National
TODAY’S DEALS: Alliance Residential Buys 629-Unit Asset in Phoenix
Alliance Residential completes a $50 million buy; Beech Street Capital closes a $15.9 refinance for a 99-unit seniors housing asset in Washington; and NorthMarq arranges a $22.1 million mortgage with an interest-only feature.
TODAY’S DEALS: NorthMarq Arranges $63.9M Fannie Mae Loan with Prepayment Reduction
NorthMarq arranges a $63.9 million loan through its affiliate AmeriSphere Multifamily Finance; Venture West arranges $20.2 million in acquisition loans; and Vitus Group buys a Section 8 asset in Portland.
Economy Watch: Housing Starts Spike
The Census Bureau reported that private housing starts in December came in at an annualized rate of 954,000 units. That’s 12.1 percent more than the revised November total of 851,000, and a whopping 36.9 percent above the rate of 697,000 in December 2011.
TODAY’S DEALS: Western National Buys Archstone Long Beach for $46M
IPA lands a buyer for Archstone Long Beach; UC Funding closes an $18.4 million bridge loan for a historic conversion in Baltimore; and IPA oversees the sale of a 190-unit distressed condo property in Miami-Dade.
Economy Watch: Beige Book Reports ‘Strong’ Residential Growth
The Federal Reserve released the latest Beige Book, which reported “all 12 Districts characterizing the pace of growth as either modest or moderate.”
TODAY’S DEALS: Bernards, Aimco Break Ground on $140M Calif. Redevelopment
Bernards breaks ground on Aimco’s massive Venice redevelopment; Passco Companies completes its second Class A buy in two weeks; and Lucent Capital arranges $9.9 million for the acquisition and re-entitlement of a Platinum Triangle development site.
Economy Watch: Retail Sales Better Than Expected in December
The Census Bureau reported on Tuesday that U.S. retail sales were up 0.5 percent from November to December (important note: the figures are adjusted for seasonal variation, but not price changes).
TODAY’S DEALS: EQR Secures $2.5B Credit Line for Archstone Deal
Equity Residential closes a $2.5 billion credit facility; The Bozzuto Group announces details regarding a D.C. condominium development; and NorthMarq Capital arranges a $16.5 million life company loan.
Economy Watch: Fed Chairman to Congress: Pay Your Bills
Fed chairman Ben Bernanke gave a speech at the University of Michigan on Monday, characterizing the U.S. economy as in a “relatively fragile recovery,” and noting that there has been only “modest improvement” in the labor market.
TODAY’S DEALS: Rambleside Acquires 586-Unit Asset in Charlotte
ARA brokers the sale of a 586-unit asset in Charlotte; Boston Capital closes a tax credit fund encompassing 22 affordable properties; and Aries Capital helps an owner secure financing for a fractured condo/apartment community.