National
Economy Watch: Construction Spending Up, Especially for Residential Projects
The Census Bureau reported on Monday that U.S. construction spending increased 1.2 percent in February compared with January, coming in at an annualized rate of $885.1 billion for the month. That’s 7.9 percent more than during February 2012.
TODAY’S DEALS: Waterton Sells Maryland Asset for $40.8M
HFF closes a $40.8 million sale for Waterton Associates; Steadfast Income REIT acquires two Southern assets for $61 million; and Alliant Capital closes on a $1.8 million acquisition loan.
Lower Operating Costs Mean New-Home Buyers Can Afford More House
During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction.
Economy Watch: State Unemployment Declining
The Bureau of Labor Statistics reported on Friday that in February, month-over-month, 22 states had unemployment rate decreases, 12 states experienced increases and 16 states and the District of Columbia saw no change.
TODAY’S DEALS: Walker & Dunlop Provides $27.4M for Military Communities in Washington
Walker & Dunlop provides $27.4 million to three assets near Joint Base Lewis McChord; Holliday Fenoglio Fowler closes a $19 million apartment sale in N.J.; and Marcus & Millichap Capital Corp. arranges a $5.5 million refinance for a Class C property at 75 percent LTV ratio.
TODAY’S DEALS: Kennedy Wilson Closes Two Financings in Japan
Kennedy Wilson closes a $115 million loan on part of its Japanese portfolio; CBRE sells 272 units in Springfield, Ohio; and Walker & Dunlop provides $27.4 million in financing for military apartments.
Businesses and Consumers Apathetic Toward Fiscal Drag Housing Upturn Intact, Provides Tailwind to Economy
Washington, D.C.—The strong jobs report and the rebound in consumer confidence in February suggested that businesses and consumers set aside their worries about fiscal drag ahead of the looming sequestration deadline, according to Fannie Mae’s Economic & Strategic Research Group. Activity in both the stock and housing markets also picked up recently and continues to act as a tailwind for the economy. Furthermore, the pace of manufacturing and service activity has expanded at a healthy pace and should contribute to growth this quarter. Although income and consumer spending took a hit at the start of the year and may slow…
TODAY’S DEALS: EdR to Build $46.1M Asset at Duke University
EdR announces plans for development at Duke; UC Funding closes a $12.1 million bridge loan for the acquisition and renovation of a Charlotte asset; and NorthMarq Capital arranges $10.1 million in Freddie Mac acquisition financing.
Economy Watch: Home Price Increase Healthy, Says Case-Shiller
The S&P/Case-Shiller Home Price Indices said that average home prices were up 7.3 percent for the 10-city composite and 8.1 percent for the 20-city composite in the 12 months ending in January 2013.
TODAY’S DEALS: Oak Grove Capital Provides $26.5M for a Minnesota Asset
Oak Grove Capital provides acquisition financing; Marcus & Millichap brokers the sale of two New Jersey assets; and Alliant Capital closes on a $875,000 loan in Beverly Hills.