National
TODAY’S DEALS: IPA, Rockefeller Group to Develop Arizona Apartments
A JV begins a $57.5 million asset in Arizona; ARA brokers the sale of a community in Golden, Co.; and HFF closes the sale of an iconic six-property Chicagoland portfolio.
Economy Watch: Residential Starts Up
In another sign that the housing market is getting some traction, U.S. housing starts were up in August to an annualized rate of 750,000 units, according to the Census Bureau.
TODAY’S DEALS: Fairfield Residential Buys 408-Unit Asset
Fairfield Residential buys a Tempe, Ariz. asset; Behringer Harvard invests in TDI’s Allen, Texas, development; and NorthMarq Capital arranges a $36.3 million Freddie Mac mortgage for student housing.
Economy Watch: Homebuilders Feeling Better
The National Association of Home Builders reported that its housing market index increased 3 points in September to 40.
TODAY’S DEALS: SC Bodner Co. Sells $23M Asset
ARA completes a $23 million sale; Inland buys a 272-unit asset in Bradenton, Fla.; and Centerline Capital Group refinances a property in Illinois with a $6.5 million Fannie Mae loan.
Economy Watch: Manufacturing Sector Running Out of Steam
The Empire State index unexpectedly decreased to negative 10.4 in September from negative 5.9 in August, according to the New York Federal Reserve’s manufacturing survey, which was released on Monday. It’s the lowest reading since November 2010.
TODAY’S DEALS: Braxton Begins Second Phase of Arkansas Asset
An Arkansas asset gets a second phase; The Infinity Group sells a community in Louisville, Ky., for $22.5 million; and Berkeley Point Capital supplies $52.32 million in Fannie Mae financing for a student housing property.
Economy Watch: QE3 Arrives
QE3 turned out to be a different creature than the preceding quantitative easings. Instead of a concentrated stimulus in the form of bond purchases, the Fed has decided to beat the drum steadily.
TODAY’S DEALS: Lyon Breaks Ground on Santa Ana Luxury Asset
Lyon Communities begins a 300-unit asset; Beech Street Capital provides $152 million to Archstone to refinance an asset in Maryland; and NorthMarq Capital secures a $20 million, five-year take-out loan from a life company.
Economy Watch: German High Court OKs Euro-Zone Bailout
The euro-zone, and probably the world economy, dodged another bullet on Wednesday when Germany’s supreme constitutional court ruled that the country could participate in a proposed permanent European bailout fund, formally known as the European Stability Mechanism.