National
TODAY’S DEALS: Vesper Holdings Acquires 506-Bed Michigan Student Housing
Vesper Holdings acquires a 506-bed student-housing community close to the University of Michigan; Phoenix-Orbach JV acquires a $46.5 million portfolio; and Kennedy Wilson closes a $63.8 million refinancing for its Japanese subsidiary.
TODAY’S DEALS: Praedium Group, CAPREIT Acquire Minnesota Community
Praedium-CAPREIT joint venture acquires a Minnesota community for $19 million; Marcus & Millichap Capital Corporation arranges $5.3 million in financing for a Seattle property; and George Smith Partners completes financings for distressed, acquisition and refi transactions.
NAHB Report Says Multifamily Stock Returns May Start to Cool
Washington, D.C.–A new report by the National Association of Home Builders suggests that the high-flying days for multifamily stocks might be drawing to a close.
Salaries for Most New Jobs Insufficient to Pay Rent
Washington, D.C.–A report by the Center for Housing Policy shows that, although some employers are hiring, those who land jobs will struggle to pay for housing with their new salary.
TODAY’S DEALS: Red Capital Finances $70M New Construction Loan
Red Capital Finances $70 million in a new construction loan for an infill project; Helios Capital Advisors completes two note sales; and The Community Preservation Corporation provides a $1.2 million construction loan for the rehabilitation of two Harlem apartments.
Riskier Treasuries Might Send Investors to Top-Quality Multifamily Properties
MHN talks with Christian L. Redfearn, associate professor at the USC School of Policy, Planning and Development and member of the Lusk Center for Real Estate, about what the debt crisis might mean for multifamily.
TODAY’S DEALS: Colonial Properties to Sell $338M Apartment Portfolio
Colonial Properties enters a preliminary agreement to sell an 18-property portfolio; Krupp & Company sells a 144-unit Bay Area community for $25.2 million; and Cignature Realty Associates closes the sale of a 55-unit walk-up in Manhattan.
TODAY’S DEALS: Jones Lang LaSalle Closes $190.1M Sale of Metro Baltimore Multifamily Portfolio
Jones Lang LaSalle brokers a $190 million six-property portfolio sale by SRH/CMS Berkshire LP to the Harbor Group International; Canyon-Johnson Urban Funds acquires a 125-unit community in Dallas’ Oak Lawn neighborhood; and GFI sells a 22-unit garden-style property in Queens, N.Y.
Reauthorization of the National Flood Insurance Program
The NFIP expired in 2008 and has since been operating on a series of extensions. Efforts to reauthorize have been coupled with needed reforms to return the program to solvency.
HUD Proposes New Assessments for Public Housing Authorities
HUD has proposed a new set of rules that would require public housing authorities to conduct physical needs assessments every five years, with 20-year projections.