Regions
Economy Watch: ADP Job Growth Mediocre; Beige Book Talks of Winter’s Impact
Automated Data Processing said that the U.S. private sector created 139,000 jobs in February, the third weak total in three months. Also, according to the Beige Book, most of the 12 Federal Reserve districts reported ‘modest to moderate’ expansion.
TODAY’S DEALS: Suburban Connecticut Apartment Asset Trades for $58.5M
IPA brokers a sale in Hamden, Conn.; a 130-unit asset in the Far Rockaway neighborhood of Queens trades hands; and Hybrid Capital arranges $6 million in financing for two Upper East Side residential buildings.
TODAY’S DEALS: Greystone Grabs N.C. Apartment Asset
Greystone acquires a community in Cary, N.C.; Transwestern brokers the sale of 1,652 units in Washington, D.C. and the city’s Maryland suburbs; and Largo Group of Cos. arranges a $7.7 million loan.
Kettler to Build Mixed-Use High-Rise in Bethesda, Md.
After closing a construction loan with Helaba, developer Kettler unveils plans for a 101-unit high-rise in Bethesda, Md.
Long Island City Condos Sell Out in Less Than Year
The Bindery, a condo development by NY Lions Group and Craig Axelrod at 47-34 11th St. in the Long Island City submarket of Queens, has completely sold out.
Novare, Batson-Cook and Grubb Proceed on Charlotte’s SkyHouse Uptown
A partnership is moving forward with a 24-story luxury tower in Charlotte’s Fourth Ward neighborhood. The asset is the 11th developed under the SkyHouse brand.
TODAY’S DEALS: Grubb Properties Sells a Charlotte Mid-Rise
A Charlotte mid-rise trades for $31.2 million; Oak Grove Capital closes $17.9 million for three affordable acquisitions/rehabs; and BMC capital provides a $930,000 five-year bank loan.
Ascend Developing Apartments at Vacant Florida Trailer Park
Ascend Properties details a $32 million plan to redevelop a vacant trailer park in Wilton Manors, Fla., into a 173-unit community. The asset will fit into the local TOD corridor, and will include traffic calming measures.
Crowdfunding for LA Apartments Completed
Realty Mogul completes crowdfunding for the acquisition of a group of multifamily properties in Los Angeles. The buildings total 141 apartment units in the Baldwin Hills neighborhood.
Economy Watch: Personal Income Expands and Construction Spending Rises
Personal income increased 0.3 percent in January compared with December. Construction spending edged up by 0.1 percent in January as well. Wall Street took a dive on Monday, with investors apparently nervous about the situation in Crimea.