Borrowers have a growing appetite for mezzanine loans that is fueled by redevelopment and refinancing activity, as well as the return of new construction. Terra Capital Partners, a New York-based fund manager, has seen its mezzanine lending volume double over the past year and the firm expects that volume to double again in 2015. Although Terra Capital Partners does not disclose its total lending volume, it provided mezzanine or bridge financing on about 40 different projects… Read more »
The U.S. economy grew at a “modest” to “moderate” pace last month as holiday sales were sluggish in some regions and the plunge in oil prices began to take a toll on activity in the Dallas area, the Federal Reserve saidWednesday. Auto sales and travel and tourism were sources of strength and manufacturing expanded from mid-November through late December, the Fed said in its Beige Book, named for the color of its cover… Read more »
Metro Phoenix’s housing market ended 2014 on a low note with both home sales and prices down. Homeowners, potential buyers shopping for a house and investors are all curious — even anxious — about what could happen this year. The big issues to watch in the Valley are job and population growth, whether the federal plan to lower mortgage premiums spurs more first-time buyers and what big investors with thousands of rental houses do…Read more »
CBRE has completed the sale of Pinnacle South Mountain located at 5151 E. Guadalupe Rd. in Phoenix. The 552-unit apartment community sold for $63 million. The buyer was FPA Multifamily of San Francisco; the seller was Palo Alto-based Essex Property Trust. “The submarket is built out in terms of adding more units west of I-10. This asset is located within the I-10 employment corridor—access to the freeway is extremely important to this submarket… Read more »
Domain Communities and BH Equities LLC have acquired the 472-unit Midtown on Main Apartments at 2121 W. Main St. in Mesa, AZ from Bay Club Partners for $34.95 million, or about $74,000 per unit. The transit-oriented, 391,178-square-foot multifamily community was built in 1988 on 18.5 acres in the Casa Mesa II / Alma Meadows submarket of Maricopa County, southeast of the Loop 101 / 202 interchange. It is comprised of… Read more »
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