Regions

By Anuradha Kher, Online News EditorWashington, D.C.–The cost of rental housing continued to climb in 2007 and into 2008, out-pacing the earnings of those in the low- and moderate-wage workforce, according to the National Low Income Housing Coalition’s (NLIHC) annual Out of Reach report released yesterday.The national two-bedroom housing wage climbed to $17.32, up from $16.31 in December 2006. The housing wage is the hourly wage a full-time worker must earn in order to afford the rent on a modest two-bedroom home in his or her community. The two-bedroom housing wage ranges from $29.02 in Hawaii to $9.10 in Puerto…

By Anuradha Kher, Online News EditorMacomb, Ill.–Arbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage LLC, recently completed funding of a $18,025,000 loan under the Fannie Mae DUS MBS program to finance the acquisition of two student housing properties totaling 361 units known as Campus Pointe and Campus Manor in Macomb, Ill. The five-year loan amortizes on a 30-year schedule and carries a note rate of 5.46 percent.“We were able to close this loan as promised within 30 days to facilitate an acquisition,” says John Edwards, director, in Arbor’s Boston lending office.

Seattle–Private-equity firm TPG, along with other investors, may invest $5 billion in Seattle-based Washington Mutual Inc., helping the largest U.S. savings and loan rebound from the national mortgage crisis, The Wall Street Journal reported Sunday.However, the injection of new capital could weaken WaMu shareholder investments. Over the past year, shareholders have lost 74 percent of their investment.WaMu used subprime mortgages to gain large profits during the housing boom; although the effect of the subprime crisis on large banks and brokerages has received a considerable amount of press, WaMu’s issues reflect the subprime fallout’s effect on main street banks, according to…

By Anuradha Kher, Online News EditorWestminster, Calif.–Hendricks & Partners recently arranged the sale of The Trask Apartments, a 52-unit community located at 7731 Trask Ave. in Westminster, Calif., for $8,900,000.The Trask Apartments, which comprises 13 buildings on 2.8 acres, features 36 two-bedroom units and 16 three-bedroom units with an average unit size of 1,021 sq. ft. The garden-style apartment community has a private, recently renovated pool area with outside shower, spacious leasing office, fitness center and laundry facility.The average monthly rents at closing were $1,306 for the two-bedroom units and $1,602 for the three-bedroom units.The seller was long-term owner, Trask…

By Erika Schnitzer, Associate EditorLanett, Ala.–An affordable housing complex with 48 units, Garden Greene Apartments recently held its official opening. Developed by Bennett and Co., a real estate consulting firm, the apartments are targeted toward seniors earning 50 percent or less than the area median income.Move-ins at Garden Greene began this March, and the building is currently at 50 percent occupancy.The new project has already begun to improve the deteriorating neighborhood where it is located. “Other home-owners in the neighborhood have been inspired to repaint and groom their yards, Fred Bennett, president of Bennett and Company, tells MHN.“The city has…

Washington, D.C.—The final action on the bipartisan housing bill could take place on Tuesday, according to the New York Times.On Friday, the Senate added housing package tax breaks for manufacturing companies and for Gulf Coast residents displaced by Hurricane Katrina, both of which were approved.The Senate approved the provision enabling troubled companies to use accumulated tax credits to counteract new plant and equipment costs—suggested by Senator George V. Voinovich from Ohio, which has been heavily affected by declining employment and foreclosures–by 76 to 2.The bill also will offer an additional tax break for home builders and other businesses. The provision…

Tokyo–Japan’s largest bank and its five other major lenders could post a 40 percent decline in combined profits because of U.S. subprime mortgage-related losses, Bloomberg and Nikkei English News said.The combined net income of Mitsubishi UFJ Financial Group Inc., headquartered in Tokyo, and the other major banks should be roughly 1.5 trillion yen ($14.7 billion) in the year ended March 31. January forecasts were more than 2 trillion ($19 billion) .Japan’s other large banks include Sumitomo Mitsui Financial Group Inc., Resona Holdings Inc., Sumitomo Trust & Banking Co. and Chuo Mitsui Trust Holdings Inc.

Sacramento, Calif.—Declining Bay Area home sales—currently at their lowest level in two decades—are reducing the number of local real estate agents, the San Francisco Chronicle reports.The number of licensed California real estate agents has already dropped slightly, according to Tom Pool, a spokesman for the Sacramento, Calif.-based Department of Real Estate. In November, the state had 549,244 agents; by late January, the number had dwindled to 548,879.And more may follow: Because real estate licenses are fairly inexpensive–$120 a year—and last for four years, an agent decline can lag behind a housing market reduction, Pool said.Less people are taking the real…

By Anuradha Kher, Online News EditorWashington, D.C.–Wachovia, Wells Fargo and Bank of America were the top multifamily/ commercial originators in 2007, according to the Mortgage Bankers Association (MBA) fourth annual commercial/multifamily finance firms annual originations rankings.Other originators in the top 10 include Deutsche Bank Commercial Real Estate, Credit Suisse, Holliday Fenoglio Fowler L.P., Capmark Financial Group Inc., CBRE|Melody, Goldman Sachs & Co. and KeyBank Real Estate Capital.  Five different companies topped the eleven lists reporting originations by investor groups.Wachovia was the top originator for REITS, mortgage REITs, investment funds, Fannie Mae and conduits. Capmark Financial Group topped in Freddie Mac,…

By Anuradha Kher, Online News EditorDallas–Granite Properties and Gables Residential has begun construction on a $200-million mixed-use project in uptown Dallas. The development, featuring a high-rise 292-unit residential apartment complex as well as a 19-story Class AA office tower, is located on 2.145 acres in the center of Uptown. Completion of the two-tower project is slated for March 2010. The Granite office tower at 17 Seventeen McKinney is located at the northwest intersection of McKinney Avenue and North Akard Street and the Gables residential high rise is at 1700 Cedar Springs and Akard.“Right now, there are a lot of office…