National
Economy Watch: Existing Home Sales Continue to Rise
The National Association of Realtors reported that U.S. existing home sales increased 6.5 percent to an annualized rate of 5.39 million units in July from 5.06 million units in June.
TODAY’S DEALS: NorthMarq Arranges $188M from TIAA-CREF, Allstate in Single Loan Execution
NorthMarq Capital arranges a $188 million first mortgage for Mansion Grove, a 1,000-unit property in Silicon Valley; Radco Companies completes a 640-unit acquisition; and Peak Capital Partners buys two apartment communities in North Carolina.
Economy Watch: Zillow Reports Higher Home Values
Zillow reported on Tuesday that its Home Value Index was up 6 percent year-over-year in July, to a value of $161,600.
Do Not Rush to Construction: Make Sure Final Designs are Really Final
After construction has commenced, design changes to add value can lower your rate of return.
TODAY’S DEALS: HFF Priovides JV with $40.5M for Colorado Apartment Development
The Greystone Group and The Sevinson land financing for a Colorado project; NorthMarq Capital arranges first mortgage financing for a Illinois asset; and Arbor Commercial Funding provides a $8.5 million Fannie Mae refinance loan.
Best and Worst Metros by Job Growth
Julie Zisfein, senior associate and economist with Auction.com Research, says the Bureau of Labor Statistics (BLS) July metro area data shows continued job growth across the nation:
Economy Watch: Most States See Annual Unemployment Drop
Twenty-eight states and the District of Columbia experienced unemployment rate increases in July compared with June, according to the Bureau of Labor Statistics.
TODAY’S DEALS: Steadfast Adds $56M in Apartment Assets to Portfolio
Steadfast Income REIT acquires 633 units; ARA brokers a 271-unit sale in San Antonio; and Johnson Capital’s Denver office arranges a $10.8 million 35-year FHA permanent loan.
Economy Watch: Housing Starts Up in July
Housing starts continued their upward trajectory in July, with private starts coming in at an annualized rate of 896,000 units, a 5.9 percent increase compared with June, the Census Bureau reported.