Regions
Economy Watch: Retail Sales Up Modestly in June
Retail sales were up 0.2 percent in June compared with May, according to the Census Bureau, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes. Total sales for the month came in at $439.9 billion, up 4.3 percent from June 2013.
TODAY’S DEALS: Pillar Originates $20.7M HUD Loan
Pillar originates a $20.7 million acquisition and rehabilitation loan for an affordable asset in Michigan; HFF arranges $8.5 million for a 244-unit community in Tampa; and Boston Capital provides capital for two LIHTC properties in North Carolina.
Oden Hughes Adds Property Management Services
Austin-based Oden Hughes LLC has launched a new property management division headed by industry veteran Stephani Park.
Bell Partners Acquires 240-Unit Apartment Community in Boston Metro Area for $54.1M
Bell Partners Inc., has acquired Lodge at Stoughton, a 240-unit community in Stoughton, Mass., for $54.1 million from the Hanover Company.
Economy Watch: Citi Pays Fine for Subprime Misdeeds
Citigroup agreed to pay $7 billion to settle charges levied by the U.S. Department of Justice that the banking giant routinely and brazenly securitized and sold vast numbers of bum mortgages to investors in 2006 and ’07, and knew it was doing so.
Hensel Phelps, Mithun Awarded Contract for New UCI Student Housing Community
The University of California, Irvine has announced that it has selected construction and design firm Hensel Phelps in partnership with architect Mithun to design and construct the Mesa Court Expansion student housing community. The $92 million project it targeting LEED Platinum and will add 780 beds to the university’s housing.
LaSalle Group Opens New Memory Care Property in San Antonio
Autumn Leaves of Stone Oak, a new construction memory-care property, has opened in San Antonio. The 30,000-square-foot facility is at 20271 Stone Oak Parkway, 14 miles north of downtown, and will provide specialized care for about 50 residents with Alzheimer’s, dementia and memory impairment.
WinnResidential Named 2014 Top Affordable Housing Manager by NAHMA
WinnResidential, the property management arm of WinnCompanies, announced it has been named the largest affordable multifamily property management company, ranked by affordable unit counts by the National Affordable Housing Management Association (NAHMA).
Prism Takes On-Site Fitness a Step Further at Parkway Lofts
Fitness centers are a nice addition to many luxury apartment buildings. At Parkway Lofts in Bloomfield, N.J., however, the fitness center is not merely an add-on. It is the crowning jewel of the building’s resort-style amenity package.
TODAY’S DEALS: NorthMarq Arranges $35M for AFL-CIO
NorthMarq arranges an Allianz Life Co. refinancing for AFL-CIO Building Investment Trust; The RADCO Companies completes a value-add play with a $5 million sale in metro Atlanta; and Greystone provides a $5.6 million bridge loan for a Colorado community.