Regions

By Keat Foong, Executive Editor Goleta, Calif.—Loans financed before the mid- to late-2000s are the ones that will be refinanced more easily because they have had time for adequate price appreciation, correct? In the case of Oasis Apartments, that is true. Kevin Burkhalter senior vice president at Johnson Capital’s Los Angeles office funded $10,500,000 in permanent financing for the privately held entity that owns the 125-unit garden-style apartment property.Johnson Capital also provided the refinancing at very favorable terms. Taking advantage of the currently low adjustable rates, the owner replaced the 8 percent interest on the former loan with a 3.32…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily starts were up again in May after a sharp drop in April, according to the Census Bureau’s latest report. On a seasonally adjusted basis, starts stood at 124,000, which is an increase of 77.1 percent from April but still down 58.6 percent when compared year-on-year. The multifamily as well as overall housing starts have been falling consistently this year, reaching a new low of 70,000 in April. Overall housing starts in May went up to 532,000. This is 17.2 percent above the revised April estimate of 454,000, but is 45.2 percent below the…

By Anuradha Kher, Online News EditorTempe, Ariz.–Hendricks & Partners has arranged the sale of Villagio, a 472-unit apartment community in Tempe, Ariz. for $20,250,000.Constructed in 1983, Villagio features 472 units in 49 one-, two-, and three-story, garden-style rental buildings situated on 22.5 acres. The property was a recently foreclosed asset (foreclosure completed in January 2009). Villagio recently underwent numerous exterior and interior capital improvements (to 259 units) including cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with new black appliances, new washers/dryers in select units, asphalt for parking lots, clubhouse upgrades, landscaping and model upgrades.Located at 1133…

By Erika Schnitzer, Associate EditorDelray Beach, Fla.—CDS International Holdings Inc. has received approvals for its Atlantic Plaza II, a planned $325 million mixed-use community that will transform two city blocks in Delray Beach, Fla. Sitework for the initial phase of the project is slated to begin this summer.  The 8.5-acre site will include 197 apartments and townhomes, 132,000 square feet of retail space, 106,000 square feet of Class A office space and subterranean parking for more than 1,000 cars. CDS International Holdings originally owned the existing Atlantic Plaza retail center on the east side of the site and planned the…

By Anuradha Kher, Online News EditorSummit, N.J.–Diversified Properties has formed a partnership with industry veteran Jonathan Stein to form Diversified Realty Advisors (DRA), a real estate advisory and turnaround group providing lenders with interim portfolio or individual asset management services during the workout or foreclosure stage, as well as long-term strategies such as asset and construction management, acquisition support and disposition services.  “Our primary focus is to provide advisory services to banks on their non-performing assets, most of which happen to multifamily construction loans,” Nicholas Minoia, partner of DRA, tells MHN. “We help the banks in either restructuring the loan…

By Keat Foong, Executive EditorRaleigh, N.C.—Now is the time for gift giving and estate planning, according to a consultant to the real estate industry. Owners of companies intending to continue as family businesses should take advantage of depressed values in the recession to pass more of the companies’ ownerships to future generations, suggests Curt Young, senior associate of the Investment Banking Group at FMI.“You can effectively give more assets because the values are depressed, under the premise that the economy and valuations will recover,” says Young. “It is very common in the construction industry, including multifamily, to see these economic…

Wellington, Fla.–Heather Straub (pictured) has been promoted to regional vice president of Bainbridge Management. Her responsibilities will include supervising the firm’s operations throughout the state of Florida.  Straub has 23 years of experience in the multifamily real estate industry, including five years at Bainbridge Management. During that time she has gained extensive experience in all aspects of portfolio management, as well as acquisitions, dispositions, property repositioning, renovations and real estate sales. She has also served on the board of directors of the Southeast Florida Apartment Association. Bainbridge also added Ricardo Alicea as regional property manager for the Orlando area. Adam Solomon…

By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group arranged a $5.4 million permanent financing for two properties totaling 64 multifamily units in Southern California.Meridian’s Los Angeles office represented the local undisclosed borrowers to secure 10-year fixed interest rates of 5.57 percent and 5.72 percent respectively.   Arbor Closes $1,725,000 Fannie Mae DUS Small LoanKinston, NC.–Arbor Commercial Funding LLC recently completed funding of a $1,725,000 loan under the Fannie Mae DUS Small Loan product line for the 84-unit complex known as Rouse Road Apartments in Kinston, NC.    The 10-year loan amortizes on a 30-year schedule and carries a note rate of…

By Erika Schnitzer, Associate EditorCharleston, S.C.—Greystar Real Estate Partners recently opened the final phase of its Daniel Island Village, a 283-unit development and Daniel’s Island’s only professionally managed apartment community.Built on 16 acres, Daniel Island Village is the only market-rate rental community on the island, Ashley Heggie, asset manager with Greystar, tells MHN. “It’s really an opportunity for people who want to live on the island and are unable to get into a house. It has one of the best school districts in the area,” he adds.The demographics of the community are mostly those from Charleston who want to lead…

Needham, Mass.–New Boston Fund, a real estate investment, development and management firm, has selected Resolve Technology’s Portfolio Maximizer software to automate the modeling of investment cash flows, debt and partnership waterfalls.”We were looking for a solution that would enhance the timeliness and efficiency of portfolio modeling in an integrated and scalable fashion,” says Tim Medlock, senior vice president and chief operating officer at New Boston Fund. “We selected Portfolio Maximizer because it allows us to address a number of needs within a single solution and we were impressed by the Resolve team’s understanding of real estate and partnership structures.” “Our most…