News
TODAY’S DEALS: Pacifica Acquires Florida Community for $33M
IPA completes a 400-unit sale in Florida; Colliers negotiates a 110-unit student housing disposition in Tempe; and Centerline Capital provides $3.7 million to refinance a property in Oak Park, Ill.
Tampa-Area Apartment Property Opens
Crescent Crosstown, a 344-unit apartment community in Brandon, Fla., has opened its doors. The property is located near the Selmon/Crosstown Expressway in Brandon, a Census-designated place in Hillsborough County, southeast of Tampa.
New Brand Launched Along With Houston’s Pearl Greenway
The Morgan Group’s unveiling of Pearl Greenway in Houston isn’t just the launch of a highly upscale apartment community. It is also ushering in the company’s new luxury Pearl apartment brand.
Economy Watch: Housing Starts Up
Homebuilders were reported to be more optimistic on Tuesday, and on Wednesday they had some reason to be, though not quite to the level of irrational exuberance: housing starts in May came in at an annualized rate of 914,000 units, according to the Census Bureau.
Queens Condos Refinanced for $50M
Victoria Towers, a mixed-use development in the borough of Queens in New York, has obtained recapitalization financing totaling $50 million.
TODAY’S DEALS: Bascom Arizona Closes 432-Unit Acquisition in Phoenix
Bascom Arizona Ventures completes its 10th buy in the past 12 months; The RADCO Cos. buys a 208-unit asset in Illinois; and Lucent Capital provides an $11.83 million loan.
Stiles Welcomes Industry Veteran Jay Jacobson to Lead Expansion of Multifamily Real Estate Divisio
Stiles announced that Jay Jacobson has joined the company as president of Stiles Residential Group, its residential development and investment services division.
SmithJones Partners Completes Colorado TOD
SmithJones Partners announced it has completed construction on a transit-oriented community in Broomfield, Colo. The community, called Arista Uptown Apartments, includes 272 units.
The Domain Companies Secures Financing for New Orleans Mixed-Use Development
The Domain Companies has secured financing and started construction on The South Market District, a mixed-use transit-oriented development in downtown New Orleans.
Commercial/Multifamily Mortgage Debt Outstanding Falls Slightly in Q1
The level of commercial/multifamily mortgage debt outstanding decreased by $4.9 billion, or 0.2 percent, in the first quarter of 2013, the first quarterly decrease since the third quarter of 2011, according to the Mortgage Bankers Association (MBA).