National
TODAY’S DEALS: Construction Loan Kicks-Off NOVUS Development in Maryland
HFF arranges a construction loan with EagleBank for a Maryland TOD development; Avesta Communities acquires a 314-unit property in South Florida; and Marcus & Millichap brokers a 160-unit sale in Mississippi.
Economy Watch: State Unemployment Rates Mostly Down in March
According to the Bureau of Labor Statistics, during March 21 states had unemployment rate decreases, 17 states and the District of Columbia had increases, and 12 states had no change, compared with February.
TODAY’S DEALS: MG Properties Acquires 770 Units in California
MG Properties drops $80 million on four California apartment communities; Beech Street closes a $9.1 million refinance for a Colorado asset; and Essex Realty brokers the sale of a courtyard apartment building in Chicago.
Economy Watch: Initial Unemployment Claims Reaches Another Low
Initial unemployment claims came in at an annualized 304,000, an uptick of 2,000 from the previous week’s revised level, according to the U.S. Department of Labor on Thursday. Last week the weekly claims rate was at a post-recession low.
TODAY’S DEALS: Praedium Group Buys Colorado Springs Apartments from Griffis/Blessing
The Praedium group completes a $48.5 million apartment acquisition; Greystone refinances two South Florida multifamily assets; and Centerline provides $3.4 million for an acquisition in San Antonio.
Economy Watch: Housing Starts See Uptick in March
U.S. housing starts in March came in at an annualized rate of 946,000 units, according to the Census Bureau on Wednesday. This is 2.8 percent higher than the revised February estimate of 920,000 units, but 5.9 percent lower than the March 2013 rate of 1.01 million units.
TODAY’S DEALS: Pacific Southwest Arranges $32M for Calif. Apartments
Pacific Southwest Realty Services secures $32 million for a 447-unit asset via a life company; NorthMarq Capital negotiates a $26.3 million student housing acquisition in West Virginia; and Centerline provides a $4.8- million FHA 223(f) loan to refinance an affordable housing property.
Housing Starts Rise 2.8 Percent in March, According to NAHB
Led by a 6 percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau.
Multi-Housing Refinancing Dilemma: Pay Now, Or Lock In Later?
Should an investor shoulder that pre-pay penalty now and refinance, or does it make sense to wait a year or two?
Economy Watch: Homebuilders a Little More Optimistic
The National Association of Home Builders reported that that the NAHB/Wells Fargo Housing Market Index, which gauges builder confidence in the market for newly built, single-family homes, rose one point to 47 in April from a downwardly revised March reading of 46.