Regions
EdR Promotes Richards to Executive Vice President and Chief Operating Officer
EdR announced the promotion of Christine Richards to executive vice president and chief operating officer from senior vice president and chief operating officer.
Lennar Multifamily Communities Developing 1.08 Acre Mixed-Use Building in Downtown LA
Lennar Multifamily Communities is developing Olympic & Olive, a planned 201-unit mixed-use rental community in downtown Los Angeles, which will include 4,000 square feet of retail space.
Economy Watch: Consumer Credit Spikes in July
Americans borrowed more in July than in June, according to the Federal Reserve, with U.S. consumer credit increasing at an annualized rate of 9.7 percent during the month, compared with 7.1 percent in June.
MassHousing Provides Nearly $1B for Affordable Housing in FY ’14
MassHousing, which is the housing agency of the Commonwealth of Massachusetts, reports that it provided $985.2 million for affordable housing in the 2014 fiscal year, which ended June 30, 2014. It was the second-largest lending year in the agency’s 48-year history.
Massey Knakal LIC Veteran Evan Daniel Joins Modern Spaces to Lean New Commercial & Investment Property Group
Modern Spaces, a professional real estate services firm with offices in Queens, Brooklyn and Manhattan, is launching a Commercial & Investment Property division and has tapped Evan Daniel as the group’s leader.
Peak Campus Development Begins Construction on Second Phase of The Pavilion
Peak Campus Development has announced that it has broken ground on the second phase of its Charlottesville, Va., student housing community, Pavilion at North Grounds.
TODAY’S DEALS: Kushner, KABR Land $140M from CIT for Jersey City’s Tallest Apartment Tower
CIT provides Kushner Companies and KABR with $140 million for a Jersey City tower; Madison Realty Capital Arranges $33 million for Soho Properties’ 45 Park Place; and NorthMarq negotiates $20.5 million in construction/permanent financing from the bank.
Marquette Completes Renovations on Denver Place Apartments in Chicago
Capping a four-year, $2.7 million endeavor, Marquette Management has completed the renovation, repositioning and sale of The Apartments at Denver Place.
Economy Watch: Slower Jobs Expansion in August
Despite the relatively low number of jobs created in August—142,000 versus a 12-month average of 212,000 per month—some sectors continued to add jobs, according to the Bureau of Labor Statistics.
First Affordable Housing Loan Closed Under New Freddie Mac Program
Freddie Mac’s new Direct Purchase of Tax-Exempt Loans initiative, the goal of which is to keep rental housing affordable for lower-income families and lower costs involved with financing for tax exempt multifamily properties, has closed its first loan.