Regions
SPECIAL REPORT: Educational Sessions at MBA Conference Track Mortgage Bankers’ Concern with Problem Loans
Las Vegas—Master servicers are witnessing greater numbers of borrowers trying to force the transfer of their loans to special servicing, according to Kevin Donahue, senior vice president of PNC Real Estate/Midland Loan Services Inc. “Borrowers are becoming a little savvier” in pursuing their alternatives, said Donahue. They understand that the master servicer cannot perform “material modifications” on the loan, he said.
HUD Funds Greening of Harlem Apartment Community
The U.S. Department of Housing and Urban Development has awarded the West 135th Street Apartments, a 10-building complex in the Harlem neighborhood of New York City, a $3.6 million Green Retrofit Program (GRP) loan, the first of its kind to a multifamily residential property. The GRP loan will provide part of the funding necessary to make major renovations to the property, with an aim toward increasing its energy efficiency, reducing utility costs and otherwise greening the residences.
42-Story Crystal Point Wins Community of the Year Award
Most high-rise developments often have one thing in common: long, uninspiring hallways. But a new 42-story condominium project, Crystal Point, tries to change things up a little. The building is planned in such a way that its corridors are cut in half with elevators positioned in the middle of the residential floors. This provides the building with a very intimate feel, which is what the architects intended.
Crescent Resources Multifamily Property Wins First-in-State LEED Certification
The 312-unit Circle at Concord Mills, a multifamily garden community, has earned this distinction of having the first building in Cabarrus County, N.C.–its clubhouse–to earn Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. According to the developer, Charlotte-based Crescent Resources, the certification is also the first for any part of a multifamily garden community in the entire state.
MARKET SNAPSHOT: Sacramento Supply Constraint a Bright Spot
The biggest bright spot for the multifamily market in the Golden State’s capital is the fact that there is no new supply coming online, which will eventually lead to positive absorption, notes Mark Leary, principal in ARA’s (Apartment Realty Advisors) Pacific office. In addition, the shadow market is on the decline.
Harkins Begins Construction on Six State-Funded Projects Within 45 Days
Harkins recently completed loan closings on six projects and has begun construction on all in a matter of 45 days. These projects, located in Pennsylvania and Maryland, are funded by a variety of programs, including the Low Income Housing Tax Credit (LIHTC), and the Tax Credit Assistance Program (TCAP) and Section 1602 Exchange funds that are part of the American Recovery and Reinvestment Act (ARRA) of 2009.
Most Multifamily Properties Won’t Need Refi Soon: MBA Report
According to the Mortgage Bankers Association’s 2009 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes released this week, the volume of commercial and multifamily mortgage debt maturing this year and during 2011 is only about one-fifth of the total. Of the $1.45 trillion balance of outstanding mortgages held by non-bank investors, only 13 percent of the total ($183.9 billion) will mature in 2010 and 7 percent ($99.8 billion) in 2011.
SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear
The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.
Michaels Organization Taps Sweeney for Michaels Military Housing
The Michaels Organization has named Bill Sweeney as director of facilities management for Prestige Renovations, one of the six companies that comprise Michaels. In his new job, Sweeney will oversee facilities management and renovations at the five military installations where Michaels Military Housing is currently developing and managing family housing under the Department of Defense’s housing privatization program.
Bankruptcy Was Not an Option for Largest Failure in CMBS History
In a remarkable move, Tishman Speyer Properties and BlackRock Realty, last week turned the 80-acre properties Stuyvesant Town and Peter Cooper Village back to its lenders. With investors in the project having defaulted and the properties now being valued at less that $2 billion, this seemed like the only option. Just three years ago, the two companies bought the 11,000-unit developments for close to $6 billion.