News
Economy Watch: Residential Foreclosures Still Slowing Down
RealtyTrac reports that foreclosure filings are down 8 percent month-over-month, and DataQuick details a slow down in the SoCal home sale market.
Central Harlem Condo Development Half Sold After First Month on the Market
About half of the condominiums at L+M Development Partners Inc.’s Central Harlem mixed-use development, The Adeline, have sold in the first month of sales. The community is expected to be completed this fall.
TODAY’S DEALS: Arbor Funds a Series of Loans in the Southwest and Tennessee
Arbor Commercial Funding originates $37.5 million for properties in California, Texas and Tennessee; Centerline provides a $24 million acquisition loan for Massachusetts mid-rise; and NorthMarq Capital secures $17 million in financing that was highly sought by CMBS lenders.
Crescent Breaks Ground on Downtown Orlando Community
Work has started on Crescent Central Station in downtown Orlando. Developer Crescent Communities says the 279-unit TOD apartment community will be completed by early 2015.
Economy Watch: Yellen Says Fed Will Stay the Course
Yellen outlines a plan of continuity, though the Bureau of Labor Statistics reports that job openings are slightly down. In addition, the House votes to raise the debt ceiling with no strings attached. The Senate is likely to do the same.
SPECIAL REPORT: MBA Delivers Cautious Economic Outlook for 2014
Mortgage originations for multifamily and commercial real estate in the last quarter of 2014 reached the highest volume achieved since 2007. Multifamily financing, in particular, has returned to levels last witnessed at the peak of the market.
TODAY’S DEALS: M West Adds 248 Units to LA Portfolio
M West Holdings acquires an apartment in Torrance, Calif.; Besen & Associates brokers the sale of a Section 8 community in the Bronx; and a three-property Santa Monica apartment portfolio trades for $28.5 million.
Keep a Full Kitchen in Your Micro Unit
Smaller units are all good in the eyes of the current generation of renters so long as their apartment community—and surrounding neighborhood—come equipped with the right amenities. But one problem with tiny floor plans is fitting in a functional kitchen. Stealth Kitchen Modules aim to fix that.
Greenville Apartment Community Trades Hands for $42M
Trade Street Residential has acquired the Aventine Greenville, a newly constructed 346-unit apartment property in Greenville, S.C., for about $42 million.
Economy Watch: Debt Ceiling Lumbers Back Onto National Stage
The House is again working on a bill to raise the debt ceiling, and the Las Vegas housing market is showing signs of a recovery now that 72 percent of residential transactions are conventional.