Regions

By Anuradha Kher, Online News EditorHappy Valley, Ore.–Monterey Springs Holdings L.L.C. has received $30 million in acquisition financing for Monterey Springs Apartments (pictured), a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. The borrower relied on Red Mortgage Capital Inc. to facilitate the Fannie Mae DUS DMBS mortgage loan, which carries a seven-year (3-year interest-only) term amortized over a 30-year period. A 28-year-old property consisting of 21 three-story structures, Monterey Springs underwent a renovation encompassing 192 of the residences three months ago. Monterey Springs Holdings, owned by affiliates of Denver-based Maxim Real Estate Investments…

By Anuradha Kher, Online News EditorLisle, Ill.–Opus North Corp. recently broke ground on Arboretum Landmark, a 391-unit luxury apartment community, located within the Corporetum Office Campus in Lisle, Ill. The project, which includes one- and two-bedroom units, is expected for delivery in late 2009. “We started construction this month and it was difficult to get financing but fortunately, apartment deals are still popular,” Andrew Lockwood, real estate manager for Opus North, tells MHN. “Lenders want to invest in well-located, infill projects.”Lockwood adds that they are expecting the apartment market to be stronger in 2009 as the economy starts recovering. “Since it…

By Keat FoongExecutive EditorChicago—Interest rates remain relatively low for multifamily permanent loans at the moment despite the turmoil in the financial world. Sue Blumberg, senior vice president and managing director in the Chicago office of NorthMarq Capital, says that spreads for Fannie Mae financing have for the most part held steady. For Freddie Mac financing, spreads have fluctuated more, but they have done so “within a narrow range,” she said. Where spreads have widened, they have been countered by lower Treasury rates with the result that interest rates are still in the low-6-percent range for 10-year Fixed Rate Mortgages (FRMs)….

By Anuradha Kher, Online News EditorWashington, D.C.–A consortium of five lenders will provide $250 million in construction financing for the initial phase of Forest City Enterprises Inc.’s new project, Waterfront Station, in Washington, D.C.Waterfront Station, located adjacent to the Waterfront/Southeastern University MetroRail station on M St. SW and 4th St., is a mixed-use redevelopment that will feature residential as well as office and retail components. “Closing this non-recourse financing in the midst of current credit-market conditions is a testament to a strong project in an excellent location, as well as to Forest City’s sponsorship, its partners and a great group…

By Anuradha Khrer, Online News EditorHouston–The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have jointly launched a rental assistance program that will provide temporary rental payments and case management services to help thousands of families displaced by Hurricane Ike. The new program, slated to begin Nov. 1, 2008, will help families find intermediate housing.”It is critical that we provide a degree of stability in the lives of these families until they can get back on their feet,” says HUD Secretary Steve Preston. “Knowing you have a roof over your family’s head for…

By Erika Schnitzer, Associate EditorWashington, D.C.–The National Multi Housing Council (NMHC) and National Apartment Association (NAA) have announced plans to end their joint legislative program, effective March 1, 2009.For the past 17 years, NMHC has represented both organizations before Congress, federal agencies and the judiciary.“We will not be changing anything we’re doing. We’ve been able to put together a great lobbying team and we’ll work on all issues at the federal, state and local levels,” Jim Arbury, senior vice president of government affairs for NMHC, tells MHN, adding that those local issues will include telecommunications, rent control and the environment.Representing…

By Anuradha Kher, Online News EditorNew Rochelle, N.Y.–The NDR Group recently completed its $4 million rehabilitation of MacLeay Apartments, a 180-unit affordable housing complex located in New Rochelle, N.Y. The complex will be renamed Parkside Place. The MacLeay Apartments was originally acquired in 1986 and rehabilitated by the New Rochelle Revitalization Corp., which is today known as the NDR Group. The previous rehab plan resulted in the $10 million renovation of the formerly deteriorated, poorly maintained three-building, public housing complex. It was transformed into a private rental apartment complex serving both families who are unsubsidized and subsidized under the Federal…

By Anuradha Kher, Online News EditorLittleton, Colo.–Reaction Web has launched ListingLab.com, a Web site hosting service customized for commercial real estate brokers. ListingLab.com enables users to develop and manage individual property listing Web sites with security, confidentiality agreements and due-diligence war rooms, for $25 per month per property. “ListingLab.com is similar to blog hosting services like WordPress or Typepad but much more customized,” Mike Mockus, managing partner at Reaction Web, tells MHN. “It provides specific tools for brokers who are listing their properties. The template also has built-in privacy, which means registration is required to view the site. This way,…

By Anuradha Kher, Online News EdiorFargo, N.D.; Bellevue, Wash. and Newark, Calif.–NorthMarq Capital Inc.’s (NorthMarq) Minneapolis regional office recently arranged first mortgage financing of $2 million for Oak Court Apartments as well as $2.55 million for Rosegate Apartments, both located in Fargo, N.D.Financing for the 81-unit Oak Couty Apartments and the 90-unit Rosegate Apartments was arranged for the borrower, INREIT Properties LLP, through NorthMarq’s seller-servicer relationship with Freddie Mac. In addition, the company’s Los Angeles regional office, arranged a $22.5 million first mortgage financing for The Palisades (pictured), a 192-unit multifamily complex, located in Bellevue, Wash. and a $22.978 million…

By Erika Schnitzer, Associate EditorNew York–Douglaston Development and Montagu Square Development have announced the release of the final penthouse at TriBeCa’s Zinc, a 21-unit loft condominium.“It’s two units marketed as one,” explains Matt Feldman, vice president, Douglaston Development. “We held it off the market and sold the rest of the units off the plans, but we didn’t feel the buyer would get a full appreciation of what the building would look like, so we held back that last penthouse.”Completed in June, Zinc is located on a freestanding site–which is uncommon in New York City. Douglaston decided it wanted a unique…