WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.
WASHINGTON, D.C. — Commercial and multifamily mortgage bankers have closed 106 percent more loans in the second quarter of 2021 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Thursday. Compared to first-quarter 2021, loan originations grew by 66 percent. During the second quarter of 2020, the COVID-19 pandemic really took a toll on the economy, which is a major factor as to why loans doubled in the second quarter of 2021 comparatively. “Mortgage originations doubled compared to the second quarter of 2020, when loan demand cratered, and pandemic-related uncertainty made extending credit difficult,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Even more notable is that compared to levels seen in 2019, a record year for originations, this year’s second quarter showed a modest 1 percent increase.” In the second quarter of 2021, all property types saw an increase in commercial/multifamily lending volumes year-over-year. For industrial properties, the second quarter saw a 327 percent increase in the dollar volume of loans. As far as the other property sectors, healthcare saw a 302 percent increase, hotels had a 234 percent hike, office had a 149 …
WASHINGTON, D.C. — Commercial and multifamily mortgage bankers are expected to close approximately $578 billion of loans backed by income-producing properties in 2021, according to a report released by the Mortgage Bankers Association (MBA) on Tuesday. The report predicts a 31 percent increase from last year’s loan volume of $442 billion. Jamie Woodwell, MBA’s vice president for commercial real estate research, says that commercial and multifamily real estate markets are moving past the pain that the COVID-19 pandemic caused in 2020. “There remain significant differences by property type, but incomes have rebounded strongly and investor interest in real estate and real estate finance is robust,” says Woodwell. “The result is strong property appreciation and increased transaction activity, both of which are fueling financings.” MBA predicts that multifamily lending alone will rise to $409 billion this year, which would be a new record and a 13 percent increase from 2020’s total of $360 billion. Looking ahead, MBA anticipates additional increases in lending volume in 2022, with activity rising to $597 billion in commercial/multifamily loan originations by mortgage bankers, and $421 billion in total multifamily lending. Based in Washington, D.C., the MBA is a national association representing the real estate finance industry, …
WASHINGTON, D.C. — The U.S. economy added 943,000 jobs in July and the unemployment rate dropped to 5.4 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had predicted there to be an increase of 845,000 jobs and an unemployment rate of 5.7 percent. It’s the biggest monthly jobs gain since August 2020 when about 1.6 million jobs were added. The upcoming end of federal unemployment benefits, which ends on Sept. 5, may be a factor for why more people are seeking and finding jobs now. In June, the jobs added to the economy were revised up from 850,000 to 938,000. These numbers are much higher than the number of jobs added in May 2021, which was revised to 583,000 jobs. Nonfarm payroll employment has increased by 16.7 million since April 2020. Compared to before the pandemic in February 2020, the total employment numbers remain down by 5.7 million jobs. This summer, more people have felt comfortable eating out and traveling, which explains why the highest job gains were in the leisure and hospitality sector. Jobs in the leisure and hospitality industry rose by 380,000. In food services and drinking places, there was a gain …
WASHINGTON, D.C. — The Centers for Disease Control and Prevention (CDC) has extended the federal eviction moratorium until Oct. 3, which many real estate industry associations disagree with, including the Institute of Real Estate Management (IREM). IREM released a statement saying it is concerned that the eviction moratorium extension will leave housing providers in limbo as renters accumulate debt from the rent they owe. The press release also states that the moratorium does not help with the current problems in the housing sector and could potentially worsen its health financially. Rental housing providers and apartment owners have helped their renters avoid eviction with payment plans, extended or flexible lease periods and waiving fees. On Aug. 3, the National Multifamily Housing Council (NMHC) also issued a statement in strong opposition of the eviction moratorium extension. Additionally, the National Apartment Association filed a lawsuit due to the extension. The eviction moratorium is now on its fourth extension and was supposed to end July 31. With the updated federal eviction moratorium, the CDC says it will issue a ban in counties with high levels of COVID-19 cases and will cover about 90 percent of renters, according to CNBC.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement in strong opposition to legislation being considered by Congress to create a national eviction moratorium through the end of the year. The legislation would extend the Centers for Disease Control and Prevention’s (CDC) residential eviction ban, which was created in September 2020 and extended three times before expiring on Saturday, Aug. 1. The House of Representatives, which is currently on its scheduled August recess, was unable to pass new legislation before the eviction moratorium deadline. The Senate will begin its August recess next week. NMHC led a coalition of national real estate trade groups in sending a letter urging Congress to focus instead on accelerating the distribution of nearly $50 billion in federal Emergency Rental Assistance Program (ERAP) funds that were provided by Congress earlier this year. The NMHC states that the eviction moratorium jeopardizes the financial stability of housing providers and is not constructive in supporting the continued affordability and availability of housing. The Washington, D.C.-based trade association supports federal programs as a means to help provide renter relief benefits, which it cites as helping millions of Americans pay their rent amid the COVID-19 pandemic.
