Regions

By Anuradha Kher, Online News EditorNew York–As prices for multifamily properties in Los Angeles potentially reached their bottom in the third quarter, San Francisco came close to bottoming out, while New York City remained far from it, according to the Investment Properties Q3 2008 report, released by PropertyShark.com this week. The report looks at multifamily investment sales in these three markets only.“The findings are positive for the Los Angeles market; and very soon, investors are going to come here and start buying up the inventory,” Bill Staniford, CEO of PropertyShark.com, tells MHN. In New York City, even as the number…

By Erika Schnitzer, Associate EditorAtlanta—Tivoli Properties Inc. announced plans yesterday for a 53-story condominium/hotel development, to be operated by the Mandarin Oriental Hotel Group. Sales are currently underway for what will become one of Atlanta’s tallest buildings and the city’s tallest residential tower.Designed by Atlanta-based Smallwood, Reynolds, Stewart, Stewart and Associates, the $285 million project will include 71 residences and 198 hotel rooms. “I told my development team that the building had to be nothing less than iconic,” Scott Leventhal, president and CEO, Tivoli Properties Inc., tells MHN.Mandarin Oriental, Atlanta is located in the middle of the city’s “Midtown Mile,”…

By Anuradha Kher, Online News EditorWaterbury, Conn.–The Multi-Housing Team at CB Richard Ellis’ Connecticut office recently negotiated the sale of six assets totaling 723 units for $36,400,000. The assets are located in Greater Waterbury, Conn. CBRE represented the seller, Creative Management & Realty Co. Inc. and procured the buyer in each transaction. The properties each had anywhere between 54 to 168 units and contained HUD financing and/or subsidies.Kislak Completes Sales of Three Properties for over $5MThe Kislak Co. Inc. has completed three investment sales transactions throughout Hudson County, N.J. for over $5 million.The three properties include:548-554 Avenue C in Bayonne,…

By Anuradha Kher, Online News EditorColumbia, S.C.–Balfour Beatty Communities has secured financing for the Fort Jackson military family housing project located in Columbia, S.C. The financing proceeds will be used for the design, development and construction/renovation of a total of 850 end-state housing units at the installation.The 50-year term for the project includes a five-year initial development period (IDP), with IDP costs of approximately $168 million. The company has been providing property management and maintenance services for the family housing since August this year, when it entered into agreements with the Army. Balfour Beatty has a 50-year ground lease for the…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily mortgage loan originations remained low in the third quarter, but witnessed a slight increase as compared to the second quarter of 2008, according to the Mortgage Bankers Association’s (MBA) quarterly survey of commercial/multifamily mortgage bankers originations. Third quarter originations for all commercial property types were 53 percent lower than during the same period last year. The year-over-year decrease was seen across all property types and most investor groups. “Uncertainty stemming from the credit crunch, and now the deteriorating economy, has led to a continued pull-back among both lenders and borrowers,” says Jamie Woodwell, MBA’s…

By Erika Schnitzer, Associate EditorWheaton, Ill.—Airhart Construction has opened its latest rowhome model at Courthouse Square, a community that will be comprised of 50 rowhomes and 182 condominiums at completion.The community, developed through a joint venture between Airhart Construction—which built the rowhomes—and Focus Development—which is working on the condominium portion of the project—is located on the site of the historic DuPage County Courthouse, which more recently served as the campus of National-Louis University. The development’s design focused on the historic nature of the site. “We worked hard to play off the historic nature of the courthouse,” Court Airhart, president, Airhart…

Washington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) Joint Legislative Program Lawmakers is warning lawmakers who are under political pressure to “do something” to stimulate the economy and stop the slide in housing prices to act carefully and reject proposals that could do more harm than good. According to NMHC and NAA, a new $22,000 homebuyer tax credit, which has been talked about recently, is a bad idea. The legislation overturning the ban on seller-financed downpayment programs and calls for a federally financed interest rate buydown on mortgages, could also do harm to the housing industry,…

By Anuradha Kher, Online News EditorBloomington, Minn.–NorthMarq Capital Inc. arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. These multifamily properties are located in Ohio, Colorado and South Carolina and feature a total of 1,529 units. Financing was based on a 10-year term with three years interest only and a 30-year amortization schedule thereafter. The company also arranged first mortgage financing in the amount of $2.012 million for the New Country Village, a 48-unit multifamily property located in Cicero, N.Y. Financing was based on a 10-year fixed term plus 1-year floating and a 30-year amortization schedule.Plus, NorthMarq…

By Anuradha Kher, Online News EditorOrlando, Fla.–Habitat Orlando recently broke ground on one of its biggest homebuilding efforts to date, Staghorn Villas, an $8 million townhome community that will provide affordable housing for 58 local families. This is also Habitat’s first multifamily project in central Florida.When complete in the spring of 2011, the 3.9-acre townhome community will feature 10 buildings, each of which include four to eight townhomes surrounded by green spaces and play areas. It is located at Silver Star Road and LeHavre Boulevard in Orlando.Habitat requires that all homeowners participate in building the community that they will live…

By Anuradha Kher, Online News EditorWashington, D.C.–To insure that there is sufficient capital to support mortgage lending to qualified borrowers, the National Association of Realtors (NAR) is recommending continued government involvement in the secondary mortgage market.”As the leading advocate for housing issues, NAR developed these principles for consideration by the 111th Congress and the new presidential administration in light of disruptions in the credit markets and the conservatorship of Fannie Mae and Freddie Mac,” says NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage. “NAR believes that the federal government must continue to play a role in the…