Finance & Investment
Freddie Mac Names New CEO
David Brickman, the GSE’s president, will succeed retiring CEO Donald Layton on July 1 and join the board of directors. Last September, the agency announced it would conduct a search that included Brickman.
JV Lands $75M Financing for Denver Luxury Tower
HFF secured the loan for The Confluence on behalf of National Real Estate Advisors and PMRG. Proceeds will be used to retire existing construction debt on the 287-unit property.
NC Community Changes Hands for $14M
Tribute Properties sold the 152-unit garden-style property to Cohen Investment Group. Deerbrook is spread across 18 buildings and is located in Wilmington, N.C.
Trez Capital Secures 2 Construction Loans
The 136-unit property and the 123-unit community are part of a five-property project developed in a partnership between Trez Capital and NexMetro.
Berkadia Arranges $125M Financing for VA Properties
Totaling 655 units, the upcoming Magnolia Green Apartments and Faraday Park at Reston Station communities are located in Moseley and Reston.
Houston Community Receives $26M Loan
Park Texas Apartments’ 587 units spread across 51 two-story buildings. The garden-style community is undergoing extensive capital improvements, following damage caused by Hurricane Ike.
TGM Acquires Fort Lauderdale Community
Renamed TGM Harbor Beach, the community offers access to amenities such as a bark park and game room. This purchase is the firm’s eighth investment in Florida.
Fannie Mae Report Predicts Economic Slowdown
The GSE estimates 2.2 percent GDP growth in 2019—a 90 basis-point year-over-year decline largely attributed to the fading impact of the 2017 tax cuts—as well as decelerating business investment and consumer spending.
Inland Private Capital Brokers Sale of 2 Denver Properties
Emerson Lofts and Ascent Uptown are within 1.5 miles of each other and traded for $21.9 million, generating a total return on investment of roughly 130 percent.
Morgan Properties Acquires 4,130-Unit Portfolio
Metro Philadelphia’s largest-ever multifamily deal, the acquisition makes Morgan the largest owner-operator in the market.