Regions
New Affordable Housing Comes on Line in Irvine, Calif.
The nonprofit Jamboree Housing Corp. has completed its latest affordable housing project, the Arbor at Woodbury Apartment Homes, a 90-unit, six-building property in the company’s hometown of Irvine, Calif. The development is designed to provide housing for families earning between 30 percent and 60 percent of the area’s median income.
Stage Is Set for Resumption of Apartment Development, Say Webinar Speakers
Speakers at a recent webinar suggested that conditions are being laid now for developers to begin to look into apartment development again.
Shared Experience Is What It’s All About At Our Communities
Tom Sloan was recently appointed as vice president of Camden Property Trust’s eastern division. Sloan previously served as regional vice president in the company’s Washington, DC regional office. Sloan talks to MHN about the state of Camden’s eastern division portfolio, his projections for 2010 and the hot amenities for the year.
Marcus & Millichap Lists $10.9M REO Waterfront Site
Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Mizner Lakes, a 21.49-acre REO waterfront development site in West Palm Beach. The listing price is $10,992,000, or $16,000 per buildable unit.
Brookdale Acquires Remaining Interests in Properties for $102M
Brookdale Senior Living Inc. completed the acquisition of three retirement center communities that it previously managed. The aggregate purchase price for the communities was $102 million. Brookdale had previously owned a minority, though non-financial, interest in the communities.
Colliers Directs $9.25M Note Purchase From China Trust Bank
Colliers International has directed the notes sale of a 51,729-square-foot multifamily property at 18557 Saticoy Street in Reseda, Calif. The sale is valued at $9.25 million.
NorthStar Announces $95M Sale of Assisted Living P/F
NorthStar Realty Finance Corp. sold 18 assisted living facilities, containing approximately 1,300 beds, located in North Carolina to a private investor group for $95 million.
AFI USA Completes $267M Refi of Times Square Building
AFI USA, a subsidiary of Africa Israel, has completed a five-year refinancing of the Times Square Building for about $267 million, plus access to a revolving line of credit from Banco Inbursa SA that will enable the owners to execute a comprehensive repurposing and revitalization of the property. Five Mile Capital Partners LLC will convert its existing debt to equity to become a 50 percent equity partner in the property.
CBRE Brokers $52.5M Sale of 3 Apartments by Principal Financial
CB Richard Ellis has announced it arranged the sale and financing of a three-property portfolio of multi-housing communities located in Richmond’s West End.
CAS Financial Recaps Largest Affordable Housing Property
CAS Financial Advisory Services (CAS FAS) recently completed the recapitalization and preservation of Starrett City in Brooklyn, N.Y.