Regions

By Anuradha Kher, Online News EditorAnnapolis, Md.–The economic and financial crises may be starting to affect the performance, a well as capitalization rates, of seniors housing, according to research by the National Investment Center for the Seniors Housing & Care Industry (NIC).“Depending on the type of seniors housing, there is a 2 to 4 percent decline in occupancy rates,” Lawrence (Larry) J. Horan, Ph.D., financial research and analysis director for NIC, tells MHN. “We have been tracking this market since 1999 and the previous recession saw close to 6 percent declines in occupancy rates. Of course that time around, over…

By Anuradha Kher, Online News EditorLos Angeles–Legacy Partners’ newest project, 7950 W. Sunset (pictured), a $73 million mixed-use luxury rental community in Los Angeles featuring 183 apartments and ground level retail, is now 38 percent leased. The developer expects the project to be fully leased by June 2009.“Considering everything that is going on in the economy and the job losses that have occurred in Los Angeles, we are pleased with the number of lease-ups,” Tim O’Brien, Legacy Partners SVP and partner for SoCal, tells MHN. “Of course, we have been providing incentives like two-month rent free etc. and discounted rents…

By Anuradha Kher, Online News EditorWebster, N.Y.–NorthMarq Capital recently arranged first mortgage financing in the amount of $18.08 million for Webster Manor Apartments (pictured), a 308-unit multifamily complex, located in Webster, New York.Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. According to NorthMarq, this permanent financing enabled the client to achieve a return of invested equity following improvements and rent increases to this property. Hendricks & Partners Arranges Sale of 40-Unit Property for Over $7MNorth Hollywood, Calif.–Hendricks…

By Anuradha Kher, Online News EditorColumbia, Md.–President and CEO of Enterprise Community Investment Inc., Jeffrey H. Donahue, will retire effective April 15. The company’s board of directors has appointed Charles R. Werhane, current vice chairman and chief operating officer, as Donahue’s successor. F. Barton Harvey III, the previous chairman of Enterprise Community Investment and its parent organization Enterprise Community Partners, recruited Donahue, 62 for the CEO position.Prior to becoming CEO in 2003, Donahue served on Enterprise’s board for eight years while serving as vice president and chief financial officer at The Rouse Co. “Enterprise is in excellent financial shape and…

By Anuradha Kher, Online News EditorWashington, D.C.–Existing-home sales for condos and co-ops rose while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors. Sales for condos and co-ops jumped 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 units in November but are 18.5 percent below the 588,000-unit pace in December 2007. Sales in the West rose 13.6 percent since last year to 100,000 units in December.Lawrence Yun, NAR chief economist, says home prices continue to fall significantly. “It appears some buyers are taking advantage…

By Anuradha Kher, Online News EditorNew York–Madison Equities recently topped out on 57 Irving, its newest luxury residential building located in Manhattan’s historic Gramercy neighborhood. The glass building features modern design and offers nine large units, with a triplex townhouse, a duplex penthouse or a full-floor residence to choose from.The Audrey Matlock-designed project, which is currently under construction, is enveloped in a temporary windscreen exterior that will ultimately be replaced by expansive glass walls designed to flood each residence with an abundance of natural light when completed.  Occupancy is slated for spring of this year. The first three floors of…

By Erika Schnitzer, Associate EditorRockville, Md.—The fourth quarter of 2008 had a more risky applicant pool than the previous quarter, according to First Advantage SafeRent’s fourth quarter 2008 Multifamily Applicant Risk (MAR) Index. The MAR Index is based on traffic credit quality scores from First Advantage SafeRent’s statistical screening model and is updated quarterly. A lower score indicates applicants with a higher risk of unfulfilled lease obligations. Despite the economic downturn, a more risky applicant pool in the fourth quarter is normal, explains Jay Harris, vice president, business services, First Advantage SafeRent. Generally speaking, he says, “We see that there…

By Anuradha Kher, Online News EditorIrving, Texas–CMG has recently hired Christina Aclin (pictured) as director of business development. Aclin began her career as a resident assistant and leasing manager at a private, off-campus residence hall in Austin, Texas. She then became a business development associate at Campus Advantage assisting with sourcing and retaining clients. During her time at Campus Advantage, Aclin provided market and investment analysis for over 35 properties in 31 markets, consisting of approximately 19,000 beds. In her new role at CMG, Aclin is responsible for creating and maintaining relationships with universities and private investors. PPR Appoints Director…

Los Angeles–Sperry Van Ness’ Southern California office will consolidate six area offices into its West Los Angeles office. This regrouping is in addition to the phasing out of two small Los Angeles-area offices and a Scottsdale, Ariz. office in 2008. The Southern California offices are part of a portfolio of franchise offices purchased in 2008 by Portland, Ore.-based Guardian Management LLC. “We have spent several months evaluating franchise operations and concluded that we need to reduce the dependence on bricks and mortar, while retaining a base office in each of our major markets,” says Guardian President Tom Brenneke.   After this…

By Anuradha Kher, Online News EditorFresno, El Cajon, Calif.–KeyBank Real Estate Capital recently closed $8.9 million in Fannie Mae loans for two multifamily properties in California.KeyBank provided a $4.9 million Fannie Mae supplemental loan to Provence at the Dominion LLC for Le Provence (pictured), a 268-unit condominium complex in Fresno, Calif. and a $4 million Fannie Mae assumption and supplemental loan to R&V Management Corp. for Coral Gardens Apartments, a 200-unit garden-style complex in El Cajon, jut outside of San Diego. Sperry Van Ness Completes Sale of 24-Unit Rental Property for Over $1MDurham, N.C.–Sperry Van Ness has completed the $1,175,000…