National
TODAY’S DEALS: Harbor Group Sells 430-Unit Asset in Virginia Beach
ARA brokers a 430-unit sale; and Marcus & Millichap Capital Corp. arranges a $8.4 million refinancing for a mid-rise in Los Angeles.
Economy Watch: Unemployment Rates Edge Up in Many States
The Bureau of Labor Statistics reported that 28 states experienced unemployment rate upticks in June: 11 states had decreases, and 11 states and the District of Columbia saw no change.
TODAY’S DEALS: Passco Completes $28M Buy in Durham
Passco Companies buys a 280-unit asset; Centerline provides a $113.7 million refinance for a Northern California portfolio; and Walker & Dunlop closes loans for properties in the Mid-Atlantic.
Economy Watch: Detroit Files for Chapter 9
On Thursday, Detroit became the largest city in the nation ever to file for the municipal version of bankruptcy, Chapter 9.
TODAY’S DEALS: Cortland Partners Buys 1,037 Units in Texas and Florida
Cortland Properties completes three acquisitions totaling $130.3 million; SBV buys a 109-unit asset in Greensboro; and Cohen Financial secures more than $31 million for three multifamily properties.
Economy Watch: Downswing in Apartment Construction
The Census Bureau reported that housing starts came in at an annualized rate of 836,000 in June, or 9.9 percent below the May total of 928,000.
TODAY’S DEALS: AEW Capital Management Buys 252 Units in Maryland
A Maryland asset trades hands; CBRE/New England sources a joint venture for a 200-unit development in Massachusetts; and Charles Dunn Co. completes the $14 million sale of a Hollywood apartment community.
Economy Watch: Homebuilders Feeling Optimistic
The National Association of Home Builders reported that its Housing Market Index rose six points over the last month to a score of 57 for July.
TODAY’S DEALS: Meridian Clinches $230M Acquisition Financing Deal for Steinway Hall in NYC
Meridian Capital Group LLC negotiates $230 million in acquisition financing; HFF arranges $46 million for two Texas acquisitions; and RADCO acquires its third Midwest asset in 90 days.
Builder Confidence Rises Six Points in July
Builder confidence in the market for newly built, single-family homes rose six points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July.