Regions

By Anuradha Kher, Online News EditorRoswell, Ga.–Arbor Commercial Funding LLC recently completed funding of a $10,614,100 loan under the Fannie Mae DUS ARM product line to refinance the 312-unit complex known as Kings Bridge (pictured) in Roswell, Ga.The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.Meridian Capital Arranges Over $2M for 89-Unit Rental CommunityHarrisburg, Pa.–Meridian Capital Group recently arranged $2,700,000 in financing for the Quail Run Apartments located in Harrisburg, Pa. The property features a total of 89 residential apartments and is located at 4001 Rawleigh St. Meridian’s New Jersey office negotiated on…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales declined in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to the National Association of Realtors. At the same time, inventories fell to a two-year low.Lawrence Yun, NAR chief economist, says there was understandable hesitation by some homebuyers. “Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus,” he says. Existing-home sales–including single-family, townhomes, condominiums and co-ops – fell 5.3 percent to a seasonally adjusted annual rate1 of…

By Anuradha Kher, Online News EditorCincinnati, Ohio–London Computer Systems Inc. (LCS), developer of Rent Manager software, is partnering with Paychex, provider of payroll and payroll tax services, Human Resource services, 401(k) plans, insurance and time and labor solutions. The Rent Manager software was developed in 1982 to help property owners/managers more efficiently handle their properties, accounting, maintenance, utilities and prospects.The partnership between Rent Manager and Paychex has resulted in a feature that allows Rent Manager users to import their payroll data file (in .QIF, .IIF or .CSV formats) into Rent Manager, where it will automatically update in the general ledger….

By Anuradha Kher, Online News EditorWashington, D.C.–While there has been ample coverage on foreclosures and how they are affecting buyers, the impact of foreclosed homes on renters is often ignored.According to a new report, “Without Just Cause,” sponsored by the National Low Income Housing Coalition (NLIHC) and the National Law Center on Homelessness & Poverty (NLCHP), homelessness across the country is rising in the current market. The study, which has also received pro bono assistance from the law firm of WilmerHale, reveals that renters of foreclosed properties are among those most at risk of homelessness. The report outlines the rights,…

By Erika Schnitzer, Associate EditorKansas City, Miss.—The Missouri Alliance for Historic Preservation (MAHP) will honor the project team of East Armour Apartments, a 303-unit affordable historic preservation project, at the 2009 Preserve Missouri Award.Portland, Maine-based Eagle Point Cos., Kansas City, Miss.-based Rosemann & Associates PC and Shawnee, Kan.-based Straub Construction will be honored.   The five-building, three-site community—comprised of Georgian Court, The Bainbridge and Linda Vista Apartments—is a historical landmark that has played a large role in the community’s urban renewal efforts, which include additional historic preservation projects.Eagle Point Cos. purchased the three properties, which offer one- and two-bedroom residences, in…

By Anuradha Kher, Online News Editor Uniondale, N.Y.–Arbor Commercial Funding LLC recently completed funding of four loans totaling $6,623,800 under the Fannie Mae DUS product line. The loans include:$1.6 million under the Fannie Mae DUS product line for Amber Square (pictured), a 64-unit community located in San Antonio. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent. $1,339,800 under the Fannie Mae DUS product line for the Pebble Beach Apartments, a 61-unit complex located in Universal City, Texas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent….

By Anuradha Kher, Online News EditorChicago–Fifty-three percent of nationwide lenders to the commercial real estate sector expect loan production to increase in 2009 versus 2008, according to findings from Jones Lang LaSalle’s annual 2009 Loan Production Outlook survey. Private equity lenders and government agencies expected increased lending, with an average rise in production up to 20 percent in 2009 while the surveyed banks and life companies all expected a volume decrease of about 30 to 80 percent in 2009.The Jones Lang LaSalle survey was distributed to 50 lenders, including a mix of life insurance companies, commercial mortgage-backed securities (CMBS) dealers,…

By Anuradha Kher, Online News EditorFt. Lauderdale–Mounting financial pressures caused by bank foreclosures have negatively impacted the ability of communities to comply with state-mandated fiscal requirements and are undermining delivery of services critical to the upkeep, repair and safety of condos and Homeowners Associations statewide, according to a new survey of Florida’s condominium, homeowner and other community association property owners.In a report titled “State of Distress: The Mortgage Foreclosure Crisis within Florida’s Condominium and Homeowner Association Population,” two-thirds (65.3 percent) of respondents living in communities hit by mortgage foreclosures said lender foreclosures are “causing a revenue shortfall that is placing…

By Keat Foong, Executive EditorPembroke Pines, Fla.—A recent transaction brokered by Apartment Realty Advisors (ARA) demonstrates that condominiums can be readily sold in this market for the right price—in this case, at $55,000 per unit. ARA’s Florida division arranged the bulk sale of 26 remaining condo units at the 250-unit garden apartment-style La Via Condominium located here. Shaoul Mishal, president of Israel-based Gamla-Cedron Group purchased the units for $1.43 million, or $55,000 per unit. This price compares to an average condo sales price of about $230,000 per unit at the height of the market, says Avery Klann, senior vice president…

By Erika Schnitzer, Associate EditorDallas—CAS Partners has introduced new branding to support its expansion into client-focused multifamily real estate services. “I think that continuing to do things the way we have always done them and expect different results is not going to serve us well in these turbulent times,” Toni Portmann (pictured), CEO of CAS Partners, tells MHN. “I think that our company, and everyone in the industry, needs to reinvent themselves around what the client needs and wants.”She explains that in these economic times, property owners looking for higher levels of profitability must reconsider how they manage their properties,…