National
TODAY’S DEALS: Meridian Capital Arranges $58.6M in Acquisition Financing for Hi-Rise in New York on Behalf of Carmel Partners
Meridian Capital arranges a $58.6 million seven-year mortgage provided by a regional balance sheet lender; Miller-Valentine lands $12.8 million for an affordable Georgia development; and Champion completes its three-phase acquisition of a 304-unit property in Ohio.
Economy Watch: Investment in Real Estate Still Lags
The Bureau of Economic Analysis released the real estate-related components of the government’s latest estimate for U.S. GDP growth.
TODAY’S DEALS: Atlanta Seniors Housing Sells for $83.5M
Cassidy Turley arranges a seniors housing sale; ARA brokers the $37.3 million sale of a multifamily asset to Passco Companies; and CBRE/New England recapitalizes a LEED-Silver certified apartment in Massachusetts.
Economy Watch: Number of Underwater Mortgages Drops
Black Knight (formerly LPS) released its Mortgage Monitor report, reporting that 5.52 percent of U.S. residential mortgages were delinquent for the month, down from 5.97 percent in February (more than 30 days late, but not in foreclosure).
TODAY’S DEALS: Lincoln Completes Largest Texas M-F Sale of 2014
ARA brokers Lincoln Property Co.’s sale of a 784-unit asset in Irving, Texas; NorthMarq Capital completes a $20.5 million refinance for a San Francisco property; and Dougherty Mortgage closes $5.5 million for an affordable asset in St. Paul, Minn.
Economy Watch: April Job Increases Broad-Based
Recent employment numbers came in better than expected, posting the largest employment rise in about two years, though it isn’t clear yet whether the increase is a one-off surge or the start of a longer-term pattern of healthy job creation—something that’s been a long time in coming
Economy Watch: Construction Spending Rises in March
The Census Bureau reported that construction spending during March was at an annualized rate of $942.5 billion, or 0.2 percent above the revised February rate. The March 2014 figure is 8.4 percent above the March 2013’s annualized rate of $869.2 billion.
Economy Watch: GDP Barely Rises in Q1
Real gross domestic product in the United States increased at an annualized rate of 0.1 percent in the first quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis.
TODAY’S DEALS: Abacus Capital Picks Up Chicago Asset from AEW JV
HFF arranges a 100-unit sale in Chicago; Boston Capital invests in two LIHTC developments in Boulder, Colo.; and Hendricks-Berkadia negotiates the sale of an apartment community in Tampa, Fla.
Economy Watch: Home Prices Still Rising, But Not as Fast
S&P Dow Jones Indices reported that the Case-Shiller Home Price Indices, which it publishes, showed that home prices are still going up on an annual basis, though not as much as they have been.