Regions

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…

By Keat Foong, Executive Editor Austin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler LP) arranged a $1.8 million financing for Alpine Village and Alpine Grove Apartments, two multifamily communities totaling 68 units in southern Austin, Texas.Seamless Development Inc. is using the loan proceeds to acquire the properties, implement a more efficient property management team and make minor capital improvements to facilitate immediate increases in rental rates. “The multifamily market in South Austin has been very resilient in withstanding rental increases without affecting occupancy levels. The close proximity to Saint Edward’s campus and the mismanagement of the property made it…

By Anuradha Kher, MHN Online EditorCharlotte, N.C. — Bank of America Corp. today announced its decision to purchase the troubled home loan lending company Countrywide Financial for approximately $4 billion in stock.The purchase will make Bank of America the nation’s largest mortgage lender and loan servicer. Meanwhile, Countrywide will benefit from the stability of being part of the largest and one of the most financially strong financial institutions in the United States, according to Bank of America.“Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price…

By Anuradha KherFort Lauderdale, Fla.– Advanced Green Technologies, a Fort Lauderdale, Fla.-based company that provides sustainable building solutions and renewable energy products for residential and commercial applications officially opened its 10,000-sq.-ft. building topped by hurricane-resistant solar panels. The building belongs to Advanced Roofing, a 24-year-old company of which AGT is a subsidiary.Florida Governor Charlie Crist presided over the ribbon-cutting ceremony and reviewed the renewable energy efforts of the company. “They’re doing such great things and making such a difference,” said Gov. Crist. “The largest solar panel roof in Florida is obviously a good example.”The building is an office and warehouse….

By Matthew Marin, Associate EditorPlantation, Fla.–Madison Capital Group LLC, a Miami-based real estate investment firm, has acted as exclusive financial advisor to American Land Ventures and arranged joint venture equity for a luxury mid-rise apartment community in the Midtown District of Plantation, one of Broward County’s most affluent suburbs. The Residences at the Fountains, a 251-unit, $84-million residential property, is the first phase of a two-phase residential development with construction anticipated to start in the first quarter of 2008 with occupancy expected in late 2009.   Recognizing the strong local economy and the lack of recently completed multi-housing product in Plantation,…

Newark, N.J.– Real estate brokerage Gebroe-Hammer Associates recently completed the $7.4 million sale of a three-property portfolio in Newark, N.J.’s Weequahic neighborhood.The portfolio contains 130 rental units in three multifamily complexes. Gebroe-Hammer Sales Associate Elliot Schechter and Executive Vice President David Oropeza represented the seller in the transaction. Senior Vice President David Jarvis secured the investment group who brought the property. Gebroe-Hammer declined to release the name of the buyer or seller.The three-story 129 Chancellor Avenue apartments (pictured) contain 50 units; 603 Elizabeth Avenue is a six-story elevator building with 55 units. With 25 units, 595 Elizabeth Avenue is a…