National
Economy Watch: Construction Spend Rises in May
The Census Bureau said that U.S. construction spending during May was at an annualized rate of $874.9 billion, 0.5 percent above the revised April rate. The May figure is 5.4 percent above the May 2012 total of $830.4 billion.
TODAY’S DEALS: Capri Capital, Kennedy Wilson Buy 437 Units in Marina del Rey
Capri Capital and Kennedy Wilson complete a $225 million purchase; CBRE facilitates a 110-unit sale in San Diego; and Meridian Capital Group arranges a $12 million refinance loan for a Pennsylvania community.
Economy Watch: Mortgage Delinquencies Drop
Fannie Mae reported on Friday that the single-family serious delinquency rate for the mortgages that it owns and insures dropped in May to 2.83 percent from 2.93 percent in April, down to the lowest level since January 2009, when delinquencies were on the way up.
TODAY’S DEALS: CBRE Global Investors Acquires D.C.-Area Community
CBRE buys a 413-unit asset in Ashburn, Va. and HFF provides a $13.8 million mezzanine loan for an Edwards Companies development.
Economy Watch: Pending Home Sales Continue Rising
The National Association of Realtor’s Pending Home Sales Index, a forward-looking indicator based on residential contract signings, but not closings, increased 6.7 percent to 112.3 in May from 105.2 in April.
TODAY’S DEALS: NorthMarq Arranges $32M for California Construction
NorthMarq arranges construction financing for a JV development; Korman Communities sells a 124-unit community with help from HFF; and Crescent Communities buys two acres for a TOD development in Orlando.
Economy Watch: First Quarter GDP Revised Downward
Real gross domestic product increased at an annualized rate of 1.8 percent in the first quarter of 2013, according to the third and final estimate by the Bureau of Economic Analysis.
TODAY’S DEALS: HFF Arranges $191M in Construction Financing for Boston Mixed-Use Development
HFF arranges construction financing from a life insurance company for The Van Ness, located in Boston; Preferred Apartment Communities completes a Virginia purchase; and Greystone provides $30 million for two properties in Texas and Tennessee.
MBA: Independent Mortgage Banker Profits Decrease in the First Quarter as Volumes Decline
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,772 on each loan they originated in the first quarter of 2013, down from $2,256 per loan in the fourth quarter of 2012, as production volume declined, the Mortgage Bankers Association reported.
TODAY’S DEALS: HFF Arranges $28.5M for Class A Florida Asset
HFF arranges a refinancing for a Jacksonville property; NorthMarq and West Coast Capital place $11.5M for a 124-unit asset in Redlands, Calif.; and Beech Street Capital completes a Fannie Mae acquisition loan.