Regions

By Erika Schnitzer, Associate EditorMt. Prospect, Ill.—NorthMarq Capital has arranged $8.5 million in first mortgage financing for Huntingtown Towers (pictured), a 214-unit apartment community located in Mt. Prospect, Ill.Financing was based on a 10-year term with a 30-year amortization schedule. It was arranged for the borrower—Huntington LLC—though NorthMarq’s affiliate, AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender.The transaction was a refinance of an FHA 223 mortgage into a Fannie DUS loan. The deal rate, which was locked in seven days, was secured at 5.5 percent.Arbor Funds $2.43M Loan For Nine-Unit PropertyBrooklyn, N.Y.—Arbor Commercial Funding LLC has funded a…

By Erika Schnitzer, Associate EditorBretton Woods, N.H.—Celebration Associates has initiated the development of approximately 1,000 new homes—including both multifamily and single-family offerings—in four neighborhoods surrounding Mount Washington Resort, with the first offerings now available.Celebration Associates acquired Mount Washington Resort—which included the historic hotel and several other inns—in June 2006. In addition to the resort and ski area, Celebration purchased 900 acres—300 of which will be developed—explains Michael Brunetti, partner at Celebration Associates and director of development for Mount Washington Resort.The estimated $1.1 billion refurbishment and expansion that is anticipated to span over the next 10 years “truly has components that…

New York—Robert M. Roth, Esq., president and founder of Green Envy Development, has been selected to judge MHN’s second annual Green Initiative Awards. Roth’s work at Green Envy includes the development of the Silhouette, a four-story, four-unit condominium project in Brooklyn designed to meet both LEED (Leadership in Energy and Environmental Design) Platinum and Energy Star certifications.In addition, Roth is an adjunct professor at CUNY Brooklyn College, where he teaches real estate courses and a newly launched Green Business Course, and a registered mortgage broker with Exclusive Capital Consultants.The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by…

By Erika Schnitzer, Associate EditorAtlanta—Reduced completions and decelerating job losses are anticipated to stabilize Atlanta’s apartment vacancy, according to Marcus & Millichap’s second quarter Apartment Research Market Update on the Atlanta metro area. While approximately 3,300 units are slated for delivery this year, 4,500 units were completed in 2008. And 4,500 permits for multifamily housing were issued in the first quarter of 2009, down from 5,400 year-over-year.“Atlanta is not a supply-constrained market, so that lends itself to potential issues,”  John Leonard, regional manager of the Atlanta office of Marcus & Millichap, tells MHN. “I think at this point, we won’t…

By Erika Schnitzer, Associate EditorBoise, Idaho—A10 Capital, a firm that finances commercial real estate and provides advisory and management services to resolve troubled assets, has announced the establishment of its Lending Group to originate first mortgage commercial real estate loans and provide financing to investors for distressed debt purchases secured by commercial real estate. “We fill a void in the marketplace today between conventional lending sources and hard money lenders,” Jerry Dunn, CEO of A10 Capital, tells MHN.A10 Capital positioned itself for today’s market by raising over $100 million in committed capital from large institutions, Dunn says. “We essentially had…

By Anuradha Kher, Online News EditorMiddlesex County, N.J.–NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, has closed a $7.5 million multifamily loan on a 312-unit apartment complex in Middlesex County, N.J. NorthMarq closed the loan in 29 days from deal identification. The borrower secured a favorable 5.27 percent rate on a 10-year loan based on a 30-year amortization. Hendricks & Partners Arranges Sale of Two MF Properties for Over $2MCarlsbad, Calif.–Hendricks & Partners arranged sale of two properties including nine-unit Oak Villa Apartments, located at 3095 Harding St. in Carlsbad, Calif., which sold for $1,340,000,…

By Anuradha Kher, Online News Editor Boca Raton, Fla.–Chairman and CEO of The Altman Cos., Joel Altman (pictured), is a finalist for the Ernst & Young 2009 Florida Entrepreneur Of The Year Award in the real estate and construction services category.  Category winners for the award, which recognizes entrepreneurs who demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities, will be announced in June.Regional award winners are eligible for consideration for the Ernst & Young LLP Entrepreneur Of The Year national program. Capital Markets Associates Team Joins HFF Office in San FranciscoSan…

By Keat Foong, Executive Editor Washington, D.C.— U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has announced HUD’s budget for Fiscal Year 2010. The budget includes measures to “substantially” increase funding for Section 8 tenant-based rental vouchers; increase funding for, and fully fund, the Community Development Block Grant (CDBG) program; and contribute $1 billion towards the National Housing Trust Fund (NHTF). The gross budget authority proposed for HUD for FY2010 is $46.344 billion, a 10.8 percent increase over the gross budget authority of $41.833 billion for FY2009.In a teleconference with reporters, Secretary Donovan suggested a renewed focused by HUD…

By Erika Schnitzer, Associate EditorAspen, Colo.—ModSystemSB Inc. has completed Holiday House, a 25-unit modular workforce housing project designed for LEED (Leadership in Energy and Environmental Design) Platinum certification, for the Aspen Skiing Co. (SkiCo). The entire project—from digging the foundation to delivering the modules—took five months, Bill Boyd, general manager of ModSystemSB Inc., tells MHN. Traditionally built, the housing development would have been a 13- to 14-month project, he adds.”Everything takes a lot longer in the mountain environment, and it was also an infill project, so when you don’t have room to bunk materials on the site, that winds up…

By Anuradha Kher, Online News EditorWashington, D.C.–Following confirmation by the U.S. Senate, Ron Sims has been sworn in as the deputy secretary of the U.S. Department of Housing and Urban Development.   As the second most senior official at HUD, Sims will be charged with managing the HUD’s day-to-day operations, a nearly $39 billion annual operating budget, and the agency’s 8,500 employees.Sims replaces Roy A. Bernardi. (Pictured: HUD Secretary Shaun Donovan (right) administers the oath of office to Deputy Secretary Ron Sims as Sims’ wife, Cyan Topacio, holds the Bible.)”President Obama, Secretary Donovan, and Congress have all voiced a clear expectation…