Regions

By Anuradha Kher, Online News EditorColumbus, Ohio — The Red Capital Group has arranged an investment equity worth $4.15 million for the acquisition and rehabilitation of a US Department of Housing and Urban Development (HUD) Section 202 elderly housing property in Tucson, Ariz. The property was acquired by affiliates of Urban Innovations Ltd. of Chicago. The property, Council House Apartments, is situated near the University of Arizona and the historic Sam Hughes neighborhood. Council House contains 137 one-bedroom units and 12 two-bedroom units restricted to occupancy by seniors’ households (age 62+) earning no more than 60 percent of Area Median…

By Matthew Marin, Associate EditorNew Orleans–The Domain Cos., a leading participant in redeveloping New Orleans’ Mid City/Tulane Avenue corridor, has commenced construction of its new 72-unit housing complex at 750 S. Jefferson Davis near the intersection with Tulane Avenue. Domain’s $17-million project will offer badly needed workforce housing. Domain’s total investment for the expansion of the Tulane Avenue Corridor is more than $120 million with over 500 housing units under or soon to be under construction.”Now is the time to invest in New Orleans and in Mid City,” says Matt Schwartz, principal of Domain, based jointly in New Orleans and…

By Anuradha Kher, Online News Editor Carrollton, Texas–RealPage Inc., a provider of multifamily property management software, today announced the availability of broader settings within its LeasingDesk Screening system. The move is expected to improve the screening of applicants with past foreclosures.With the new software, owners/operators can better evaluate risks associated with applicants who have a recent home loan default, according to RealPage.The new controls deliver enhanced flexibility for multifamily resident screening if a prospect has a prior mortgage default. The software enables owners/operators to filter this specific credit information, acknowledging a foreclosure, but giving the option to remove it from…

By Erin Brereton, Content ManagerDetroit–New York-based real estate investment firm Northern Group announced plans Wednesday to build a $150 million residential, retail and entertainment complex with more than 80 apartments in downtown Detroit.The Cadillac Centre will feature two 24-story towers of sculpted metal and glass and will connect to the existing 1927 Beaux Arts Cadillac Tower skyscraper, already owned by the Northern Group. The property will fill in the last piece of land surrounding Campus Martius Park, which Northern calls Detroit’s new town square.Cadillac Centre will include 84 apartments, 48 of which will be located in the 24-story SkyLoft Towers….

Portland, Ore.–Portland, Ore.-based real estate investment firm Hagerman Frick O’Brien recently arranged the sale of five apartment buildings in Washington and Oregon for more than $76 million.The 334-unit Meadow Wood Apartments in Vancouver, Wash., sold for $26.6 million or $79,640 per unit. Hagerman Frick O’Brien Investment Real Estate (HFO) represented both the buyer, Meadow Wood Associates, based in Washington state, and the seller, Orchards Retirement, LLC of Vancouver.Prairie View (pictured), a 284-unit apartment complex in Vancouver, sold for $26.7 million, or $94,014 per unit. The buyer, Vancouver Prairie View, LLC of Vancouver, and the seller, Prairie View Associates of Seattle,…

New York–Merrill Lynch may post twice its original mortgage investment loss estimate–$15 billion total–triggering the firm to look overseas for investment capital, The New York Times reported Friday.The nation’s largest brokerage firm likely will disclose the writedown–larger than the $12 billion many experts had predicted–next week in its earnings report. To raise roughly $4 billion, Merrill is now talking with potential U.S., Asian and Middle Eastern investors, including American private equity firms, according to the Times.New CEO and Chairman John A. Thain already has sold a $5.6 billion stake to Temasek Holdings, administered by Singapore’s government, and Tucson-based money management…

Concord, N.H.–New York Sen. Hillary Clinton’s success in the New Hampshire primary earlier this week marked a turn for the election: For Clinton, who had advanced in the race, and for housing, which she mentioned in her victory speech.The housing market has become a key issue in the U.S. presidential race as candidates try to drum up votes in Michigan, Nevada, Florida and other states with a high foreclosure rate, The Wall Street Journal reported Friday. Clinton also was scheduled to discuss the slump Thursday in Las Vegas. Former Arkansas Governor Mike Huckabee’s new television advertisement, airing in Michigan, also…

By Matthew Marin, Associate EditorMemphis, Tenn.–Alterra Capital Group, a privately held real estate investment company based in Miami, has completed $4.7-million renovations on three of its multifamily communities in Memphis: Corner Park, Winbranch Apartments and Parkview Apartments.  “As we expand our presence in key markets, it is important we maintain a consistent image,” says Matt Papunen, company principal of Alterra Capital Group. “Delivering all these units at one time allows us to leverage our size by making a statement about our commitment to the area while providing the market with a large volume of rehabilitated inventory that raises the standard…

London–The U.S. economy isn’t the only one suffering from the credit and housing collapse; a ripple effect has plagued parts of Europe–especially Britain–in the past year, The Chicago Tribune reported Friday.Banks in Europe and other regions were burdened when Americans defaulted on their mortgages because they had been packaged into securities and sold globally.The German government had to spend $11.1 billion to rescue the IKB Deutsche Industriebank several months ago because of its U.S. mortgage investments. French bank BNP Paribas had to halt withdrawals from $2.2 billion in investment funds when the mortgage collapse prevented the bank from estimating their…

McLean, Va.–Refinancing activity picked up this week after mortgage rates fell due to disappointing economic results, according to government-sponsored loan buyer Freddie Mac.McLean, Va.-based Freddie Mac said the rate on a 30-year fixed-rate loan averaged 5.87 percent for the week ending Jan. 10, a decrease from last week’s 6.07 percent average, CNNMoney.com reports.The 30-year fixed-rate mortgage averaged 6.21 percent this week in 2007.An increase in unemployment–which hit a new two-year high of 5 percent last month–and slow growth in the service sector helped influence the drop, Freddie Mac Vice President and Chief Economist Frank Nothaft said Thursday.The National Association of…