National
TODAY’S DEALS: Lee & Associates Sells Five Units for $2.3M
Lee & Associates achieves the highest per-unit price in California’s Conejo Valley; a 292-unit community in Fort Worth trades hands with help from Marcus & Millichap; and Berkadia secures nearly $12 million for a mixed-use co-op property.
Economy Watch: Housing Starts Take a Dip in August
The Census Bureau reported that private housing starts in August came in at an annualized rate of 956,000 units, a drop of 14.4 percent compared with July, when the rate was more than 1.11 million units.
TODAY’S DEALS: TIAA-CREF, TIAA Henderson Close Apartment Fund with $420M Value-Add Target
TIAA-CREF and TIAA Henderson close a value-add CASA fund after raising $260 million in equity; Pure Multi-Family REIT lands acquisition financing for communities in Arizona and Texas; and ARA arranges the sale of an Austin property to an affiliate of Heitman.
Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August, Says NAHB
Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August.
Economy Watch: QE3 Almost Gone, But Interest Still on Hold
The Federal Reserve’s unprecedented stimulus of the economy, sometimes known by the shorthand QE3, seems to be on its last legs.
Economy Watch: Poverty Rate Edges Down, Number of People in Poverty the Same
The U.S. official poverty rate in 2013 was 14.5 percent, down from 15 percent in 2012, the Census Bureau reported.
TODAY’S DEALS: Allianz Provides Permanent Financing for Class A Cincinnati Asset
HFF arranges permanent financing for a Flaherty & Collins property; Berkadia arranges nearly $80 million for a multifamily portfolio in Los Angeles; and National Cooperative Bank originates $60.5 million in new loans during August.
Economy Watch: OECD Forecasts Continued Tepid Growth
The Paris-based Organization for Economic Co-operation and Development released its latest forecasts for economic growth in various parts of the world, revising them downward in some cases, especially for the euro zone.
TODAY’S DEALS: Capital One Bank Provides $277M Construction Loan for Brooklyn Waterfront Apartments
Capital One Bank announced it completed the syndication of a $277 million construction loan for a ground up development; ARA brokers Pauls Corp.’s sale of 21 Fitzsimons; and Ross taps Federal Capital Partners to recapitalize 2,044 units in Washington, D.C.
Time Equities Unveils Artist-in-Residence Program for New NYC Tower
Time Equities has launched an artist-in-residence program for its 50 West development, a 64-story residential tower currently under construction in the Downtown neighborhood of Lower Manhattan.