Regions

By Anuradha Kher, Online News EditorFremont, Calif.–NorthMarq Capital  has arranged a $23.025 million first mortgage financing for Stevenson Place Apartments (pictured), a 200-unit multifamily complex, located in Fremont, Calif. Financing was based on a 10-year term plus a one-year floating option with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. KeyBank Real Estate Closes $7.3M Loan for 82-Unit Rental CommunityKent, Wash.–KeyBank Real Estate Capital recently closed a $7.3 million Fannie Mae loan for a multifamily property in Kent, Wash. Key provided the funding to Schneider Homes to refinance The…

By Anuradha Kher, Online News EditorChicago–Magellan Development Group has topped off Aqua, its 82-story tower at the east end of the Lakeshore East village just north of Millennium Park in Chicago. The rental component of the project, featuring 474 units will occupy 33 floors between the 19th and the 52nd floor. The mixed-use tower, which comprises a hotel on the first 19 floors and condominiums on the last 30 floors, will be complete by fall of this year.“The rental demand in this neighborhood is very good,” Tricia Van Horn, vice president of marketing at Magellan Development Group, tells MHN. “Concessions…

By Anuradha Kher, Online News Editor Miami–CondoReports.com has recently launched its Web site, which utilizes proprietary technology to offer free reports and information on nearly 2,000 condominium and townhouse communities in Miami-Dade County in Florida. The Web site provides market information, pricing, sales, listings, foreclosures and ownership for each building.  “Whether you’re a buyer, seller, owner, realtor, lender, investor, appraiser or institution—CondoReports will change the way you research and evaluate condominium ownership, lending and transaction decisions,” Adam Cappel, president of CondoReports.com says. CondoReports.com does not provide general market statistics, instead producing reports specific to the building a client is interested in. In…

By Anuradha Kher, Online News EditorMcLean, Va.–Freddie Mac’s board of directors has named John A. Koskinen (pictured) as the company’s interim CEO and Robert R. Glauber as its interim non-executive chairman. Both appointments will be effective upon the resignation of current CEO David M. Moffett, who is resigning from his position as CEO and member of the board this week.Koskinen has served as non-executive chairman of Freddie Mac since September 2008. Previously he was president of the United States Soccer Foundation for four years, deputy mayor and city administrator of Washington, D.C. from 2000 to 2003, assistant to the president…

By Keat Foong, Executive EditorRosenberg, Texas—It is still possible to sell apartments in this market, and the Brazos Ranch transaction brokered by Apartment Realty Advisors (ARA) provides an example of deals that are closing. “In light of the current environment, everyone involved in the transaction was thrilled to get Brazos Ranch closed. Deals are still happening but the finish line is not as easy to reach as it once was,” says ARA Houston Principal David Wylie.  Wylie represented the Houston-based seller, Judwin Properties Inc. Steve Alvis of NewQuest represented the buyer, Inland Real Estate Acquisitions Inc., the purchasing arm of…

By Anuradha Kher, Online News EditorStamford, Conn.–HFF has arranged $32.2 million in first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of Newbury Common Apartments (pictured) in Stamford, Conn.  HFF worked on behalf of Seaboard in arranging the fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corp.). Newbury Common Apartments is located at 1450 Washington Blvd. in Stamford’s central business district near the Stamford campus of the University of Connecticut. It has two towers with 261 units, which are 96 percent leased as well as 9,000 sq. ft. of commercial space plus a 295-space underground parking…

By Erika Schnitzer, Associate EditorLos Angeles—Urban Partners LLC has received honors for “Outstanding Developer” and “Outstanding Project” in the Los Angeles Business Journal’s real estate awards issue, which is focused on the best in local transit-oriented development.  “Our transit system, relative to the planning process, has been at odds since the end of World War II,” John Hrovat, director of operations at Urban Partners, tells MHN. “We are trying to cut back and fight the sprawl that’s taken place since then.” Urban Partners’ $150 million Del Mar Station (pictured, at right), a 347-unit mixed-use, transit-oriented development on Pasadena’s Gold Line,…

By Anuradha Kher, Online News EditorWashington, D.C.– The National Multi Housing Council (NMHC) and National Apartment Association (NAA) will in 2009, working together through their joint legislative program, work on ways to bring about a more balanced federal housing policy toward the apartment market.The two associations say restoring access to capital is the highest legislative priority of the apartment industry in 2009 and the two organizations will do what they can to ensure that the voice of the apartment industry is heard.NMHC/NAA has released their 2009 public policy agenda as part of NAA’s annual Capitol Conference, which brings apartment professionals…

By Anuradha Kher, Online News EditorNew York–Since the bubble in the resort condominium market burst in 2005, the industry has been facing a decline in prices as well as in number of transactions. Now with the severe downturn in the economy, unemployment and loss of consumer confidence, the industry is suffering all the more.But Anthony O’Brien, senior vice president of resort services for The Playground, developer of resort condo communities, is optimistic about growth in the sector. “The buyer today is really looking for the deal, the opportunity to buy in this marketplace where prices have gone down. Our company…

By Anuradha Kher, Online News EditorRichmond, Va.–Jones Lang LaSalle recently arranged the sale of a pair of student housing buildings on the Virginia Commonwealth University campus in Richmond, Va., for $19.3 million.Kanye Anderson Real Estate Partners purchased the two buildings, RAMZ Hall (pictured), located at 933 West Broad St., and Capital Garage, located at 1301 West Broad St., for a combined $19.3 million.RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments, located just two blocks from Capital Garage. The ground floor has over 15,000 sq. ft. of retail, which is 100 percent occupied with retail…