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Wells Fargo has originated a $531.4 million loan for the massive affordable housing complex through Freddie Mac's Capital Markets Execution program, producing a happy ending for all those involved.
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A new name entered the multifamily arena last week, when Berkadia Commercial Mortgage was born out of the ashes of Capmark.
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The past decade bore witness to the largest multifamily deals in history, all of which occurred before the capital markets came crashing to a halt in mid-2008.
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Mike May, senior vice president of Freddie Mac's multifamily division, sits down with Apartment Finance Today to reflect on 2009 and offer a glimpse of what he sees coming around the bend.
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Freddie Mac has taken a big step toward offering a green rehab mortgage, thanks to a partnership with the Community Preservation Corporation.
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Two years ago, Carlos Vaz arrived in Dallas with no local contacts and less than $100,000 to start his multifamily investment business. He has since closed 10 distressed deals, some of which he's selling for 40 percent returns. And he's just 31 years old.
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Fannie Mae's small loan program is more attractive than what regional and community banks offer, but finding a DUS lender willing to go below $1 million may be tricky.
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Multifamily lenders are recouping about 64 cents on the dollar of the outstanding balance of defaulted loans.
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Investors that have hoarded cash for much of 2009 are starting to realize that discounts won't be as jaw-dropping as they once believed and are starting to engage the market.
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One of the biggest opportunities facing investors is the ability to acquire distressed notes or REO before they are marketed. The key is relationships.
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Two recent efforts by the federal government will further help lenders and owners ride through the storm by providing cover to keep amending and extending loans.
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One of the biggest challenges facing owners today is managing thier loan maturities. What can you do to position yourself for relief? Here are seven steps suggested by servicers, asset managers, and workout specialists.
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Sales velocity is accelerating as the bid-ask spread narrows, welcome signs of life for the multifamily industry.
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Many affordable housing players are pinning their hopes on the Tax Credit Assistance Program (TCAP) and Tax Credit Exchange Program (TCEP) to produce a sunnier 2010. But the full impact of those programs remains to be seen.
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Affordable housing deals have long enjoyed more favorable underwriting than their market-rate brethren. But those days may be coming to an end.
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Alliance Residential recently established a Chicago office, which marks the first Midwest presence for the Phoenix-based firm.
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Though they've been a shrinking presence for most of the year, life insurance companies are beginning to enter the market again for multifamily debt.
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Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, but multifamily's position in the No. 2 spot may be short-lived.
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Freddie Mac has started a new program to help its lenders access warehouse credit lines. At the same time, the company has kept its delinquency rates low through a variety of portfolio management techniques.
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Grandbridge Real Estate Capital continues to expand its multifamily operations, both in terms of people and products.
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While transit-oriented developments (TODs) are an ideal fit for workforce housing, few federal or state resources exist to make such developments more affordable to those who would benefit most from it.
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Phil Weber, who has led Fannie Mae's multifamily division since 2006, has taken a new position with Austin, Texas-based Forestar Group.
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A recently announced rule change by the IRS allows CMBS loans to be modified without triggering severe tax penalties, giving servicers the ability to amend and extend securitized loans.
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While the largest banks have been bolstered by TARP funds, equity-raising efforts, and asset sales, smaller community and regional banks are still struggling with balance sheets bloated with bad commercial real estate loans.
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Enterprise Community Investment has expanded its Fannie Mae DUS license to include workforce housing, or deals that serve tenants earning up to 115 percent of the area median income.
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Fannie Mae and Freddie Mac continue to offer well-priced debt to the multifamily industry, though who has the better execution varies by deal type.
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A default is imminent as Capmark Financial Group weighs bankruptcy and a sale of its mortgage origination and servicing businesses.
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Private equity continues to drive the market as pension funds, hedge funds, and life insurance companies play the waiting game.
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On Aug. 27, ceremonial shovels hit the dirt at Lafitte Street in New Orleans, as the redevelopment of the Lafitte public housing complex got under way.
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A partnership between Tishman Speyer and BlackRock Realty may soon default on one of the largest loans in multifamily history.
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As commercial banks continue to shy away from the small loan space, two Fannie Mae lenders are starting divisions dedicated to small loans for the multifamily industry.
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While the student housing market has been a bright spot for the multifamily industry this year, lenders are growing more conservative in their approach to the sector.
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Citi Community Capital has closed a $1 billion debt and equity fund to help revive the struggling low-income housing tax credit market.
