Regions

Samuel Wagner (pictured) is chief operating officer of LeaseProbe LLC. He is also the COO of Real Diligence LLC, which offers financial due diligence for commercial real estate clients. Wagner established Real Diligence in 2006 to provide a host of technologically-savvy real estate services. In 2007, Real Diligence began working with LeaseProbe to provide comprehensive financial due diligence to LeaseProbe’s customers. LeaseProbe then merged with Real Diligence, bringing it under the Madison Commercial Real Estate Services umbrella.Wagner talks to MHN Online News Editor Anuradha Kher about the five questions multifamily developers should ask when managing their portfolios in the current…

By Anuradha Kher, Online News EditorSanta Monica–Olympic Studios, featuring 100 375-sq. ft. two-story lofts, is now 50 percent occupied. Located at 2001 Olympic Blvd., a few blocks from Santa Monica College, the rental project opened in January with a tentative opening of the second phase in about six months.The lofts feature fully equipped kitchens on one level, with small bedrooms located on the second level. “Despite their size, the units convey a spacious, private ambiance, thanks to 17-foot ceilings and clerestory windows,” says architect Wade Killefer. Killefer works for the Santa Monica-based Killefer Flammang Architects (KFA), which designed the project….

By Keat Foong, Executive EditorSan Diego—Fannie Mae and Freddie Mac multifamily executives provided assurances with regards to their companies’ abilities to supply continued liquidity to the multifamily market despite mandated portfolio reductions in 2010, during a session at the Mortgage Bankers Association (MBA) multifamily and commercial real estate conference held here this week. Moderator Shekar Narasimhan, managing partner of Beekman Advisors, asked if Fannie Mae’s and Freddie Mac’s appetites for multifamily financing will decline when the portfolio cap is imposed and what actions might the agencies take. Currently, the two agencies are said to be responsible for more than 90…

By Erika Schnitzer, Associate EditorSan Diego, Washington, D.C.—While the apartment market is experiencing a rough time nationwide, San Diego and Washington, D.C. appear likely to remain in relatively good shape in 2009, according to M/PF Yieldstar.Though the outlook for these two cities shows flat revenues for the coming year, this shows some strength in today’s crippled market, where most of the country is experiencing a 5 percent revenue cut, Greg Willett, vice president of research & analysis for M/PF Yieldstar, tells MHN. While both metros are losing jobs, it is not as extreme as the rest of the nation. The…

By Anuradha Kher, Online News EditorRichfield, Minn.–NorthMarq Minneapolis regional office has arranged first mortgage financing of $24.3 million for Crossroads at Penn (pictured), a 698-unit apartment community, located in Richfield, Minn. Financing was based on a 10-year term with two-years interest only followed by a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.Alliant Capital Closes $3.96M ARM Apartment LoanTucson, Ariz.–Alliant Capital closed a $3,964,200 ARM loan for the refinance of the Retro City Apartments. The 183-unit garden-style apartment community was built in 1962 and is…

By Anuradha Kher, Online News EditorMinneapolis–The newly formed company, Bader Development, has partnered with DJR Architecture, Damon Farber Landscape Architects and The Frana Cos. on the mixed-use project, The Ellipse, planned for the northwest corner of Excelsior and France in Minneapolis. The Ellipse is Bader Development’s first project since it re-launched as a new company after the executives of the 50-year-old firms, Steven-Scott Development and Steven-Scott Management decided to form a separate entity for development work.Executives Sid Bader and his son Scott have launched Bader Development along with Scott’s son Robb, vice president of acquisitions and development. Robb recently returned…

By Anuradha Kher, Online News EditorWashington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) commended the Obama Administration for including commercial real estate in the Financial Stability Plan that was unveiled yesterday.The four-part plan to unlock credit markets and strengthen the still-beleaguered U.S. financial system includes expanding the Term Asset-Backed Securities Loan Facility (TALF) to up to $1 trillion and to allocate part of the program to purchase AAA-rated commercial mortgage-backed securities (CMBS). “We commend the administration for recognizing the importance of including commercial real estate in the Financial Stability Plan,” says NMHC President Doug Bibby. “Most…

By Keat Foong, Executive EditorSan Diego—The Mortgage Bankers Association (MBA) reported that $171 billion of multifamily and commercial mortgages—or one-tenth of the outstanding balance—held by non-bank lenders and investors will mature in 2009. The report was released at MBA’s multifamily and commercial real estate convention held here this week. “Substantial concerns have been raised about the volume of mortgages maturing in the face of the credit crunch,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. Woodwell suggested that not all types of financing are coming due at the same rate. According to MBA, short-term CMBS floating-rate mortgages,…

By Keat Foong, Executive EditorNorman, Okla.—Not every Fannie Mae-authorized Small Loan lender finances affordable projects, but Brookstone Cottages obtained just such a financing from Arbor Commercial Funding LLC. A wholly owned subsidiary of Arbor Commercial Mortgage LLC, Arbor Commercial Funding provided a $1.575 million mortgage for the newly constructed 64-unit property, which receives the Low Income Housing Tax Credits (LIHTC). Arbor Commercial Funding is authorized to make Fannie Mae small loans (loans of less than $3 million in most markets). Jay Porterfield, vice president in Arbor’s full-service Plano, Texas office, who originated the loan, said the property was “well run”…

By Keat Foong, Executive Editor San Diego–The Mortgage Bankers Association (MBA) opened its 2009 commercial real estate and multifamily finance conference with acknowledgment of the serious difficulties facing the industry and a focus on solutions.  John Courson, MBA president and CEO likened the industry to the woman held screaming in King Kong’s hand. “Yes, we are screaming for help. The question is how do we silence that scream?” Courson said the industry needed to restore investor faith in the business and liquidity in the marketplace.  David Kittle, MBA chairman and executive vice president of Vision Mortgage Capital LLC, said that the search…