Finance Mortgage Banking
JV Secures $30M in Financing for Seattle Apartment Property
Aug 22, 2008

CREA/Legacy Federal Way L.L.C., a joint venture involving Legacy Partners and Cornerstone Real Estate Advisors, has closed on a $30 million first mortgage for Campus Grove Apartments in Seattle. News of the pending closing of the partners' $40 million acquisition of the 309-unit multifamily property emerged in March. Acting on behalf of the ownership, Holliday Fenoglio Fowler L.P. orchestrated the financing, which came in the form of a five-year loan at a 5.91 percent fixed rate from Cigna Investments. Occupying a nearly 24-acre parcel at 1300 Campus Way SW, Campus Grove was developed in 1991. The apartment community consists of 67 structures and is presently 85 percent leased. Proceeds from the loan will be used to fund a comprehensive renovation of the property.

 
Recent Mortgage Banking Headlines
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Freddie Mac’s New Chief Credit Officer Brings Strong Credentials to Tough Task
Dec. 30, 2008
Freddie Mac today named Raymond G. Romano chief credit officer. Romano had been the company’s senior vice president of credit risk oversight since joining Freddie Mac in 2004 and in September also took the position of acting chief credit officer.
Loan-Extension Picture Could Be a Lot Worse
Dec. 17, 2008
In the first decline since July in the delinquency rate among U.S. commercial real estate loan collateralized debt obligations, that rate fell from 3.13 percent in October to 2.80 percent in November, according to the latest information from Fitch Ratings.
 
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Pending Home Sales, Factory Orders Dip
January 07, 2009
By Dees Stribling, Contributing Editor-- It isn't clear that the days of yo-yoing equity markets have gone away--just wait until the next international shock or surprise bankruptcy--but for the moment the Dow Jones index seems to have mellowed out. It...

REal Talk with Adam Perrotta-Tuesday
January 06, 2009
Add Macquarie and CNL Financial to the list of firms looking to capitalize on the struggling state of the investment market. The duo's just-announced $1.5 billion global REIT will likely find some pretty good bargains to be had from sellers...

Construction Industry Faces Hard 2009
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By Dees Stribling, Contributing Editor-- The equity markets dropped considerably Monday morning, but then yo-yoed around for the rest of the day--small fluctuations, really--and ended up slightly down, for the first time in four trading sessions and the first time...

REal Talk with Adam Perrotta-Monday
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As the new year dawns, there is much to suggest that the hangover of 2008 will be sticking around for some time to come. Troubling financial and economic reports continue to haunt the headlines, the housing market remains in the...

Markets Start 2009 With Upward Bump
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By Dees Stribling, Contributing Editor-- Instead of a lackluster lull after the New Year' s holiday, investors decided to buy equities on Friday, driving the Dow Jones index up 258 points, or nearly 3 percent. The S&P 500 and Nasdaq...

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Management Matters with Mike Myatt: Good Employees Are Not Expendable
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Management Matters with Mike Myatt: Surviving the Economic Downturn
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