WASHINGTON, D.C. — Greysteel has arranged the $11.5 million sale of The Verona, a 67-unit multifamily property located at 5601 13th St. NW in northwest D.C. Built in 1955, The Verona is located in the 16th Street Heights neighborhood of D.C.’s Ward 4. Community amenities include a pet park and nearby public transportation. Kyle Tangney and Herb Schwat of Greysteel represented the buyer in the transaction. The seller was not disclosed.
WASHINGTON, D.C. — CIM Group has acquired The Vale at The Parks, a newly constructed, mixed-use apartment development in Washington, D.C. The project features 301 apartment units, 18,269 square feet of ground floor commercial space and 316 parking stalls. The sales price and seller were not disclosed. Located at 6800 Georgia Ave. NW, The Vale offers a mix of studio, one-, two- and three-bedroom apartments. Community amenities include a fitness center, indoor and outdoor yoga studio, club room, bike parking, courtyard with cabanas and a saltwater pool. Primrose Schools, an accredited early education and childcare center, has leased 16,576 square feet of commercial space at The Vale. The Vale is the first new construction multifamily rental building at The Parks at Walter Reed, a 66-acre mixed-use redevelopment of the former Walter Reed Army Medical Center. At full buildout, the 3.1 million-square-foot development will feature 190,000 square feet of retail space; 325,000 square feet of office, medical and educational uses; 20,000 square feet of creative and cultural uses; and a hotel/conference center. Residential options will include more than 2,200 condominiums, townhomes and apartments. A joint venture of Hines, Urban Atlantic and Triden Development developed The Vale at The Parks and The …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) reports in a survey of apartment owners and managers that 100 percent of respondents worked with their residents struggling to pay rent during the COVID-19 pandemic. The NMHC Pulse Survey on Eviction Mitigation Practices surveyed 74 multifamily owners and managers. The NMHC report comes out days before July 31 when the U.S. government’s nationwide ban of evictions ends. This ban was extended from when it was originally planned to expire on June 30. Additionally, the U.S. government rolled out two COVID-19 relief bills that gave out a total of approximately $46 billion in rent relief, including the $21.6 billion in emergency rental assistance through the American Rescue Plan. The report also showed that 100 percent of apartment owners and managers assisted renters by giving out payment plans. Other ways landlords assisted were deferred payments, waiving late fees and extended, shortened or other changes to lease terms. About 95 percent of apartment owners said they increased cleaning and sanitation as well to help their renters during the pandemic, and about 86 percent said they connected residents with food banks, charities and other local support resources. The NMHC encourages apartment owners to take …
WASHINGTON, D.C. — Office Properties Income Trust has broken ground on a redevelopment of a Class B office building located at 20 Massachusetts Ave. NW in Washington, D.C. The project will expand and reimagine the seven-story, 340,119-square-foot building to a 10-story, 427,000-square-foot property. The project, named 20 Mass, is expected to be completed in early 2023 and is predicted to cost approximately $200 million. Designed by Leo A. Daily Architects, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000-square-foot floor plates, 14,000 square feet of retail space, a 271-room Royal Sonesta Hotel and a fitness club. Property amenities will include a vegetated green roof and a conference center. 20 Mass will feature touchless systems and will have WELL and LEED certifications. Located in D.C.’s Capitol Hill neighborhood, 20 Mass is adjacent to Union Station, a regional transit hub, and Capital One Arena, home stadium of the Washington Wizards basketball club and Washington Capitals ice hockey team. The property is also close to neighborhoods such as Chinatown, Penn Quarter and the Mount Vernon Triangle. Office Properties Income Trust is a REIT managed by the operating subsidiary of The RMR Group Inc., …