Real Estate Notes

REAL ESTATE NOTES

October 09, 2005

Maryland

Loan-officer program offered

The Maryland Mortgage Bankers Association will offer its loan-officer university program Oct. 19-21. The program is designed for first and second-year loan originators and processors and has been approved for 12 hours of Maryland continuing education credits. It will include an overview of the mortgage lending process, including pre-qualifying loan applicants and preventing mortgage fraud. For more information or to register, go to www.mdmba.org or call 410-465-6697.

Lake Heron project sets open house

Lake Heron Condominiums, a development of Windsong Homes of Virginia Inc., will hold its grand opening later this month. The condo project, off Edgewood Road in Annapolis, will transform 108 apartment units into upscale condos starting at $329,900. Open houses are scheduled for Oct. 18 from 5 p.m. to 8 p.m. and Oct. 23 from 1 p.m. to 4 p.m. at 1130 Lake Heron Drive, Suite 1A. Two models are available at Lake Heron: a 1,150-square-foot model and a 1,450-square-foot model with loft. All units are two bedrooms and two baths. For more information, call 410-268-7134 or visit www.lakeheroncondos.com.

Pennsylvania

Dallas firm goes for $3.3 billion

Brandywine Realty Trust, a suburban Philadelphia real estate investment trust, has reached an agreement to acquire Prentiss Properties Trust of Dallas for $3.3 billion in cash, stock and debt. The transaction is expected to close near the end of the year or early in 2006. It's expected to transform Brandywine, of Plymouth Meeting, Pa., from a company with most of its assets in the Mid-Atlantic region into one with significant investments in Dallas-Fort Worth; Washington, D.C., and Austin, Texas. Other holdings are in California. Both companies specialize in developing, owning and managing office buildings.

New York

Manhattan prices, sales dip in 3Q

In a possible sign that Manhattan's feverish real estate market is cooling off, brokerages reported a 3.2 percent drop in median home sales prices from the second to the third quarter, according to a report for Prudential Douglas. But the $750,000 figure is still up 25 percent compared with the third quarter of 2004. Sales were down 8.4 percent, the report said.

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