News
Economy Watch: Housing Starts See Modest Rise in March
Housing starts experienced an unexpected uptick in March; unemployment dropped in two-thirds of U.S. states; and a jury finds Lee Farkas guilty of multiple counts of bank fraud.
AMCAL Promotes Ramirez to EVP
Agoura Hills, Calif.–AMCAL Multi-Housing Inc., A California-based workforce housing builder, has promoted Maurice Ramirez to executive vice president.
Summit Design + Build Hits Restart on Stalled Chicago Apartment Project
Chicago–Development of the luxury apartment building in Chicago’s Wicker Park neighborhood is back underway now that Summit Design + Build L.L.C. has stepped in and taken the construction reins.
Fieldstone Seeks TIF for Massive Multifamily Renovation
Greenbelt, Md.–Fieldstone Properties has decided to seek about $15 million in tax-increment financing for a variety of public infrastructure improvements to a massive 153-acre rental apartment and townhome property.
TODAY’S DEALS: Grandbridge Secures $4.8M Mortgage for Waukesha Apartments
Granbridge Real Estate Capital originates a $4.8 million Fannie Mae loan; Boston Capital invests in renovations at two Maryland seniors communities; and IPA Partners acquires 18 acres for a 332-unit development in Arizona.
Starwood and Meier Collaborate on Mexico City Mixed-Use LEED Project
Mexico City–Starwood Hotels and Resorts plans on adding another contemporary, design-conscious W Hotel to its portfolio, the centerpiece of the new mixed-use development Liberty Plaza.
Economy Watch: Ratings Agency Casts Cold Eye on U.S. Debt
Standard & Poor’s downgrades its rating of U.S. debt; homebuilder confidence slips even more; and a growing party in the Finnish government wants to cut off E.U. bailouts.
Pioneer Releases Bold New Faucet Line
Pioneer Industries has released a a new line of faucet designs centered on a bold combination of angles and curves called The Presidio Series.
TODAY’S DEALS: ARA Brokers Sale of Fla. Seniors Community
ARA brokers the sale of a 310-unit seniors housing asset; Preferred Apartment Communities acquires a 216-unit community near Philadelphia; and Cushman & Wakefield handles the $26.4 million transaction of River Pointe at Den Rock.
Economy Watch: Opening Salvos in Budget Wars
The House of Representatives voted for a symbolic federal budget on Friday afternoon, one which purports to cut the deficit by $6 trillion or so over the next decade and upend Medicare and Medicaid, previously considered (with Social Security) the third rail of federal spending.