APARTMENT FINANCE TODAY

Shabnam Mogharabi, Editor
smogharabi@hanleywood.com

Barney Frank is always good for a sound bite. Last week, the House Financial Services Chairman advocated for subsidizing municipal bonds Where ratings agencies are failing to help lower the cost of debt for state and local governments, Frank says the government should step in. His pitch: An FDIC-like insurance program for municipal bonds would help stave off community-centric debt defaults. Our translation: The federal government would be the guarantor of even more unstable debt.

Now, I’m a fan of Barney Frank. I think the Massachusetts rabble-rouser has got his finger on the pulse of the housing industry and understands the challenges of affordable housing development and housing finance with a depth that few congressmen exhibit. But this idea has me worried. I can see problems quickly emerging down the road—jurisdictions unable to service their debt, owing millions to the federal government, having to turn to taxpayers to foot the bill. It would be Government Bailout version 2.0, just on a smaller, more localized scale. And with so many initiatives, new developments, and housing services dependent on local support right now, those are dangerous waters to wade into. Especially if we want our cities and localities to emerge from this recession unscathed.

Although Fannie Mae smoked Freddie Mac on pricing in the first quarter—at times by as much as 50 basis points (bps)—Freddie Mac has aggressively responded, adjusting its pricing in April to reclaim the lead.
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Banks, life insurance companies show intermittent interest in multifamily, but many still shy away.
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Freddie Mac’s Capital Markets Execution (CME) program is just the first step in the company’s push toward reducing its portfolio while keeping liquidity flowing.
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As the last men standing in the multifamily debt game, Fannie Mae and Freddie Mac are single-handedly keeping apartment values from dropping to unrealistic levels.
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Shuttering of conduit lender signals Credit Suisse’s temporary departure from the commercial real estate sector.
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As the pivotal spring leasing season approaches, apartment owners look for signs of life.
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Apartment Realty Advisors (ARA) has plunged into the debt financing market through a joint venture with CWCapital.
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Alexandria, Va.-based AvalonBay Communities recently closed on a $400 million equity fund that will target value-add acquisitions. The fund, which can be leveraged up to 65 percent, allows for a total investment capacity of $1.1 billion.
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Read about deals, subsidies, gossip, taxes, and sneaky fine print in the world of rental real estate, from the editors and writers of APARTMENT FINANCE TODAY here.

To reach APARTMENT FINANCE TODAY Editor Shabnam Mogharabi, please e-mail smogharabi@hanleywood.com

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e-mail smarkey@hanleywood.com

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