Regions

By Erika Schnitzer, Associate EditorAccording to the Urban Land Institute (ULI)’s “Emerging Trends in Real Estate,” the top two most promising markets for 2009 were Seattle and San Francisco. Now, midway through the year, these markets are facing their own set of problems—though industry experts do maintain that they have the potential for a strong recovery.The Northwest’s increasing unemployment rate, compounded by big run-ups in rent over the past several years, as well as the huge supply expansion, has hurt the region considerably during this economic downturn.The major cities in the region—San Francisco, Seattle and Portland—are “contracting at an annual…

By Anuradha Kher, Online News EditorSanta Ana, Calif.–NorthMarq Capital has arranged a $5.5 million first mortgage for Siena Pointe-Trento Apartments, a 50-unit, 52,080 sq. ft. multifamily property, located in Santa Ana, Calif. Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. This was a full leverage loan with a fixed interest rate of 5.54 percent.Arbor Closes $3,442,500 Fannie Mae DUS LoanGreenville, N.C.–Arbor Commercial Funding LLC recently completed funding of a $3,442,500 loan under the Fannie Mae DUS Loan…

Columbia, Md.–Through its subsidiary, ESIC New Markets Partners LP, Enterprise Community Investment Inc. received $95 million in New Markets Tax Credit (NMTC) from the U.S. Treasury Department’s Community Development Financial Institutions Fund. Enterprise is one of 32 Community Development Entities (CDEs) receiving an allocation of the $1.5 billion in NMTC awards as part of the American Recovery and Reinvestment Act of 2009. This new allocation brings Enterprise’s total NMTC awards to $610 million, $515 million of which has previously been invested in low-income communities nationwide.Enterprise will dedicate its allocation to the creation of the Enterprise Green Communities New Markets Tax…

By Anuradha Kher, Online News EditorNew York–75 Wall Street, a 346-unit condominium project in Manhattan’s Financial District is now offering a Rent-To-Own Program, which allows buyers to rent at 75 Wall Street and apply a year’s rent toward the purchase price of the unit.178 units sold at this property were sold prior to the launch of this program two weeks ago. “Under this new plan, there are already 15 deals pending,” Larry Kruysman, sales director at 75 Wall Street, tells MHN. “The market has of course slowed down, but the biggest problem is that people are finding it very hard…

By Erika Schnitzer, Associate EditorSavannah, Ga.—The developers of Sustainable Fellwood, a new mixed-use, mixed-income LEED (Leadership in Energy and Environmental Design) for Neighborhood Development community, recently held a ribbon-cutting ceremony for its first phase, consisting of 110 units, and broke ground on phase two, which will encompass an additional 110 units.Master planner Melaver Inc. worked in partnership with the Housing Authority of Savannah, Parallel Housing Inc., Progressive Redevelopment Inc., Vanguard Developers and CHSA (Community Housing Services Agency) Development Inc. In addition to its LEED certification, Sustainable Fellwood is also registered for Southface Energy Institute’s EarthCraft Coastal Communities.Green features include cellulose…

New York–Out of the nine multifamily REITs rated by Moody’s, eight have stable outlooks and one has a negative outlook (Colonial Properties Trust). Meanwhile, the outlook for the sector is stable, according to the company’s REIT Outlook 2009 report. During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry have steadily eroded and the forecast for rental demand is more uncertain. For now, landlords face little pressure from households choosing homeownership. “While home affordability measures are rising, they are offset by an aversion to buy assets that are still falling in value, stricter…

By Anuradha Kher, Online News EditorColumbia, Md.–Enterprise Community Partners Inc. recently made several additions to its executive management team as well as expanded roles for many of the senior leadership members.Naomi Bayer (pictured), head of national initiatives and co-head of innovation;Lori Chatman, president, Enterprise Community Loan Fund;Paul Cummings, western region executive; Michael McNeely, chief financial officer; Ali Solis, policy and corporate affairs executive; andFaith Thomas, general counsel. The individuals listed in the following section were recently elected vice president of Enterprise Community Partners. Several of those listed below are leaders of Enterprise Impact Markets, which include New York, Baltimore, Washington, D.C., the Gulf…

By Anuradha Kher, Online News EditorPeoria, Ill.–Alliant Capital LLC has arranged an $8.7 million refinance of The Grove of Peoria (pictured), a 318-unit garden-style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan-to-value ratio.  “The Grove of Peoria is an anomaly in the current Chicago market,” says John Marr, senior vice president of Alliant Capital’s Stamford office and originator of this transaction. “With no population growth and an economy dealing with massive job losses, the area’s apartment market has taken…

By Anuradha Kher, Online News EditorMiami–A luxury triplex penthouse condominium in Miami, which was on the market since 2007, and originally listed for $25 million, has finally been sold but at a more than 50 percent discount.The original owner had listed the tri-level home, which is located in the exclusive 12-acre, oceanfront gated condominium development on the southernmost tip of Miami Beach, for $25 million, then dropped it to $15 million, and finally managed to sell it to a European bachelor for $9.9 million with help from Wall Street-based brokerage firm Platinum Properties. It took just 48 hours to close…

By Erika Schnitzer, Associate EditorGrover Beach, Calif.—RentShout has launched an online rental marketing service that allows property managers to create advertisements for their listings that are syndicated across the Web to rental sites and search directories.“Over 70 percent of renters start their searches online,” Misty Lackie, CEO of Go Smart Solutions LLC, the company that created RentShout and that provides self-serve advertising solutions, tells MHN. “The process it takes to enter listings in multiple directories is very time-consuming and cost-ineffective.” With RentShout, Lackie explains, property managers only have to enter their listing information into one database, which is then pushed…