…

By Keat Foong, Executive EditorNewton Square, Pa.— GMH Capital Partners has purchased a portfolio of two properties from Fair Oak LLC in Tennessee for an undisclosed price. The properties are: Poplar Place Townhomes, a 220-unit garden-style rental townhouse community in Memphis, Tenn.; and Collier Village Apartments, a 100-unit garden-style rental apartment complex in Collierville, Tenn. “Poplar Place and Collier Village are our first investments in the Memphis area, exemplifying our aggressive investment strategy of acquiring multifamily assets in major markets throughout the United States,” says Gary M. Holloway, Jr., president of GMH Capital Partners. “Our planned upgrades will create more…