Regions

By Anuradha Kher, Online News EditorMinneapolis, Minn.–NorthMarq Capital’s Minneapolis regional office has arranged first mortgage financing of $11.25 million for two apartment complexes, the 360-unit Park Meadows Apartments in Waite Park, Minn. and the 116-unit Terrace on the Green in Moorhead, Minn.  Financing for both of these multifamily properties was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.   Arbor Closes $4M Fannie Mae DUS Small LoanQuincy, Mass.–Arbor Commercial Funding LLC recently completed funding of a $4,000,000 loan under the Fannie Mae DUS Small Loan product line for the 54-unit complex known as Green Realty Apartments…

By Anuradha Kher, Online News EditorNew York–Kevin M. Salmon, a former vice president of investments at Marcus and Millichap, has joined forces with Matthew J. Marshall to launch Salmon and Marshall Real Estate Investments. Located in New York, the firm will provide investment sales and consultation services to the multifamily and commercial condominium market. Salmon and Marshall say that their asset specialization gives them the edge that clients seek in today’s brokerage firms. Operating in a niche market also enables them to strategically move through their transactions seamlessly. Asked why they started a brokerage firm when companies are downsizing, going…

By Keat Foong, Executive EditorWashington, D.C.—Fannie Mae has reported strong progress in expanding the investor base for its financing. This may mean greater assurance of capital availability for the multifamily sector. The company recently announced that the biggest portion of its multifamily financing is now securitized and sold in the Mortgage-Backed Securities (MBS) market as opposed to being held in portfolio. According to Fannie Mae, about 71 percent of its total production in the first half of 2009 was an MBS execution, compared to 17 percent in the first half of 2008. This compares to a 80-percent-balance-sheet-versus-20-percent-MBS execution last year….

As Chief Executive Officer of the Western National Group, Michael K. Hayde (pictured) is responsible for the operations and organization of the company. Hayde joined the firm in 1971 and became president of Western National Properties, the development arm of WNG in 1981. He has been the CEO since 1994 and has been involved in the development and construction of over 25,000 multifamily units since joining WNG. Hayde is former chair of the California Housing Council, member of the Urban Land Institute, and member of the Board of Directors for the National Multifamily Housing Council. He talks to MHN Online…

By Anuradha Kher, Online News EditorSacramento, Calif.–Hendricks & Partners recently completed the sale of The Lofts (pictured), located at 3351 Duckhorn Dr. in Sacramento, Calif. The 188-unit apartment community was sold for $18,462,500.Built in 2005, The Lofts features 188 units (18 separate floor plans) in 13 two- and three-story, garden-style buildings and is approximately 205,976 square feet of rentable living space situated on 9.4 acres. The property’s unit mix is comprised of 35 percent one-bedroom apartment units and lofts and 65 percent two-bedroom apartment units and lofts, with an overall weighted average unit size of 1,096 square feet.Apartments homes feature…

By Erika Schnitzer, Associate Editor Skaneateles, N.Y.—Emanon Equities, a Long Island-based real estate development and construction firm, and Skaneateles-based Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in downtown Skaneateles, into a luxury mixed-use, 10-unit condominium. Originally constructed in 1830, the Hecox Building became known as the Pardee Block when Charles Pardee purchased it for use as a bank. In 1878, the building was used as Edward Eckett’s bakery, known as “Eckett’s Steam Bakery.” The building has also been used as a restaurant, the Skaneateles Post Office, and The Auburn and Syracuse Trolley ticket office. In…

By Anuradha Kher, Online News EditorBoca Raton, Fla.–The Altman Cos. is another one in a line of multifamily companies to launch a division to deal with the distressed properties and loans coming on the market. Since this year began, Post Investment Group made a foray into the foreclosure and distressed debt arena; Bainbridge Cos. launched Bainbridge Distressed Property Services LLC, a group offering a range of services to owners and lenders of 100- to 400-unit properties facing foreclosure or financial hardships; Apartment Realty Advisors (ARA) launched its Distressed Assets Solutions Group (DASG), and Diversified Properties, along with Jonathan Stein, formed…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing condominium and co-op sales jumped 14 percent to a seasonally adjusted annual rate of 570,000 units in June from 500,000 in May, but they are 3.1 percent below the 588,000-unit level in June 2008, according to the latest report from the National Association of Realtors (NAR). Overall sales, which includes single-family, townhomes, condominiums and co-ops, have also increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in…

By Dees Stribling, Contributing Editor It was a good way to start the week, economically speaking. According to the Conference Board, the U.S. index of leading economic indicators rose 0.7 percent in June, marking the third rise in the index in as many months. In the first half of 2009, the index improved at an annualized rate of some 4.1 percent , a clear contrast to the way it shrank in the last half of 2008 at an annualized rate of 6.2 percent. The latest survey from the National Association for Business Economics, also released Monday, posited that the U.S….

By Anuradha Kher, Online News Editor New York–The Community Preservation Corp.’s (CPC) Bronx/Manhattan office closed on a $2.1 million Freddie Mac loan to refinance a mixed-use rental building (pictured) located in the Inwood section of Manhattan.The property features two contiguous five-story buildings, located at 79 Sherman Ave. and 152 Dyckman St., containing 38 apartment units, six stores and two professional office apartments. Owner/borrower, Silpar Realty whose principal is John Pavon has owned the property since 1982. Freddie Mac has been a lender on the property since 1987 when it provided a mortgage of $825,000. CPC refinanced this mortgage with a new $1.15…