News
TODAY’S DEALS: MG Properties Group Acquires $23.3M Seattle Community
MG Properties Group acquires a 146-unit community in Seattle; Johnson Capital arranges $13 million for two properties in Orange County, Calif.; and CBRE arranges the $54.5 million sale and acquisition financing of a large multifamily property in Minnesota.
Energy-Efficiency Loans See Few Defaults, But Banks Still Mostly Not Interested
Washington, D.C.–A new report by the American Council for an Energy-Efficient Economy (ACEEE), “What Have We Learned from Energy Efficiency Financing Programs?” finds that energy-efficiency loan programs for building upgrades have exceedingly low default rates, ranging from 0 percent to 3 percent. The report drew its conclusion from a review of 24 energy-efficiency loan programs.
Not Your Father’s Student Housing: Banks Looking to Lend on Student Housing
Providence, R.I–Not so long ago, banks viewed the prospect of financing the development of student housing with skepticism, if not out-and-out resistance. No more. Banks today have done a complete 180 on the idea of financing student housing. And there’s a good reason for that.
Economy Watch: Markets Go Chicken Little
Wall Street was in full Chicken Little mode on Thursday, worried that the economic sky was falling. And maybe it is. No less an authority on economic conditions than the Federal Open Market Committee said in its Wednesday statement–along with something about the Twist–that there are “significant downside risks to the economic outlook,” which is Fed polite-ese for “don’t let the sky hit you on its way down.”
TODAY’S DEALS: Education Realty Trust Purchases UC Riverside Student Housing
Education Realty Trust purchases their partner’s interest in UC Riverside student housing; NorthMarq Capital arranges permanent financing of $30.6 million for Las Vegas apartments; and Greenwich Village 30-unit building hits sales block for $10.95 million.
Oahu Apartments Win $56M Refinance
A group led by the Bascom Group has completed a $56 million refinancing for Oasis at Waipahu, a 406-unit multifamily property outside of Honolulu. Holliday Fenoglio Fowler arranged the deal on behalf of the borrowers, who received a 36-month, floating-rate loan with Prime Finance.
Metro at Woodbridge to Add 24 Upscale Apartment Units to Thirsty Northern New Jersey Market
Sterling Properties will soon deliver a new luxury rental option in Woodbridge, N.J., as construction of Metro at Woodbridge nears completion. The property will offer 24 upscale residences, the likes of which are hard to come by in the area.
MARKET SNAPSHOT: Vacancy in St. Louis Declines for Sixth Consecutive Quarter
St. Louis–Vacancy in St. Louis is expected to decrease 110 bps, to 6.5 percent, this year, according to Marcus & Millichap’s third quarter report on the market.
Taylor Commercial to Begin Offering Construction Services
Amid exponential sales growth this past fiscal year, Taylor Commercial Inc. announced multiple areas of corporate expansion, including the advent of its new Construction Services Division.
TODAY’S DEALS: Home Properties Acquires 544-Unit Community in Maryland
Homes Properties buys a community in Maryland for $90.4 million; Charles Dunn Company completes a $5.5M sale in Los Angeles; and Alliant Capital funds a 15-year refi loan at 4.57 percent.