As the cooling effect of higher cost of debt and elevated prices factored into market sentiment earlier this year the results are showing up in the readings of the CoStar Commercial Repeat-Sale Indices (CCRSI), reflecting a slow down in activity from the robust growth in commercial real estate prices and transaction volume seen over the past two years… Read more »
After a rocky start to the year, lenders are once again making a significant number of CMBS loans. These types of loans are often important for apartment borrowers who need smaller loans or financing for Class-B or Class-C apartment properties. Interest rates for CMBS loans are now almost as low as the rates on offer last fall. However, CMBS lenders are still cautious, offering smaller loans relative to the size of the property… Read more »
The Federal Housing Finance Agency (FHFA) today increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately. The adjustment is based on increased estimates of the overall size of the 2016 multifamily finance market, which the FHFA said is larger than it had previously estimated due to continued high levels of property acquisitions and deliveries of newly constructed apartment units, as well as record levels of loan maturities requiring refinancing… Read more »
Optima Kierland, a high-rise luxury condominium community in the North Scottsdale Kierland neighborhood, has opened for sales to a highly receptive market, with an exuberant homebuyer response to the $500 million project, which represents the next evolution of sophisticated urban living and design for Optima, designer and developer of distinctive, architecturally significant communities in Phoenix, Scottsdale and the Chicago metropolitan area…Read more »
Boasting more than a few stylish nods to the past, a new, six-story apartment community is almost ready to open its doors this June in downtown Phoenix. Proxy 333 will offer 118 units with floor plans ranging from studios to one- and two-bedroom options, including some live/work loft-style units with street-side business frontage, according to Kris Tomlinson, the property manager who will be overseeing the complex for Pinnacle Living… Read more »
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