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The National Multifamily Housing Council’s NMHC Quarterly Survey is out now and three of the four categories held fairly steady but the availability of  debt financing dropped twenty five points from sixty to thirty five. A reading below fifty indicates worsening conditions and the report on the survey said that with Fannie and Freddie nearing their lending limits things are tightening up.


Hines REIT Approves $1.7 Billion Asset Liquidation Plan: Bad news for Hines REIT—it approved of a liquidation and dissolution plan. The REIT agreed to sell seven West Coast office assets for about $1.2 billion to an affiliate of Blackstone Real Estate Partners VIII. It also recently made a deal with New Properties LLC to sell a portfolio of eight grocery-anchored retail centers. These centers total 1.04 million square feet and are expected to sell for $210 million. Some of the centers include Champions Village, Oak Park Village, and Cherokee Plaza. On another note, the REIT is currently in the process of selling its interests in Chase Tower.


As a value guy like you it’s hard to figure out how buying something in the sixes on cap rate works out to be a good deal. But what if the Fed is trapped at the Zero Lower Bound and we are turning Japanese? Their ‘Lost Decade’ is now old enough to graduate with a Master’s degree and we’re following the exact same playbook. I offer last week’s Fed decision as exhibit #1. They would dearly love to raise rates just to prove they can but there’s just thin ice between us and


Both the 10yr and 15yr apartment building investment loan rates we track fell to lows not seen but for just one week last year and they’ve remained there for five weeks. The 10yr rate dropped 13 basis points to 4.25% and has stayed there since Sept. 14. Likewise the 15yr loan (see below for details on the loans we track) also fell 13bp to 4.375% where it has remained from the middle of September on.