Commercial Real Estate & Business News – May 14, 2015

Fannie and Freddie Hit the Brakes on Multifamily Lending

Fannie Mae and Freddie Mac are trying to reign in robust multifamily lending that has them racing toward their annual production caps very early in the year. Fannie and Freddie have introduced rate hikes over the past few weeks and tightened underwriting as a means to slow lending activity. The rate increases have amounted to about a 50 basis point total increase in their rates… Read more »

?Exclusive: Lennar to break ground in July on Central Avenue-McDowell Road apartments

Lennar Corp. (NYSE: LEN) is scheduled to start construction in July on three new apartment developments in downtown Phoenix, Chandler and Tempe near Arizona State University. The trio of complexes total more than 1,000 units, said Nathan Stum, development manager of Lennar Multifamily… Read more »

Roosevelt Row Developer Building Second Phase of Downtown Phoenix Townhouses

Metrowest Development ? the infill developer of a number of projects on Roosevelt Row ? will start construction later this year on a second phase of townhouses at Fourth Avenue and McKinley Street. Metrowest also recently rehabilitated and sold two long empty, city-owned homes on Second Avenue. Metrowest partner Matt Seaman said the residences were built in 1904 and 1909, respectively… Read more »

Heritage Communities Plans $20M Senior Living Community in Glendale

Phoenix-based Telis Commercial Real Estate is teaming up with Omaha, Nebraska-based Heritage Communities to develop a $20 million senior living community in Glendale. Called Orchard Pointe at Arrowhead, the 100-unit senior care facility will be built on land just purchased on 67th Avenue just north of Bell Road in Glendale… Read more »

Allred Capital buys The Hermosa Inn

On Wednesday, May 6, the luxury boutique resort The Hermosa Inn, and its award-winning restaurant, LON?s at the Hermosa, was sold to Allred Capital LLLP. The partnership, led by Ronald Allred and his son Mike Allred, has been developing land, real estate and hospitality related ventures since the 1970s, including building the town of Avon near Vail, Colo., and developing the Telluride Ski Resort and the Telluride Mountain Village. The partnership also owns Rancho Manana Golf Club, in Cave Creek, is the lead investor and operator of Tubac Golf Resort & Spa, in Tubac, and has now added The Hermosa Inn to its historically-­?oriented, hospitality portfolio… Read more »