Northeast
DEAL OF THE DAY: KeyBank Provides $10M in Refinancing
Philadelphia–KeyBank Real Estate Capital recently provided approximately $10 million in Fannie Mae and Freddie Mac funding for the refinancing of two multifamily properties in the Northeast.
Manhattan’s Luxury Apartment Market to Welcome 55 Thompson This Fall
New York–In just a few months, 55 Thompson will join the small list of luxury apartment buildings in Manhattan.
Web Feature: In Down Time, What Are MF Developers Doing?
New York–Multifamily starts have hovered in the 100,000 to 142,000-range for all of this year, which isn’t saying anything positive about the multifamily sector.
New Student Housing Property at University of Maryland Reaches Full Occupancy as Doors Open
College Park, Md.–There is not a single room to spare at the newly developed, 154-unit University View II student apartment property near the University of Maryland in College Park, Md.
Combined Wells Fargo-Wachovia Top U.S. CRE/Multifaily Loan Server, Notes MBA Survey
Washington, D.C–According to the mid-2010 survey of commercial and multifamily mortgage services by the Mortgage Bankers Association, Wells Fargo (including Wachovia) tops the list firms of master and primary servicers in the U.S. $462.8 billion in loan volume.
Development of Upscale Apartment Project Atop Manhattan Hotel Reaches Completion
New York–Beatrice occupies the top 30 floors of the tower at 105 West 29th St. in Manhattan’s Chelsea neighborhood.
Home Sales Drastically Drop; Lowest in Over a Decade
Washington, D.C.–The first time homebuyer tax credit expired in May, and as expected, existing-home sales were sharply down in July, according to the National Association of Realtors.
Summer Proves an Unusually Busy Season for New 565-Unit Brooklyn Condo Project
New York, N.Y.–Closings have gotten underway at The Edge.
REIT Execs Did Well During ’09, Notes SMG Survey
New York–In an indication that the REIT industry is faring somewhat better than real estate as a whole, total compensation levels within the REIT realm, including multifamily specialists, increased in 2009 by a median of 3 percent to 15 percent, depending on employee level.
Residential REIT Pursues Sustainable Initiatives for Portfolio
Rochester, N.Y.–Home Properties, a REIT that specializes in apartment properties in the northeastern U.S. and the mid-Atlantic, has unveiled portfolio-wide initiatives to improve the energy efficiency of its properties.