National
U.S. Economy Gains Momentum: Grosvenor Research
In its second-quarter North American Research Report, Grosvenor reports that the U.S. economy is gaining momentum.
Evans Testifies on Behalf of NMHC, NAA before House Financial Services Committee
Washington, D.C.– Peter Evans, a partner at Moran and Company, testified on Capitol Hill on behalf of NMHC and NAA, urging the FHA to make changes that would expedite the multifamily mortgage application process.
TODAY’S DEALS: C&W Sells 217-Unit Property in Hoboken
Cushman & Wakefield handles the sale of a 217-unit Class A property in Hoboken, N.J.; Marcus & Millichap arranges a $9.3 million refinance for a multifamily asset in Anaheim; and NorthMarq Capital arranges a $10.5 million Freddie Mac acquisition loan.
NAR Predicts Better Times Yet for Multifamily
Chicago–The National Association of Realtors is predicting better times ahead for commercial real estate, including the apartment rental market, which has already experienced a strong recovery from the recession.
TODAY’S DEALS: The Praedium Group and Price Realty Acquire a 362-Unit Property
The Praedium Group and Price Realty Corporation acquire a 362-unit community in Lewisville, Texas for $20 million; Bell Partners purchases a 232-unit apartment property in Greensboro, N.C.; and Walker & Dunlop closes $18.1M Freddie Mac ARM.
CMBS Delinquency Rate to Stay in High-Single to Double Digits
The CMBS conduit/fusion delinquency rate is now 9.22 percent, an increase of six basis points, according to Moody’s Investors Service. “We expect the delinquency rate to run high-single to low-double digits over the near term,” states Tad Philipp, director – CRE Research, of Moodys Investors Service.
TODAY’S DEALS: ARA Completes Distressed Portfolio Sale
ARA completes a 10-property distressed portfolio sale; Marcus & Millichap sells a vintage San Francisco apartment for $4.75M; and George Smith Partners arranges $17M in financing.
TODAY’S DEALS: Behringer Harvard Buys 200-Unit Community near Boston
Behringer Harvard acquires a 200-unit luxury community in a Boston suburb; Transwestern brokers a $72 million, 1,107-unit portfolio sale in Maryland; and Trade Street Capital buys a 263-unit property in Chattanooga, Tenn.
TODAY’S DEALS: IPA Brokers $38M Sale near San Francisco
IPA arranges the sale of a 250-unit community in Union City, Calif. for $38 million; PCCP partners with Signature Development Group to acquire a 130-unit luxury project in Dublin, Calif.; and HFF arranges financing for manufactured home communities.
FS Energy to Make Energy-Efficiency Loans to Multifamily Properties
New York–FS Energy L.L.C. has partnered with two unnamed financial institutions to arrange for loans to residential buildings to make energy-oriented capital investments.