News
CWCapital Expands into Life Company Lending
San Francisco–CWCapital, a subsidiary of CW Financial Services and a specialist in multifamily lending, has launched a new multifamily life company lending platform.
Economy Watch: Congress Acts as Deadline Nears, but GDP Still Anemic
Although not yet finalized, a last-minute deal is in the works to raise the debt ceiling; U.S. GDP gets revised way down; and homeownership rates continue to shrink.
Jenson Joins Berkadia as President and CFO
Horsham, Pa.–Randy Jenson has joined Berkadia as president and chief financial officer.
NAHB Report Says Multifamily Stock Returns May Start to Cool
Washington, D.C.–A new report by the National Association of Home Builders suggests that the high-flying days for multifamily stocks might be drawing to a close.
TODAY’S DEALS: CB Richard Ellis Brokers $40.5M Multi-Housing Sale to Home Properties
CB Richard Ellis completes the sale of The Commons at Haynes Farm in Shrewsbury, Mass., and NorthMarq arranges a $33.5 million mortgage on behalf of Prometheus Real Estate Group.
Norwalk Town Center to Add Gleam to Connecticut’s Gold Coast
Norwalk, Conn.–Construction will begin later this year on Norwalk Town Center, a mixed-use development that will feature 330 luxury apartments.
Economy Watch: Congress Continues to Spin Its Wheels
Congress doesn’t seem to be getting anywhere on the debt ceiling mess; foreclosures were down in the first half of the year, though perhaps due to blockage in the pipeline; and pending home sales were up in June.
Salaries for Most New Jobs Insufficient to Pay Rent
Washington, D.C.–A report by the Center for Housing Policy shows that, although some employers are hiring, those who land jobs will struggle to pay for housing with their new salary.
Archstone Acquires Development Site in Orange County
Huntington Beach, Calif.–Archstone, as part of a joint venture with Red Oak Investments, has acquired a four-acre development site to develop a mixed-use property with 384 apartments and 10,000 square feet of retail.
TODAY’S DEALS: Red Capital Finances $70M New Construction Loan
Red Capital Finances $70 million in a new construction loan for an infill project; Helios Capital Advisors completes two note sales; and The Community Preservation Corporation provides a $1.2 million construction loan for the rehabilitation of two Harlem apartments.