Lawyer, Developer Plead Guilty to $3.5M Mortgage Fraud

    An attorney and a real estate developer from New Jersey have each admitted to conspiring to orchestrate a mortgage fraud scheme that caused a lender, Fannie Mae and insurers to lose more than $3.5 million. So reports My Central Jersey.

Commercial Lending

Commercial Lending (237)

Redstone Completes $74M Multifamily Property in California

Red Stone Equity Partners, a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, completed the closing of Red Stone Equity--2018 CA Regional Fund, L.P. , a $74-million multi-investor Low Income Housing Tax Credit investment fund. The CA Fund is the first California-specific Red Stone Equity multi-investor fund offering and… Read more...

Walker & Dunlop Finance Property in Virginia

Walker & Dunlop Inc. have completed financing for the acquisition of Bellemeade Farms Apartments, a 316-unit multifamily community located in Leesburg, Va. Walker & Dunlop's Alexandra Huffman and Andrew Tapley led the team in arranging the $45,337,000 transaction on behalf of Capital Square 1031. The origination team rate-locked a 10-year, fixed-rate loan, just one day… Read more...

Cushman Completes $106.7M Sale

Cushman & Wakefield has completed a $106.7 million sale of apartments to the Walden Group. The sale included 18-properties, 1,858 units comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties. Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction. “This was a unique situation where… Read more...

Nuveen Real Estate Launches a $550M Fund

Nuveen Real Estate has launched the U.S. Cities Multifamily Fund, a real-estate investment that will acquire and manage multifamily rental properties across the U.S. The fund has a $450 million capital commitment and a seed portfolio from a third- party investor, alongside a $100 million co-investment from Nuveen Real Estate’s parent company, TIAA. “As investors… Read more...

Hunt Refinances Manufactured Housing Property

Hunt Real Estate Capital provided a Fannie Mae conventional multifamily loan in the amount of $4.22 million to refinance a manufactured housing property located in Susanville, Calif. The borrower is Hidden Acres MHP, a California limited partnership. The loan term is seven years and yield maintenance will apply during the first 6.5 years with a… Read more...

Gadsden Acquires San Francisco-Based Mission Hills Square

Gadsden Growth Properties Inc. has acquired Mission Hills Square, a mixed-use ground up development that includes 158 residential apartment units and 53,900 square feet of retail space for around $240 million in cash and stock. Gadsden Growth Properties Inc., a privately-held real estate corporation which signed an agreement in November 2018 to merge with FC… Read more...

Madison Realty Completes $14.5 M Refi in Brooklyn

Madison Realty Capital has completed a $14.5 million refinancing with Hello Living that’s collateralized by a mixed-use rental property located at 1357 Flatbush Avenue in Brooklyn. Hello Living, an experienced developer and repeat Madison Realty borrower, constructed a seven-story, 37,133-square-foot, mixed use rental building at the site that includes 36 apartment units and 7,000 square… Read more...

Bluerock Value Reports Sellout of Multifamily 1031 Exchange Offering

Bluerock Value Exchange has sold out the latest 1031 exchange program, BR Jefferson Place, DST, a Class A, 228-unit, apartment community located in Frederick, Md., near Washington, D.C. The $26 million equity offering, which was made available to accredited investors seeking to complete a 1031 exchange, was fully reserved in less than 90 days. BVEX… Read more...

Dodge: 60% of Largest Commercial, Multifamily Markets Declined in 2018

Just four of the top-10 metropolitan areas for commercial and multifamily construction reported increased investment in 2018, according to Dodge Data & Analytics. The remaining six experienced decreases. [caption id="attachment_5116" align="alignright" width="231"] Robert Murray, chief economist for Dodge Data[/caption] The New York metropolitan area, at $28.7 billion in 2018, continued to be the leading market… Read more...

Hunt Makes $30M Fannie Loan

Hunt Real Estate Capital has provided a Fannie Mae conventional loan in the amount of $30 million to refinance a multifamily property located in Baton Rouge, Louisiana. River House Apartments is a 224-unit, Class-A multifamily property located at 1480 Nicholson Dr. in the East Baton Rouge Parish. The property is comprised of 168 one-bedroom units… Read more...

MBA: Commercial, Multifamily Mortgage Maturity Volumes to Rise 8% in 2019

Loan maturities this year will rise 8 percent from the $102.2 billion that matured in 2018. Fully $110.5 billion of the $1.9 trillion (6 percent) of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2019, according to the Commercial Real Estate-Multifamily Survey of Loan Maturity Volumes from the Mortgage… Read more...

Golden State Apartment Complex Sold for $18.2M

The Mogharebi Group completed the sale of Paradise Apartments in Chico, Calif., a164-unit community, located on West Sacramento Avenue for $18,200,000. The price breaks down to $110,976 for each unit or $143 per square foot. The buyer was a private investment group out of Calabasas, Calif., that specializes in student housing. “Due to the attractive… Read more...

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