Regions
Pennrose Properties Opens Heritage at Alexander Hamilton in N.J.
A ribbon-cutting ceremony has officially unveiled Phase III of the long-awaited Heritage at Alexander Hamilton in Paterson, N.J. The new affordable housing lifestyle community was developed by Pennrose Properties, in partnership with the Housing Authority of the City of Paterson.
Economy Watch: Bank Failures Sluggish in ’14
Over the weekend, the FDIC closed its 14th failed bank of 2014, Greenchoice Bank in Chicago.
TODAY’S DEALS: Kislak Completes $136M Multifamily Property Sale–Largest in New Jersey Since ‘11
The Kislak Co. Inc. announced the $136 million sale of Rachel Gardens, a 764-unit apartment community on more than 98 acres in the Pine Brook section of Montville, N.J.; and NorthMarq Capital supplies a $10.6 million refinance for a Chicago redevelopment.
Michaels Organization Educational Foundation Awards $500K
The Michaels Organization Educational Foundation has announced its scholarship distributions for 2014. The foundation gives college scholarships each year to aspiring students who live in the properties owned or managed by the companies.
Carlson Rezidor Announces Five Portfolio Additions in Saudi Arabia
Carlson Rezidor Hotel Group is expanding its network in Saudi Arabia with the signing of five new projects.
Condo Prices Skyrocket in Downtown Miami
As the current wave of development nears the halfway point, downtown Miami condominium prices are soaring. Prices for existing (prior cycle) resale condo units in the city’s downtown district have ballooned 75 percent over the past 24 months.
Economy Watch: New Home Sales Drop in June
Sales of new single-family houses nationwide came in at an annualized rate of 406,000 units, according to the Census Bureau. That’s 8.1 percent below the May rate of 442,000 units, and 11.5 percent lower than the rate in June 2013.
TODAY’S DEALS: Simpson Housing Sells Property in Affluent South Charlotte Submarket for $32.25M
ARA announced the sale of The Arboretum Apartments, a 277-unit mulit-housing community to an affiliate of The Connor Group; and Capital One Multifamily closes a $25.6 million Fannie Mae loan refinancing apartments in Southern California.
Apartment Market Remains Strong in First Half of 2014
According to a recent report from apartment research company Axiometrics, the U.S. apartment market has remained strong through the first half of 2014, thanks in part to low concession rates, high annualized rent growth and occupancy rates.
Insider’s Perspective: Banks Eager to Make CRE Loans, Still Unloading Distressed Assets
As an officer who confers with banks on a daily basis, Richard Walter, senior managing director of Promontory Interfinancial Network and head of Bank Assetpoint, can provide borrowers with a perspective into the financial institutions.