Regions
Robert Russell Joins Greystone as Head of CMBS Production and Managing Director of Fannie Mae/Freddie Mac Originations
Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has appointed Robert Russell as the head of CMBS Production and managing director for the firm’s Fannie Mae and Freddie Mac platform.
Behringer Harvard and Wood Partners Team On $191.1M Boston Metro MF Development
Behringer Harvard Multifamily REIT I Inc. and Wood Partners have formed a joint venture to develop 22 Water Street, a $191.1 million luxury multifamily community on a 2.4-acre infill site in Cambridge, Mass.
Economy Watch: Retail Sales Eke Out Gain
The Census Bureau reported that U.S. retail and food services sales for June were $422.8 billion, an increase of 0.4 percent from the previous month.
APARTMENT MARKET STATISTICS: July 2013
Multifamily housing starts averaged 325,000 in the first quarter—exceeding the annual average observed in any year since the 1980s, according to the National Association of Home Builders. Housing starts increased in March to a seasonally adjusted annual rate of 392,000 units. Permits fell to seasonally adjusted rate of 283,000, however.
ON DEMAND WEBCAST: Legislative and Regulatory Trends in Utility and Energy Management
Laws mandating submetering and energy benchmarking are spreading across the country. This webcast outlines laws, regulations and legalities impacting utility and energy management, as well as legislative trends that ultimately can have implications for the bottom line of apartment owners and managers. View a recording of this webcast. Leading the panel is Michael Foote, NWP Services Corp.’s senior regulatory and corporate counsel. Foote is regarded as an industry expert in utility billing laws. Foote is joined by Mary Nitschke, director of ancillary services, at Prometheus Real Estate Group. At Promethues, Nitschke’s responsibilities include managing utility consumption, mining for rebates, determining…
Suburban Chicago Multifamily Obtains $8.5M in Financing
Hawthorn Ridge Apartments, a multifamily community in Woodridge, Ill., has obtained an $8.5 million Section 223(f) loan. Naftali Schuss, an originator in Greystone’s New York office, arranged the financing.
TODAY’S DEALS: ARA Brokers Denver Sale for $27.8M
A 150-unit asset trades hands in Denver; The Canyon Catalyst Fund and Sack Properties form a joint venture investment partnership targeting Northern California value-add properties; and Cushman & Wakefield completes the sale of a redevelopment site in Montclair, N.J.
Plans Announced for Student Housing at Georgia Tech
Planning is underway on the latest University House property, this one to be built near the campus of the Georgia Institute of Technology, better known as Georgia Tech, in Atlanta.
Economy Watch: Gas Prices Spike
Mortgages weren’t the only thing seeing an increase in price recently. An arguably more visceral increase has struck the U.S. economy—and with it, consumer’s propensity to spend money to support growth—a rise in the price of gas.
Brooklyn Apartments Sell for $28M
Silverstone Property Group and Adam America Real Estate Group have sold 65-69 North 6th St. in the Williamsburg neighborhood of Brooklyn. The property fetched $28.75 million from an unspecified buyer, according to the sellers.