The FHA has become the most prolific and popular construction debt source since the advent of the credit crunch. But the agency dropped a bombshell at the recent MBA/CREF Conference when it unveiled proposed changes to its Sec. 221(d)(4) and Sec. 223(f) programs that could make it much harder for developers to gain access to those programs.
FULL ARTICLE

While the CMBS market continues to struggle with record-breaking delinquency rates, several conduit lenders are cautiously re-opening their shops.
FULL ARTICLE

The government-sponsored enterprises Fannie Mae and Freddie Mac have the Treasury's unlimited support and no need to reduce to their portfolios. But what does that really mean for the GSEs and how they move ahead?
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Fannie Mae provided $19.8 billion in multifamily debt last year, and Freddie Mac was close behind with $16.6 billion in 2009. The figures represent a steep decline from the previous year. Fannie Mae’s volume was down 45 percent versus 2008 volumes, while Freddie Mac’s was down nearly 30 percent.
FULL ARTICLE

Developers Diversify to Stay Recession-Proof

The Great Recession has already claimed some of the industry’s largest owners and developers—Fairfield Residential, Bethany Group, Lembi, Babcock and Brown, Opus Corp. The list goes on and on and will likely swell some more before the next upturn.
FULL ARTICLE

Got 1,000 units of multifamily assets and an interest in leveraging revenue management technologies without a sizeable allocation of financial and personnel resources? Try calling on Laramar Group—the Greenwood Village, Colo.-based property management firm has recently begun running its LRO yield management software for smaller companies looking to test-drive the technologies before making a full-blown commitment and commensurate investment.
FULL ARTICLE

Special Servicers Get Creative

In the multifamily industry, many eyes will be on special servicers this year. And it’s easy to see why. These firms could potentially provide abundant source of acquisition opportunities. But, if an emerging trend provides any guidance, the buyers of these CMBS assets may not just be getting the apartment. They could be getting some of the debt along with it.
FULL ARTICLE

Creditor Group Approves $125 Million for Fairfield Residential

Fairfield Residential is moving through its bankruptcy at record speed. The San Diego-based multifamily real estate operating company announced earlier this week that its official committee of unsecured creditors and Capmark, a lender, have signed off on a plan for Och-Ziff Real Estate Acquisitions, an affiliate of New York based Och-Ziff Capital Management Group, and the California State Teachers’ Retirement System to inject $125 million into the company’s reorganization plan.
FULL ARTICLE

Bank of America Enters Electronic Rent Payment Arena

Oakland, Calif.-based PropertyBridge, a MoneyGram International company and provider of electronic rent payment services to the multifamily housing industry, has reached an agreement with Charlotte, N.C.-based Bank of America Merrill Lynch to provide electronic rent payment functionality to Bank of America’s multifamily clients. Announced Feb. 4 during MoneyGram's 2009 fourth-quarter and year-end earnings call, the deal enables Bank of America to offer Property Bridge’s automated e-payment solutions to its multifamily clients and fulfills a functionality void that the bank says its clients had been clamoring for.
FULL ARTICLE

Events/Announcements

AFT Conference: Register Now!

When it comes to finding debt and equity in this economy, we are facing a new world order. That’s why, at the 2010 Apartment Finance Today Conference, held April 12-14, 2010, at the Harbor Beach Marriott in Ft. Lauderdale, you’ll discover strategies for maximizing NOI, minimizing costs, searching for opportunities, and deploying your precious resources. Register today.

Check our online calendar for upcoming events.

HOUSING FINANCE BLOG

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.

Contact

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e-mail smarkey@hanleywood.com

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