Regions
Economy Watch: Retail Sales Drop in January
Census Bureau says retail sales are down month-over-month, but up year-over-year. In addition, the MBA reports a 35 percent increase in January single-family sales from December.
In Spite of Difficulties, Virtus Still Sees Opportunity in Student Housing
While investing in student housing has recently become more difficult due to inventory and financial constraints, Virtus Real Estate Capital remains optimistic about the health of the sector, especially near tier-one schools.
TODAY’S DEALS: HFF Arranges $230M for Six-Property Multi-State Student Housing Portfolio
HFF arranges $230 million for a student housing portfolio; IPA brokers a 268-unit sale for AvalonBay; and Sperry Van Ness – Imbrie Realty completes a $5.5 million value-add transaction in Oregon.
BC Properties Acquires Nashville Apartment for $57M
BC Properties has acquired the Lakes of Bellevue, a 624-unit apartment community, for $57 million from Harbor International Group.
The Chetrit Group Obtains $160M in Financing for NYC Student Housing
Meridian Capital arranges $160 million for The Chetrit Group’s refinance of a student housing property in New York that was formerly a nursing home.
Economy Watch: Residential Foreclosures Still Slowing Down
RealtyTrac reports that foreclosure filings are down 8 percent month-over-month, and DataQuick details a slow down in the SoCal home sale market.
Central Harlem Condo Development Half Sold After First Month on the Market
About half of the condominiums at L+M Development Partners Inc.’s Central Harlem mixed-use development, The Adeline, have sold in the first month of sales. The community is expected to be completed this fall.
TODAY’S DEALS: Arbor Funds a Series of Loans in the Southwest and Tennessee
Arbor Commercial Funding originates $37.5 million for properties in California, Texas and Tennessee; Centerline provides a $24 million acquisition loan for Massachusetts mid-rise; and NorthMarq Capital secures $17 million in financing that was highly sought by CMBS lenders.
Crescent Breaks Ground on Downtown Orlando Community
Work has started on Crescent Central Station in downtown Orlando. Developer Crescent Communities says the 279-unit TOD apartment community will be completed by early 2015.
Economy Watch: Yellen Says Fed Will Stay the Course
Yellen outlines a plan of continuity, though the Bureau of Labor Statistics reports that job openings are slightly down. In addition, the House votes to raise the debt ceiling with no strings attached. The Senate is likely to do the same.