Property Types  Multi-Family
Mandel Group Makes 578-Unit Wisconsin M-F Play
Jun 22, 2009

Milwaukee-based developer Mandel Group has acquired a 578-unit apartment community in Fitchburg, Wis. The complex, known as New Fountains Apartments, was sold by a New Jersey-based private investor group for an undisclosed price. Financing for the transaction was secured in part through a $20 million mortgage loan originated through the Wisconsin Housing and Economic Development Authority. As a condition of the WHEDA financing agreement, Mandel will offer a number of apartments at reduced rental rates for low-to-moderate income residents. Additional funds form the loan will be used to refurbish the property. Mandel is familiar with the complex, having provided management services there via a subsidiary since July 2007. The sale of the property--which is currently 96 percent occupied--was managed by Paul De Kruiff of the Chicago office of NorthMarq Capital.

 
Recent Multi-Family Headlines
Multi-family Mortgage Originations Down 54 Percent from Same Time Last Year
Aug 07, 2009
Commercial and multi-family mortgage originations haven’t escaped the trickle down of the recession and the credit crunch, with volumes 54 percent below last year's second quarter and 83 percent below the peak seen in the second quarter of 2007, according to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
LoopNet Poll: Industry Expects Continued Price Declines, Eyes M-F as Top Sector
Jul 31, 2009
Confidence has waned about a near-term recovery in the commercial real estate industry, according to a new poll by commercial property listing service LoopNet Inc.
$1B HUD Infusion Could Give Jump to Stalled Affordable Housing Projects
Jul 29, 2009
When the credit markets froze, so did the development of much-needed affordable housing across the nation, but the U.S. Housing & Urban Development is making strides in tackling the issue. The agency, acting through its new $2.25 billion Tax Credit Assistance Program, which is funded via the American Recovery and Reinvestment Act of 2009, has just approved the second dispensation of approximately $1.2 billion to state housing finance agencies in 26 states to finance the resurrection of various affordable rental housing programs.
New Firm Banks on NYC Multi-Family Market
Jul 29, 2009
The current economic climate is certainly putting a drag on many in the commercial property business. But Kevin Salmon is betting that now is a time of opportunity. To that end, Salmon has launched Salmon and Marshall Real Estate Investments, a new firm that will provide investment sales and consultation services in Manhattan’s apartment and condominium markets.
Post Sells Atlanta, Fairfax Properties for $100 Million
Jul 24, 2009
Post Properties Inc. sold Post Ridge in Atlanta to a locally based entity affiliated with Centennial Holding Company L.L.C. for $44.8 million following Monday's sale of Post Forest in Fairfax, Va., to an entity affiliated with Pantzer Properties Inc. for $57.5 million. CB Richard Ellis Inc. brokered the most recent transaction, while the Post Forest deal was brokered by Holliday Fenoglio Fowler L.P. The REIT expects to report net gains of approximately $54 million relating to the sales.
 
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