Regions

By Anuradha Kher, Online News Editor Washington, D.C.–The Mortgage Bankers Association recently lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The $84 billion drop is due to lower purchase originations and the rest is due to lower rate/term refinancings and very low volumes in the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP). MBA is now forecasting $737 billion in purchase originations and $1,297 billion in refinance originations. MBA’s Chief Economist Jay Brinkmann explained, “In March we boosted our forecast of mortgage originations by over $800 billion…

By Anuradha Kher, Online News EditorWashington, D.C.–There has been a recent moderation in the downturn in design services billings, but the Architecture Billings Index (ABI) reveals that an economic recovery has stalled for now. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the May ABI rating for multifamily was 45.5 while for overall it was 42.9, nearly identical to the 42.8 mark in April. Both these scores still indicate an overall decline in demand for design…

By Keat Foong, Executive EditorElkton, Md.—The owner of Apartments at Iron Ridge here has made a good deal on his 1999 development. The property was originally developed using a construction loan which rolled over into a 30-year permanent loan rollover financing under the FHA 221(d)(4) mortgage insurance program. Ten years later, the development company, MHTJ Enterprises LLC, which still owns the property, refinanced the original loan, dropping the interest rate from 7.75 percent on the FHA 221(d)(4) loan to a below-6 percent Fannie Mae 10-year fixed-rate loan obtained from Love Funding. As a result, the borrower was able to save…

By Anuradha Kher, Online News EditorIrvine, Calif.–NWP Services Corp. (NWP) will team with Western Union Global Payment Services, an operating division of The Western Union Co., to offer a new Pay by Cash payment feature, which will become part of NWP’s Resident ePay service for the multifamily industry. The service will enable residents to pay both rent and utility bills in person at more than 44,000 Western Union Agent locations in the U.S.   NWP currently offers billing and payment transaction support services including resident rent and utility billing, electronic rent payment and utility management services.   “More walk-in payment locations mean…

By Anuradha Kher, Online News EditorWashington, D.C.–Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors (NAR). May’s increase was the first back-to-back monthly gain since September 2005.Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 units in May from 490,000 in April, but are 8.9 percent below the 571,000-unit level in May 2008. The median existing condo price was $173,800 in May, down 21.9 percent from a year earlier.“From the sales point of view, things…

By Anuradha Kher, Online News EditorLas Vegas–Arbor Commercial Funding recently completed funding of two loans totaling $47,493,000 under the Fannie Mae DUS MBS product line. These loans include:•    $23,500,000 for the La Villa Estates, a 336-unit rental community in Las Vegas. The loan was funded under the Fannie Mae DUS MBS product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.46 percent. •    $23,993,000 loan funded under the Fannie Mae DUS MBS product line for the 336-unit San Tropez Apartments also located in Las Vegas. The 10-year loan amortizes on a 30-year schedule…

By Anuradha Kher, Online News EditorLongwood, Fla.–The Chicago and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged nearly $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities totaling 357 units in Longwood, Fla.HFF worked on behalf of NTS Development Co. to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program. A $14.63 million loan was arranged for Golf Brook and a $9.6 million loan was secured for Sabal Park.Located at 385 Golf Brook Circle (Gold Brook Apartments) and 32 Sabal Park Place (Sabal Park Apartments), both communities are easily accessible from…

By Anuradha Kher, Online News Editor Marlton, N.J.–The Michaels Organization recently awarded more than 70 educational grants to aspiring students who reside at its affordable housing communities. The grants can be used by the recipients to pay tuition costs at any accredited college, university, or vocational training program in the country. “We are very proud to be able to give back to the communities where we own and manage properties in this very tangible way,” says John O’Donnell, chief operating officer of The Michaels Organization.  The grants, totaling $193,500, are administered through the Interstate Realty Management Educational Foundation, a non-profit entity created…

By Erika Schnitzer, Associate EditorLawrenceville, Ga.—Apartment Finder has announced a partnership with Enormo.com, the world’s largest international real estate portal. Apartment Finder’s listings will now be displayed on Enormo.com, as well as 80 of Enormo’s country sites for renters worldwide seeking an apartment in the United States.“Websites like Enormo are looking for fresh and relevant content on their site. We download our content every night at midnight, and they select what they serve on their site,” explains Marcia Bollinger, president of Apartment Finder. “It’s an extension of our SEO effort, another way to get a better value proposition for our…

By Anuradha Kher, Online News EditorWashington, D.C.–The weakening economy and continued credit crunch led to increases in multifamily mortgage delinquencies during the first quarter of 2009, according to the Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association (MBA). “Multifamily mortgage delinquency rates continued to rise in the first quarter,” Jamie Woodwell, vice president of Commercial Real Estate Research at the MBA, tells MHN. “Numbers don’t explicitly break out for multifamily, but the sector is taking the pinch much like other sectors. In fact, multifamily properties have been more rapidly affected than say office, because the leases are short—one year or…