Regions

By Anuradha Kher, Online News Editor, MHN and Elena Gontar, Staff Writer, CPNChicago–Meridian Capital Group recently arranged over $8 million in financing for five multifamily properties in Chicago.It provided $5.2 million in financing for a 90-unit multifamily building located at 6954 N. Sheridan Rd (pictured).; $1,840,000 in financing for three multifamily buildings located at 6148 and 6155 S. Sacramento Ave. and 6154 S. Richmond St., and $1,150,000 in financing for a property located at 4630 N. Ashland Ave.  On the 5.2 million loan, Meridian’s Illinois office negotiated on behalf of the borrower to secure a 10-year term mortgage with a…

By Anuradha Kher, Online News EditorBronx, N.Y.–Banana Kelly Place, a newly constructed affordable housing complex located at 830 Fox St. in the Longwood neighborhood of the south Bronx in New York City, is now open.   Named after the South Bronx-based community group, Banana Kelly, the development features 58 low-income rental units and 5,200 sq. ft. of ground floor space for a future childcare facility.It is developed by CPC Resources, the for-profit development arm of The Community Preservation Corporation (CPC), and Banana Kelly Community Improvement Association, with city subsidies from Housing Preservation and Development (HPD) and Housing Development Corp. (HDC).  The…

By Anuradha Kher, Online News EditorNew York–The Federal Reserve today ordered an emergency interest rate cut of half a percentage point, knocking the key rate down to 1.5 percent.The Fed fund rate is the interest rate that banks charge each other for overnight loans.While this cut will help lower credit card rates as well as rates on automobile loans and business loans, mortgage rates may not fall so easily.Typically, a reduction in the Fed funds rates does eventually lead to a fall in mortgage rates. Currently though, investors are so nervous that they do not want to own mortgage debt…

By Keat Foong, Executive EditorWashington, D.C.—There may be opportunities for Fannie Mae and Freddie Mac financing programs to work more closely with FHA, Low Income Housing Tax Credit and other multi-housing initiatives now that the two GSEs are essentially government owned, surmised Conrad Egan, president and CEO of the National Housing Conference (NHC). “It is quite clear now that [Fannie Mae and Freddie Mac] are public entities,” Egan told MHN in an interview. “This opens up opportunities to combine Fannie Mae and Freddie Mac resources with FHA and tax credit programs.” The government took over Fannie Mae and Freddie Mac…

By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPNAtlanta, Dallas, Charlotte, N.C.–Post Properties Inc. has closed six, cross-collateralized mortgage loans totaling $185 million with Wachovia Multifamily Capital Inc. The loans are secured by mortgages on six Post communities, including Post Parkside and Post Spring located in Atlanta; Post Legacy and Post Worthington located in Dallas; and Post Ballantyne and Post Gateway Place located in Charlotte, N.C. The mortgage loans have an aggregate principal amount of approximately $184.7 million, require fixed interest-only payments at 6.09 percent and mature in six years. Post expects to use $100 million…

By Anuradha Kher, Online News EditorMiami–Carlisle Development Group and Carrfour Supportive Housing have completed the $18.5 million renovation of Royalton, a historic Miami hotel that will now serve as affordable housing for formerly homeless individuals.Located at 131 S.E. 1st St. in downtown Miami, the seven-story development, which was designed in the classic revivalist style and built in 1923, features 100 furnished apartment units and offices for supportive services providers.  “In the current economy, we now have many more individuals facing homelessness,” Jose Chavarria, assistant program director for the Royalton, Carrfour Supportive Housing, tells MHN. “Our project fills that the gap…

By Anuradha Kher, Online News EditorWashington, D.C.–CampusMBA is partnering with Stamford, Conn.-based Insurance Advisors LLC to offer a series of live online workshops addressing insurance issues for commercial/multifamily real estate loans.CampusMBA is the education division of the Mortgage Bankers Association (MBA).“These workshops will focus on insurance principles and practices applicable for both the origination and servicing of commercial/multifamily real estate loans,” says Jan Sternin, MBA’s senior vice president of commercial/multifamily and industry technology.Each workshop will address both broad issues as well a specific topics that industry professionals deal with on a daily basis. The workshops will appeal to a range…

By Anuradha Kher, Online News EditorNew York–Days after the $700 billion financial bailout package was signed into law, the stock market continued to tumble. In the longest losing streak since January, U.S. stocks fell for a fifth day today.Meanwhile, the Fed is now considering new actions to do some more damage control in the financial system. The Fed said in a statement this morning that it would begin to buy large amounts of short-term debt in an effort to stimulate the frozen credit markets. In addition, Chairman Ben Bernanke today hinted strongly that the Fed’s Board of Governors would probably…

By Erika Schnitzer, Associate EditorHaverford, Penn.–GPX Realty Partners LP recently launched a green initiative to help its multifamily and commercial investors earn higher returns. “The real estate industry is at a critical stage, where we’re trying to balance profitability with ecological sustainability,” says Christopher Canale, vice president of operations, GPX Realty Partners (pictured). “We’re approaching a tipping point, where best practices for green development will become standard protocols.”  According to a recent study by the University of California, Berkeley, green-certified buildings generate 8.5 percent higher rents on average.GPX’s new initiatives will include incorporating occupancy sensors for lighting, white thermoplastic olefin…

By Anuradha Kher, Online News Editor Seatlle, Lynwood and Renton Wash., Freso, Rocklin and Isla Vista, Calif.–KeyBank Real Estate Capital recently closed $86 million for seven multifamily properties in California and Washington, funded by Fannie Mae and Freddie Mac. The largest loan was a $23.4 million Fannie Mae floating rate credit facility for The Kennedy Building (pictured), a 125-unit mid-rise apartment complex in Seattle. United Dominion Realty LP is the borrower. KeyBank Real Estate Capital also closed loans for two other properties outside Seattle: Newberry Square Apartments and Chianti Apartments. A division of Sundquist Homes received $11.8 million from Fannie Mae through…