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Volume 4 - Number 17 | August 22, 2006
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TOP STORY: $125M Project Seeds Hillwood Multifamily
By Connie Gore
In yet another bold move, Hillwood is launching a multifamily division to build the first rental product within its 17,000-acre AllianceTexas development here. The powerhouse play begins with an estimated $125-million project of nearly 1,000 apartments in a live-work design with up to 50,000 sf of office and 40,000 sf of retail space.
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Deal Watch: Collins JV Boosts Alabama Portfolio to 5,000 Units
By Sule Aygoren Carranza
A joint venture of the Collins Group LLC and the Lightstone Group have paid approximately $138 million to acquire the Landmark Birmingham portfolio, a package of six communities totaling 2,331 units in the submarkets of Homewood and Hoover here. Landmark Properties Trust of Florida sold the assets. Hinton Properties’ Tom Hinton brokered the transaction.
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Although Low, Multifamily Leads CMBS Delinquencies
By Sule Aygoren Carranza
Though CMBS delinquencies declined for the sixth quarter in a row in Q2, multifamily loans are exhibiting some weakness. According to Standard & Poor’s structured finance division, in the second quarter, delinquent CMBS in terms of loan amount fell 5% over the first quarter to $2.35 billion. The Q2 figure is also 40% off its peak of nearly $4 billion, achieved in December 2003.
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Insight: ‘Buyer Groups’ Offer Condo Developers Financing Alternative
By Mike Bishop
Over the past several years, a small network of investors have worked out sweetheart deals with condo developers that guarantee them profits whether the market goes up, down, or flat. At the same time, these arrangements also provide full principal protection.
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