National
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.
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.