National
TODAY’S DEALS: Beech Street Refinances NYC Portfolio
Beech Street Capital closes a $49.5 million loan for a NYC portfolio; Cohen Financial secures $34 million for a Colorado development; and Centerline Capital provides an $11.4 million refinance loan for a Maryland property.
U.S. Bank Completes Financing Deal for Two L.A. Senior Affordable Housing Projects
An important financing deal securing the future of two urban senior housing developments in Los Angeles was completed last week when U.S. Bank confirmed that it is providing $55.1 million for the projects. The two affordable housing complexes have groundbreaking ceremonies scheduled this month. U.S. Bank is working with the Retirement Housing Foundation to get the two developments done. The banking giant will present the organization with a $30,000 check, in support of its current senior housing endeavors.
Economy Watch: Retail Sales Spike in May
The Census Bureau reported that retail and food service sales were up 0.6 percent compared with April and 4.3 percent year-over-year.
2013 Mid-Year Outlook: Economic Growth On the Road to “Normal”
The U.S. may be well into a prolonged period of steady economic growth, but it hasn’t yet reached its full potential, according to Fannie Mae’s Economic & Strategic Research Group.
Economy Watch: Fewer Homes Underwater in First Quarter
CoreLogic reported that about 850,000 U.S. residential properties were no longer underwater as of the end of the first quarter of 2013 or, as the company put it, “returned to a state of positive equity.”
Detroit and Other Michigan Cities to Share $100 Million Demolition Grant
In an effort to solve the issue of blighted and dangerous properties across the state and reduce crime in neighborhoods, Gov. Rick Snyder last week announced that the U.S. Department of the Treasury granted $100 million under a pilot program that enables states to decide locally on actions that prevent foreclosures and support the housing recovery.
TODAY’S DEALS: ABR, Chartwell Holdings Buy 384-Units in Charlotte
Alex. Brown Realty and Chartwell complete a value-add buy in N.C.; Peak Capital Partners acquires a 216-unit community in Albuquerque; and Alliant Capital closes on a $1 million refinance loan.
Economy Watch: Job Openings Down
The Bureau of Labor Statistics released the Job Openings and Labor Turnover Summary, which casts a bit of a different light on the national employment picture.
TODAY’S DEALS: KBS Legacy Partners Acquires 305-Unit Asset
KBS Legacy Partners Apartment REIT completes a $33.6M buy in South Carolina; The Bascom Group closes a 175-unit acquisition in Palm Springs; and Alliant Capital closes three refinancing loans.
Economy Watch: Fed May Continue Stimulus (or Maybe Not)
According to St. Louis Federal Reserve President James Bullard, speaking at 19th Annual Conference of Montreal, which was organized by the International Economic Forum of the Americas, low U.S. inflation has been a surprise.