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The equity market has grown more constrained this year, as pension funds, life insurance companies, and other institutions stay on the sidelines waiting for a bigger volume of distressed assets to hit the streets. FULL ARTICLE For more than a year, apartment REITs have been tapping into the secured debt market from Freddie Mac and Fannie Mae. The reason: It was just too expensive for them to get unsecured debt after the credit crunch. FULL ARTICLE When Tishman Speyer and BlackRock Realty purchased Stuyvesant Town/Peter Cooper Village for $5.4 billion in 2006, it represented the largest single multifamily transaction in the country’s history. But now, the owners are running out of money to pay off the property’s $3 billion in securitized debt and an additional $1.5 billion mezzanine loan. FULL ARTICLE
Earlier this year, analysts braced for equity offerings from companies across the REIT sphere. And in many sectors, that happened. Except, that is, in the apartment market, which has shied away from cash-generating activities thanks to relatively easy access to agency debt. FULL ARTICLE Alliant Capital and Centerline Capital are opening small loan divisions dedicated to the multifamily industry in hopes of filling what has become a glaring void in the debt market.
FULL ARTICLE In the past few months, a number of private firms have issued initial public offerings or announced they are mobilizing for public offerings in an attempt to scoop up what they anticipate to be a flood of distressed commercial real estate.
FULL ARTICLE
After months of struggling to fill units, apartment firms are finally starting to see a slow-but-steady uptick in occupancies.
FULL ARTICLE Right now, Contravest, a Lake Mary, Fla.-based builder, is staring at a problem facing many developers around the country. FULL ARTICLE
| APARTMENT FINANCE TODAY Nominate a Creative Deal Know of a transaction that was particularly creative or innovative? Let us know. Email your nominations for the most creative deals of the year to senior editor Jerry Ascierto. In your email, please provide the following: 1) details of the transaction; 2) parties involved; 3) a brief explanation of the creativity in execution and financing involved in the deal; and 4) any innovative approaches to the sales and marketing of the asset. Nominated deals must have closed between November 2008 and October 2009; any size deal or region of sale will be accepted. Selected projects will be featured in the Nov/Dec issue of Apartment Finance Today. Please submit your nominations no later than Friday, Oct. 2. HOUSING
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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. Events/Announcements
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