Regions

McLean, Va.–The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS). Last year at this time, the 30-year FRM averaged 6.26 percent.   The 15-year FRM this week averaged 4.63 percent with an average 0.7 point, down from last week when it averaged 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent.  This is the third consecutive week that the rate fell. The 30-year FRM…

By Anuradha Kher, Online News EditorStatesboro Ga. and Columbus, Ohio–KeyBank Real Estate Capital recently provided $16.5 million from an existing $200 million Fannie Mae structured credit facility extended to Campus Apartments in January 2008. Consistent with the original terms of the facility, Key provided a $14.6 million variable rate DMBS advance for Campus Crossing at Statesboro Ga. and $1.9 million for The Seneca in Columbus, Ohio. Campus Crossing at Statesboro is a garden student housing property consisting of 600 beds in 168 units. Built in 2008, Campus Crossing at Statesboro serves Georgia Southern University. The Seneca was formerly the Seneca Hotel,…

By Erika Schnitzer, Associate Editor New York—Manhattan may be showing some signs of a recovery, according to CORE’s Quarterly Real Time Report, Second Quarter 2009, a culmination of snapshots of current market inventory, pricing and absorption. However, whether this is due to seasonal activity or pent-up demand remains to be seen, notes Shaun Osher, founder and CEO of CORE Group Marketing LLC, a boutique luxury real estate firm specializing in resales, new development sales, marketing and rentals.The report shows that the Manhattan residential market is in a stage of absorption recovery; June 2009 had more than four times the volume…

General Aharon Zeevi Farkash, a security expert who previously served as head of Israeli Military Intelligence, established FST21 in 2007 with the mission of providing preventive security solutions to increase safety and enhance tenant quality-of-life in residential, commercial & mixed-use buildings. He is the chairman & CEO of FST21 Ltd. based in Tel Aviv, Israel.Farkash talks to MHN Online News Editor Anuradha Kher about the importance of security in multifamily buildings and the new technology developed by his company that provides security through face, voice, license plate and behavior recognition. MHN: What is the reason security needs to be considered…

By Anuradha Kher, Online News EditorBoston–Boston Capital has opened Boston Capital Tax Credit Fund XXXII, a $150 million diversified portfolio of affordable apartment properties throughout the U.S.    “Given the high quality of assets in Fund XXXII, we anticipate strong investor interest in this offering,” says Kevin Costello, director of Institutional Investing at Boston Capital. “With the rise in LIHTC yields to the double digit, after-tax level and the drop in Treasury rates, yield spreads are back to levels not seen since 1993. These economic factors, in addition to the ability to use the credit to reduce alternative minimum tax…

By Anuradha Kher, Online News EditorWashington, D.C. –The Government National Mortgage Association (Ginnie Mae) has announced that it issued more than $43 billion in mortgage-backed securities (MBS) in June. For the first six months of calendar year 2009, Ginnie Mae provided nearly $207 billion of liquidity to the secondary market, compared to nearly $107 billion for the first six months of 2008.”The extraordinary strength of our MBS program clearly demonstrates the continuing need for Ginnie Mae securities in the secondary market,” says Joseph Murin, Ginnie Mae president. “Ginnie Mae’s ability to provide a safe security for investors and critical liquidity…

By Anuradha Kher, Online News EditorPlano, Texas–Walker & Dunlop provided a $7,400,000 refinance loan for Lockwood Avenue Apartments located in Los Angeles. The loan was structured with a five-year term and a 30-year amortization. The loan was underwritten to a 74 percent loan-to-value with a 1.28x debt-service coverage ratio. Lockwood Avenue Apartments features two three-story buildings, totaling 72 units, constructed in 1966. The property was 97 percent leased at closing. Arbor Closes $2,239,700 Fannie Mae DUS Loan  Riverside, Mo.–Arbor Commercial Funding recently completed funding of a $2,239,700 loan under the Fannie Mae DUS product line for the 116-unit complex known…

Redondo Beach, Calif.–Web Service Company has expanded its operations by entering into a collaborative partnership with Fowler Commercial Laundry Solutions. Fowler provides commercial laundry services in several states across the country and Web Service Co. will be responsible for providing management and service for Fowler’s common area laundry facilities on the West Coast.Earlier this year, Web was named the 2008 Multiple-Housing Excellence Award winner by Maytag Commercial Laundry. Additionally, it has received the “Readers Choice Award” from Apartment Finance Today four years in a row. “In addition to its commitment to provide superior customer service and products, Web offers a variety…

By Mike Manning, Vice President of Marketing, LoopNet Inc.Real estate marketing, be it at the corporate, property or personal level, has always relied heavily on relationships. As we know, people do business with people they like, know, trust and can rely on for good information. The surging popularity of social media sites such as Facebook, LinkedIn and Twitter (which have seen their traffic increase by between 100 and 1,000 percent over the past year) can be explained largely by the effectiveness with which some people are using them to develop and enhance relationships.At LoopNet, we have observed a significant and…

By Anuradha Kher, Online News EditorWashington, D.C.–The Department of Housing and Urban Development (HUD) s making available $113 million in HOPE VI funding. Donavan announced this while speaking on the future of urban revitalization at the National Press Club during the Brookings Institution’s event, “From Despair to Hope: Two HUD Secretaries on Urban Revitalization and Opportunity.” Former HUD Secretary Henry Cisneros and Donovan engaged in a discussion about the HOPE VI revitalization program and the Obama Administration’s proposed Choice Neighborhoods Initiative, which seeks to build on the lessons from HOPE VI and expand urban revitalization beyond public housing.   “The HOPE…