Regions

By Anuradha Kher, Online News EditorWashington, D.C.–President Obama’s newly unveiled  $75 billion Housing Affordability and Stability Plan, which is aimed at avoiding foreclosures, may be the much needed relief for many individuals on the brink of losing their homes. While it was praised by some housing groups, others said the plan isn’t the best course of action the economy needs right now.Conrad Egan, president and CEO of the National Housing Conference, commended the Admininstration for its “ambitious multi-pronged approach” to address the foreclosure crisis. He said the plan could likely head off millions of foreclosures. “In particular, by offering incentives…

By Erika Schnitzer, Associate EditorNew York—EquityInterface.com, a Website that introduces real estate developers and syndicators to individuals and private equity companies looking for investment opportunities, has identified $800 million in equity financing in the past month, according to the company.Originally launched as a beta site in 2008 and relaunched this January, Equity Interface is a listing service where developers can list deals that require equity and partnerships, and investors can log on and find opportunities, Nikolas Kron (pictured), founder of EquityInterface.com, tells MHN. “This is more necessary now than ever before. Banks aren’t lending to the degree they were, and…

By Anurdha Kher, Online News EditorSan Francisco–MyNewPlace, an apartment and home rentals site, has added a Facebook Connect functionality to its Web site, allowing its users to get feedback on prospective apartments, condos and home rentals by posting property information to their Facebook page. MyNewPlace is probably the first real estate and apartments Web site to implement Facebook Connect, allowing consumers to tap into their social graphs as they decide where to live.“Most people want the opinion of friends, family and roommates before choosing a new place to live,” says Mark Moran, vice president of marketing and business development for…

By Anuradha Kher, Online News EditorNew York–Meridian Capital Group recently arranged a first mortgage loan in the amount of $32 million for the refinance of 222 West 83rd St. on the Upper Westside of Manhattan. The 13-story luxury property features 111 rental units and four commercial units. Avi Weinstock of Meridian’s New York office negotiated a low fixed interest rate of 5.85 percent with five-years of interest-only payments with a local lender.Arbor Closes Three DUS Loans Totaling Over $6M Houston, Albuquerque, N.M. and Phoenix–Arbor Commercial Funding LLC recently funded three loans totaling $6,990,600 under the Fannie Mae DUS product line. These…

By Anuradha Kher, Online News EditorBaltimore–Miller’s Court, a 40-unit mixed-use rental community designed especially for Baltimore’s teachers, the organizations that support them and the communities they serve, will be completed by mid-2009. The $21.9 million project will also feature 31,000 sq. ft. of office space and 1,000 sq. ft. of retail space.The project will involve historic rehabilitation of the H.F. Miller and Sons Building, a former tin box manufacturing plant erected at the turn of the 20th century, which has been vacant in Baltimore’s Charles Village neighborhood since the early 1990s. The industrial-style design will feature loft-style apartments with exposed…

By Anuradha Kher, Online News Editor Jersey City–77 Hudson, a luxury condominium tower in Jersey City, N.J., developed by K. Hovnanian Homes, is receiving global interest, with international buyers making up over 25 percent of its 2008 sales. In order to build on this success and to further market the project, Coldwell Banker Hunt Kennedy has been retained to represent the development to the New York and international brokerage community.  77 Hudson, designed by the award-winning New York architecture firm Cetra Ruddy, is 48 stories high. It features a 30,000-sq.-ft. rooftop and 13,000 sq. ft. of indoor spa/fitness and entertainment facilities. Dawn…

By Anuradha Kher, Online News EditorWashington, D.C.–Housing starts for multifamily buildings (five units or more) in January 2009 stood at an annualized rate of 114,000 units, according to the latest residential construction statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD).“This is a historically low number,” David Crowe, chief economist at the National Association of Home Builders (NAHB), tells MHN. “We have never seen a number this low and it is caused by the distress in the credit market as well as the macro markets.”Crowe adds, “Access to production credit is extremely difficult…

By Erika Schnitzer, Associate EditorSeattle—The Emerald City’s revenue for 2009 is expected to bring down the national norm, according to M/PF YieldStar, which predicts that Seattle’s near-term investment opportunities are gloomy at best.Occupancy in the city is currently at 93.2 percent, down 3.1 points from 96.3 percent one year ago, reports Greg Willett, vice president of research and analysis for M/PF YieldStar, who notes that 2008 saw approximately 5,000 units in net move-outs.While the Bureau of Labor Statistics (BLS) is showing employment growth in Seattle at approximately 1.6 percent, Willett says that this figure is overstated and will need to…

By Anuradha Kher, Online News Editor  Waukegan, Ill.–Arbor Commercial Funding LLC has recently funded $4,871,000 loan under the Fannie Mae DUS Small Loans product line to finance the 120-unit complex known as Hinkston Pond Apartments (pictured) in Waukegan, Ill. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.29 percent. NorthMarq Capital Arranges $1.4M Mortgage for 52-Unit MF PropertyBuffalo, N.Y.–NorthMarq Capital has arranged first mortgage financing in the amount of $1.4 million for Park Place Apartments, a 52-unit multifamily property, located in Buffalo, N.Y. Financing was based on a 10-year term and a 25-year amortization schedule and…

By Anuradha Kher, Online News EditorSan Francisco–Software Advice has launched its property management software advice service, a free online resource designed to match property management and real estate companies with the right software for their businesses.With almost 30,000 monthly searches for “property management software” in Google, Yahoo and MSN, Software Advice saves buyers weeks of upfront research by quickly providing the “lay of the land” for property management software. Visitors can research and compare the leading real estate and property management software to narrow down a “short list” of software products that will meet their needs.Moreover, Software Advice provides free,…