Multifamily

San Francisco goes after “scofflaw” landlords who ran “illicit hotel chain” on Airbnb

City fines property owners $2.25 million, prohibits them from renting until 2025
The city of San Francisco, which has some of the strongest laws protecting against the spread of short-term rentals in multifamily buildings, is levying serious sanctions against a pair of landlords who knowingly and willingly ignored the city’s laws by running an “illicit hotel chain” of short-term rentals on Airbnb.
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JLL subsidiary makes big move into commercial real estate debt

LaSalle Investment Management acquiring Latitude Management Real Estate Investors
LaSalle Investment Management, a real estate investment manager and a wholly owned subsidiary of Jones Lang LaSalle, is making a big play in the commercial real estate debt market. LaSalle announced Monday that it entered into an agreement to make a majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors, a commercial real estate lender.
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Freddie Mac names Deborah Jenkins head of multifamily

Was originally set to take over on Jan. 1, 2019
Deborah Jenkins is now officially running Freddie Mac’s multifamily business, two months ahead of schedule. Jenkins, who previously served as Freddie Mac’s senior vice president of multifamily underwriting and credit, was promoted to executive vice president and head of the GSE’s multifamily operations back in September. Jenkins was originally set to take over those roles on Jan. 1, 2019, but the GSE announced Monday that Jenkins is assuming the roles immediately.
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Coming soon: “Alexa, pay my rent”

Zego inks deal with S2 Capital to bring smart home hubs to 30,000 apartments
Over the past year, Amazon has pushed further and further into real estate with its smart home devices. Much of that expansion has been focused on single-family homes, but it was only a matter of time before the smart home came to apartments as well. And soon, all it will take for a person to pay their rent is to utter the phrase “Alexa, pay my rent,” and it will be done.
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Are rent prices cooling off?

New rental price report from Abodo shows slowing growth
During the last year, rental prices have been reaching all-time highs, but will they slow down? A new rent price report from apartment search site Abodo says that rental rates nationwide are stabilizing.
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Fannie Mae multifamily earnings increase in stable market

More than 90% of financing directed to low-income housing
Fannie Mae announced its third-quarter financial earnings on Friday, showing its multifamily sector posted solid gains. The company explained this increase was due to a rise in guarantee fee revenue as the multifamily guaranty book grew during the quarter, and about 90% of its multifamily financing created affordable housing for low-income families.
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Walker & Dunlop grows lending arm by acquiring iCap Realty Advisors

Atlanta mortgage banking firm joins Walker & Dunlop
Already one of the nation’s largest commercial and multifamily financiers, Walker & Dunlop has its sights on more. To that end, the company announced this week that it acquired iCap Realty Advisors, a mortgage banking firm based in Atlanta, Georgia that provides debt placement solutions for all commercial real estate asset classes.
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Rent just hit an all-time high… again

Rents just keep on climbing
With more and more renters feeling the affordability crunch, there seemed to be some light on the horizon recently with the steady rise in rents appearing to finally slow down over the last few months. Nevermind. As it turns out, rents are still going up and just hit an all-time high, again.
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Freddie Mac continues growing multifamily business in third quarter

Originations increase slightly in third quarter
The multifamily gravy train kept rolling for Freddie Mac in the third quarter, with the government-sponsored enterprise continuing to increase its originations and overall portfolio. Freddie Mac reported Wednesday that its third-quarter multifamily originations increased by 2% over last year to $47 billion. Additionally, Freddie’s multifamily guarantee portfolio increased 3% from the prior quarter to $226 billion.
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