Regions
JLL: Sunbelt Cities to Shine, Despite Heavy Delivery Pipeline
JLL’s 2014 Multifamily Outlook picks 14 markets where oversupply is not an option. A disproportionate number are Sunbelt cities.
Economy Watch: GDP Growth Turns Strong in 4Q
The Bureau of Economic Analysis reports that GDP went up 3.2 percent in 4Q13. The NAR’s pending home sales index falls in December, in part due to disruptive weather.
Freddie Mac Chalks Up Second-Largest Year in Multifamily in ’13
Freddie Mac’s volume in the multifamily space was $25.9 billion in 2013, the second largest annual total for the GSE.
Oak Grove Capital Posts Record-Breaking Year
Oak Grove Capital provided $1.7 billion of affordable, market rate and seniors housing financing in 2013, a 16 percent increase over 2012 loan production.
TODAY’S DEALS: Largo Arranges Construction Financing for Buffalo Redevelopment
Largo Group of Companies provides construction to permanent financing for a mixed-used redevelopment in Buffalo, N.Y.; PointOne initiates a value-add play with a $12.8 million acquisition in Georgia; and NorthMarq Capital arranges $15.5 million in refinances.
Economy Watch: Real Estate Sounds off on State of Union
NMHC and AGC respond to the State of the Union address and the Fed continues tapering. In addition, CoreLogic reports a 24 percent decrease in foreclosures for 2013.
APARTMENT MARKET STATISTICS: January 2014
Returns from multifamily property investments fell in the third quarter of 2013, according to the National Council of Real Estate Fiduciaries. Returns from commercial real estate as a whole, however, increased to 2.57 percent.
New Development to Redefine Luxury in Denver’s Upscale Cherry Creek Neighborhood
CBRE has brokered a $92 million construction loan for BMC Investment’s development of a 218-unit luxury high-rise in Denver’s Cherry Creek neighborhood that will likely set a new price-per-unit record in the market.
TODAY’S DEALS: Greystone Closes $54.5M Bridge Loan for Hamptons Skilled Nursing Acquisition
Greystone closes a bridge loan for a 280-unit skilled nursing facility; Hybrid Capital arranges $12 million for an affordable housing asset in Camden, N.J.; and Waypoint Residential acquires a Tennessee apartment community.
Washington Property Co. Opens 232 Units in Suburban D.C.
Though a few finishing touches remain, residents are now moving into Solaire Wheaton, a LEED Silver certified TOD community in suburban Washington, D.C.