National
Economy Watch: 2Q GDP Surprises on the Upside
By Dees Stribling, Contributing Editor In recent weeks, prognosticators have been predicting that U.S. real gross domestic product would barely increase at all in the second quarter. On Wednesday, the Bureau of Economic Analysis released its first, or “advance,” estimate of real GDP for 2Q13: an annualized increase of 1.7 percent. Though not especially robust, growth was better than expected. In the first quarter, real GDP increased by only 1.1 percent, annualized. The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (people out buying stuff), exports (foreigners buying our stuff), nonresidential fixed investment…
TODAY’S DEALS: Friedkin Buys a 374-Unit Illinois Asset
HFF brokers a Illinois sale for MEPT; Titan SenQuest acquires a Texas seniors housing asset; and Beech Street Capital closes a $10.5 million loan for a Utah acquisition.
TODAY’S DEALS: Oak Grove Provides $55.6M for Three Twin Cities Properties
Oak Grove Capital provides three loans to Bigos Management; Toronto-based Starlight buys 216-units in North Dallas; and NorthMarq Capital arranges $19.5 million mortgage for refinance, use conversion of seniors housing.
Economy Watch: Home Prices Rise Everywhere
U.S. residential prices continued their upward climb in May, according to the latest S&P/Case-Shiller Home Price Indices.
TODAY’S DEALS: NGKF Capital Markets Completes Phoenix Sale
NGKF completes a 275-unit sale; UC Funding structures and funds a $9.9 million acquisition bridge loan for two Norfolk, Va., redevelopments; and Alliant Capital provides a $28.4 million FHA 223(f) loan.
Q2 Commercial/Multifamily Originations Up 7 Percent from Last Year; 36 Percent from Q1
Commercial and multifamily mortgage origination volumes during the second quarter of 2013 were 7 percent higher than during the second quarter of 2012 and 36 percent higher than during the first quarter of 2013, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Economy Watch: Pending Home Sales See Downtick
The National Association of Realtors reported on Monday that its Pending Home Sales Index dropped a notch in June to 110.9 from May’s reading of 111.3. The May reading was the index’s highest level since before the housing bubble burst; back in December 2006, the index maxed out at 112.8.
TODAY’S DEALS: ARA Seniors Housing Completes Georgia Class A Sale
PREI buys a seniors housing asset in an ARA-brokered sale; Beech Street closes $17.2 million for a 456-unit asset in Florida; and Commercial Mortgage Capital secures a $23 million construction loan.
Economy Watch: Consumer Sentiment Unexpectedly Peppy
The University of Michigan reported on Friday that its consumer sentiment index for July came in at 85.1, an improvement from June’s final reading of 84.1, and also up from the mid-July reading of 83.9.
TODAY’S DEALS: MetLife Adds 300-Unit Asset to D.C.-Area Portfolio
MetLife buys a property in Lorton, Va.; Berkeley Point Capital closes a $25 million refinance for a property in North Carolina; and Delshah Capital Sells Stated Island Properties to The Arker Companies.