Economy Watch: The Loud Ticking of the Default Time Bomb
Rating agencies wait to see if Congress can get past its political blockade, and Bernanke warns of the consequences if they don’t. A Pulse of Commerce Index shows an economy in idle.
Boston Capital Closes One Fund, Launches Another
Boston–Boston Capital Corp., a long-time player in multifamily investment, has closed one fund and is now putting another together for the acquisition of apartment properties.
Former NYC Brownfield Now Site of Affordable Housing
New York–Developed by three partners working together, the mixed-use, low-income La Terraza rental development has been recognized for its affordable brownfield redevelopment.
Wilshire and La Brea Project Recognized, but Not Underway
Los Angeles–A planned mixed-use mid-rise that will include 478 units recently won a Gold Nugget Award but, as yet, has no specific timetable for construction.
Alliance Residential Undertakes Massive Development Plan
Phoenix–With apartment supply struggling to keep up with demand, Alliance Residential Co. says it’s going to start about 5,000 units as part of a business plan for this year.
Economy Watch: Mixed Jobs Reports So Far This Week
Jobs numbers are mixed for June, with both mass layoffs and added jobs reported; non-manufacturing numbers are down; and a Freedom of Information Act request reveals new information about big 2008 loans.
Miami Condo Project Targets International Buyers
Miami–The 292-unit Marquis Residences, a downtown Miami condominium developed by Africa-Israel USA, is seeking international buyers, and so far the strategy is working.
Economy Watch: U.S. Manufacturing Gains Steam Again
Orders of manufactured goods made gains in May; bankruptcy filings were down in the first half of this year; and Portuguese debt gets downgraded to junk status.
New Opportunity Fund Bags Inland Empire Apartment Property
Indio, Calif.–The newly formed Clear Capital L.L.C. has purchased the Casa Monroe Apartments in Indio, Calif., the first acquisition by the $50 million opportunity fund.
Alliance Restarts Stalled Vegas-Area Multifamily Development
Las Vegas–Alliance Residential Co. has restarted construction on the 152-unit Broadstone Ravello in North Las Vegas, formerly intended to be a condo development.