Regions

By Anuradha Kher, Online News EditorMinneapolis–NorthMarq Capital, Inc., a national real estate investment banking company headquartered in Minneapolis, has arranged mortgage financing for four properties across the U.S. through its regional offices.The company’s Long Island regional office arranged first mortgage financing of $58.8 million for Cunningham Heights Apartments located in Queens Village, N.Y. Financing for the 1,056-unit multifamily property was based on a 10-year term plus a one-year extension with a 30-year amortization schedule. Charles Cotsalas, vice president of Northmarq Long Island, says, “This loan was quoted and rate locked using Freddie Mac’s Early Rate Lock funding which worked like…

LeasingDesk Appoints Strategic Account ManagerIrvine, Calif.–LeasingDesk Insurance Services, a wholly owned subsidiary of RealPage Inc. and a provider of point of lease systems to the multifamily industry, has named Larry Bellack as its strategic account manager. Bellack will be primarily responsible for market share of LeasingDesk’s flagship product, eRenterPlan, within the multifamily industry.Bellack will serve the Mid-Atlantic and Northeast regions by educating multifamily owner/operators on the importance of utilizing risk mitigation products to safeguard properties and increase NOI. He will also partner with trade and industry associations to expand LeasingDesk brand awareness on national, state and local levels.“In previous sales…

By Anuradha Kher, Online News EditorCarrollton, Texas–RealPage Inc., a Carrolton-Texas-based provider of on-demand software and services to the multifamily industry, has acquired WebRoomz, an on-demand leasing system for students and military personnel.The WebRoomz leasing system matches students with compatible roommates and has other capabilities tailored to student housing. By doing so, the Web site reportedly improves the efficiency of the “turn” each year as students and their parents approach student housing communities across the country over a one-week period just before school begins.WebRoomz has invested five years and more than $10 million to build this system. The program attracts students…

Washington, D.C.–Congress approved a $168 billion economic stimulus plan, including taxpayer rebates and business tax breaks, on Thursday, The New York Times reports.The stimulus plan contains several provisions to help the housing market, including increasing Fannie Mae and Freddie Mac’s home loan limits for a year to help homeowners refinance or get new mortgages in costly housing markets. The new limits for the government-sponsored finance organizations will be tailored to local markets. The cap for loans the Federal Housing administration can insure also was raised.The stimulus plan was extremely similar to the one passed last week by the House, despite…

Edinburgh–Unlike London’s housing market–and the U.S. market–the Scottish real estate sector is booming, Scotland’s Royal Institution of Chartered Surveyors said Thursday.Global credit and financial problems have not affected the Scottish market, the Financial Times reports. In fact, members of Scotland’s Edinburgh-based Royal Institution of Chartered Surveyors found a growing difference between Scotland’s housing strength and other areas of the U.K., including the capital, according to a recent study.“The economy is holding up well, and the Scottish property sector is benefiting as a result,” said Royal Institution of Chartered Surveyors director Graeme Hartley. “People here have always taken a more sensible…

Nashville– As fourth quarter reports filter in, it’s becoming clear that companies providing building materials ranging from lumber to concrete–such as Nashville-based Louisiana-Pacific Corp.–are still suffering because of the housing decline.Many of residential building’s biggest companies–whose stocks are still at or near 52-week lows–have seen severe profit drops; some have seen large losses. None have indicated a housing recovery will happen this year, according to CNNMoney.com.However, contractors are finding it difficult to cut expenses on current projects because costs for raw materials including metal and wood are increasing.Louisiana-Pacific Corp., which sells a number of different building materials, blamed the decreased…

Washington, D.C.–The director of the Office of Federal Housing Enterprise Oversight– which supervises federally chartered mortgage companies–said Thursday that the stimulus plan’s measure to increase Fannie Mae and Freddie Mac’s loan limits could take loan money away from less expensive housing, the Washington Post reports.According to James B. Lockhart III, funding one $600,000 mortgage requires as much capital as backing three $200,000 loans.The economic stimulus package Congress approved Thursday would allow Fannie Mae and Freddie Mac to purchase or guarantee mortgages greater than its current $417,000 limit for a year. Speaking to the Senate Banking Committee, Lockhart said the higher…

By Anuradha Kher, Online News Editor Brooklyn, N.Y.–At a unique locally themed opening party, Savanna Partners, a New York-based real estate development firm, launched its newest condominium project, located at 125 North 10th St. in Brooklyn’s Williamsburg neighborhood.More than 300 people including brokers, developers, prospective buyers and buyers were invited to this Brooklyn-themed event, where everything from the food to the entertainment was locally sourced. The menu featured were mini sirloin burgers with Peter Luger Steakhouse sauce, pizza from Brick Oven Gallery and “DuMac & Cheese” from Dumont along with the Brooklyn Brewery beer and “The Brooklyn,” a beverage consisting of…

By Anuradha Kher, Online News EditorClinton, Mass.–NAI Hunneman, a Boston-based provider of commercial real estate services to corporations, institutions and the private market, arranged the sale of Town Lynne Village and Camelot Apartments in Clinton, Mass. for $16.5 million.Micozzi Management, a Boston-based apartment rental, commercial leasing, management and investment company, bought the properties from Clinton Management Corp. and Camelot Management Corp. “These well-maintained garden apartments were a perfect fit for Micozzi Management,” says Robert Tito, executive vice president/principal of NAI Hunneman. “Our client already owns more than 500 units in surrounding communities, making this a perfect opportunity for them to…

Chicago–The housing decline will continue to decrease home prices in 2008, according to the Chicago-based National Association of Realtors’ (NAR) monthly forecast, released Thursday.Pre-existing home prices will decline by 1.2 percent this year; just a month ago, NAR predicted the market would improve halfway through 2008 and said prices would remain steady, CNNMoney.com reports.After projecting a record first quarter 5.3 percent drop, NAR now says home prices will fall 6.1 percent in the first quarter. Less pre-existing homes will be sold this year, according to the group, which predicts sales will decrease by 4.8 percent. In 2007, existing home sales…