CHARLOTTE, NC – Wood Partners, one of the nation’s leading multifamily real estate development and acquisition companies, announced the closing on a 2.3-acre parcel. The company plans to break ground on a 261-unit apartment community located at the intersection of 25th Street and North Brevard in the southern end of the NoDa submarket. The apartments, still to be named, will offer a convenient location adjacent to the new 25th Street Station of the Blue Line Extension and the Charlotte Greenway trail.

“Our new community fits perfectly with our strategic vision for Charlotte,” said Carter Siegel, East Regional Director for Wood Partners. “The overall design of the space will foster the artistry, culture and history of the surrounding community, as well as provide high-end amenities and finishes.”

The apartments will feature a courtyard and saltwater pool, lounge, game room and kitchen area overlooking the Charlotte Greenway.

“Wood Partners is committed to bringing top-tier living experiences to unique, authentic communities, and we believe our development will deliver on that vision,” said Tom Burkert, the Director for the Wood Partners’ Charlotte office.  “We are excited to join and enhance the surrounding community as a new neighbor.”

The site is currently a truck yard, and the surrounding area was traditionally used for cotton and textile mills. That distinctive heritage is reflected in the community’s design, including programming of the space and the finishes in the amenity areas.

Construction is expected to run through early 2019.

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NEW YORK, NY – Mortgage rates fell the lowest levels of the year, with the benchmark 30-year fixed mortgage rate now 4.16 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points.

The larger jumbo 30-year fixed dropped to the lowest level since mid-November, now 4.07 percent, with the average 15-year fixed mortgage rate following suit, sinking to 3.35 percent. Adjustable mortgage rates were sharply lower as well, with the 5-year ARM and 7-year ARM each falling to 5-month lows of 3.42 percent and 3.56 percent, respectively.

Mortgage rates fell for the third week in a row and fourth time in the past five weeks as markets remain jittery about North Korea, Syria, and other global hotspots. The international tensions, coupled with a spate of weak economic data, have prompted more investors to go into safe haven instruments like U.S. Treasuries. When bond prices rise, bond yields fall and mortgage rates are closely related to the yields on long-term government bonds. Weakness, uncertainty, and nervousness, which have each been in plentiful supply in recent weeks, are excellent news for bond investors and mortgage shoppers alike. Expectations for a June Fed interest rate hike have also eased slightly, further contributing to the downward adjustment on bond yields and mortgage rates.

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $973.37.

SURVEY RESULTS

30-year fixed: 4.16% — down from 4.22% last week (avg. points: 0.28)

15-year fixed: 3.35% — down from 3.43% last week (avg. points: 0.25)

5/1 ARM: 3.42% — down from 3.46% last week (avg. points: 0.30)

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. This week the panelists are split, with 38 percent forecasting further declines and 38 percent expecting mortgage rates to remain more or less unchanged over the next week. Just 24 percent predict a rebound in mortgage rates in the next seven days.

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