News
Southern Land Company Breaks Ground in Philly
Southern Land Company breaks ground on a $110 million, 28-story residential tower at 3601 Market Street in Philadelphia. It is the first residential building in the 50-plus-year history of University City Science Center.
Borrowers Start Using Freddie Mac Index Lock Program
Centerline Capital Group has become one of the first lenders to execute under the new Index Lock program with a $13.3 million loan for a Texas property.
Economy Watch: Job Growth Tepid in January
The U.S. economy created 113,000 jobs in January and the unemployment rate falls to 6.6 percent. In addition, Trulia reports that home prices continue to rise, albeit at a slower rate.
The Aspen Cos. Purchases Three Affordable Assets in Georgia
New Jersey-based The Aspen Cos. has picked up a trio of affordable housing communities for slightly more than $9 million. The move adds more than 300 units to its expanding portfolio in the Southeast.
TODAY’S DEALS: Bell Partners Acquires Fort Lauderdale Apartment
Bell Partners picks up a 336-unit community; NorthMarq Capital negotiates a $30.5 million acquisition loan; and Pembrook Capital Management closes $7.3 million to recapitalize a mixed-use community in Chicago.
JBG Teams with STRS Ohio on Arlington County Mixed-Use Development
The JBG Cos. has entered into a joint venture partnership with the State Teachers Retirement System of Ohio to develop Central Place, a 31-story, mixed-use development in Roslyn, Va.
Economy Watch: ADP Says 175k Jobs Added in January
Job growth remains steady in spite of winter weather according to analysis of the latest ADP numbers. In addition, the Fed reports that most domestic banks are easing their lending standards on a variety of business and consumer loans.
Starwood Spins Off Single-Family Rental REIT
Shares in Starwood Waypoint Residential Trust, a single-family rental real estate investment trust, have started regular trading on the New York Stock Exchange under the ticker symbol SWAY.
Vitus Group Acquires New Jersey Affordable Housing Asset
Vitus Group has launched a value-add play with the acquisition of Penny Point Apartments, a 152-unit affordable housing community located in Egg Harbor, N.J.
TODAY’S DEALS: NorthMarq Arranges $25.8M Refi for Texas Student Housing
NorthMarq arranges $25.8 million for a 1,006-bed property serving Texas A&M; Grandbridge Real Estate Capital closes $27.0 million for an apartment in Georgia; and a five-unit Brooklyn apartment sets a record price per square foot in Prospect Heights.