Regions

By Anuradha Kher, Online News EditorChicago–Magellan Development Group has completed sales at the 35-story The Chandler, the fourth luxury condominium tower developed at Lakeshore East. The last unit, priced at over a $1 million, was sold after being on the market for close to a year. Lakeshore East is the $4-billion mixed-use complex anchoring the New East Side near the confluence of the Chicago River and Lake Michigan.The Chandler, located at 450 E. Waterside Dr. on the northeast corner of the 28-acre community was developed in collaboration with Hanwha Engineering & Construction Co. It added 304 residences to the community,…

By Erika Schnitzer, Associate Editor Baltimore—Despite losing nearly 26,000 jobs from January 2008 to January 2009, the Baltimore metro area is outperforming its neighbors, according to the first quarter 2009 report prepared by Transwestern and its research affiliate, Delta Associates.Although the overall metro area’s unemployment rate is currently 7.1 percent, as of January 2009, the urban core’s rate is slightly higher—at 10.0 percent—while the suburbs are faring better with an unemployment rate of 6.3 percent.While the national decline in housing prices is approximately 8.2 percent, housing prices in the Baltimore metro area declined only 3.8 percent in 2008.Further, condo resale…

By Martin A. Shelton, Esq.Brownfield property purchasers and developers are wise to have a clear understanding of the legal and regulatory requirements associated with the process. It’s the difference between holding a brown parcel worth its weight in gold or waste. The Resource Conservation and Recovery Act (RCRA) Brownfields Prevention Initiative begun by the U. S. Environmental Protection Agency (EPA) in 2000 was designed to “use opportunities for statutory and regulatory flexibility in the Resource Conservation and Recovery Act to accelerate site cleanup, facilitate dialogue, and integrate reuse and redevelopment issues, as appropriate, into cleanup decisions.”The goal is to accelerate…

By Anuradha Kher, Online News EditorMiami–NorthMarq Capital (NorthMarq) recently arranged $20 million first mortgage financing for the Broadwater Apartments (pictured), a 424-unit multifamily property located in Miami. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Love Funding Closes Over $4M in Refi Loan for 58-Unit Apartment CommunitySt. Louis–Love Funding has closed a $4,265,500 refinance loan for Lake Broadway Townhomes, a 58-unit market-rate, multifamily community located in Columbia, Mo.Love Funding secured the financing using the FHA 223(f) mortgage insurance loan program. By…

By Erika Schnitzer, Associate EditorWashington, D.C.—Many of the jobs created through the federal stimulus package do not pay enough for workers to afford rent, according to a new study by the Center for Housing Policy, the research affiliate of the National Housing Conference.The study, “Paycheck to Paycheck,” ranks homeownership and rental affordability for more than 60 occupations in over 200 U.S. metro areas.While home prices have declined and the income needed to purchase a median-priced home in most metro areas dropped from 2007 to 2008, rents increased in the majority of metro areas during the same period, the study found.Despite…

By Keat Foong, Executive Editor Evansville, Ind.—Here is one way to increase the chance of loan approval: obtain a cross-defaulted and cross-collateralized loan. Walker & Dunlop originated a combined Fannie Mae DUS loan of $46 million for a portfolio consisting of three conventional multifamily properties in Evansville, Ind. and five student housing properties serving Indiana University in Bloomington, Ind. The properties under the cross-defaulted and cross-collateralized loan are underwritten to the same standards. And if one of the properties should default, all of them default.  Applying for a cross-collateralized loan makes for an easier approvals process, says Will Baker, vice…

By Anuradha Kher, Online News EditorRockville, Md.–First Advantage SafeRent recently launched a new Resident Liability Policy as part of the RegistryTLC renters insurance program. This low-cost policy is designed to help residents get the coverage they need to comply with their lease provisions at a time when many residents are experiencing economic challenges. Through a secure Web site, residents can enroll and provide payment in just minutes without any leasing staff involvement. Resident liability insurance covers the resident for specified types of property damage or bodily injury they could potentially cause to the apartment community or to other residents. This…

By Erika Schnitzer, Associate EditorMt. Prospect, Ill.—NorthMarq Capital has arranged $8.5 million in first mortgage financing for Huntingtown Towers (pictured), a 214-unit apartment community located in Mt. Prospect, Ill.Financing was based on a 10-year term with a 30-year amortization schedule. It was arranged for the borrower—Huntington LLC—though NorthMarq’s affiliate, AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender.The transaction was a refinance of an FHA 223 mortgage into a Fannie DUS loan. The deal rate, which was locked in seven days, was secured at 5.5 percent.Arbor Funds $2.43M Loan For Nine-Unit PropertyBrooklyn, N.Y.—Arbor Commercial Funding LLC has funded a…

By Erika Schnitzer, Associate EditorBretton Woods, N.H.—Celebration Associates has initiated the development of approximately 1,000 new homes—including both multifamily and single-family offerings—in four neighborhoods surrounding Mount Washington Resort, with the first offerings now available.Celebration Associates acquired Mount Washington Resort—which included the historic hotel and several other inns—in June 2006. In addition to the resort and ski area, Celebration purchased 900 acres—300 of which will be developed—explains Michael Brunetti, partner at Celebration Associates and director of development for Mount Washington Resort.The estimated $1.1 billion refurbishment and expansion that is anticipated to span over the next 10 years “truly has components that…

New York—Robert M. Roth, Esq., president and founder of Green Envy Development, has been selected to judge MHN’s second annual Green Initiative Awards. Roth’s work at Green Envy includes the development of the Silhouette, a four-story, four-unit condominium project in Brooklyn designed to meet both LEED (Leadership in Energy and Environmental Design) Platinum and Energy Star certifications.In addition, Roth is an adjunct professor at CUNY Brooklyn College, where he teaches real estate courses and a newly launched Green Business Course, and a registered mortgage broker with Exclusive Capital Consultants.The Green Initiative Awards presented by MHN recognize eco-friendly corporate initiatives by…