Commercial Real Estate & Business News – July 15, 2013

Fannie Mae Maintains a Steady Pace of Multifamily Issuance in the Second Quarter

Fannie Mae announced today that the company issued approximately $7.6 billion of multifamily MBS in the second quarter of 2013, backed by new multifamily loans delivered by its lenders. Fannie Mae also resecuritized $3.0 billion through its Fannie Mae Guaranteed Multifamily Structures Fannie Mae GeMS program in the second quarter… Read more

ViaWest Group Acquires Warner Business Center Flex-Office Property

Adding to its growing portfolio, ViaWest Group, along with joint-venture partner Contrarian Capital Management, has successfully acquired Warner Business Center through a credit bid at the trustee sale. The joint venture had purchased the debt and completed the foreclosure process. The property is comprised of a 7-building flex-office development of more than 321,000 SF in Tempe. It is currently 67% occupied… Read more

BH Buying Spree Continues with 275-Unit Closing

BH Properties LLC acquired its ninth multifamily property, buying the 275-unit Vista Ventana for $10.2 million. The Los Angeles buyer obtained the once-distressed, class B asset from a State Farm entity operating under the name El Camino Vista LLC… Read more

Downtown Mesa, Chamber of Commerce Partner to Help Business Along Light Rail Corridor

Mesa businesses located along the light-rail corridor will receive a one-year free membership to the Mesa Chamber of Commerce paid for by the Downtown Mesa Association. Downtown Mesa hopes to offer more than 70 businesses a free membership to the chamber, due in part to the chamber’s decision to offer a discount for the organization. The partnership between the two organizations came about after Downtown Mesa offered businesses along that corridor a 50-percent reduction in special improvement district assessment during the next two years of light-rail construction… Read more

Phoenix Housing Market Sees ‘Boomerang Buyers’ Sooner than Expected

Early in the housing crisis, financial experts estimated it might take up to seven years for people who lost a home through a foreclosure or short sale to qualify for a mortgage to buy again. Thousands of new Phoenix-area homeowners are proving the experts wrong. These “boomerang buyers” – so called by real-estate insiders because they were out of the market and have now come back – have returned as a major market force much earlier than expected. Many buyers are qualifying for a new loan only a few years after defaulting on their last mortgage.,, Read more