Author: ipgocorp

NEW YORK, NY – Mortgage rates were down slightly for the second week in a row, as the benchmark 30-year fixed mortgage rate dipped to 4.11 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.23 discount and origination points.

The larger jumbo 30-year fixed slid to 4.06 percent, and the average 15-year fixed mortgage rate sank to 3.31 percent. Adjustable mortgage rates were mostly lower, with the 5-year ARM retreating to 3.52 percent while the 10-year ARM dropped to 3.91 percent.  

Mortgage rates were slightly lower as the focus has been on corporate earnings, political dysfunction, and the rising stock market. There has been no change to the backdrop of a slow growth economy with low inflation – the forces that have kept long-term bond yields and mortgage rates at such low levels. Mortgage rates are closely related to yields on long-term government bonds. Even Fed Chair Janet Yellen was perceived to be more dovish in her recent Congressional testimony, though she continues to feel that the inflation pullback is a temporary rather than lasting phenomenon.

At the current average 30-year fixed mortgage rate of 4.11 percent, the monthly payment for a $200,000 loan is $967.56.

SURVEY RESULTS

30-year fixed: 4.11% — down from 4.13% last week (avg. points: 0.23)

15-year fixed: 3.31% — down from 3.33% last week (avg. points: 0.19)

5/1 ARM: 3.52% — down from 3.54% last week (avg. points: 0.31)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Half of this week’s respondents expect mortgage rates to keep falling, while one-third predict a rebound. Just 17 percent forecast mortgage rates remaining more or less unchanged in the coming week.

MOBILE, AL – National real estate investor and developer Lightstone announced the acquisition of three multi-family rental properties in Mobile, Alabama, adding a total of 1,327 units to their national holdings, and firmly establishing their footprint in the southern region of the United States.

The three properties most recently acquired are all located in the heart of Mobile and were purchased for $70.5 million total. They include:

The Estates at Lafayette Square (675 units)– 900 Downtowner Blvd

Pine Bend & Hampton Park (450 units) – 1030 Montlimar Blvd

Bel Air (200 units) – 505 Bel Air Drive

“We’re always looking to grow our portfolio with attractive investment opportunities across the country, and are very pleased to acquire these three properties in Mobile,” said David Lichtenstein, Chairman and CEO of Lightstone. “Some of the best growth opportunities available right now are in secondary markets like Mobile. As a national company, we’re keen to establish a footprint in the South with these acquisitions and further grow our position in the region.”

All three properties were constructed in the 1970’s and were excellently maintained by the former owner, Morguard, a Canadian REIT, for over 20 years. Comprised of groups of two-story buildings, the properties feature attractive, well-designed leasing offices and modern amenities, including clubhouses with lounges, fitness centers, and business centers.

The properties in the portfolio are all located in the Midtown area of Mobile, near the intersection of two main corridors and close to the large, recently renovated Bel Air Mall.

Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio (in 28 states) currently includes over 5.6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 4,766 hotel keys. It also owns over 12,000 land lots across the country.

PORTLAND, OR – Security Properties has acquired The Commons and 5819 Glisan, two apartment complexes in Portland, OR comprised of 172 and 56 units respectively.

The Commons is a 5-story mid-rise affordable housing property that serves the 55+ community in eastern Portland. The property was originally constructed in 1999 utilizing 4% Low Income Housing Tax Credits and rents to seniors with incomes below 60% of area median income. 5819 Glisan is a 5-story mid-rise market rate property also constructed in 1999. These properties comprise two of the four housing developments in the mixed-income Center Commons development, which also includes Center Village, a housing community serving low-income families, and for-sale townhouses. With excellent proximity to the MAX rail system, these properties are very well connected to the greater Portland area.

Security Properties closed the acquisition of The Commons with bridge loan financing provided by PNC Bank, which will allow Security Properties to secure an allocation of 4% low income housing tax credits and tax-exempt bonds in the upcoming 6-9 months. The allocation of 4% tax credits will finance a significant rehabilitation of The Commons, largely focused on the building exterior. “Renovation of The Commons will allow Security Properties to preserve the long-term affordability of the building while servicing the senior community for years to come,” states Bryon Gongaware, Managing Director of Affordable Housing at Security Properties. “Both the preservation and rejuvenation of affordable housing were our driving forces in this effort.”

5819 Glisan, which neighbors The Commons to the south, was purchased alongside The Commons. 5819 Glisan is a conventional family building whose use restrictions were released in 2014. It was built in conjunction with The Commons, and offers diversification as a community comprised of varied ages and incomes.

The acquisition was financed with a 10-year floating rate Fannie Mae loan sourced by Pillar Financial, a division of Sun Trust Bank, which, along with institutional capital, will provide the funding for a rehab on this property. The exterior envelope of the building will receive significant upgrades, along with an extensive interior rehabilitation plan that will include new appliances, flooring, lighting, countertops, cabinet fronts and kitchen/bath fixtures.  

This acquisition will add to Security Properties’ already large Portland portfolio that consists of over 1,000 conventional units. “We believe the demand for quality affordable and mixed-income housing in Portland is under served,” said Steve TeSelle, Director of the Affordable Housing for Security Properties. “This renovation plan provides an opportunity to considerably improve the property as well as the community as a whole.”

The Commons, 5819 Glisan and Center Village will be professionally managed by Security Properties Residential.

HOUSTON, TX – Keener Investments announced that it has acquired a 321-unit property through a negotiated off-market transaction. The property is located in Pasadena, TX, and will be managed by Keener Management.

Keener Construction plans to renovate the unit interiors, upgrade amenities and perform light exterior upgrades.

“This property presented an opportunity to grow our existing presence in the greater Houston Bay Area,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “Pasadena is near the Port of Houston, which benefits from the recent expansion of the Panama Canal. When combined with the solid growth in the petrochemical sector, we see a strong employment base in Pasadena going forward,” said Smith.

Parkside Place is a 321-unit complex that benefits from high visibility on Spencer Highway and easy access to Strawberry Park. The property is family friendly, and Strawberry Park provides recreation and nice views for the residents.

The property is located within a major employment hub with easy access to Beltway 8 and Interstate 45. The Houston Bay Area is home to the world’s largest petrochemical complex, the Port of Houston, Ellington Field, Hobby Airport and the Clear Lake NASA community.

(RECAP: Investigators determined that lightning was the cause of a 4-alarm fire that set a senior-living apartment facility on fire over the weekend, killing three people, injuring six more, and leaving about 150 residents without a place to stay.)

(RECAP: A program that provides funding to state and local governments through the Department of Housing and Urban Development (HUD) for the purpose of ending homelessness has announced that it’s making $2 billion in funds available.)

(RECAP: We are taking a deeper look into the history of the Chesapeake Crossing Apartments, where a large fire left three dead, several injured and more than one hundred people displaced. 13News Now checked with the fire department to see if the buildings had any violations that could have played a role in this fire.)

(RECAP: Housing Opportunities Made Equal of Virginia Inc. (HOME) and Wells Fargo Bank announced on Monday a partnership agreement aimed at increasing homeownership opportunities and expanding mortgage lending for African-Americans and African-American neighborhoods in the Richmond area. The partnership provides for more than $4 million in financial support to HOME. It was described as one of the largest agreements ever between a financial institution and an individual fair housing organization.)

(RECAP: Work on a one-of-a-kind neighborhood is almost finished in Wytheville, Virginia. Developers plan to make it one of the nation’s most patriotic communities by filling it with military veterans.)

(RECAP: Bay Aging will receive $3.8 million from the Virginia Housing Development Authority for a new age-restricted housing facility planned for Gloucester County.)