RentWire

Multifamily real estate just had its best year since 2000

Net absorption rose to highest level this century
By just about any way you look at it, 2018 was the best year for multifamily real estate this century: Renters paid more for housing than they ever have before, Freddie Mac and Fannie Mae both had banner years, commercial and multifamily debt hit an all-time high, all while delinquencies remained at historic lows. And now, we have clear evidence that last year was the market's best year since 2000.
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Federal authorities order sweeping overhaul of failing New York public housing

NYCHA required to "fundamentally reform" its operations
Federal authorities this week took a major step toward reforming and rehabilitating New York City's unsafe, unsanitary, and in some cases, illegal public housing. HUD, the Manhattan U.S. Attorney, and the EPA are taking more control of the NYCHA in an effort to remedy numerous problems, including lead paint, mold, pest infestations, broken heaters in the winter, and non-functioning elevators in New York's public housing.
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New York landlord accused of running sham co-ops, overcharging renters for decades

Units will be turned into rent-stabilized apartments
Two New York City co-op corporations overcharged renters for decades by operating apartment buildings as for-profit rental buildings instead of as co-ops. According to the New York Attorney General, the buildings rented out the apartments at market rate, thereby denying residents the homeownership opportunities that come with a co-op and overcharging them for their apartments.
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Walker & Dunlop plots expansion in multifamily small loans

Hires new VP and deputy chief underwriter
Walker & Dunlop, which already ranks among Fannie Mae’s top five multifamily small loan lenders, is planning to grow its small loan business even more. According to Walker & Dunlop, both Fannie Mae and Freddie Mac have seen growth in recent years in their smaller loan programs, with loan volume rising 57.8% from 2016 to 2017. And W&D is planning to capitalize on that growth with its two new hires.
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San Jose bans evictions on unpaid federal workers

City council moves to protect federal workers during shutdown
Prior to the end of the longest government shutdown in the nation's history, the city of San Jose moved to ban all evictions in the city on unpaid federal workers until one month after the shutdown ends.
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Fannie Mae reveals the top multifamily lenders of 2018

Which company tops Fannie Mae’s list?
Earlier this month, Freddie Mac revealed the top 10 lenders that led its multifamily business in 2018. CBRE topped Freddie Mac’s list, with Berkadia and HFF coming in second and third, respectively. But what about the multifamily lenders that do business with Fannie Mae instead? Which lenders did the most business with Fannie Mae last year? Well, we’re glad you asked, because this week, Fannie Mae revealed its top 10 lenders of 2018.
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Redwood Trust buying real estate investment loan originator 5 Arches

REIT acquires remaining 80% of originator
Last year, Redwood Trust, a real estate investment trust that specializes in buying and securitizing jumbo mortgages, grew its real estate investor loan business when it acquired a 20% stake in 5 Arches, an originator and asset manager of investor-focused loans. As part of the deal, Redwood Trust had the right to purchase the remaining 80% of 5 Arches within one year. And now, Redwood Trust plans to do just that.
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