National
TODAY’S DEALS: MacFarlane Buys High-Profile L.A. Development Site
MacFarlane announces plans to build 600-plus units in Los Angeles; Grandbridge Real Estate Capital completes a $21.3 million construction financing secured from a bank; and Capital One closes $14.6 million for an assisted living facility in Tequesta, Fla.
Economy Watch: Pending Home Sales Spike in May
Pending U.S. home sales rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the National Association of Realtors.
TODAY’S DEALS: Vantage Lands Maryland High-Rise Management Gig
Guardian Realty Investors names Vantage property manager at a newly built high-rise; Centerline refinances a Pittsburgh apartment asset; and Capital One Multifamily Finance closes on a $11.1 million FHA 223(f) refinance that fixes a long-term rate.
SPECIAL REPORT: PREI Raises Concerns that Real Estate Valuations Could be Based on Quantitative Easing Worldwide
Prudential Real Estate Investors said that commercial real estate prices are on the rise worldwide as economies rebound internationally, but expressed concern that loose monetary policy could be driving property valuations.
Economy Watch: Consumers Feeling Better
The University of Michigan reported that its consumer sentiment index edged up to 82.5 at the end of June, compared with a mid-June reading of 81.2 and an end-of-May reading of 81.9.
TODAY’S DEALS: Queens Development Site Sells for $10.2M
Marcus & Millichap brokers the sale of a development site in Flushing, N.Y.; NorthMarq secures $11.6 million for student housing serving Virginia Commonwealth University; and IPA arranges a $26 million sale in Greater Phoenix.
Economy Watch: Personal Income, Spending Up in May
The Bureau of Economic Analysis reported that U.S. personal income was up $58.8 billion, or 0.4 percent, in May compared with April.
TODAY’S DEALS: RADCOS Completes $95.3M Buy, Colorado’s Largest for 2014
The RADCO Cos. completes the largest apartment buy in Colorado for 2014; TruAmerica, Guardian and Allstate complete a $229 million, 1,514 unit portfolio acquisition; and GFI exclusively represents the $6.5 million sale of 42 unsold condo units in Brooklyn, N.Y.
Economy Watch: GDP Drops Through Floor in Q1
Real gross domestic product decreased at an annualized rate of 2.9 percent in the first quarter of 2014 according to the third and final estimate by the Bureau of Economic Analysis.
Economy Watch: Home Prices Rises Slowing Down
According to the latest S&P/Case-Shiller Home Price Indices the 10-city and 20-city composite indexes were up 10.8 percent year-over-year in April.