Regions

Cluj-Napoca, Romania—Chicago-based Lucien Lagrange Architects recently broke ground on its latest European venture, Sigma Tower, a 26-story, mixed-use tower located in one of Romania’s largest cities, Cluj-Napoca.Developed by S.C. Sigma Tower S.R.L., Sigma Tower will include 100 condominiums, a five-star, 202-key hotel, retail and approximately 130,000 sq. ft. of office space.  Amenities will include fitness facilities, a swimming pool, spa, meeting spaces, a ballroom and two levels of parking.Additionally, because the family-owned developer also owns the local Romanian soccer team, the tower is situated such that the soccer stadium is visible from many of the site’s public spaces, Heather Weed,…

By Anuradha Kher, Online News EditorRamona, Calif.–NorthMarq Capital Inc.’s Los Angeles office recently arranged a $9.3 million first mortgage financing for Summer Creek Apartments (pictured), a 156-unit garden-style apartment complex, located in Ramona, Calif. Financing was based on a seven-year interest-only term and was arranged for the borrower by NorthMarq through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Arbor Closes Over $8M Fannie Mae DUS LoanCedar Rapids, Iowa.–Arbor Commercial Funding LLC recently completed a loan of $8,475,000 under the Fannie Mae DUS product line to finance the 144-unit complex known as Wheatland Club Apartments in Cedar…

The CEO of real estate developer Hines Interests, Jeffrey Hines, was recently awarded the Green Building Design Award from Global Green USA at their 9th Annual New York Awards Ceremony. Hines received the award for commitment on part of his company to sustainability, which is reflected in his leadership role with the U.S. Green Building Council and the EPA’s ENERGY STAR program. Hines Interests founded a green real estate development fund with CalPERS. In addition, the company developed the ((Leadership in Energy and Environmental Design) LEED-certified luxury residential condominium, One Jackson Square in New York’s Greenwich Village. Two years ago,…

By Erika Schnitzer, Associate EditorMiami—Developer Sales Group LLC, an interactive sales and marketing organization specializing in the South Florida real estate industry, recently launched PlumPads, a rental real estate firm specializing in matching multifamily properties with qualified leasing prospects.“We perform as a transactional broker, bringing buyers and lessors together,” explains Michael Internoscia (pictured), owner of Developer Sales Group and founder of PlumPads. Headquartered in Miami with affiliate offices in Houston, PlumPads works with developers, owners and banks who are unable to sell their properties in the current market by renting unoccupied condos quickly during the downturn. Additionally, the PlumPads management…

By Anuradha Kher, Online News EditorHouston– Alliance Communities has broken ground on Broad¬stone Voss, an urban infill multifamily development located in the Galleria corridor area near the Uptown District in Houston. Designed by Meeks + Partners, this four-story community features 307 rental apartments. It is expected to be ready by the summer of 2009.Broadstone Voss is a redevelopment of apartments built in the early ’70s on a 4.89-acre site. The community serves as a transitional piece of the urban fabric shifting from an adjacent commercial retail center on the south side to less denser single-family and multifamily developments nearby.“Our main…

By Anuradha Kher, Online News EditorWashington, D.C.–Delinquency rates continued to tick up in the third quarter for most multifamily mortgage investor groups, but remained at the lower end of their historical averages, according to the third quarter Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). “The frozen credit markets and deteriorating economic conditions are placing increased pressure on the performance of commercial and multifamily mortgages,” says Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research.  “Multifamily mortgages have not seen the same kind of deterioration in performance witnessed among other real estate loans, and at the end of the…

By Anuradha Kher, Online News EditorNew York, N.Y.–PNC ARCS has closed a $9.416 million loan for the Fourth Avenue Apartments, a 56-unit community in Brooklyn, N.Y.Built in 2008, the Fourth Avenue Apartments is an A-rated, 10-story building containing 56 apartments and a 28-car parking garage. There are no other amenities in the building.The loan was for a 15-year term/30-year amortization at a fixed rate of 6.245 percent.  The loan was originated by PNC ARCS’ Princeton, N.J. office through Fannie Mae.Arbor Closes $8,321,800 Fannie Mae DUS LoanLynn, Mass.–Arbor Commercial Funding LLC recently completed funding of a $8,321,800 loan under the Fannie…

By Erika Schnitzer, Associate EditorPlymouth, Mass.–Cordage Development LLC has chosen Boston-based Cubellis, an international architecture, interior design and engineering firm, as the master planner of the redevelopment of the historical Cordage Park property, a 2.4 million-sq.-ft. site that will include 675 residential units, as well as retail, office and hotel space, at build-out.The former industrial site of rope warehouses will incorporate the state’s Chapter 40R Smart Growth affordable housing legislation, which “was enacted by the state of Massachusetts to promote affordable housing and Smart Growth design and construction in areas where this is a high density of uses, such as…

By Anuradha Kher, Online News EditorNew York–Arbor Commercial Mortgage has appointed Robert Russell (pictured) to senior vice president in Arbor’s New York City office. In this position, Russell is responsible for sourcing and structuring multifamily and commercial transactions. He reports to John Caulfield, executive vice president, director of operations.  Prior to joining Arbor, Russell was managing director at Wachovia Securities, where his responsibilities included developing client relationships, originating loans, underwriting, structuring and closing transactions. He previously served in a similar capacity as managing director at Credit Suisse. Russell has also held positions at Nomura Asset Capital Corporation, Rosenman & Colin, LLP…

By Keat Foong, Executive Editor Washington, D.C.–Bankruptcy is definitely an option that builders should learn about even if they do not pursue it, according to the presenter at a recent seminar sponsored by Builder Partnerships. Jim Weigel, of The Shinn Group, a home builder consultant, was the presenter for the seminar entitled “Financial Impacts: Is Bankruptcy an Option?” According to Weigel, bankruptcy can be used not only to liquidate a business, pay off its creditors and shut it down, but also to ensure a business’s ability to survive, for example by providing it temporary relief from creditors. It can be…