National
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.
Webcast to Address Water Submetering Equipment, Regulatory, Maintenance, Resident Issues
NWP Services Corp. will be sponsoring a webcast to take place at 2pm EST on Wed., April 3. The webcast will address water submetering.
Economy Watch: Economy Sees Uptick, Chicago Fed Says
In the broad uptick, the Federal Reserve of Chicago reported that its National Activity Index (CFNAI) increased to +0.44 in February, from 0.49 in January.
TODAY’S DEALS: IPA Brokers $64.3M Sale for JB Matteson
IPA brokers a 358-unit sale for JB Matteson; Canyon Capital funds a $15 million mezzanine loan for the construction of a mixed-use asset in Dallas; and TRG buys an apartment community near LA Live.
Long Beach Senior Affordable Community Finally Holds Groundbreaking
By Alex Girda, Associate Editor A major step was taken to ensure that an important residential development in Long Beach will have new life following a number of funding delays due to redevelopment legislation. However, the Ramona Park senior affordable housing development has managed to pull through and recently held a groundbreaking ceremony, confirming the […]
Economy Watch: Cypriot Bailout Done (Probably)
Over the weekend, the Cypriot parliament worked on a plan to confiscate a percentage of deposits over 100,000 euros in the most troubled of the country’s banks to raise the money demanded by lenders, so that the 10 billion-euro bailout may proceed.
TODAY’S DEALS: AvalonBay Sells Two D.C. Area Assets for $332M
AvalonBay sells 1,392 units; Decron breaks ground in Los Angeles; and NorthMarq Capital arranges $20.62 million in FHA financing.