Reo Listings Temecula

Developer Lands Loan to Build 118 Units

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SEATTLE

Developer Brook I LLC landed a $17.5 million loan to fund construction of and permanent financing for a 118-unit apartment complex in Seattle and Olympic Square Investors secured an $8.75 million loan for Olympic Square Townhomes in Gig Harbor in two financings totaling more than $25 million that were arranged by the Seattle branch office of Berkadia Commercial Mortgage . Berkadia SVP and branch manager Louis Weisman , who arranged the loan for Brook I LLC, reports that the project will be called Uptown Stream Apartments and will be located at 708 6th Ave., North in the lower Queen Anne neighborhood. The loan was processed through HUD’s Seattle Office of Multifamily Housing Development and was insured through the FHA’s Section 221(d)(4) multifamily insurance program. The program features an 18-month, interest-only construction period and a 40-year fixed-rate permanent mortgage. The apartments also qualified for 12-year real estate tax abatement under Seattle’s Home Within Reach initiative and will offer 20% of its units to renters who qualify at a reduced percentage of the area median income. The property, which will be submitted for LEED certification, will feature a mix of apartment sizes ranging from studio to two bedrooms.

Murrieta Short Sales Overtake REO's

It’s true. I just took a look on the MLS at every single-family residence for sale in the city of Murrieta. As of today, there are 568 active listings.

Only 82 are bank owned. Yet, 216 are short sales that require lender approval. These include homes that are in default or simply have a mortgage that exceeds the current fair market value. Murrieta homes falling in this category range from $140,000-$899,900, from a small 1,000 square foot house with 3 bedrooms and 2 baths to a 16 acre ranch on Tenaja Road.

These statistics reinforce the study by Lender Processing Services (LPS), which found that 6.38 million people in the US are at least 30 days behind on their mortgage.

Short sales are here to stay, at least for a couple of years. If you are a buyer looking for a well-kept house at a terrific purchase price, you’ll probably want to include short sales when you go shopping.

If you or anyone you know wants more information about short sales, please tell them about our new website, www.TemeculaValleyShortSales.info or give us a call at 800-895-5112. We’re here to help!

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The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange© program of Multi-Regional Multiple Listing Service (“MRMLS”) 3201 W. Temple Avenue, Pomona CA 91768. Real estate listings held by brokerage firms other than Rose Home Realty are marked with the MRMLS© logo and detailed information about them includes the name of the listing brokers and listing agents.

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