Multifamily

CHICAGO-Mortgage Bankers Association of America members hold sway over "tens of billions of dollars of insurance premiums," says Robert Vestewig, chief operating officer of Houston-based GEMSA Loan Services, which might influence the industry to adopt standardized certificates of insurance.

CHICAGO-The 325 units at 2520 N. Lakeview Ave. will start at $1.4 million, setting a new high-water mark for the Lincoln Park condominium market when sales are expected to begin in 2006. The property has been under contract for more than a year.

MIAMI-WestCity Properties hopes to get city approval this month to build Palmetto Park, consisting of 200 apartment units, 110,000 sf of office space and 7,500 sf of retail space on 9.44 acres.

ORLANDO-Groveland officials await a mid-October clash with environmentalists and local activists who oppose local growth plans. The municipality hopes to double the population and create more commercial, retail and residential space in the historically rustic area 25 miles west of Orlando.

MIAMI-The price of the 29-year-old, 183-unit project in Plantation, FL, equates to $48,907 per unit. The project, originally built as a condominium community, has one- and two-bedroom units and is approximately 95%-occupied.

LOS ANGELES, CA-The market has maintained stable vacancy rates despite the weaker economy, but rent growth slowed in the second quarter and demand was lackluster, according to a quarterly study by Hendricks & Partners.

DENVER-The $12-million Clyburn Apartments will be occupied by residents 55 years old or older making less than $33,000 a year. The 100 units are the first of 4,000 multifamily units coming to the redevelopment of Stapleton International.

MIDLAND, TX-The limited partnership borrower takes out the loan through Dallas' Malone Mortgage. Secured by HUD's Multifamily Accelerated Processing program, the 30-year loan is fully assumable.