Search Results: Freddie Mac
Treasury Creates New Temporary Financing Program
Acting at the behest of the U.S. Federal Reserve, the U.S. Department of the Treasury has put into effect–for the short term–a new program designed to provide a cash infusion for the Federal Reserve’s initiatives. The Supplementary Financing Program, announced today, will allow for the selling of a series of Treasury bills. The new financing vehicle is separate from the Treasury’s existing borrowing programs. “The Federal Reserve has announced a series of lending and liquidity initiatives during the past several quarters intended to address heightened liquidity pressures in the financial market, including enhancing its liquidity facilities this week,” the Treasury…
Amid REIT Upheavals, Kimco Seeks Up to $410M in New Stock Offering
Even with REITs’ stock prices going every way but sideways over the past week, Kimco Realty Corp. has set the pricing of its public offering of 10 million shares at $37.10 per share. Kimco estimates its net proceeds at about $356.5 million, or up to $410 million if the underwriters exercise their option to purchase up to 1.5 million shares to cover any over-allotments. Kimco owns and operates the nation’s largest portfolio of neighborhood and community retail centers. As of the end of the second quarter, it owned interests in more than 1,900 properties comprising 180 million square feet of…
AvalonBay Forms $950M Apartment Fund
AvalonBay Communities Inc. has created a new fund that will focus on the acquisition and operation of apartment properties in high barrier-to-entry markets in the Northeast, Mid-Atlantic, Midwest, and on the West Coast. A private discretionary investment vehicle, AvalonBay Value Added Fund II L.P. has a total $333 million in equity commitments–$183 million from four institutional investors and $150 million from AvalonBay–resulting in leveraged buying power of as much as $950 million. Acquisitions through Fund II will target properties that present the opportunity to create value through redevelopment, improved operations, and/or promising market fundamentals. Fund II will operate for a…
Equity Residential Gets $550M Loan
Chicago-based Equity Residential Inc. has closed on $550 million in financing, putting up 15 of its multi-family properties as collateral. Originated by Wells Fargo for repurchase by Fannie Mae, the secured interest only loan has an all-in effective interest rate of about 6 percent and matures in 11.5 years, the first 10.5 of which will carry a fixed rate, with the final year carrying a floating rate. Equity Residential will lump the $550 million with $1.4 billion in unsecured revolving credit and $145 million in unrestricted cash to use for its 2008 and 2009 funding requirements. Details on the properties…
Fowler Buys 420-Unit Atlanta M-F, Plans Upgrades
Conifer Crossing, a 420-unit multi-family property in Norcross, Ga., has traded hands for $31.75 million. The buyer was San Francisco-based Fowler Property Acquisitions; the seller, Denver-based Simpson Housing L.L.L.P. Located on about 54 acres on Holcomb Bridge Road, Conifer Crossing is about 17 miles northeast of Atlanta’s CBD, and is currently 98 percent occupied. In the vicinity of the property is about 10 million square feet of office space, including Technology Park/Atlanta, a 3.8-million-square-foot business park primarily occupied by technology-related tenants. The property includes one-, two- and three-bedroom units averaging 1,233 square feet each. Amenities include a clubhouse, pool, fitness…
PNC Finances $354M for Trio of California Projects
PNC has provided a total of $354.4 million in financing to three separate projects in California. In the largest financing, PNC subsidiary PNC Real Estate Finance extended a $300 million term/construction loan to Macerich for the expansion of The Oaks, a high-end retail center in Thousand Oaks, Calif. PNC was the lead syndicator on the loan, with seven other institutions providing the remainder of the financing. In another deal, PNC ARCS–a multi-family lending arm of PNC Real Estate–funded a $34.5 million loan for the purchase and rehabilitation of Woodsong Apartments, a 262-unit garden-style apartment complex in Rancho Cucamonga, Calif. Freddie…
Does $124M Connecticut Trade Point to More Big Deals in NYC Area?
After a slow spring and early summer, a major apartment acquisition near New Haven, Conn., could be a signal that the greater New York City region’s deal pipeline could start to flow more freely before long. “We’re seeing some signs of people doing major deals,” Jeffrey Dunne, vice chairman for CB Richard Ellis Inc.’s investment properties unit, told CPN. Dunne made the observation in light of the $124 million trade of a 764-unit apartment community (pictured) in Hamden, Conn., recently arranged by his team, which also included Patrick Bisceglia and Todd Newman in collaboration with Baltimore-based William Roohan. Elsewhere in…
Emeritus Nets $163M in Loans for Seniors Housing Buy
KeyBank Real Estate Capital has secured $163 million in loans to finance the purchase of 19 senior housing properties nationwide. The package will finance Emeritus Senior Living’s purchase of the 19 properties, which range in individual price from $2.9 million to $14.7 million. Upon the completion of the purchases, Emeritus will serve as proprietor of the sites, which are located natonwide. The portfolio consists of over 1,500 units in the properties, all of which are assisted living facilities, some with Alzheimer’s care. KeyBank used its long-standing relationship with Freddie Mac to close the deal on behalf of Emeritus. Freddie Mac…
Housing Law is Confidence Builder, Not Cure-All
Washington, D.C.–President George W. Bush signed into law today a comprehensive package of housing legislation including broad authority for the Treasury Department to safeguard Fannie Mae and Freddie Mac and a plan to help hundreds of thousands facing the possibility of foreclosure.Bush signed the legislation, which Congress approved last week, authorizing the Treasury to rescue Fannie Mae and Freddie Mac if the need arises. Partly to accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion.“On a macro level, this is touted as a cure-all but when…
Housing Bill a Boost for Affordable Sector
Having cleared Congress with the Senate’s passage over the weekend, and anticipated to be signed by President Bush without delay, the Housing and Economic Recovery Act of 2008 will provide assistance to thousands of homeowners facing foreclosure, but it will also provide a boost for the affordable housing industry, which has also fallen prey to the credit crunch. The legislation includes alterations of the Low-Income Housing Tax Credit and changes for mortgage lenders Fannie Mae and Freddie Mac that are designed to ease the process of developing affordable housing. The bill calls for the modernization of the LIHTC in an…