Regions
CPC Helps Keep NYC Community Affordable
With funding through Freddie Mac, Community Preservation Corporation has closed on a $40 million loan for the refinancing of Cathedral Parkway Towers. Refinancing helps prevent otherwise unavoidable rent increases that would have resulted from escalating operating costs at the 309-unit Mitchell-Lama project on West 110th Street in New York City.
Economy Watch: Will the Economy’s Continuing Slow Growth Affect Real Estate Development?
Now that a crummy first quarter, at least in terms of U.S. economic growth, has been verified by the preliminary GDP numbers (up a meager 0.2 percent), attention turns to the second quarter.
High-Tech Luxury Living Launches in the Heart of Philadelphia
The new heart of Center City living is officially open for leasing.
Student Apartments in Historic Chicago Structure Trades Hands
JMG Realty Inc. and Empire Square Group have acquired the 482-bed Automatic Loft Apartments in Chicago, a student housing property in the West Loop neighborhood just west of downtown.
TODAY’S DEALS: Portland Micro Unit Asset Lands Mezz Loan
Pembrook Capital Management closes a $6.3 million mezzanine loan; HFF secures $41 million for apartments adjacent to Disney World; and The RADCO Companies acquires an apartment community for $31.2 million.
Community Wins Award for Use of Modular Construction
Guerdon Modular Buildings has won best-in-show in the Modular Building Institute’s 2015 Awards of Distinction for its Domain Apartments, a five-story, 444-unit luxury townhouse-style community in north San Jose, Calif.
Economy Watch: CRE Benefits from Easier Money
Among all the other metrics the Federal Reserve tracks, each quarter it publishes the “Senior Loan Officer Opinion Survey on Bank Lending Practices.” In the case of the April 2015 survey for Q1, the central bank summarized responses from 76 domestic banks and 23 U.S. branches and agencies of foreign banks.
Dewberry Capital Starts Work on Charleston-Area Apartments
Work has strarted on Oyster Park Apartments, a $28.5 million residential development in Mt. Pleasant, S.C., in metro Charleston.
TODAY’S DEALS: Ullico Loan Kicks Off Philly Mixed-Use Development
National Real Estate Development has landed a $141 million construction loan; CIT provides $57.5 million for a Brooklyn waterfront acquisition; and Eagle Group Finance supplies $3.1 million for an assisted living facility.
Brooklyn Multifamily Sale Shatters Records
At a price of $296 per square foot, the sale of 632 Ocean Parkway has set a high mark for the Kensington section of Brooklyn.