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Fannie Mae's largest seniors deal of the year is also one of the largest MBS deals, as the company sees the sector emerging from the downturn.
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As Freddie Mac continues to build out its Capital Markets Execution program, a couple of recent deals show that the company has a healthy appetite for large transactions.
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As affordable developers get set to ramp up dormant projects, Fannie Mae's and Freddie Mac's high rates on forward commitments are forcing many to look elsewhere for debt.
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Reversal of tougher ratings methodology spreads more confusion through the CMBS marketplace.
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There are other forces at work helping to limit the corrosive effects of the recession on the multifamily industry. Floating-rate debt has been incredibly affordable this year, which has helped to keep many short-term floating-rate loans from going into delinquency.
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Rebidding contracts and grieving property taxes are two ways the recession can work in a multifamily firm's favor.
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Freddie's answer to Fannie's MBS would target only large deals.
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The latest hurdles for the struggling CMBS market involve a series of regulatory reform proposals floated by the Obama administration that could, paradoxically, undermine its own efforts to revive the CMBS industry.
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MBS execution now the bulk of its business, as Freddie Mac mulls its own version of MBS.
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As the government-sponsored enterprises (GSEs) continue to dominate the multifamily lending arena, many institutional lenders are shying away from new originations.
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The CMBS portion of TALF is gearing up for a second-half run that many hope will revive the dormant securitized loan market.
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Mid-America Apartment Communities is gearing up to take advantage of a wave of distressed assets coming online.
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CWCapital has acquired multifamily lender Sierra Capital Partners in a push to expand on the West Coast. The Irvine, Calif.-based Sierra Capital Partners originated about $300 million annually in Freddie Mac debt, with a servicing portfolio of about $825 million. Terms of the deal were not...
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Large, aggressively underwritten loans are increasingly going south, and declining fundamentals for the multifamily industry mean that CMBS delinquencies are accelerating as the year goes on.
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Formerly active conduit lenders are quietly reopening their platforms in anticipation of the government’s TALF program for CMBS.
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Survey Says: Overseas financiers are optimistic that the U.S. commercial real estate market will rebound next year.
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Conduit lenders are in the early stages of revival for fall TALF issuances.
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The price of debt from Fannie Mae and Freddie Mac has fluctuated wildly in June, as the benchmark 10-year Treasury and spreads bob up and down.
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Understanding the U.S. government’s various financial stability programs can be difficult, to say the least. Acronyms like TARP, TALF, PPIP, and CAP litter today’s headlines, but exactly what these programs do—and how they do it—aren’t always easily digestible. So, APARTMENT FINANCE TODAY set out...
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A look at the key terms and programs shaping the TARP and TALF programs.
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Capmark Financial Group has completed a financial restructuring designed to keep the wolves away from its door for another year or two. But the troubled Horsham, Pa.-based lender is bleeding staff and shutting down offices as it aggressively downsizes to ride through its financial storm.
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Fannie Mae shutters its Micro Loans program, a little more than a year after introducing the execution.
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One of the biggest issues facing multifamily lenders today is determining the “V” in LTV (loan-to-value). In the past, lenders could easily turn to the acquisition market to get a current read on valuations. But since there are very few acquisitions this year, lenders have nothing to measure...
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Government-sponsored enterprise Freddie Mac took a big step towards bringing its Capital Markets Execution (CME) program to the market on Tuesday, launching the Series K-003 Structured Pass-Through Certificates (or K-Certificates).
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It took five months, but the first acquisition of the year by a multifamily REIT recently closed when AvalonBay purchased the Verona Apartments in Bellevue, Wash.
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As apartment fundamentals continue to erode, lenders are hoping to stop the increase in multifamily delinquency rates through a variety of portfolio management efforts.
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While credit availability for multifamily borrowers is still constrained, there have been some recent glimmers of hope that the markets are starting to stabilize. Lender spreads are coming down for the first time in years, the pricing gap between buyers and sellers is slowly closing, and...
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The FHA's Sec. 223(f) program offers great rates and terms, but borrowers need a little patience.
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One of the multifamily industry's largest lenders is working to stave off bankruptcy.
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A growing wave of older and wealthier households is poised to enter the rental pool, according to market research firm Property and Portfolio Research (PPR). While those aged 35 to 54 are typically in their prime homeownership years, the decline in homeownership rates and household wealth for this...
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The climate change bill currently before Congress has several provisions with big implications for the multifamily industry. The good news is that bill calls for federal incentives to be available to market-rate multifamily owners for retrofitting existing buildings to improve their energy...