June 2007 Table of Contents


Detroit—Local businessman Dave Bing has rounded up a number of sports and business leaders to back Watermark Detroit, a $60 million luxury residential development planned for the city’s east riverfront. Read more

New Buyers Snap Up Seniors Housing

Merrill Gardens, a seniors housing developer based in Seattle, found an unusual buyer this March for 26 of its seniors housing properties: a real estate investment trust (REIT) in Canada. Read more


Dan Murphy has been named chief financial officer for The Bozzuto Group. Read more

Fannie Revamps 3MaxExpress

Fannie Mae has streamlined its 3MaxExpress small loan program, reducing the debt-service coverage ratio (DSCR), fees, and required documentation in an effort to fight off increased competition. Read more

Grading Your Lender

Capmark, the full-service lender formerly known as GMAC Commercial Holding Corp., earned high marks from Legacy Partners for offering the apartment developer a break on the guarantees it was required to make for its latest Texas project. Read more

Tasty Brew

Milwaukee area residents are making more money, and that’s good news for multifamily owners who’ve seen occupancies tighten and rental rates increase. Read more

Broken Condominiums Waiting to Be Reborn

In April, Norman Radow turned down a chance to buy more than 100 unsold condominiums at about a third less than the prices they were listed for during the height of the condo boom. Read more

Working Together on Workforce Housing

A few weeks ago, I attended a meeting of my city’s planning commission, intending to speak in favor of a proposed multifamily development on a beautiful site overlooking San Francisco Bay. Read more

Hits & Misses

Defaults on commercial mortgage- backed securities (CMBS) will triple this year to an all-time high, according to reports by Fitch and Standard and Poor's. Read more

Addressing a Growing Need

Cracking the code to the workforce housing shortage ranks high on the agenda of the National Multi Housing Council (NMHC) thanks to Mary Ann King, who chairs the organization through January 2008. Read more

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