Regions
KeyBank Real Estate Capital Comes Through with $106.7M for Seven NJ Seniors Housing Communities
Cleveland, Ohio–Real estate financing is still hard to come by, even for borrowers in the relatively stable seniors housing sector, but KeyBank Real Estate Capital recently stepped up to the plate for seven assisted living and age-restricted communities in New Jersey.
DEAL OF THE DAY: Beech Street Capital Provides $44.3M Freddie Mac Loan
Langhorne, Pa.–Beech Street Capital LLC provided a $44.3 million Freddie Mac Program Plus loan for the refinance of Middletown Trace Apartments.
Grubb & Ellis Apartment REIT to Get New Name
Santa Ana, Calif.–Grubb & Ellis Apartment REIT and Grubb & Ellis Equity Advisors L.L.C., the real estate investment and asset management arm of Grubb & Ellis Co., have severed their advisory and dealer-manager ties.
MHN Interview with Michelle Whetten: Enterprise Wants to Help Build 10,000 Units in the Gulf
Washington, D.C.–Michelle Whetten, who heads up Enterprise’s work along the Gulf Coast, talks to MHN about the work they are doing there, the financing challenges in building affordable housing projects and the importance of eradicating blight in many communities in the Gulf.
DEAL OF THE DAY: Arbor Closes $13,760,000 Fannie Mae DUS Loan
Robinson, Pa.–Arbor Commercial Funding LLC recently funded a $13,760,000 loan under the Fannie Mae DUS Loan product line for the 291-unit complex known as Westpointe Apartments in Robinson, Pa. The 10-year loan amortizes on a 30-year schedule.
MHN Interview with Galina Tachieva: Add Multi-Housing to Malfunctioning Suburbs
Incorporate multifamily housing into the fabric of malfunctioning suburbs–or the Boomers and Echo Boomers will move out, says Galina Tachieva, partner and director of town planning at Duany Plater-Zyberk & Company (DPZ). Tachieva decribes the ways in which the burden rests on multifamily developers to play a leading role this century in reclaiming the sprawl-marred suburbs.
New Affordable Housing Opens in Anaheim
Anaheim, Calif.–Greenleaf Family Apartments in Anaheim, designed for families who earn between 30 percent to 60 percent of area median income, was completed 60 days ahead of schedule and is opening next week at 100 percent leased.
Post-Midterm Election Breakdown; Impact on MF Industry Will Likely Be Minimal
New York–As to how election results affect multifamily, it is of course early to be making predictions, but insiders anticipate that effects to the industry will be minimal.
N.C. Apartments Win LEED Silver
Charlotte, N.C.–Circle at South End, a 360-unit apartment complex that also includes 8,000 square feet of retail space and 714 parking spaces on about five acres, has been awarded a LEED Silver rating by the U.S. Green Building Council.
DEAL OF THE DAY: ARA Negotiates $940,500 Short Sale
Wheat Ridge, Colo.–ARA brokered the sale of the Elliot Apartments in Wheat Ridge, Colo. The buyer, Jefferson County Housing Authority, purchased the property from Kendall Investment Co. for $940,500.