STAMFORD, CT – UC Funds has originated a $28 million first mortgage under its new Low Floater Program, to refinance the Park Square West Apartments in downtown Stamford, CT.  UC Funds’ nationwide Low Floater Program is a quick, flexible and reliable capital solution with more than $1 billion in available capital for direct lending.

Park Square West is a 143-unit Class A multi-family housing development that affords tenants a prime location with an simple Metro North commute to Manhattan. Built in 2001, the property features more than 10,000 square feet of ground retail space, a state of the art fitness center and groundbreaking new sushi restaurant.

“We are very excited to roll out our new 1st Mortgage Low Floater transitional loan product with the Park Square West Apartments, in the heart of downtown Stamford,” said Daniel Palmier, CEO of UC Funds. “With leverage levels up to 85% and pricing starting at L+373 we project more than a billion dollars per year in this product alone.”

UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 36 months. UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity.

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NEW YORK, NY – After falling for three consecutive weeks, mortgage rates reversed course this week, with the benchmark 30-year fixed mortgage rate now 4.19 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also went higher this week, now 4.14 percent, as did the average 15-year fixed mortgage rate, climbing to 3.43 percent. Adjustable mortgage rates showed increases as well, with the 5-year ARM and 7-year ARM each moving up from 5-month lows last week to 3.48 percent and 3.66 percent, respectively.

Mortgage rates broke a streak of three weekly declines, climbing for just the second time in the past seven weeks. The worries about North Korea, Syria and other global hotspots eased, a French election didn’t generate a market-jarring result, and a run of weak economic data came to an end. Instead the focus in financial markets switched to corporate earnings season and euphoria over the prospect of tax reform took hold. Investors embraced riskier assets, with the stock market soaring to near record highs, and turned away from the safe haven of U.S. government bonds, pushing both bond yields and mortgage rates higher. Mortgage rates are closely related to the yields on long-term Treasury securities. While markets greeted the details of the tax plot with more of a shrug, the sentiment has seemingly shifted to ‘glass half full’ from the glass half empty’ perspective seen just one week ago.

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $976.87.

SURVEY RESULTS

30-year fixed: 4.19% — up from 4.16% last week (avg. points: 0.26)

15-year fixed: 3.43% — up from 3.35% last week (avg. points: 0.17)

5/1 ARM: 3.48% — up from 3.42% last week (avg. points: 0.29)

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 go 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. The majority of experts, 55 percent, predict that mortgage rates will remain more or less unchanged, while the other 45 percent expect to see an increase in the coming week.  None of the panelists expect rates to decline over the next seven days.

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PLANO, TX – NE Development, an upscale suburban apartment, retail, and mixed-use developer, has announced that the official groundbreaking of the newly branded apartment building, LVL 29, will be held on Thursday, April 27, 2017. The building, named for the property’s 29 levels and the residents’ aspirations to achieve their highest potential, will be located in Legacy West, a 250-acre prime mixed-use destination situated at the North Dallas Tollway and State Highway 121 in Plano.

Appealing to the professionals in the area, LVL 29 will be an ellipses-shaped building featuring luxury apartment homes that range from 600-square-foot units to 3,800-square-foot penthouses with private garages. The property will also feature a seven-tale parking garage, 24-hour fitness center and fitness-on-demand yoga room, grand cabana with firepit, exclusive pool and tanning deck, and a bar and lounge veranda. Taking into account the unique architecture and interior design, the building will boast upscale furniture, high-end finishes, designer chandeliers, greenbelt views, 24-hour concierge services, and sleek exterior lighting in customizable colors.

LVL 29 was previously referred to as the 30-tale Palladium Building/Project. NE Development opted to eliminate a floor to improve the overall architectural design and parking garage efficiency, adding five premium units facing the pool.

“LVL 29 will become a landmark in the area as the premier high-rise apartment building in Plano. It will transform the city’s skyline and stand out among a group of square buildings,” said Luke Harry, Project Manager, NE Development. “Legacy West is ideal for LVL 29. Step outside of the main lobby and you’re surrounded by thousands of jobs within walking distance, and billions of payroll dollars. This development checks every box from a financial standpoint. From a lifestyle view, you can’t beat the building’s aesthetics and access to retail, dining, and cultural amenities.”

Criterion.B serves as the branding agency for LVL 29 and Henderson Design Studio is the interior designer. Construction on LVL 29 is expected to be completed in May 2019 and lease-up will start in December 2018.

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