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 …

University of Alabama enrollment reaches record high, 60 percent of freshmen not Alabama residents

{ full article here } TUSCALOOSA, Alabama — The University of Alabama’s campus is busier than ever this fall as enrollment has reached a record high of 34,852 students, according to a UA release. The University has also set a record with its out-of-state recruitment, as the incoming freshman class is 60 percent out-of-state, military overseas and international students, according …

$7.5 million The Parisian latest apartment project slated for downtown Birmingham

{ full article here } BIRMINGHAM, Alabama – Downtown’s Booker T. Washington Insurance Co.building will get a $7.5 million facelift as it is transformed intoThe Parisian, an apartment and retail project with an appearance that harkens back to the property’s days as a department store with the same name. The new owners are revealing details of their plans for the …