Regions

By Anuradha Kher, Online News EditorMinneapolis–Colliers Turley Martin Tucker (Colliers) recently completed the sale of Riverview at Upper Landing Apartments (pictured) to Boston-based Intercontinental Real Estate Corp., which acquired the property on behalf of U.S. Real Estate Investment Fund LLC for $43.3 million.Riverview at Upper Landing Apartments is a Class A urban infill project consisting of two buildings located at 400 Spring St. in St. Paul, Minn. The buildings include 344 apartment units and 482 below grade parking.  Hendricks & Partners Completes Sale of 984-Unit Portfolio for $24MTulsa, Okla.–Hendricks & Partners recently arranged the sale of the Tulsa Four Portfolio,…

By Anuradha Kher, Online News EditorLos Angeles–NorthMarq Capital has arranged a $100 million credit facility addition for two multifamily complexes, featuring a combined total of 776 units, located in Southern California. Bunker Hill Towers (pictured) is located in Los Angeles and comprises 456 units. Meadowood Apartments is located in Simi Valley and features 320 units. Financing was based on a five-year term with two one-year extensions with a full-term interest only revolving facility and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac. After Being on Market for Three Years, The Argyle Sells for Over…

By Erika Schnitzer, Associate EditorBellevue, Wash.—Puget Sound Energy (PSE), Washington state’s oldest and largest energy utility, and a subsidiary of Puget Energy, recently awarded $650,000 in grant agreements for the company’s Multifamily New Construction program, which helps new communities that are incorporating energy conservation into their buildings.”Conservation is a big priority,” notes Rebekah Anderson, corporate communications program manager at PSE. “People are using more electricity and there’s a lot of population growth in Washington. The combination means more demand for electricity,” but if energy conservation measures are taken, “we can supply it without adding to the infrastructure.”Six developers were awarded…

By Anuradha Kher, Online News EditorLawrenceville, Ga.–Apartment Finder has signed on an online partnership with OLX.com to publish its apartment rental listings on the web. Through this alliance, Apartment Finder hopes to deliver greater online exposure and leads for its advertisers to apartment shoppers in the 84 countries that OLX.com serves. “We understand how vitally important it is for consumers to interact with our advertisers’ listings when they are shopping for an apartment,” says Marcia Bollinger, president, Apartment Finder. “That is why we look for every opportunity to help make that connection, especially on the web. Our partnership with OLX.com allows…

By Keat Foong, Executive EditorAnn Arbor, Mich.—Given its location in Michigan—the state with the troubled automobile industry and the highest unemployment rate in the country—how did a 44-unit property here obtain financing recently? The answer is that Ann Arbor is one of the “pockets of stability” in the state, according to Aaron Klein, president of the Ann Arbor-based Commercial Mortgage Capital Inc. (CMC).   “Getting deals done in Michigan is very, very difficult,” says Klein. “However, Ann Arbor remains one of the few markets perceived by institutional lenders as being viable.” The community is in fact a “very good property,” says…

By Anuradha Kher, Online News EditorIrvine, Calif.–Sycamore Urban Properties, a firm that specializes in acquiring and stabilizing new and converted condominium properties that have fallen into distress since the housing bubble burst, recently made its first acquisition. The company acquired a 41-unit, newly constructed townhome development in Rancho Cucamonga, Calif. Sycamore Urban purchased the note for the Rancho Cucamonga asset in September 2008 and successfully navigated through the bankruptcy process, taking title to the property via foreclosure in early March.“There are very few sources of debt that are attractive right now, except for the agencies,” Sycamore Urban President Mitchell Bradford…

By Anuradha Kher, Online News EditorEden, N.Y., Holland, Mich.–Love Funding recently closed three loans, totaling $9,526,300, for two assisted-living facilities and one multifamily housing complex located in three different states.  Midwest Regional Director Bruce Gerhart secured $8,825,100 in financing for two assisted living facilities in New York and Michigan. He closed a $4.9 million refinance loan for the Eden Heights of Eden (pictured), which is located in Eden, N.Y. and features 74 units and 120 beds. Terms of the loan, which was financed through HUD’s 232/223(f) loan program, include a 6.05 percent interest rate and a 33-year amortization. Gerhart also…

By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae invested a total of $35.5 billion in multifamily housing in 2008. Red Mortgage Capital, Citibank and Sovereign Bank, FSB produced the greatest volumes in flow (all loans including Delegated Underwriting and Servicing), seasoned pools and structured transactions, contributing over $9 billion dollars collectively. Fannie Mae also announced the top originators of its DUS multifamily debt financing product, which is the company’s primary multifamily lending platform for the past 20 years. Fannie Mae DUS lenders were responsible for over 90 percent of the Fannie Mae multifamily debt business in 2008.“Fannie Mae and its…

By Anuradha Kher, Online News EditorAuburn, Ala.–Aerowire is a technology company that provides wireless Internet connections to multifamily projects as well as municipalities and offices. The company, which was founded by President Butch Brock three years ago, claims to provide a faster alternative to other high-speed Internet access options by installing a small 12-in. x 4-in. antenna on the roof of a building. Any building’s existing wiring (or laptops with wireless internet cards) can be used to deliver connections to the Internet.“Student housing properties are our primary customers,” Bill Lavers, vice president of development at Aerowire, tells MHN. “We have…

By Anuradha Kher, Online News EditorRiviera Maya, MEXICO–Grupo Grand Coral, owned by Spanish financial houses including Bancaja and Banco de Valencia, has unveiled plans for Grand Coral Riviera Maya, a 6,900-unit resort condominium community located on 561 acres in the coastal town, Playa del Carmen. In addition to the condo project, the $2.5 billion investment will feature hotels, resorts, an 18-hole Nick Price golf course and entertainment and retail/restaurant outposts.Construction phases are estimated to take place over the next 10 years and $700 million has been invested to date. Mareazul (pictured), a 300-unit luxury beachfront condominium community, is currently under…