News
TODAY’S DEALS: Western National Acquires Allure Apartments for $38.1M
Western National Realty Advisors acquires community for $38.1 million; NAI Tampa Bay represents buyer on lened-owned purchase; and CB Richard Ellis negotiates $970K sale of apartments.
Magnussen Appointed Arbor NYC Director
Uniondale, N.Y.–Arbor Commercial Funding, LLC has appointed Timothy Magnussen to director in Arbor’s New York City office.
Economy Watch: Employment Treads Water in March
The U.S. Bureau of Labor Statistics shows the labor market holding on, despite international nervousness; an ISM report is not as optimistic; a suit against Freddie Mac is dismissed; and new information comes to light regarding Fed lending in 2008.
MARKET SNAPSHOT: Cautious Optimism for Atlanta’s Apartment Market, despite High Unemployment
Atlanta–The Atlanta market appears to have bottomed out, and many in the metro area are cautiously optimistic that better days are ahead.
Freddie Mac Exec to Join Beech Street
Bethesda, Md.–Beech Street Capital has appointed Michael Edelman as senior vice president of production management.
Domain Kicks Off New Orleans Multifamily Redevelopment
New Orleans–The Domain Cos. has started construction on Gold Seal Lofts, a $7 million conversion of the former Gold Seal Creamery plant into green mixed-income housing.
TODAY’S DEALS: PCCP Provides $22M Loan for Acquisition of Busted Condos in Nashville
PCCP provides senior loan for the acquisition of a busted condo development; HSI closes financing on a Wisconsin community; and Bay Apartment Advisors brokers the sale of a 22-unit property in Oakland, Calif.
Hotels and Residences Portion of $2.5B L.A. Live Complex Earns LEED Silver Certification
Los Angeles–The Hotels and Residences at L.A. Live, the 4 million square-foot luxury complex in Los Angeles, has achieved LEED Silver certification.
Economy Watch: Non-Official March Jobs Numbers Not Bad
Public-sector jobs took a big hit, but private-sector cuts weren’t bad; the shadow inventory of U.S. homes is slightly less huge; and the Fed is looking for a high bidder for subprime MBS bonds.