Tuesday, August 25, 2015

Mortgage Bankers Predict New Wave of Home Ownership by 2024


Lynn Fisher
WASHINGTON, DC -- By 2024, the U.S. will create between 14 million and 16 million new households, according to the Mortgage Bankers Association.  Of those, as many as 13 million will be owners and as few as three million will be renters.

The MBA predicts over the next decade, Americans will emerge from their childhood bedrooms or rental apartments and start becoming homeowners again.

The MBA says home ownership has plunged to its lowest level in half a century. But over the next decade the country will see a surge in new household formation, with many of those families choosing to own rather than rent.

The MBA says that as many as 1.3 million additional owner households will be created each year. That is a significant pickup from the recession, when the number of owner households has been basically flat.

“It’s a huge amount of housing demand any which way you cut this,” said Lynn Fisher, MBA’s vice president of research and economics.

The MBA says the homeownership rate rose from less than 64% in the late 1980s to more than 69% in the mid-2000s before dropping to below 64% again in 2015.

The MBA says if current homeownership rates by age and race persist, the report’s authors expect the homeownership rate to grow modestly to 64.8%. If those rates of homeownership by group revert to higher long-term trends, they expect the homeownership rate to rebound to 66.5%.

For a complete copy of the company’s news release, please contact:


Meridian Capital Group Arranges $15 Million in Acquisition Financing for the Berkshire Reserve Multifamily Property Located in Naples, FL


Israel Schubert
Boca Raton, FL,  Aug. 25, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated a $15 million mortgage for the purchase of the Berkshire Reserve multifamily property located in Naples, FL on behalf of Axonic Capital.

The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.125% and a flexible prepayment penalty.

This transaction was negotiated by Meridian Senior Managing Director, Israel Schubert, and Vice President, Brad Beattie, who are based in the Company’s Iselin, NJ and Boca Raton offices, respectively.

Brad Beattie
Constructed in 2001, Berkshire Reserve is a townhome-style community that totals 146 units and is located at 3536 Winifred Row Lane in Naples, FL.

The property contains 37 two-story buildings situated on landscaped grounds with a central lake and fountain. Property amenities include a swimming pool, large sundeck and lounge area, playground, barbeque grill, picnic area and carports.

 Berkshire Reserve is in close proximity to Golden Gate Community Park which houses a fitness center, Olympic-sized pool with diving area and a children’s pool, baseball and softball fields, a soccer/football field, tennis courts, basketball courts, racquetball courts, shuffleboard courts and a community center for other activities.

“In addition to obtaining an aggressive 75% loan-to-value, non-recourse bank loan, Meridian was able to negotiate a prepayment penalty that declines to 1% in the event of sale at any point over the term of the loan,” said Mr. Beattie.

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group
212/972-3600

Meridian Capital Group Arranges Acquisition Financing for the Oakleigh Apartments Multifamily Property Located in Baton Rouge, LA


Oakleigh Apartments, 11580 Perkins Road
Baton Rouge, LA
ISELIN, NJ,  Aug. 25, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated a mortgage for the purchase of the Oakleigh Apartments multifamily property located in Baton Rouge, LA on behalf of a private REIT.

The 10-year loan, provided by EverBank, features a competitive fixed-rate of 3.83% and a flexible prepayment penalty. 

This transaction was negotiated by Meridian Senior Vice President, Barry Lefkowitz and Vice President, Sam Walkin who are both based in the Company’s Iselin, NJ office.
  
Constructed in mid-1980’s, Oakleigh Apartments is a townhome-style community that totals 296 units and is located at 11580 Perkins Road in Baton Rouge, LA. The gated property features two swimming pools, a fitness center and an on-site laundry facility.

 
Perkins Rowe Shopping Center, Baton Rouge, LA
Oakleigh Apartments is conveniently located two blocks from the Perkins Rowe Shopping Center, Cinemark Theatre and numerous popular restaurants.

“We worked closely with the talented team at EverBank to manage title and land restrictions allowing our client to close their purchase as planned and begin executing their business plan,” said Mr. Walkin. 

“In addition, we negotiated high loan-to-cost balance sheet financing that includes a low rate of 3.83% despite a rising interest rate environment,” he added.

 For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group
212/972-3600

NAI Realvest Negotiates $3.9 Million Sale of Winter Park, FL Infill Industrial Facility


Christie Alexander
WINTER PARK, FL – NAI Realvest recently negotiated the $3,900,000 sale leaseback of the Accord Industries facility located at 4001 N. Forsyth Rd. in Winter Park.

The NAI Realvest team of Drew Saphos, CCIM, Chairman George Livingston, and Principal Christie Alexander negotiated the transaction on behalf of the seller, Accord Industries, LLC.

The 23.84 acre sale includes a partial long-term leaseback of the infill industrial site to Accord Industries, a privately held U.S. owned and operated manufacturer of extruded PVC pipe. Accord Industries will continue its operations at the Winter Park location.

The buyer is Winter Park-based Forsyth Commerce Center, LLC, who was represented by KR Properties of Central Florida. 

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.


Stirling Sotheby’s International Realty Names International Marketing Specialist at its Lake Nona Marketing Center in Orlando, FL


Omar Abdul-Hafiz

ORLANDO, FL--- Stirling Sotheby’s International Realty has named Omar Abdul-Hafiz an International Marketing Specialist in the firm’s Lake Nona Marketing Center on Narcoossee Rd. in southeast Orlando.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Abdul-Hafiz is an entrepreneur with close ties to the Middle East and is fluent in Arabic.

The UCF graduate who holds a degree in Political Science and International Relations is also a founder and partner of a profitable real estate firm that buys, rehabs and resells residential and commercial properties.     

Abdul-Hafiz will focus on representing buyers and sellers in Central Florida’s Lake Nona, Medical City area.  He has excellent contacts with professionals throughout the Middle East, Canada and the U.S. who are interested in investing in the area.

“Omar brings a new dimension of opportunities at Stirling Sotheby’s International Realty, said Soderstrom. “We think he will open doors to important market segments and growth.”

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.


Berkadia Closes on 332 Apartment Units in Birmingham, AL for $14 Million



Josh Jacobs
BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently completed the sale of the Devonshire Place and Sun Valley Apartments, a 332-unit multifamily property for $14,110,000 or $42,500 per unit.

David Oakley, managing director and Josh Jacobs, investment sales associate in Berkadia’s Alabama regional office negotiated the sale representing the New York-based seller of the apartments located at 2349 8th St. NW in Birmingham’s northwest corridor near Pinson and Center Point submarkets.

Built in 1971 and 1974, Devonshire Place and Sun Valley is a garden-style, two- and three-story community situated on approximately 19.76 acres of land with a density of 16.60 units per acre and an average unit size of 1,043 square feet.  

The property houses a total of 346,260 square feet, offering a well-balanced unit mix of studio, one-, two-, and three-bedroom floor plans ranging in size from 500 to 1,560 square feet.

The buyer was New York-based Devonshire Apartments AL, LLC. 

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.