National
TODAY’S DEALS: Development Site Trades Hands in Boca, 378 Units in the Works
ARA brokers a $22.3 million land sale in Boca Raton; Capital One Bank closes a $70M Fannie Mae loan; and Marcus & Millichap arranges the sale of an REO asset in Tampa.
Economy Watch: New Rules in the Works for Very Large Banks
In testimony before the Senate Banking Committee this week, Daniel Tarullo, a member of the board of governors of the Federal Reserve, said that the central bank wants to change regulations governing too-big-to-fail banks (or GSIBs, global systemically important banks, in Fed-speak).
TODAY’S DEALS: Mack-Cali, Ironstate Land $192M via NorthMarq for Jersey City Apartment Tower
NorthMarq arranges $192 million for a 763-unit development; CBRE Global Investors acquires 432 units in The Woodlands; and Everbank funds a $2 million acquisition loan for a mixed-use property in Chicago.
Economy Watch: Residential Prices Continue to Moderate
Trulia reported that asking prices nationally for residential properties rose 1 percent in August, up a bit from 0.7 percent in July.
TODAY’S DEALS: Landmark Apartment Trust Completes 342-Unit Orlando Acquisition
Landmark Apartment Trust buys a 2002-built apartment in Orlando; Chaucer Creek acquires a community in Charlotte’s ‘hippest’ neighborhood; and Colorado investor acquires a property from Fannie Mae.
Economy Watch: Consumer Credit Spikes in July
Americans borrowed more in July than in June, according to the Federal Reserve, with U.S. consumer credit increasing at an annualized rate of 9.7 percent during the month, compared with 7.1 percent in June.
TODAY’S DEALS: Kushner, KABR Land $140M from CIT for Jersey City’s Tallest Apartment Tower
CIT provides Kushner Companies and KABR with $140 million for a Jersey City tower; Madison Realty Capital Arranges $33 million for Soho Properties’ 45 Park Place; and NorthMarq negotiates $20.5 million in construction/permanent financing from the bank.
Economy Watch: Slower Jobs Expansion in August
Despite the relatively low number of jobs created in August—142,000 versus a 12-month average of 212,000 per month—some sectors continued to add jobs, according to the Bureau of Labor Statistics.
TODAY’S DEALS: Steadfast Apartment REIT Acquires Two Austin Assets
Steadfast Apartment REIT acquires 564 units in Austin; Blue Ridge Companies expands its North Carolina portfolio; and Grandbridge Real Estate Capital obtains $12.42 million in equity and a three-year senior loan for multifamily property.
Economy Watch: Job Growth Moderates in August
The U.S. economy created 142,000 jobs in August, according to the Bureau of Labor Statistics, down somewhat from the stronger gains of the last 12 months, which have averaged 212,000 per month.