Regions
The Praedium Group Buys Half a Billion in Assets in First Half of 2011
New York–The Praedium Group has been in a bit of a buying frenzy. Acting through The Praedium Fund VII L.P., the New York City-based national real estate investment firm snapped up assets, predominantly multifamily, valued at an aggregate $500 million in the first six months of 2011.
TODAY’S DEALS: Praedium Group Invests $18.5M into N.J. Community
The Praedium Group purchases an $18.5 million equity position in a N.J. community; Beech Street Capital provides a $34 million refinance for two Texas communities; and Arbor’s Michigan office closes 11 Fannie Mae deals.
Amid Economic Gloom, Investors Keen for Multi-Housing Properties
U.S. multifamily investment sales have spiked thus far during 2011, reaching $13.9 billion during the second quarter of 2011, or more than half again as much as the first quarter 2011 total of $9 billion.
Bainbridge Develops Green Luxury Multi-Housing Property in Bethesda, Md.
The Bainbridge Cos. has begun construction on Bainbridge Bethesda, a luxury apartment development located in Bethesda, Md., an urban district outside of Washington, D.C.
Pittsburgh’s Piatt Place a Model in Green Evolution
Piatt Place, a mixed-use destination with 60 upscale residential condominiums in downtown Pittsburgh, is green to the bone. Completed by Millcraft Industries in 2009, the property is a shining example of how a non-green building can be reincarnated with a sustainable structural material to become a model of green development, and how it can help revitalize a city.
CWCapital Escalates Pace of Multifamily Deals
Earlier this month, the Mortgage Bankers Association reported that multifamily lending increased a whopping 114 percent between the second quarter of 2010 and the second quarter of 2011, much of which was during 2Q11 itself, which saw a quarter-over-quarter increase of 47 percent in multifamily lending.
TODAY’S DEALS: Beech Street Provides $12.6M in Acquisition Financing
Beech Street provides $12.6 million in loans for the acquisition of four communities; Walker & Dunlop closes a $14 million refinance loan on a student housing community; and Lee & Associates transacts $4.7 million sale to private investment group.
TODAY’S DEALS: Walker & Dunlop Closes $26M Refinance for Nevada Community
Walker & Dunlop closes the $26 million refinance of a 306-unit community in Las Vegas; Marcus & Millichap closes the sale of a 245-unit community in Florida; and BMC Capital arranges a $2.6 million interest-only acquisition loan.
Brooklyn Building Tabbed ‘2010’s Best Selling’ Now 100 Percent Sold
The once-stalled condominium structure Property Shark anointed as “Best Selling Building of 2010,” Brooklyn’s be@schermerhorn, is now 100 percent sold.
TODAY’S DEALS: HFF Closes $40M Sale in Chicago
HFF closes a $40 million affordable housing sale in Chicago; Red Stone Partners finalizes financing for a 760-unit community in Georgia; and Boston Capital invests in two affordable developments by USA Properties Fund.