National
TODAY’S DEALS: Becker + Becker Lands $37.2M for Connecticut Office-to-Apartments Rehab
Becker + Becker lands office-to-apartment conversion financing; Madison Realty Capital buys a three-loan portfolio secured by Brooklyn properties; and NorthMarq Capital finalizes a $24.95 million interest-only refinance.
Economy Watch: ADP Puts Private-Sector Job Creation at 191K
According to Automated Data Processing’s estimates for March, the private sector added 191,000 jobs during the month.
TODAY’S DEALS: Luxury NYC Adaptive Reuse Sells of $126M
Eastern Consolidated arranges the sale of a hotel-to-apartment conversion in New York; Berkadia originates $12 million for a Seattle community; and Hendricks-Berkadia negotiates the sales of two Tampa communities for more than $10 million.
Economy Watch: ULI/E&Y Forecast More Optimistic Than Before
The latest semi-annual ULI/E&Y Real Estate Consensus Forecast predicts that U.S. commercial property transaction volume will reach $430 billion by 2016, exceeding the volume of 2006—the last year before the bubble popped.
TODAY’S DEALS: AFL-CIO Provides $33M for Minneapolis Construction
The AFL-CIO Housing Investment Trust provides $33 million for the construction of an apartment community; NorthMarq Capital negotiates a $34.5 million life company loan allowing for rate lock during the lease up period; and CBRE/NE arranges $16.1 million for a Massachusetts asset.
Economy Watch: Fannie Mae Delinquencies Still Falling
Fannie Mae reported that its single-family serious delinquency rate declined from 2.33 percent in January to 2.27 percent in February.
TODAY’S DEALS: Miami Waterfront Development Site Trades Hands
ARA brokers a multifamily development site in Miami Beach, Fla.; Berkadia arranges $86 million for 15 seniors housing communities in North Carolina; and an Israeli insurance company acquires its first multifamily property in the United States for $48 million.
Economy Watch: Personal Income, Expenditures Up in February
Personal income increased $47.7 billion, or 0.3 percent, in February, according to the Bureau of Economic Analysis.
TODAY’S DEALS: Bascom Buys 222 Units in Las Vegas
The Bascom Group picks up a Vegas apartment asset for $22.5 million; Greystone closes $59.3 million for a multifamily portfolio in Texas; and HAP Investments is in contract to buy a downtown site in Jersey City, N.J.
Economy Watch: Economy Expands 2.6 Percent in Q3
The Bureau of Economic Analysis reported that real U.S. gross domestic product increased at an annualized rate of 2.6 percent in the fourth quarter of 2013.