National
Economy Watch: Housing Starts Slid in June
U.S. housing starts in June came in at an annualized rate of 893,000 units, according to the Census Bureau on Thursday.
TODAY’S DEALS: Waypoint Residential Buys 272 Units in Florida
IPA brokers a $25.3 million sale in Florida; HFF arranges refinancing for two Class A assets in Stafford, Texas; and RailField Realty, whose founders include former Fannie Mae multifamily head Ken Bacon, closes its first major acquisition.
Economy Watch: Beige Book Says Economy Still Growing
According to the latest Beige Book, which was released by the Federal Reserve, all 12 Federal Reserve Districts reported expanding economic activity.
TODAY’S DEALS: Berkadia Secures More Than $156M in Financing for Capital Senior Living
Berkadia Commercial Mortgage arranges $156.6 million in financing for a portfolio of 15 seniors housing properties; Walker & Dunlop structures a $70.5 million loan for a Boston-area acquisition; and EdR sells two student housing communities for a combined $29.9 million.
Economy Watch: Retail Sales Up Modestly in June
Retail sales were up 0.2 percent in June compared with May, according to the Census Bureau, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes. Total sales for the month came in at $439.9 billion, up 4.3 percent from June 2013.
TODAY’S DEALS: Pillar Originates $20.7M HUD Loan
Pillar originates a $20.7 million acquisition and rehabilitation loan for an affordable asset in Michigan; HFF arranges $8.5 million for a 244-unit community in Tampa; and Boston Capital provides capital for two LIHTC properties in North Carolina.
Economy Watch: Citi Pays Fine for Subprime Misdeeds
Citigroup agreed to pay $7 billion to settle charges levied by the U.S. Department of Justice that the banking giant routinely and brazenly securitized and sold vast numbers of bum mortgages to investors in 2006 and ’07, and knew it was doing so.
TODAY’S DEALS: NorthMarq Arranges $35M for AFL-CIO
NorthMarq arranges an Allianz Life Co. refinancing for AFL-CIO Building Investment Trust; The RADCO Companies completes a value-add play with a $5 million sale in metro Atlanta; and Greystone provides a $5.6 million bridge loan for a Colorado community.
Economy Watch: Rumbles of Trouble in the Euro Zone
It’s been a while since the euro-zone crisis rumbled loud enough to bother investors around the world, but late last week Portugal halted trade in Banco Espirito Santo, which is the banking arm of one of that country’s largest conglomerate, with regulators citing “irregularities” in its accounts and asserting that it’s in “serious financial condition.”
Economy Watch: Residential Price Increase Continues Deceleration
Trulia reported that in June, U.S. home prices were up 8.1 percent year-over-year, and 2.6 percent quarter-over-quarter, both of which reflect a slowdown in average price increases.