Regions

By Erika Schnitzer, Associate EditorNew York–Construction spending for new buildings in New York will increase this year before it drops slightly in 2009 and significantly in 2010, according to a report by the New York Building Congress, entitled “New York City Construction Outlook 2008-2010.”Spending is forecast to reach a high of $33.8 billion in 2008—a 16 percent increase from the previous year—and dip to $33.4 billion in 2009 before it drops to $26.2 billion in 2010. Employment will peak at 130,100 construction workers in 2008 and is expected to drop to 100,250 in 2010—the smallest industry workforce since 1997.For the…

Daryl Carter (pictured) is the CEO of Avanath Capital Partners, a real estate investment firm focused on affordable housing, urban real estate investment, mortgage services and specialty finance. It was founded in November 2007. Prior to founding Avanath, Carter co-founded Capri Capital Limited Partnership, where he managed approximately $7.4 billion worth of assets, as well as participated in equity and mezzanine investments in multifamily and commercial real estate. Carter talks to MHN Online News Editor Anuradha Kher about the challenges of finding financing for affordable housing, LIBOR-based and Treasury-based rates, and how his company is dealing with the credit crunch.MHN:…

By Anuradha Kher, Online News Editor Uniondale, N.Y.–Arbor Commercial Funding LLC recently funded four loans totaling $18,285,500 under the Fannie Mae DUS product line. These loans include:A $3,804,300 refinance loan to the 128-unit Tree Top Apartments in Grand Prairie, Texas, under the Fannie Mae DUS Cash product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.A $5,630,200 acquisition loan to the 326-unit Northwood Apartments in Houston, under the Fannie Mae DUS product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.63 percent. A $7,501,000 acquisition loan…

By Anuradha Kher, Online News EditorEuclid, Ohio–Normandy Towers Apartments, located in Euclid, Ohio, has partnered with the Susan G. Komen for the Cure Northeast Ohio Affiliate to assist in the fight for the cure of breast cancer. During the entire month of October, Normandy Towers Apartments will donate 50 percent of each application fee to the Susan G. Komen for the Cure Northeast Ohio Affiliate. The application fee is $100 and so far, the property has taken seven rental applications.Susan G. Komen for the Cure’s promise is to save lives and end breast cancer forever by empowering people, ensuring quality…

By Anuradha Kher, Online News EditorAtlanta–A newly launched application that will allow users of ApartmentGuide.com to view, call and e-mail apartment listings directly from their iPhones or iPod touch is now available on the Apple App Store. This launch is the first of its kind in the apartment industry.“Using their iPhone or iPod touch, people searching for an apartment have immediate access to quality listing information, no matter where they are,” says Arlene Mayfield, president, Apartment Guide. “We believe that these devices, combined with the rich media of our apartment app, will drive valuable interactions between apartment shoppers and property…

By Teresa O’Dea Hein, Managing EditorLas Vegas–“While there currently is a gap in pricing expectations between buyers and sellers and transaction velocity has slowed considerably, the fact that there’s no ideal alternative opportunity to multifamily means that the market will come out of these short-term challenges with renewed strength–we just have to get there,” predicted Linwood Thompson, managing director at Marcus & Millichap. Thompson was speaking at the 2008 Multifamily Executive (MFE) Conference held in Las Vegas from Oct. 13 to 15.”There is no consensus that we’ve reached a pricing bottom yet,” Thompson added. He believes that most apartment buyers…

By Anuradha Kher, Online News EditorDallas–The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $38.7 million loan through Freddie Mac for The Links at Lincoln (pictured), a 612-unit multifamily property in Lincoln, Neb. HFF worked on behalf of the borrower, The Links at Lincoln, a Limited Partnership and Lindsey Management Co. Inc., to secure the 10-year, fixed-rate loan with the lender. Proceeds were used to retire the property’s construction financing.Completed in 2007, The Links at Lincoln features one- and two-bedroom apartments that are currently 97 percent leased. Community amenities include a clubhouse with fitness center, activity room…

By Anuradha Kher, Online News EditorNew York–Prices for Manhattan condominiums and co-ops exhibited stability during the third quarter of 2008, although some sectors showed signs of softening, according to the Brown Harris Stevens 3rd Quarter Manhattan Residential Market Report. The report is based on 3,165 reported Manhattan multifamily sales including condos, co-ops and condo-ops (a term used for condo buildings that have some co-op units).The average price of $1,473,351 was 12 percent higher than a year ago, but down slightly from the previous quarter, the report found.While the number of closings decreased by 14 percent compared to the same period…

By Anuradha Kher, Online News EditorLas Vegas–RealPage Inc., provider of on-demand software and services to the multifamily industry, has acquired OpsTechnology, an electronic purchasing marketplace for multifamily owners. The announcement was made today at the 2008 Multifamily Executive Conference.OpsTechnology will become a wholly owned subsidiary of RealPage and Sukhi Singh, president and founder, will continue to manage day-to-day operations. Current employees will remain with the company and continue to work out of its San Francisco office.Sukhi Singh, president of OpsTechnology, tells MHN, that the rough times in the economy have nothing to do with the timing of this acquisition. “Both…

By Anuradha Kher, Online News EditorWashington, D.C.–Multifamily lending increased 7 percent between 2006 and 2007, from $137.9 billion to $147.7 billion, but fell steeply in the first half of 2008, according to the Mortgage Bankers Association (MBA).   The number of multifamily loans decreased by 5 percent, from 50,959 loans in 2006 to 48,577 loans in 2007; the average loan size increased by 11 percent, from $2.7 in 2006 to $3.0 million in 2007, according to MBA’s latest report.”2007 saw strong multifamily lending activity, but the market is changing significantly,” Jamie Woodwell, MBA’s vice president of commercial real estate research,…