National
Economy Watch: Personal Income, Expenditures Up in August
The Bureau of Economic Analysis reported that U.S. personal income increased $57.2 billion, or 0.4 percent in August compared with July, and disposable personal income—after taxes, the kind everyone likes—was up 0.5 percent.
TODAY’S DEALS: Capital One Provides Bridge Loan for Rental Conversion
HFF arranges financing for a N.J. community; KB Homes buys a condo development site in San Francisco; and NorthMarq Capital arranges a $32.4 million Freddie Mac loan for a Class A property.
TODAY’S DEALS: Greystone Closes $38.8M CMBS Deal
Greystone closes a CMBS loan for an Ohio owner; National Health Investors acquires a seniors living campus in Alabama; and Meridian Capital negotiates $78.1M in financing for properties in NYC.
Economy Watch: Pending Home Sales Edge Down
According to the National Association of Realtors, the Pending Home Sales Index, a forward-looking indicator based on contract signings (but not closings), dropped to 107.7 in August from a downwardly revised 109.4 in July.
TODAY’S DEALS: RADCO Acquires 982-Unit Apartment in Atlanta
The RADCO Companies completes a $39.6 million distressed acquisition; Trade Street Residential acquires a 208-unit apartment community in Charlotte; and Johnson Capital arranges a $2.86 million acquisition loan.
Economy Watch: New Home Sales Up in August
The Census Bureau and HUD reported that sales of new single-family houses in August 2013 were at an annualized rate of 421,000 units. That’s 7.9 percent higher than the revised July rate of 390,000 units and is 12.6 percent above the August 2012 total.
TODAY’S DEALS: Morgan Properties, DRA Acquire 526-Unit Apartment Community
Morgan Properties expands in Maryland; Walker & Dunlop finances 2,400 units in Tennessee; and Essex Realty brokers the $4.89 million sale of a courtyard building.
Economy Watch: Case-Shiller Shows Continuing Home Price Rises
S&P Dow Jones Indices released the latest S&P/Case-Shiller Home Price Indices, which track U.S. home prices through the end of July (not August), and they showed continued increases.
TODAY’S DEALS: HFF Arranges $47M for an Austin Apartment Community
Suburban Homes lands a $47 million loan for a 528-unit asset; NorthMarq arranges a $14.6 million refinance for a Phoenix apartment community; and Houlihan-Parnes brokers the acquisition of a row house-style community.
Economy Watch: NY Fed President Talks Tapering
Last week’s decision by the Federal Reserve not to taper QE3 left an open question: When will the tapering begin, since presumably it has to sometime?