Regions
DEAL OF THE DAY: George Smith Arranges Interest-Only Financing, Finds Buyer for Borrower
Redlands, Calif.–George Smith Partners arranged $12.8 million in Freddie Mac financing and a $16.6 million sale for a 198-unit, Class B multifamily property in Redlands, Calif., announces David Rifkind and Steve Bram, principals and managing directors of George Smith Partners.
Home Sales Drastically Drop; Lowest in Over a Decade
Washington, D.C.–The first time homebuyer tax credit expired in May, and as expected, existing-home sales were sharply down in July, according to the National Association of Realtors.
Summer Proves an Unusually Busy Season for New 565-Unit Brooklyn Condo Project
New York, N.Y.–Closings have gotten underway at The Edge.
DEAL OF THE DAY: NorthMarq Arranges $24M Refi which Retires $18M of Existing Debt; Borrower Opts for Prepay to Take Advantage of Low Interest
Edgewater, Fla.–Andy Moses, senior vice president and senior director of NorthMarq Capital’s Orlando Regional office, and Melissa Marcolini-Quinn, assistant vice president and senior investment analyst, arranged first mortgage financing of $24 million for Hacienda Del Rio, a 730-pad manufactured housing complex located here.
REIT Execs Did Well During ’09, Notes SMG Survey
New York–In an indication that the REIT industry is faring somewhat better than real estate as a whole, total compensation levels within the REIT realm, including multifamily specialists, increased in 2009 by a median of 3 percent to 15 percent, depending on employee level.
Residential REIT Pursues Sustainable Initiatives for Portfolio
Rochester, N.Y.–Home Properties, a REIT that specializes in apartment properties in the northeastern U.S. and the mid-Atlantic, has unveiled portfolio-wide initiatives to improve the energy efficiency of its properties.
Upscale Condo Project in Yonkers Expected to be Boon to Local Economy
Yonkers, N.Y.–The initial phase of Monarch will yield 162 residences, the first of which will debut in 2011.
ST Residential Wins Corus Bank’s $4.5B RE Loan Portfolio
Atlanta–ST was formed after the Chicago-based Corus Bank failed on September 11, 2009.
DEAL OF THE DAY: Arbor Locks in 5.95% for 10-Year Terms on Two Small Loans
McKinleyville, Calif. –Arbor Commercial Funding LLC recently oversaw the funding of two loans under the Fannie Mae DUS Small Loan product line.
DEAL OF THE DAY: Arbor Locks in 5.95% for 10-Year Terms on Two Small Loans
McKinleyville, Calif. –Arbor Commercial Funding LLC recently oversaw the funding of two loans under the Fannie Mae DUS Small Loan product line.