News
Detroit Revitalization Fellows Program
Detroit–Wayne State University has launched the Detroit Revitalization Fellows Program, to build the capacity of public, for-profit, nonprofit and other organizations to facilitate the redevelopment of Detroit.
TODAY’S DEALS: NorthMarq Arranges $55M Refi for Chicago High-Rise
Chicago–NorthMarq arranged a $55 million loan for a property on Wacker Drive in Chicago; Beech Street Capital provides $4.55 million in fiancing for the acquisition of Mesa Village; and HFO arranges sale of a $31.6 million complex, represents the buyer in $6.2 million deal.
Demoulias Joins Boston Capital
Boston–George Demoulias has joined Boston Capital as vice president of Boston Capital Energy (BCE). BCE specializes in the financial structuring and monetization of tax credits related to renewable energy projects.
Economy Watch: Some Good Economic News for the Week
The U.S. economy scores some good news in unemployment, while food and gas drive inflation. Meanwhile, the Group of 7 takes unusual action to stabilize the yen.
Premier Nashville Condo Goes Rental
Nashville–Velocity’s conversion to apartments comes courtesy of Pollack Partners, which just acquired the 220 unsold units at the 263-residence mixed-use property.
Fundthatdeal.com Offers Up to 100% Private Funding for Real Estate
After a successful pilot, fundthatdeal.com, a new online matchmaking service that connects real estate entrepreneurs with wealthy private investors, has launched.
Freddie Mac Securitizes More Multifamily Mortgages
McLean, Va.–Freddie Mac has made a new offering of about $1 billion of K-011 Certificates, backed by 76 recently originated multifamily mortgages.
TODAY’S DEALS: Praedium and Fairfield Acquire Maryland Apartment for $31M
The Praedium Group and Fairfied Investment Company purchase $31 million apartment building in Maryland; CB Richard Ellis sells a Jersey Shore asset for $4.5 million; and Red Capital’s $50M mortgages take out construction financing.
MARKET SNAPSHOT: Strong Employment Growth, and Demand, in Twin Cities to Outpace Apartment Supply
Minneapolis–While the Twin Cities is expected to add approximately 25,000 new jobs this year, only about 500 units are projected to be delivered to the market.
Economy Watch: Housing Starts in the Basement in February
Housing starts dropped 22.5 percent in February; the Producer Price Index increased again; and the nuclear incident in Japan continues to fog the economic outlook surrounding Japan.