7-story housing complex planned for Chattanooga’s M.L. King Boulevard area

{ full article here } A Chattanooga private developer plans to build a seven-story student apartment building just off M.L. King Boulevard aimed at helping to alleviate UTC’s campus housing shortage. It’s a move that could bring hundreds of students into a neighborhood where empty storefronts now dominate — and neighborhood leaders hope that influx will be a catalyst for …

Chasing Yield: Secondary, Tertiary Markets to Shine in 2014

{ full article here } Denny St. Romain believes the equity space will be fluid this year as some investors fall back while new ones step in. “I think the opportunistic joint venture equity—they put so much money out in the last two or three years in multifamily development that they’re harvesting and want to see how that goes before …

Rock Apartment Advisors completes $32 million in multifamily transactions

  Birmingham, AL – In November of 2013, Rock Apartment Advisors, a subsidiary of Harbert Realty Services, completed the sale of two apartment communities with a combined value of $32,250,000 and 776 units in Birmingham, Alabama and Jackson, MS. Built in 1976, the Crossings at Ridgewood (432 units) is located on Ridgewood Road in northeast Jackson, one mile north of …

Commercial Mortgage/Multifamily Debt Explodes in Q3

{ full article } WASHINGTON, DC—The level of commercial/multifamily mortgage debt outstanding increased by $25.2 billion in the third quarter of 2013, the largest increase since 2008, the Mortgage Bankers Association reports. All four major investor groups increased their holdings, registering a 1% increase over the second quarter of 2013. “The third quarter also marked the largest increase in the …

Boeing to shift research jobs to South, Midwest

{ full article } JEFFERSON CITY, Mo. (AP) — Boeing announced Thursday that it is shifting hundreds of jobs to Alabama, Missouri and South Carolina as part of a restructuring of its U.S. research operations over the next two years. The Chicago-based aerospace company said the reorganization will result in fewer research jobs in Washington state and California and is …

Loan Defeasance Once Again On the Rise

{ full article } WASHINGTON, DC-Offering more evidence of normalizing markets five years after the capital markets collapse, defeasance is back as a going concern. Trepp data show $10.1 billion worth of loans were defeased through Nov. 30; the Commercial Real Estate Finance Council says this is a 140% jump over the same period a year ago. Writing in the …

Hancock Bank to bring 200 jobs to Montgomery with new corporate center

{ full article } MONTGOMERY, months. “Hancock Bank was founded to help create opportunities for the people and communities we serve,” Ron Milliet, Hancock’s chief information officer and the technology executive who oversees many operations divisions, said. “Establishing a corporate hub at the Capitol Commerce Center enables Hancock to center key positions in one of the state’s most dynamic regions …

Apartment developer hopes to buy Powell School

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Rock brokers $24.3 million Enclave at Mountain Brook sale

{ full article here } BIRMINGHAM, Alabama –Rock Apartment Advisors brokered the $24.25 million sale of the 508-unit The Enclave at Mountain Brook, the company said today. The sale, which closed on Sept. 26, was one of the largest single lender-own sales the Birmingham market has seen this year, according to Rock’s Joseph Holt, who co-brokered the sale with Brad …