WHO ARE WE
CASTRO REAL ESTATE SERVICES WAS FOUNDED WITH THE GOAL OF HELPING CLIENTS WITH ALL THEIR REAL ESTATE NEEDS, ONE CLIENT AT A TIME.
"Working with Miguel Castro, Jr. at Castro Real Estates Services was the best decision that we’ve ever made! Miguel was more than a realtor for Village Kidz, he exceeded our expectations with his professionalism, responsiveness, and in-depth knowledge of the commercial landscape in Baton Rouge. When we needed him he was there every step of the acquisition process. He saw our vision, understood our needs, and helped us acquire the perfect location for our Village Kidz Community! "
- Ian & Nikki Honore’
“Miguel’s knowledge and experience was invaluable when I began investing in real estate. His patience and skill helped me build the residential and commercial real estate portfolio that I have today.”
- Jabarie Craig (Magnolia Homes and Properties, LLC)
"Miguel and CRES realty were exceptional from searching for the right property, all the way through the close. As a new investor, CRES guided me to a smooth and successful purchase, while keeping me informed and on schedule. I look forward to working with Miguel and CRES for many years to come. Thank You!"
- Philip Singletary - Singletary Capital
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NEWS & RESOURCES
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Multifamily Mortgages Perform Well Between First and Second Quarters of 2023
By Leah Draffen
In the second quarter, commercial and multifamily mortgage delinquencies increased compared with the first quarter of this year, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Delinquency Report. “In general, multifamily mortgages continue to perform well. Delinquency rates on multifamily loans held by banks were essentially unchanged between the first and second quarters, and a rise in multifamily delinquency rates at Fannie Mae and Freddie Mac was driven by loans on senior properties,” says Jamie Woodwell, MBA’s head of commercial real estate research. MBA’s quarterly analysis looks at commercial and multifamily delinquency rates for five of the largest investor groups—commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, and Fannie Mae and Freddie Mac. These groups hold more than 80% of commercial/multifamily mortgage debt outstanding, and the analysis incorporates the measures used by each individual investor group to track the performance of their loans. Delinquency rates are not comparable from one group to another because each investor group tracks delinquencies in its own way, MBA notes.
Work continues at Villas at Oak Bend
By Holly Duchmann
Local developer Art Lancaster sold 59 lots in the Villas at Oak Bend subdivision to homebuilder DR Horton in a deal filed with the East Baton Rouge Clerk of Court this week.
Lancaster sold the property, south of South Harrell’s Ferry Road, for $2.2 million.
The transaction transfers ownership of the property from Villas at Oak Bend LLC to DR Horton Inc.-Gulf Coast. The deal is part of a larger contract formed between the two parties in 2021 for DR Horton to buy 120 lots in the subdivision.
DR Horton bought the first 59 lots in June for $4 million. Lancaster initially bought the property in 2021 for $1.82 million.
The Planning Commission approved plans in late 2020 for the subdivision, which will feature 120 residential lots and three common areas over a 32-acre site. The subdivision is also located within a flood zone, according to a Planning Department staff report.
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