Anna Spiewak
Economy Watch: Commercial Mortgage Originations Dip in 3Q; Small Businesses More Optimistic
Commercial and multi-family mortgage origination volumes dropped by 7 percent during the third quarter of 2012 compared with the same quarter in 2011. The National Federation of Independent Business reported on Tuesday that its Small Business Optimism Index rose 0.3 points in October to 93.1.
Economy Watch Weekly: Election’s Over, Now for the Hard Part
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 9.
Greystone, Bassuk Form JV to Focus on ‘Creative’ M-F Financing
Greystone and The Bassuk Organization, both of New York, have formed a joint venture intended to provide expanded real estate and financial services, including “creative debt and equity financing,” to CRE clients with multi-family assets across the United States.
Orbach Group Acquires Manhattan, Pennsylvania M-F Buildings for $70M
The Orbach Group acquired two portfolios totaling 635 rental apartment units across New York City and Pennsylvania for $70 million, increasing its multi-family holdings to more than 5,000 total units.
Economy Watch: IEA Predicts More Boom in U.S. Energy Production; Railroad Traffic Rises, Save for Coal Shipments
The International Energy Agency, which released the 2012 edition of its “World Energy Outlook” on Monday, predicts that the United States is well on the way to becoming the world’s top oil producer. The American Association of Railroads reported on Monday that U.S. rail traffic—a broad indicator of economic activity—continues to show mixed results, and that impacts from Hurricane Sandy can be seen in decreased traffic in recent weeks.
Grainger to Use JV to Broaden Funding of $280M German Apartment Portfolio
A joint venture to be formed by Grainger, of Newcastle upon Tyne, England, and Heitman, of Chicago, will invest in a German rental residential portfolio of nearly 3,000 units, currently wholly owned by Grainger.
Economy Watch: CBO Details Impact of Fiscal Cliff; Seniors Builder Confidence Up; Unemployment Claims Down
The Congressional Budget Office reported on the “economic effects of reducing fiscal tightening,” or, as it’s better known, the fiscal cliff. Builder confidence in the 55+ housing market for single-family homes showed significant improvement in the third quarter of 2012 compared to the same period a year ago. The U.S. Department of Labor reported that initial unemployment claims were down from the previous week.
Cassidy Turley Secures $181M Permanent Financing for Trophy Office Building in DC
Cassidy Turley secured a $181 million permanent financing loan for Washington, D.C.’s newest trophy office development, 1000 Connecticut Ave., a 12-story, 382,988-square-foot building located in the city’s CBD overlooking the White House.
Economy Watch: Bankruptcy Cases, Mortgage Applications Drop; Fannie Mae Reports Profit
Bankruptcy cases filed in federal courts for fiscal year 2012 were down 14 percent compared to last year. The improvements in the housing market are slowly dragging Fannie Mae to improvement, reporting a much higher net income. Mortgage applications have decreased due to recent weather effects.
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