Regions

By Anuradha Kher, Online News EditorWashington, D.C.–NeighborWorks America is forecasting the total investment in its portfolio of owned and managed multifamily affordable rental housing to grow by more than $50 million, or just over eight percent of the investment made in the year ended Sept. 30 2008. Last year, NeighborWorks organizations invested in excess of $644 million in multifamily properties. The expected growth in 2009 will translate into approximately 5,000 additional units of affordable and what it said is increasingly environmentally sustainable housing.“We believe rental housing needs to be strengthened and needs to take a more prominent role in the…

By Anuradha Kher, Online News EditorWaterloo, CANADA–RenewABILITY Energy Inc., Reid’s Heritage Homes and Union Gas have completed the installation of 250 Power-Pipe DWHR Systems at the University of Waterloo, Columbia Lake Village North Community (CLV), Ontario. Now completed, the Power-Pipe DWHR Systems is expected to reduce water heating in unit showers by 20 percent to 30 percent.“This is a simple, affordable and scalable turnkey heat recovery technology that dramatically reduces water heating costs,” says Ron Salisbury, manager- Home Performance at Reid’s Heritage Homes.“Reid’s Heritage Homes which partners with the University of Waterloo in maintaining the University residences has been installing…

By Keat Foong, Executive EditorOcean Springs, Miss.–In the current environment, brand-new institutional quality apartments in healthy markets are still readily financed, and this transaction provides an example. Capmark Finance Inc. originated $3.9 million in fixed-rate financing through its Freddie Mac program for the borrower’s purchase of the newly-constructed Dominion Apartments from the original developer. “This was an excellent brand new property that had just completed leasing,” said Chad Hagwood, senior vice president of Capmark’s Birmingham, Ala. office. Hagwood, who originated the loan, characterized the market as “very good,” and he said the borrower and management companies were both “excellent” and…

By Anuradha Kher, Online News EditorNew York–HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $94 million refinancing for Riverbank West (pictured), a 44-story luxury project in Manhattan.A local New York bank provided the four-year, fixed-rate loan with a five-year extension option.Riverbank West is located at 560 West 43rd St. between 10th and 11th Avenues in the Midtown West neighborhood of Manhattan. The 97 percent leased property has 418 units, 25,738-sq.-ft of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, business center, laundry facilities and a valet dry cleaning service. Deutsche Bank Berkshire…

By Anuradha Kher, Online News EditorAtlanta–Lane Co., like so many other companies in this tough economic time, is downsizing. Chairman and company founder George Lane will replace CEO Bill Donges (pictured) and Donges will continue to play an executive advisory role at the company.“I was part of the decision-making process,” Donges tells MHN. He has no hard feelings as he leaves a company he has spearheaded since 2005. “Given the contraction of the capital markets, it’s appropriate for just one person to be both chairman and CEO. This is the sign of the times and we are downsizing like any…

By Erika Schnitzer, Associate EditorGlenwood Springs, Colo.— The Roaring Fork Lodge, a condo/hotel project offering 40 residences and 106 guest rooms, applied for its final city approval today. The development is a joint venture between Magnolia Hotels, a Denver-based hotel development and management company, and Glenwood Springs, Colo.-based Roaring Fork Lodge LLC.“Our locations have all been urban so I am looking forward to developing in the mountains,” says Leigh Hitz, president, Magnolia Hotels. “There is not a niche project like this in the Glenwood Springs area,” she tells MHN, explaining that the target demographic is an out-of-state second-home buyer who…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush, urged by President-elect Barack Obama, plans to formally ask a reluctant Congress to release the second half of the Treasury’s $700 billion financial system bailout fund. Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the $350 billion in funding for Treasury programs addressing the financial crisis.MHN asked Denise Muha, executive director of National Leased Housing Association, whether any portion of this money will be allotted toward solving the housing crisis and perhaps…

By Keat Foong, Executive Editor Washington, D.C.–Rising unemployment may not hurt the apartment market as badly as in the past, said an industry observer. The government reported the unemployment rate jumped in December to 7.2 percent—reportedly the highest rate since January 1993. Some housing economists have forecasted that the unemployment rate will not turn up until the later part of 2010. The National Association of Home Builders projects it may flatten to 8.1 percent by the beginning of next year. But many economists generally are projecting the unemployment rate to be over 9 percent by the end of 2009, and…

By Anuradha Kher, Online News EditorAurora, Ill.–NorthMarq Capital LLC’s recently arranged first mortgage financing of $22.25 million for Butterfield Oaks Apartments (pictured), a 346-unit multifamily property, located in Aurora, Ill. Financing was based on a seven-year term with five years of Yield Maintenance and a 30-year amortization schedule.NorthMarq arranged the financing through its seller/server relationship with Freddie Mac. Arbor Closes Three DUS Loans Totaling Over $13M St. Charles, Ill., Kansas City, Mo. and East Lansing, Mich.–Arbor Commercial Funding LLC recently completed funding of three loans totaling $13,200,000 under the Fannie Mae DUS product line.The loans include:Cumberland Green Co-op, St. Charles, Ill.:…

San Francisco–Atlanta-headquartered Apartment Realty Advisors (ARA) has opened its northern California office—ARA Pacific—under the leadership of Curtis Gardner and Mark Leary, both former partners with San Francisco-based Arroyo & Coates. The new office, located in San Francisco, marks ARA’s 17th location. The brokerage team of Curtis Gardner, Mark Leary, Craig Chiappone and John McCulloch has collectively closed in excess of $6 billion in multi-housing transactions in the northern and southern California markets since 1986. The team collectively possesses over 50 years of real estate investment experience with a specialization in the apartment market. AvalonBay Communities, BRE Properties, Equity Residential, Fairfield…