Northeast
Apartment Rents Rise in Many Markets
Apartment rents haven’t declined as much as commonly supposed,
DEAL OF THE DAY: Eastern Consolidated Completes $8.1M in Sales of Construction Loans for Stalled Condo Projects
Brooklyn, N.Y.—Eastern Consolidated brokered the purchase of defaulted loans to make possible the development of two stalled luxury condominiums in the Williamsburg neighborhood Brooklyn. In two separate transactions, Eastern Consolidated Senior Director David Schechtman and Associate Geoff Rand, represented the buyer, Nachas 180, LLC, of the two loans obtained to cover the cost of constructing the condominiums. Both off-market deals sold for a combined $8.1 million, were completed on an all-cash basis and represent the recapitalization of the Williamsburg developments which were well-conceived, but fell prey to the market downturn in end-unit pricing, and high construction costs. The two new…
Outstanding Multifamily Mortgages Drop: MBA
According to a Mortgage Bankers Association analysis of Federal Reserve Board Flow of Funds data released over the weekend, multifamily mortgage debt outstanding dropped $11 billion, a 1 percent decrease, between the third quarter and fourth quarter 2009.
Recently Passed Senate Bill Addresses Low Income Housing Tax Credit Issues
While it may seem that Congress has been focused exclusively on health care legislation, a $100 billion jobs measure that passed the Senate on Wednesday contained several provisions important to the multifamily housing industry.
Michael Mullin Joins Integrated Business Systems
Michael Mullin has joined real estate automation systems provider Integrated Business Systems (IBS) in Fairfield, N.J. as vice president of sales and marketing.
Evergreen Equity Seeking Southern Multifamily Properties
Evergreen Equity Partners is going shopping for multifamily properties in the South, including Florida, North Carolina, South Carolina, Alabama and Texas.
New LEED Platinum Apt. Building in Conn. Opens Leasing Office
Residential leasing has begun at 360 State Street
Melrose Commons Earns First Stage II LEED-ND Silver in NYS
The United States Green Building Council (USGBC) has awarded LEED
DEAL OF THE DAY: NorthMarq Completes $38M in Co-op, Perm & Acquisition Financing
NorthMarq Capital arranged an $8,900,000 permanent loan
DEAL OF THE DAY: Marcus & Millichap Brokers $11.7M Sale of Property in Washington, D.C.
Marcus & Millichap Real Estate Investment Services sold The New Amsterdam, a 75,375-square foot multifamily and retail asset in Washington, D.C. The sales price of $11,750,000 represents $156 per square foot, or $130,556 per unit.