Regions

Commentary and Data Supplied by Bernard Markstein, Director of Forecasting, National Association of Home BuildersMultifamily StartsStarts in buildings with five or more apartments plunged to their lowest rate on record in April — a seasonally adjusted annual rate of only 78,00 units. This is down 42 percent from March, and down nearly 75 percent year over year.  Although it’s generally wise to exercise caution when attempting to gauge market conditions based on a single month of data, the weakness of a number as low as 78,000 is difficult to overstate.  Reversing this trend would require the return of lenders to…

By Anuradha Kher, Online News Editor Miami–The Club at Brickell Bay, The Vue at Brickell, Blue Lagoon and Parc Central are are all buildings that topped the charts for the most foreclosures in 2008. But a lot has changed in a year. Now these very same buildings are among the most active-selling buildings showing significant sales activity in the first quarter of 200, according to a recent study by CondoReports.com. “It is no coincidence that many of last year’s top foreclosure buildings are among the most active in 2009, Adam Cappel, president of CondoReports.com, tells MHN. “Many banks have taken ownership…

By Anuradha Kher, Online News EditorSilver Spring, Md.–HFF (Holliday Fenoglio Fowler, L.P.) has arranged $24.1 million in financing for Rollingwood Apartments, a 283-unit multifamily community in Silver Spring, Md.HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, 5.72 percent fixed-rate loan with Wachovia Multifamily Capital Inc. Rollingwood Apartments is located at 2535 Ross Rd. approximately seven miles northwest of downtown Washington, D.C. The property has one-, two- and three-bedroom apartment and townhome units averaging 859 square feet each. Alliant Arranges $3.2M Refi Loan for 64-Unit Townhouse CommunityColorado Springs, Colo.–Alliant Capital has arranged a $3.2…

By Anuradha Kher, Online News EditorElkton, Md.–Love Funding recently arranged FNMA processing to close a $9,625,500 refinance loan for the Apartments at Iron Ridge, a 156-unit multifamily apartment property located in Elkton, Md. The property is located on a 12.9-acre parcel on the eastern side of Iron Hill Road in Cecil County, Md. There are 16 two-story walk-up buildings totaling 174,296 square feet. The community features 14 one-bedroom, 78 two-bedroom and 64 three-bedroom and two-bath units ranging in size from 942 to 1,324 square feet. Amenities include a tennis court, swimming pool, children’s play area, weight room and clubhouse, and…

By Anuradha Kher, Online News EditorFranklin, Tenn.–The Franklin Housing Authority (FHA) has selected The Michaels Development Co. from among eight others to assist in the potential redevelopment of its public housing inventory of about 297 units across 60 acres of land.“We want to find a way to make better use of land and create more affordable and workforce housing as well as homeownership housing,” Derwin Jackson, FHA executive director, tells MHN. “While there is no timeline yet, I would like to see it completed within the next five years.”The Michaels Development Co. will be working with the FHA to come…

By Erika Schnitzer, Associate Editor Detroit—The reported bankruptcies of two of the top American automakers has certainly affected Motor City’s unemployment rate significantly. According to the April U.S. Bureau of Labor Statistics figures, of the 49 metropolitan areas with a population of one million or more, the Detroit-Warren-Livonia MSA reported the highest unemployment rate at 13.6 percent. The MSA reported a 6.6 percent in over-the-year unemployment rate increase. Furthermore, in the same month, the two metropolitan divisions that comprise this area registered the highest jobless rates: Detroit-Livonia-Dearborn at 14.6 percent and Warren-Troy-Farmington Hills at 12.8 percent.Dillon notes that the only…

By Anuradha Kher, Online News EditorOakland, Calif.–PropertyBridge Inc., provider of electronic payment services to the residential real estate management industry, has announced the results of its 2009 Community Contest, a marketing promotion for community managers that was held from February to April 30, 2009. As part of the promotion, each PropertyBridge client’s (management company) respective apartment communities competed with each other.Nearly 1,000 properties across the nation were part of the contest. The contest aimed to increase PropertyBridge transactions by awarding cash prizes to managers of communities with the largest increase in transactions over the previous month. Participating clients saw electronic transactions…

By Erika Schnitzer, Associate EditorSanta Monica, Calif.—Pugh + Scarpa Architects recently completed a new 46-unit permanent housing facility with rehabilitation and support services for formerly homeless and mentally disabled populations for clients Step Up on Second and A Community of Friends.An urban infill project, Step Up on Fifth also includes ground-level retail space and subterranean parking.The $18 million community features an exterior that incorporates colored water jet anodized aluminum panels that not only provides a measure of privacy to residents but also filters some of the sunlight.“What we wanted to do when we designed it was give the 46 tenants…

By Anuradha Kher, Online News EditorLong Beach, Calif.–HFF (Holliday Fenoglio Fowler L.P.) recently secured $6.4 million in financing for Esther Ridge Apartments (pictured), a 78-unit multifamily community in Long Beach, Calif.Working on behalf of Westland Industries Group, HFF placed the 10-year, fixed-rate loan with Wachovia Multifamily Capital Inc. – FNMA (Fannie Mae). Esther Ridge Apartments is located at 630-800 East Esther Ave. close to the Long Beach and San Diego Freeways in Long Beach. The 100 percent occupied property has 20 one-bedroom/one-bath units averaging 525 square feet each, 40 two-bedroom/one-bath units averaging 750 square feet each, eight two-bedroom/two-bath units averaging…

By Anuradha Kher, Online News EditorAustin, Texas–Atlanta-headquartered Apartment Realty Advisors (ARA) has launched its National Manufactured Housing Group in Austin, Texas. Andrew Shih based in Austin and Todd Fletcher based in Chicago will be part of the transaction execution team.Shih has been with ARA since 2008, and was the Texas representative for CBRE’s manufactured housing group prior to joining ARA, while Fletcher was responsible for acquisitions and dispositions of manufactured housing communities for Hometown America, the largest privately held owner and operator of manufactured housing communities in the U.S. “This is an especially interesting asset class that has been overlooked…