Commercial Briefs

MBA (8/28/2008 ) Murray, Michael
Apartment vacancy rates increased during the second quarter. The U.S. Census Bureau vacancy rate for all rental apartments—buildings of five or more units—increased to 11.1 percent, up 0.4 percent from the previous quarter and 1 percent from a year earlier.

The second quarter multifamily vacancy rate hit its highest mark since the first quarter of 2005, said the National Multi Housing Council.

Multifamily permits and starts increased, while completions fell in the second quarter. Permits for five units or more increased to a seasonally adjusted annual rate of 364,300—up 21 percent from the first quarter but down 1.2 percent from the previous year.

NMHC said the quarterly figure was pushed upward by a last-minute push in June from New York City developers to qualify for an expiring
tax-abatement program.
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Larew, Doyle & Associates, a mid-size real estate mortgage banking firm placing debt and equity capital into the marketplace, opened its new offices in Providence, R.I., Westport, Conn., and Syracuse, N.Y.

The new firm provides real estate investment banking services on behalf of its public and private clientele.

The two principals, Alan Doyle from Providence and Andrew Larew of Westport—formerly partners of Boston-based Goedecke & Co. during the past six years—arranged more than $1.1 billion for their previous firm in commercial real estate debt and equity financing through institutional capital that included insurance companies, commercial banks, Fannie Mae, Freddie Mac and joint venture equity sources.

Doyle and Larew were involved in a $237 million tax-exempt bond for structured parking at the new Yankee Stadium in New York City and the recent $70 million construction redevelopment financing of the historic Ocean House hotel in Watch Hill, R.I. Another major transaction involved $110 million in office and retail acquisition financing on behalf of Boston-based Barrington Capital Partners and its Australian pension fund client.