Mortgage Bankers’ Commercial/Multifamily Originations Rise to Near-Record $504 Billion in 2015

 

Jamie Woodwell

WASHINGTON, D.C. (April 7, 2016)- Commercial and multifamily mortgage bankers closed $503.8 billion of loans in 2015 according to the Mortgage Bankers Association’s (MBA) 2015 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.

“Commercial real estate borrowing and lending in 2015 came within a whisker of the record high level of 2007,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The volume was driven by improving property fundamentals, strong property values and very low interest rates.  Despite some credit market disruptions to start off this year and regulatory and other hurdles still ahead, many of those positive factors remain in place.”

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

Marcus & Millichap Arranges $1.2 Million Sale of Westshore Gardens apartments in Tampa, FL

Joshua Teplitzky

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Westshore Gardens, a 14-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.

Joshua Teplitzky, senior associate, Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 The buyer, a private investor, was secured and represented by the four brokers.

Westshore Gardens is a 14-unit multifamily community located at 4201 West North A Street in Tampa, Florida. As one of the few remaining prohibition ear buildings left in the Westshore Palms District, the property consists of one, two-story residential building.

Cameron Barbas

The building is comprised of 14, two-bedroom/one-bathroom units with 750-900 rentable square feet. The interior of the units were upgraded with hardwood flooring, marble countertops, stainless steel appliances and modern light fixtures. The building was repainted and the majority of the individual air-conditioning units were replaced.

“This property is well located with great visibility off Lois Avenue and North A Street in the Westshore Business District,” says Teplitzky. “The property was substantially renovated in the last two years and was very recently at 100 percent occupancy,” added Barbas.

“The buyer was a first time multifamily investor out of New York and was in a 1031 exchange,” Barbas said. 

“Through the generation of multiple offers and the high demand for multifamily in prime locations we were able to close the deal in seven business days from execution of the purchase agreement,” concluded Teplitzky.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Proper Title Appointed to Circle of Corporate Champions by Ann & Robert H. Lurie Children’s Hospital of Chicago

  

Ben Niernberg

CHICAGO,IL — Northbrook, Ill.-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, announced the firm has been appointed to the Ann & Robert H. Lurie Children’s Hospital of Chicago (Lurie’s) Circle of Corporate Champions in recognition of the monetary contributions of the firm’s charitable arm, Proper Giving.

Since its establishment in July of 2015, Proper Giving has donated more than $20,000 and over 30 hours of volunteer time to Lurie’s. 

“Proper Giving is a natural extension of the culture at Proper Title, where we don’t define success strictly by the bottom line,” said Ben Niernberg, executive vice president of business development and operations at Proper Title.

 “We’re immensely proud for the opportunity to share our professional success, and aid an incredible organization like Lurie’s in its mission to help children.”

For more information on Proper Giving, please contact Tracy Stetson at (847) 454-0460 or tstetson@propertitle.com, or visit the Proper Giving page at ProperTitle.com.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

29th Street Capital Acquires 5th Property in Phoenix/Scottsdale Area

Ridge View Apartments, Fountain Hills, AZ

 

Dusty Eddy

Phoenix, AZ – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, in conjunction with Clear Sky Capital, has acquired Ridge View Apartments, a 150-unit apartment complex in Fountain Hills, Arizona.  29SC’s strategy is to invest $810,000 worth of renovations to significantly upgrade the interiors and to enhance the exteriors of the property.

“This is the fifth acquisition we have made in the Phoenix/Scottsdale market in just over one year, with another property under contract in the East Valley, closing later this quarter,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. 

“We are excited about the opportunity to acquire a quality asset, with plenty of value-add potential, in such a desirable location.”

Ridge View Apartments resides within the city of Fountain Hills, an affluent suburb northeast of Scottsdale. Ridge View is just minutes east of the Loop 101, which provides access throughout the entire metro area and is conveniently located near some of the largest and most desirable job centers in the Valley including the Scottsdale Airpark, the “Cure Corridor,” and Downtown (Old Town) Scottsdale. 

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

415.643.6875 | sberaznik@29thstreetcapital.com

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

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho

 http://www.linkedin.com/in/TerriThornton

www.29thstreetcapital.com.

WNC Awarded Prestigious Community Development Financial Institution Certification by California’s COIN Program

 

Will Cooper Jr.

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced today that it has received the Community Development Financial Institution (CDFI) certification from the California Organized Investment Network (COIN), a part of the California Department of Insurance.

The CDFI certification further strengthens WNC’s ability to deliver on its mission to create partnerships that enrich people’s lives and improve the homes and communities where they live.

“WNC has been a leader in low-income housing tax credits since the program began more than four decades ago, and receiving the CDFI certification is a testament to our unwavering commitment to helping the individuals, families and overall communities in need of quality affordable housing,” said Will Cooper Jr., president and chief executive officer of WNC.

 “We are very pleased to have received this prestigious certification, which will strengthen our ability to provide underserved communities with access to credit and financing that is often unavailable to them.”

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

Stepp Commercial Completes $4.2 Million Apartment Property Sale in Santa Monica, CA

Kimberly Roberts Stepp

                                                                                       Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $4.2 million sale of a 10-unit apartment property located at 1846 10th Street in Santa Monica. 

Kimberly Roberts Stepp, principal with Stepp Commercial, represented the parties. The seller was Los Angeles-based Idaho Land Management, LLC, and the buyers were private individuals from Los Angeles. The transaction closed at cap rate of 3.6 percent and the price per unit was $420,000 which is the top of the market for similar properties in the area. 

Built in 1958, the two-story building consists entirely of two-bedroom, one-bathroom units. The seller recently renovated the entire property and upgraded the units with individual washers and dryers, custom retro style finishes and new electrical panels throughout. 

“This property is within a prime location near Third Street Promenade and the Santa Monica Pier, and it offered ample on-site and street parking options which are rare for the area,” said Roberts Stepp. “The demand for apartment properties like this one is very high from investors as this market continues to thrive. There were several offers on this asset which sold for full asking price.”

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com