National
Economy Watch: Trade Deficit Up
The U.S. Department of Commerce reported that the trade deficit (both goods and services) was up to $48.7 billion in November, compared with $42.1 billion in October.
TODAY’S DEALS: Related California Breaks Ground on 19-Story L.A. Tower
Related California begins a $120 million project in Los Angeles; NorthMarq arranges $62.09 million in Freddie Mac refi loans for S. Florida properties; and Gingko Residential completes an $8.5 million purchase in Charlotte.
APARTMENT MARKET STATISTICS: January 2013
The Apartment Market Statistics section of the January 2013 issue of MHN features a range of important multifamily data.
Economy Watch: Holiday Retail Sales Up Modestly
Early indications were that retail sales during the holidays were modest, and now more data is coming in to reinforce the point.
TODAY’S DEALS: Forest City Completes $70.5M Miami Disposition
Forest City sells a $70.5 million asset in southwest Miami; Cassidy Turley secures $85 million in construction financing for a Reston, Va. trophy property; and Encore Multi-Family breaks ground on a $32 million development in Dallas.
Economy Watch: Retail Vacancies Edge Down
Reis Inc. reported on Wednesday that the vacancy rate for regional malls declined to 8.6 percent in the fourth quarter of 2012, down from 8.7 percent in the third quarter and 8.9 percent in 4Q11.
TODAY’S DEALS: M&T Capital Provides Kennedy Wilson with $51.8M for Two Assets
HFF lands $51.8 million for Kennedy Wilson; San Antonio Commercial Advisors completes a 480-unit sale; and a 46-unit Manhattan Upper West Side building fetches $47 million.
Economy Watch: Consumers Borrow More for Schooling, Vehicles
Consumer borrowing rose at an annualized rate of 7 percent in November, according to the Federal Reserve on Tuesday. The lion’s share of the increase was non-revolving credit, especially student loans, which was up an annualized rate of 9.5 percent.
TODAY’S DEALS: TM Equities Completes $82.8M Colorado Buy
TM Equities buys a 660-unit asset in Colorado; Aimco sells a 600-unit community in Illinois; and Aztec Group secures a $49.6 million loan encumbering two properties in Florida.
Economy Watch: Multibillion-Dollar Mortgage Settlements Unveiled
Bank of America reached an $11.6 billion settlement with Fannie Mae on Monday, putting the banking giant a step closer to putting the countrywide mortgage shenanigans of the 2000s to rest.