The WMF Group forms new conduit securitization arm The WMF Group, a publicly traded commercial mortgage financial services firm based in Vienna, Va., has formed a new subsidiary to act as its conduit securitization arm. WMF Capital Corp. (WMFCC) was created to securitize loans originated by Washington Mortgage, the commercial banking arm of WMF Group. In connection with establishing WMF Capital Corp., the firm has entered a two-year, $500 million commitment for warehouse financing with Merrill Lynch Mortgage Capital Inc. WMF has agreed that Merrill Lynch will act as the lead manager for future securitization of loans originated by WMFCC. At present, WMF services a portfolio of $10.9 billion and has 15 offices nationwide.
Nine of the top 10 apartment investment markets are coastal In a joint effort, the Washington, D.C., office of E&Y Kenneth Leventhal Real Estate Group and Emeryville, Calif.-based CB Commercial National Real Estate Index report the top 10 apartment investment markets for 1998 are predominantly along the East and West coasts. Top markets are: San Francisco; Orange County, Calif.; Boston; San Jose, Calif.; New York/Long Island; San Diego; Oakland, Calif.; Seattle; Los Angeles; and Minneapolis/St. Paul. The report surveyed 70-plus markets experiencing some of the fastest rent and price appreciation in the nation during 1997.
Corcoran Jennison rehab wins 1998 MBA housing award At its annual conference in San Francisco in February, the Mortgage Bankers Association (MBA) announced the winner of its affordable housing award. Villages at Marley Station, a 757-unit property located in Glen Burnie, Md., was rehabilitated by Boston-based Corcoran Jennison Co. and awarded the 1998 Affordable Housing Award for the best redeveloped project in the nation. The project rehabilitation cost was $33.6 million, which was financed by AGM Financial Services, a Baltimore-based commercial lender. Rents per month range from $415 for an efficiency to $650 for a three-bedroom unit. All residents have incomes below 60% of the area's median household income. Financing began with a HUD 221(d)(4)-insured first mortgage of $23.7 million and tax credits of $9.9 million purchased by Chevron Corp.
Boston Financial completes high-rise transaction In a transaction worth $58 million, Boston Financial's Investment Banking Group, Boston, recently closed a deal to finance the Courthouse Hill Apartments, a $58 million, 17-story project in Arlington, Va. When completed the project will have 564 units. Completion is set for spring 1999. Bush Construction Co., a commercial real estate developer, is contracted to build Courthouse Hill. Boston Financial is planning to close six to eight additional high-rise transactions over the next 18 months.
Merry Land signs $248 million letter of intent for properties In a nonbinding letter of intent, Augusta, Ga.-based Merry Land & Investment Co. signed a $248 million agreement in January to purchase 13 properties from Atlanta-based Trammell Crow Residential and its affiliates. Completion of the transaction was scheduled during February. The properties contain approximately 4,000 units located primarily in Tampa, Orlando and Jacksonville, Fla. At year-end 1997, Merry Land owned more than 29,500 units in 27 cities.
Reilly Mortgage Group closes loan for 2,113-unit complex In a transaction that closed in 45 days, McLean, Va.-based Reilly Mortgage Group financed a $68.75 million first mortgage loan for the Foxchase Apartments located in Alexandria, Va. Apartment Investment and Management Co., a multifamily REIT based in Denver, was the borrower.