News
TODAY’S DEALS: IPA Sells Newly Constructed L.A. Community for $133M
IPA completes the sale of a newly constructed 438-unit property in Los Angeles for $133 million; Tryko picks up a campus of age-restricted properties in West Philadelphia; and GFI sells a rent-stabilized building in Brooklyn for $5.15 million.
Housing Council Changes Name to Reflect Age Requirements
The Irvine-based 50+ Housing Council of the Building Industry Association of Southern California changes its name to accurately reflect its age requirement.
Economy Watch: Congress Still Stuck in the Debt-Ceiling Morass
Congress dithers while everyone, including China, urges them to get their act together; retail sales inched up in June; and the PPI index for finished goods continues to drop.
Work Begins on Affordable Seniors Housing in Gurnee
Gurnee, Ill.–Credit Capital L.L.C., together with partner Richman Group, have underwritten a $20.2 million private equity investment to construct an affordable seniors-housing complex.
TODAY’S DEALS: NorthMarq Capital Arranges $55M Mortgage
NorthMarq Capital supplies a $55M refinance mortgage for an upgraded property; Johnson Capital arranges $50M in financing secured by a 414-unit community in San Francisco; and Newcastle Limited purchases two Chicago properties for $9.1M.
MARKET SNAPSHOT: New York Experiences Decline in Transaction Volume; New Capital Comes to Market
New York–New York experienced a decline in transaction volume in May, according to Ariel Property Advisors’ Multifamily Month in Review.
New Ownership and $2M Upgrade Revitalizes Student Lofts
Atlanta–Cardinal Group’s $2 million renovation has resulted in an about-face for Atlanta’s Westmar Student Lofts, a 368-unit off-campus student-housing community.
Economy Watch: The Loud Ticking of the Default Time Bomb
Rating agencies wait to see if Congress can get past its political blockade, and Bernanke warns of the consequences if they don’t. A Pulse of Commerce Index shows an economy in idle.
Centerline Capital Group Expands Midwest Banking Team
New York–Centerline Capital Group has hired Adam Klingher and Joseph Markech to expand the company’s business in the Midwest.
Equity Residential Taps Kruse for NY Expansion
New York–Equity Residential, a national owner and operator of apartment properties, has tapped George Kruse as vice president of development for the New York metropolitan region.