National
Economy Watch: GDP Growth Turns Strong in 4Q
The Bureau of Economic Analysis reports that GDP went up 3.2 percent in 4Q13. The NAR’s pending home sales index falls in December, in part due to disruptive weather.
Freddie Mac Chalks Up Second-Largest Year in Multifamily in ’13
Freddie Mac’s volume in the multifamily space was $25.9 billion in 2013, the second largest annual total for the GSE.
Oak Grove Capital Posts Record-Breaking Year
Oak Grove Capital provided $1.7 billion of affordable, market rate and seniors housing financing in 2013, a 16 percent increase over 2012 loan production.
TODAY’S DEALS: Largo Arranges Construction Financing for Buffalo Redevelopment
Largo Group of Companies provides construction to permanent financing for a mixed-used redevelopment in Buffalo, N.Y.; PointOne initiates a value-add play with a $12.8 million acquisition in Georgia; and NorthMarq Capital arranges $15.5 million in refinances.
Economy Watch: Real Estate Sounds off on State of Union
NMHC and AGC respond to the State of the Union address and the Fed continues tapering. In addition, CoreLogic reports a 24 percent decrease in foreclosures for 2013.
APARTMENT MARKET STATISTICS: January 2014
Returns from multifamily property investments fell in the third quarter of 2013, according to the National Council of Real Estate Fiduciaries. Returns from commercial real estate as a whole, however, increased to 2.57 percent.
TODAY’S DEALS: Greystone Closes $54.5M Bridge Loan for Hamptons Skilled Nursing Acquisition
Greystone closes a bridge loan for a 280-unit skilled nursing facility; Hybrid Capital arranges $12 million for an affordable housing asset in Camden, N.J.; and Waypoint Residential acquires a Tennessee apartment community.
Meeks + Partners-Designed Elan City Centre in Dallas Completed
Greystar’s newest Dallas development has opened. The asset was designed by Meeks + Partners and features luxurious amenities and modern floor plans.
Economy Watch: Home Prices Still Rising on Annual Basis
Year-over-year home prices up 13.7 percent and state unemployment rates edge down.
TODAY’S DEALS: Waterton Picks Up 300 Units in Plano
Waterton Associates grabs a 1999-built asset in Plano, Texas; HFF arranges the sale of a $31.6 million loan secured by a trio of Michigan apartment communities; and NorthMarq secures $10 million for a North Carolina asset.