National
HUD Proposes Modest Cuts in Its Budget for FY12
Washington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has released its proposed budget for the federal government’s fiscal 2012 (beginning Oct. 1, 2011), which it forecasts will be a net of about $43 billion for the year.
TODAY’S DEALS: BRE Acquires 220-Unit Apartment Community for $56.5M
BRE Properties Inc. buys 220-unit community for $56.6 million; Tikijian closes the sale of 384-unit Knobs Pointe; and Charles Dunn completes $1.2M sale in Los Angeles.
TODAY’S DEALS: NorthMarq Arranges $16.93M for Institutional Borrower’s Class A Mid-Rise
NorthMarq arranges $16.93M for new property; NAI Capital Commerce closes $16 million apartment sale; and Chalres Dunn negotiates the sale of a 35-unit property in Los Angeles.
Multifamily to Benefit from Improving CRE Finance
San Diego–Lack of capital is no longer the main problem for real estate finance, according to Jones Lang LaSalle’s 2011 Commercial Real Estate Financing Outlook.
TODAY’S DEALS: Security Properties Acquires 276-Unit Property in Colorado
Security Properties acquires a 276-unit Denver-area multifamily complex; NAI represents buyer and seller in $16M sale; and Marcus & Millichap brokers the sale of a 126-unit assisted-living property.
TODAY’S DEALS: CBRE Arranges $45M for Mich. Student Housing
CBRE capital markets has arranged $45 million in financing for the construction of a 606-bed student housing project next to the University of Michigan; Grandbridge supplies $19.85M for Florida apartment; and Alliant Capital LLC closes a $3.4 million loan to refinance Chicago’s Powhatan Apartments.
TODAY’S DEALS: Cortland Partners Acquires Metro Atlanta Apartments
Cortland Partners has acquired a 308-unit property in metro Altanta; Beech Street closes $80.2M in Freddie Mac loans for two New York high rises; and Abacus Capital Group sells $68 million multifamily complex in California
Economy Watch: Battle of the Budgets Begins
The Obama administration released its version of the fiscal 2012 federal budget to compete with the House Republicans’ version, but neither side is willing to make cuts to non-discretionary spending.
TODAY’S DEALS: Mill Creek Residential Trust and Rockwood Capital Form Multifamily JV
Mill Creek Residential Trust LLC and Rockwood Capital have formed a new multifamily joint venture; NorthMarq arranged first mortgage financing of $23.99 million for Annapolis, Md. apartments; and Red Capital Markets structures bond financing for affordable housing.
TODAY’S DEALS: SWA Group to Redesign 1700-Home Sunnydale Public Housing Community
SWA Group begins designs for transformation of 1700-unit Sunnydale public affordable housing; NorthMarq’s $19M refinance allows return of capital; and Akridge gets approval for Virginia mixed-use redevelopment.