Regions

By Keat Foong, Executive EditorHayward, Calif.—It is still possible to obtain bridge financing for value-added deals, at least towards the end of last year. And it helps if the property is located in a high-barrier-to-entry, if suburban, market. Mesa West Capital, Los Angeles, provided a $6 million loan for the acquisition and turnaround of Dorchester House Apartments, originally an undercapitalized property needing capital infusion. The property is located in built-out Hayward, Calif., one of the larger suburbs of the San Francisco Bay Area. Mark Zytko, principal at Mesa West, said that the San Francisco Bay are is a “very strong…

By Anuradha Kher, Online News EditorNewark, N.J.–Two Center Street, a mixed-use residential and retail project on a 1.2-acre site adjacent to the New Jersey Performing Arts Center (NJPAC), has been selected as one of the City of Newark’s top economic development priorities following a rigorous evaluation conducted by a Scorecard committee convened by the Brick City Development Corp. Two Center Street is a partnership between NJPAC and Dranoff Properties Inc. of Philadelphia.“We are pleased to be advancing our partnership with the New Jersey Performing Arts Center. This project will strengthen our downtown, add hundreds of new housing units and create…

By Anuradha Kher, Online News EditorSan Francisco–Millennium Partners, developer of Millennium Tower, the 60-story, luxury residential tower opening mid-April 2009 in San Francisco at 301 Mission St., recently made a 15 percent price adjustment across the board for new buyers and buyers already in contract.“Everything Millennium does begins and ends with our buyers,” says Richard G. Baumert, managing director for Millennium Partners. “To ensure the continued success of our project and protect the investment of our buyers, we have determined that the appropriate thing to do is to provide the price adjustment both retroactively to our owners who have already…

By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital has arranged first mortgage financing of $5 million for Colony Apartment Homes (pictured), a 212-unit multifamily property, located in Richfield, Minn.Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Hendricks & Partners Arranges Sale of Five-Unit Property for Over $1MBel Air, Calif.–Hendricks & Partners has arranged sale of Ovada Garden Terrace, located at11378-11382 Ovada Place in Bel Air, Calif. The five-unit apartment community was sold for $1,575,000, $315,000 per unit, at 4.0 percent CAP.Ovada Partners LLC of Encino,…

By Erika Schnitzer, Associate EditorOakland, Calif.—PropertyBridge Inc. has launched its 2009 Community Contest, a marketing promotion for property managers to boost resident payment adoption.“We hear from clients that they are feeling the pinch” in this economy, Summer Palma, marketing manager for PropertyBridge, tells MHN. “We are working with them to promote a lower-cost payment alternative. Every time a resident makes a payment [using PropertyBridge], it automatically updates in the property management system, eliminating the task for the leasing staff so they can focus on leasing.”Palma adds that the purpose of this contest is for PropertyBridge to work with its clients…

By Anuradha Kher, Online News Editor  Norfolk, Va.–For Rent Media Solutions has hired Carol Marple (pictured) as Texas regional manager. Marple began her career as an on-site assistant manager for Harry Reed Management. While at Reed, she transitioned into marketing and took on the position of director of marketing and training. Marple was also instrumental in the development and implementation of Greystar University, a program developed after Greystar Real Estate Partners acquired Harry Reed Management in 1993. “I look forward to playing my part in the growth of For Rent Media Solutions’ Texas region,” says Marple. “This year, I would…

By Anuradha Kher, Online News EditorWashington, D.C.–Fannie Mae, through its lender and housing partners, financed $35.5 billion in multifamily rental housing in 2008. Fannie Mae’s multifamily financing include debt financing through lender partners and bond purchases.”Fannie Mae and its DUS lenders were pleased to provide significant liquidity and stability to the multifamily industry despite record levels of uncertainty and volatility experienced by the markets in 2008,” said Phil Weber, SVP of multifamily at Fannie Mae.Fannie Mae’s DUS lenders and affiliates delivered $33.3 billion of the company’s total investment in multifamily housing, including $21.8 billion in total DUS product. Approximately 89…

By Anuradha Kher, Online News EditorWashington, D.C.–Total sales of homes, including single-family and condo, fell 6.4 percent in the quarter as a result of job losses and low consumer confidence, according to the National Association of Realtors (NAR).Lawrence Yun, NAR chief economist, says the market is clearly depressed from job losses and consumer concerns about the economy. “Assuming housing provisions in the economic stimulus package are quickly enacted and provide enough encouragement for home buyers, we could see a quick lift in home sales for the critical spring home-buying season,” he adds.“If that occurs, we could see home prices begin…

Las Vegas–NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments (pictured), a 184-unit multifamily property, located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with 40/86 Mortgage Capital. The borrower was only looking to refinance the existing mortgage and locked the rate early as the loan had a lock-out. The lender committed the loan early in the process and held the commitment through a turbulent market.Federal Home Loan Bank of Atlanta to Award More Than $12.4M…

By Erika Schnitzer, Associate EditorAsbury Park, N.J.—The Blu at Asbury Park, a five-story, 24-unit luxury community developed by Pyramid Property Partners, has closed several sales in the past few weeks. The project is approximately 45 percent sold.Sammy Boyd, sales agent at John Conover Agency, attributes the high number of sales to the pricing of the residences, its location and its design. He says that the luxury residences are being offered at a discounted rate due to the state of the economy.The homes have been on the market for about one year, although Boyd is confident that “if these were better…