Regions

By Anuradha Kher, Online News EditorAvondale, Ariz.–HFF (Holliday Fenoglio Fowler LP) has arranged a construction loan and joint venture equity totaling $92.75 million for a 715-unit multifamily development in Avondale, Ariz.The project will be developed by Fore Property Co. and is expected to be completed by 2010. It will consist of two phases: Mirabella Village and Mirabella Gardens. The Mirabella Village will have 369 units including one-, two- and three-bedroom, and loft layouts ranging from 739-sq-.f.t. to 1,040-sq.-ft. Mirabella Gardens will have 346 units in the same floor plans as Mirabella Village plus 55 two- and three-story town home units…

Atlanta–Real estate investment trust (REIT) Post Properties, based in Atlanta, has received a buyout offer from Cadim and Williams Realty Advisors LLC, a group that includes John Williams, Post’s founder and former CEO.Post Properties said the group offered $44 to $47 a share in cash. Post has 43.71 million shares outstanding, making the deal worth between $1.92 billion and $2.05 billion. Post has been the subject of numerous offers over the past three or four years but has declined to sell.Cadim is a unit of Caisse de dépôt et placement du Québec, the pension fund for the Canadian province of…

Washington, D.C.–For the second time in just over a week, the Federal Reserve cut short-term interest rates Wednesday, the New York Times reports. Announcing it was now more concerned about slowing economic growth than inflation, the Fed reduced the benchmark Federal funds rate by half a point to 3 percent at its two-day January policy meeting. In a statement, the central bank said that “financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” adding that recent data implied the housing decline is worsening and the job market is “softening.” On Jan. 22, the…

By Anuradha Kher, Online News EditorWashington, D.C–The Federal Open Market Committee today lowered its target for the federal funds rate by 50 basis points to 3 percent. This is the second rate cut in just over a week.It followed a three-fourths of a percentage point cut on Jan. 22, a day after financial markets around the world had plummeted on fears that the U.S. economy was heading into a recession. In a brief statement explaining their decision, Federal Reserve chairman Ben Bernanke and his colleagues said: “financial markets remain under considerable stress.”Ernest DesRochers, senior vice president and managing director of…

By Anuradha Kher, Online News EditorHartford, Conn.–Farmington Apartments LLC has bought the Mark Twain Apartments in Hartford, Conn. for $3.25 million. The Mark Twain Apartments, previously owned by MT Associates LLC, contain 65 apartment units located adjacent to the historic Mark Twain House and Museum.Mark Twain and his family moved to Hartford in 1871. While they first rented a house in the city, in 1873, Twain hired New York City architect Edward Tuckerman Potter to design his house, where he and his family lived until 1891.This site, which once encompassed the grounds of Mark Twain’s estate, was developed in 1931….

By Anuradha Kher, Online News EditorCincinnati –Green Park Financial provided a $3.79 million refinance loan to Magnolia Pointe Apartments located in on Old State Route 74 in Cincinnati.Magnolia Pointe (pictured), built in 1964 and renovated in 2003, is a two- to three-story garden-style apartment complex with 110 units. The property had 90 percent occupancy at closing of the deal.Rents for one-, two-, and three-bedroom apartments range in rent from $485 to $800. Amenities include storage, swimming pool, laundry, playground and a barbecue space.Will Baker, assistant vice president of Green Park Financial, tells MHN, “We provided this refinance loan to Magnolia…

Havana–Cuba’s capital city is controlled by the socialist state–but that hasn’t kept its residents from buying and selling property using an active underground sales system, the New York Times reports.In Cuba, selling property is illegal. However, the underground housing market twists the island’s condoned practice of trading apartments and homes by infusing illegitimate agents, price speculators and real estate scams that range from backing out of a deal but keeping the cash involved to selling a rundown property billed as a luxury home. And because Cuba, despite new government construction, has a housing shortage, deals can be $50,000–or more.The government…

New York–U.S. home prices are falling at record rates, with prices in 10 major urban areas down 8.4 percent from a year ago, according to the S&P/Case-Shiller home-price indexes, released Tuesday by New York-based credit-rating firm Standard & Poor’s.Prices dropped 6.7 percent in October. The previously biggest year-to-year decline was 6.3 percent, coming on the tail end of a recession in 1991, the Wall Street Journal reports.”We reached another grim milestone” in November, according to Robert Shiller, chief economist at MacroMarkets LLC and co-developer of the index.Overall, the index fell 7.7 percent in November compared to November 2006 and was…

By Anuradha Kher, Online News EditorNew York–Red Stone Partners, a privately held national multifamily finance company, has achieved its 2007 origination goal of $400 million and has invested over $1.5 billion in multifamily properties throughout the U.S.“Despite the challenges arising from the dislocation in the capital markets, we have demonstrated success during the last year,” says Jim Gillespie, managing director of Red Stone Partners. “We are also well-positioned with the capital necessary to capture opportunities and achieve our origination targets of $350 to $400 million in 2008. We intend to expand our product lines while continuing to focus exclusively on…

London–During a credit crunch meeting in London Tuesday, French President Nicolas Sarkozy plans to call for new structure in the global financial system, the Financial Times reports.The leaders of Europe’s four largest economies–France, Germany, Italy and the U.K.–want to show they have control despite the possible U.S. recession, recent Société Générale rogue trader incident and U.K. mortgage lender Northern Rock collapse.Sarkozy, German chancellor Angela Merkel and European Commission president José Manuel Barroso will attend the summit, hosted by U.K. prime minister Gordon Brown, to discuss Europe’s position before the meeting next week in Toyko of the seven industrial powers.In the…