Regions

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales—including single-family, townhomes, condominiums and co-ops—increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, according to the National Association of Realtors (NAR). Despite the increase, the number is 3.5 percent below the 4.85 million-unit level in April 2008. Existing condominium and co-op sales increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing…

By Anuradha Kher, Online News EditorNew Britain, Conn.–NorthMarq Capital’s Capital Services Group East and NorthMarq Capital’s Miami office recently arranged both the sale of and first mortgage financing for Pebblebrook Apartments (pictured), a 486-unit multifamily property, located in New Britain, Conn. The property was purchased for $28.64 million. The financing of $23.599 million was based on a 10-year term with a 30-year amortization schedule with one-year interest only. NorthMarq arranged the financing for the borrower through its seller-servicer relationship with Freddie Mac. Arbor Closes $3,442,500 Fannie Mae DUS LoanGreenville, N.C.–Arbor Commercial Funding LLC recently completed funding of a $3,442,500 loan…

By Erika Schnitzer, Associate EditorNew York—Stellar Management and the Chetrit Group’s Columbus Square, a green mixed-use community comprised of five buildings, 710 apartments and 300,000 sq. ft. of retail space, is set to open two of its buildings this summer.The 15-story, 100-unit 801 Amsterdam Avenue and the 29-story, 359-unit 808 Columbus Avenue are slated for delivery this summer, with the 12-story, 56-unit 775 Columbus Avenue, the 15-story, 132-unit 795 Columbus Avenue and the 14-story, 63-unit 805 Columbus Avenue slated to follow within the next 12 months. Roughly one building is slated to open every three months for the next year,…

By Anuradha Kher, Online News EditorAtlanta–An auction held at the Cosmopolitan at Buckhead helped the condominium project sell 43 units in two hours. Over 250 people attended the event. The 244-unit Cosmopolitan has been on the market since early 2007, but after the credit crisis hit and the economy started slowing down, demand for the condos dipped too. Now, about 50 units remain unsold.After observing a couple of other buildings auctioning their units, developer Morris J. Kaplan Communities decided to have an auction for Cosmopolitan.“We started to see a decrease in demand due to uncertainty in the economy, fall in…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac has launched Series K-003 Structured Pass-Through Certificates (“K Certificates”), multifamily mortgage-backed securities that provide a new vehicle for the agency to provide liquidity, stability and affordability to the multi-housing market in the U.S.The K Certificates are backed by approximately $1 billion in multifamily mortgage loans originated through Freddie Mac’s Capital Markets Execution (CME) program. They will be offered to the market by a network of dealers led by Deutsche Bank Securities Inc. The K Certificates, which are expected to settle in June 2009, are backed by 62 recently originated multifamily mortgages and…

By Keat Foong, Executive Editor Costa Mesa, Calif.—What is the solution when developers find out that a new construction can qualify for only a lower takeout loan due to the declining market? They can sell interests to more partners. That is the solution chosen for Glo, a 201-unit, mixed-use apartment community in downtown Los Angeles, brokered by Moran & Co. Boston-based Berkshire Property Advisors LLC purchased the property for $47.5 million, or $236,318 per unit, from a joint venture between Vancouver, Wash.-based Holland Partners and other equity participants. Both Berkshire and Holland will now be co-general partners in the deal….

By Anuradha Kher, Online News EditorOakton, Va.–Forward Capital LLC has promoted Dr. Richard Moody (pictured right) to chief economist and director of research for Forward Capital and all of its operating entities, which includes Mission Residential. Moody was previously the chief economist and director of research of its Mission Residential unit.Moody joined Mission Residential in 2006 to oversee the company’s micro and macroeconomic analysis team. He and his research team delivered local, regional and national supply/demand/balance metrics in real estate on a regular basis, as well as studying macroeconomic trends to help drive the firm’s multifamily acquisitions and portfolio practices.Before…

By Anuradha Kher, Online News EditorTinley Park, Ill.–NorthMarq Capital’s Chicago regional office has arranged first mortgage financing of $8.1 million for Edenbridge Apartments, a 309-unit mid-rise, garden and townhouse multifamily property, located in Tinley Park, Ill. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Edenbridge LLC, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. According to NorthMarq, the borrower chose to prepay existing mortgage to lower the interest rate and secure long-term fixed-rate debt at very attractive interest rate of approximately 5.5 percent. Alliant Arranges…

By Erika Schnitzer, Associate Editor    Long Beach, Calif.—In today’s trying economic conditions, developers nationwide are finding it more and more difficult to sell their recently completed condominiums to interested parties. With the credit markets frozen, even those who use these units as investment opportunities are often unable to purchase them. While some developers have turned to a rental exit strategy, others have found that their contracts with their lenders make this rather complicated, if not impossible.In a recent ruling that found in favor of the developer, Gateway and 4th, an arbitrator banned the sale of Blu, an 82-unit, mixed-use condominium…

By Keat Foong, Executive EditorNew York—There is now a new showroom to help users apply DuPont Corian surfacing material in all kinds of ways. The material can be molded for countertops, flooring, bathtubs, sinks, vanities, and even headboards, radiator covers and seating for the kitchen, bath, and basically all areas of the multifamily home as well as common areas.   DuPont, surface solutions provider Evans & Paul and marketing distributor Dolan & Traynor are unveiling the flagship showroom, the DuPont Corian Design Studio, located in the Flatiron district in New York.  The 5,000 square-foot space is an interactive workshop where design…