Regions
U.S. Public Housing Needs Exceed $21 Billion
Boston–A capital-needs assessment released today by Recap Real Estate Advisors finds that public housing needs in the United States exceed $21 billion.
TODAY’S DEALS: NorthMarq Capital Arranges $98.35M Tax-Exempt Bond Securitization
NorthMarq arranges a $98.4 million tax-exempt bond securitization for a national bond portfolio; Phoenix Realty Group buys a 220-unit community in Los Angeles for $23 million; and Cassidy Turley brokers the sale of 1.7 acres of land in Phoenix for a student-housing development.
New Condos Coming to 250 West St. in Tribeca
New York–The early-20th-century building at 250 West St. in Manhattan’s Tribeca neighborhood is in the midst of being reborn as a luxury condominium development.
TODAY’S DEALS: Cushman & Wakefield Sells a 200-Unit Community in Mass.
Cushman & Wakefield arranges the sale of a 200-unit community in Mansfield, Mass.; Education Realty Trust and The Edwards Company close financing and begin construction on a student-housing community in Alabama; and Walker & Dunlop closes a $13.2 million HUD 223(f) loan.
Foster to Design Massive Project on Toronto Lakefront
Toronto–The joint venture 3C Lakeshore Inc. has picked Foster + Partners to design its new Toronto waterfront project, which will include about 2,000 residential units.
TODAY’S DEALS: IPA Sells Newly Constructed L.A. Community for $133M
IPA completes the sale of a newly constructed 438-unit property in Los Angeles for $133 million; Tryko picks up a campus of age-restricted properties in West Philadelphia; and GFI sells a rent-stabilized building in Brooklyn for $5.15 million.
Housing Council Changes Name to Reflect Age Requirements
The Irvine-based 50+ Housing Council of the Building Industry Association of Southern California changes its name to accurately reflect its age requirement.
Work Begins on Affordable Seniors Housing in Gurnee
Gurnee, Ill.–Credit Capital L.L.C., together with partner Richman Group, have underwritten a $20.2 million private equity investment to construct an affordable seniors-housing complex.
TODAY’S DEALS: NorthMarq Capital Arranges $55M Mortgage
NorthMarq Capital supplies a $55M refinance mortgage for an upgraded property; Johnson Capital arranges $50M in financing secured by a 414-unit community in San Francisco; and Newcastle Limited purchases two Chicago properties for $9.1M.
MARKET SNAPSHOT: New York Experiences Decline in Transaction Volume; New Capital Comes to Market
New York–New York experienced a decline in transaction volume in May, according to Ariel Property Advisors’ Multifamily Month in Review.