JLL Capital Markets, Chicago, secured a $50 million bridge loan that refinanced Harrington Square apartments, a Class A mixed-use community in Leland, N.C. near Wilmington.
Category: News and Trends
CREF Policy Update: HUD Publishes Proposed Rule on Multifamily Loan Disbursements
Commercial and multifamily developments and activities from MBA important to your business and our industry.
Commercial and Multifamily People in the News Aug. 15, 2024
Industry personnel news from M&T Bank, Mount Street and JLL.
CMF Quote of the Week: Aug. 8, 2024
“The cost of both renting and buying a home has skyrocketed in recent years, but the affordability crunch isn’t quite as severe in the rental market.”
— Redfin Senior Economist Sheharyar Bokhari
Redfin: Renter Population Growth Beats Buyers in Q2
Redfin, Seattle, released a recent report highlighting that the number of renter households in the U.S. grew more than three times faster than the number of homeowner households in Q2.
Empowering Renters Empowers the Market
In the face of a housing crisis exacerbated by the pandemic, the role of renter education and financial empowerment grows more crucial every day.
MBA Opens Doors Foundation Receives Over $240,000 from Lennar Mortgage, CMG Financial Fundraising Campaigns
The MBA Opens Doors Foundation announced that it has received a total of $240,957 from Lennar Mortgage’s 11th Annual Derby, and CMG Financials’ ‘Give Back Competition’ fundraising campaign. The funds will allow Opens Doors to further deliver on its mission of providing mortgage and rental assistance to families with critically ill or injured children, allowing parents and guardians to be by a child’s side during treatment without fear of losing their home.
MBA Chart of the Week: Monthly Payroll Growth and Unemployment Rate
The job market definitively slowed in July. Nonfarm payroll growth at 114,000 was well below the 12-month average of 215,000, while the unemployment rate moved up to its highest level since October 2021 at 4.3%, as shown in this week’s chart.
Unemployment Rises to 4.3% in July
Total nonfarm payroll increased by 114,000 in July, per the U.S. Bureau of Labor Statistics.
Yardi Matrix: July Multifamily Data Shows Positive Signs Despite Modest Rent Growth
Yardi Matrix, Santa Barbara, Calif., found multifamily advertised rents rose for the sixth straight month in July as demand from economic growth and demographics remained solid. The average rent increased $4 to $1,743, or 0.2% month-over-month, and is up by 0.8% year-over-year.