News
MHN Interview: The Key to Bridge Lending
Walker & Dunlop recently provided more than $73 million to borrowers through its Interim Loan Program. MHN talks to Sandor Biderman, senior vice president of Walker & Dunlop, about this program and what type of communities the company is interested in investing in going forward.
TODAY’S DEALS: Behringer Harvard Acquires Luxury Community
Behringer Havard buys a San Francisco asset; Crimson Holdings acquires a 40-unit property in the San Fernando Valley; and NorthMarq Capital arranges a $14.74 million Freddie Mac mortgage in 45 days.
New-Home Sales Jump 8.3 Percent in June
WASHINGTON, July 24 – Sales of newly built, single-family homes surged 8.3 percent to a seasonally adjusted, annual rate of 497,000 units in June, their fastest pace in the last five years, according to data released today by HUD and the U.S. Census Bureau.
“New-home buyers are returning to the market in larger numbers as firming prices, shrinking inventories of homes for sale and improving local economies convince them that now is the time to make their move,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Meanwhile, the very low supply of new homes on the market is indicative of the difficulty that builders are having in keeping up with demand due to availability issues with regard to materials, credit, labor and lots for development.”
“The takeaway from this report is that the housing recovery is solidly on track and isn’t going to be derailed by slightly higher mortgage rates,” said NAHB Chief Economist David Crowe. “After years of fence-sitting, buyers are back and are ready to move forward with an investment in homeownership.” Looking ahead, he said he anticipates further, though more incremental gains in sales through the end of this year.
Three out of four regions saw solid gains in new-home sales activity in June, with the Northeast, South and West posting increases of 18.5 percent, 10.9 percent and 13.8 percent, respectively. The Midwest posted an 11.8 percent decline following an above-trend bump in activity in May.
The inventory of new homes for sale declined to 161,000 units in June, marking a razor-thin, 3.9-month supply at the current sales pace. The months’ supply of homes for sale has not fallen below this level since March of 2004.
Johnson Capital Announces Launch of New Opportunistic Finance Group
Johnson Capital, a national real estate capital advisory firm, announces the launch of a new division, Johnson Capital Opportunistic Finance (JCOF).
Hartz Mountain Acquires Seattle’s Alto Apartments
Hartz Mountain Industries has acquired The Alto Apartments, a 184-unit residential rental property in Seattle’s popular Belltown neighborhood.
Economy Watch: More Housing Indexes Point Upward
U.S. house price appreciation continued in May, according to the Federal Housing Finance Agency, rising 0.7 percent from the previous month, as measured by the agency’s monthly House Price Index.
West Palm Beach Apartments Trade Hands
Harbor Group International has acquired the 217-unit CityView Apartments in West Palm Beach for $12.8 million from 500 N. Congress Ave. LLC.
‘What Renters Want’ with Jessica Fiur: Should You Go Trendy When Staging an Apartment?
Should you stick to a neutral palette, or should you show some personality?
TODAY’S DEALS: The Richman Group Closes $291M in Affordable Tax Credit Funds
The Richman Group to add 3,000 affordable units to its portfolio; Quantum Capital arranges $19.3 million in financing for a San Diego portfolio; and Ariel Property brokers the sale of a five-building portfolio located in Queens, N.Y., for $38 million.
JV Approved to Restore Historic N.J. Building
The City of Newark Central Planning Board approved a plan by L+M Development Parners, the Hanini Group and the Goldman Sachs Urban Investment Group to restore the historic Hahne & Company building in Newark, N.J.