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Volume 3 - Number 11 | June 14, 2005
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TOP STORY: KeyCorp Expands FHA Business with Malone Buy
By Sule Aygoren Carranza
The plan by KeyBank Real Estate Capital—KeyCorp's commercial real estate line of business—to acquire Malone Mortgage Co. of Dallas establishes it as the third-largest commercial real estate capital provider, giving the company a valuable hub of southwestern originations and continuing it on a path of rapid growth.
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INSIDER: ING Clarion's Frank Sullivan
By Stacey Corso
New York City-based ING Clarion's agreement to acquire Boca Raton, FL-based Gables Residential in a cash and stock transaction valued at $2.8 billion marks the company's first venture into the multifamily REIT marketplace. MHF recently sat down with ING managing director Frank Sullivan to get the inside story.
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Sales Volume Continues Record-Setting Pace, But For How Long?
By Sule Aygoren Carranza
Last month capped off what looks like will become another record-breaking year for the multifamily investment market. Some $3.6 billion of major apartment assets traded in April, following a record $6.9 billion racked up the prior month, according to the latest monthly capital trends report from Real Capital Analytics.
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$152.3-M Condo Conversion Deal Uses Mezz Money; Foreign Capital
By Stacey Corso
Using a deal structure burgeoning in popularity these days, Irving, TX-based Archon Group has sold Aventine at Miramar, an 848-unit multifamily rental complex, to Miami-based Hudson Capital in an off-market transaction using acquisition and mezzanine financing. The price was $145 million, or $170,990 a unit.
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