Regions
Economy Watch: First Quarter GDP Revised Downward
Real gross domestic product increased at an annualized rate of 1.8 percent in the first quarter of 2013, according to the third and final estimate by the Bureau of Economic Analysis.
K2 Reports Leasing Surge
Another bit of evidence (if any is needed) that the demand for apartments is still brisk in Chicago: K2, a new 496-unit apartment tower in Chicago’s Near West Side, has managed to ink 125 leases in the two-and-a-half months since leasing started, according to co-developer Fifield Cos.
RFR Announces New Units at New York Luxury Condominium
RFR Holdings LLC announced that is it has released additional residences for sale at its condominium 530 Park Avenue in New York. The new units include a 5,500-square-foot, five-bedroom condo and a full-floor townhouse with more than 11,000 square feet.
TODAY’S DEALS: HFF Arranges $191M in Construction Financing for Boston Mixed-Use Development
HFF arranges construction financing from a life insurance company for The Van Ness, located in Boston; Preferred Apartment Communities completes a Virginia purchase; and Greystone provides $30 million for two properties in Texas and Tennessee.
MBA: Independent Mortgage Banker Profits Decrease in the First Quarter as Volumes Decline
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,772 on each loan they originated in the first quarter of 2013, down from $2,256 per loan in the fourth quarter of 2012, as production volume declined, the Mortgage Bankers Association reported.
Austin’s Elan Apartment Homes Captures Top Award
Elan Apartment Homes, a 270-unit northwest Austin, Texas, community acquired by Crossbeam Concierge in December 2011, has been named a “Property of the Year” by the Austin Apartment Association.
Mixed-Income Apartments Open in Boston
The first phase of Charlesview Residences, a 340-unit development in Boston’s Allston-Brighton neighborhood, has opened.
JV Breaks Ground on Mass. Mixed-Use Development
A groundbreaking ceremony was recently held for Merchants Row, a mixed-use development in the Quincy Center in Quincy, Mass. The project was made possible in part by $55 million in equity financing secured by LaSalle Investment Management.
TODAY’S DEALS: HFF Arranges $28.5M for Class A Florida Asset
HFF arranges a refinancing for a Jacksonville property; NorthMarq and West Coast Capital place $11.5M for a 124-unit asset in Redlands, Calif.; and Beech Street Capital completes a Fannie Mae acquisition loan.
New-Home Sales Rise 2.1 Percent in May
Sales of newly built, single-family homes rose for a third consecutive month in May, posting a 2.1 percent gain to a seasonally adjusted annual rate of 476,000 units, according to data released by HUD and the U.S. Census Bureau.