CHARLESTON, SC – Armada Hoffler Properties announced that the Company has teamed with Spandrel Development Partners to develop and build $100 million of new purpose-built student apartments in downtown Charleston, South Carolina. The Company will serve as both majority partner and general contractor in the new joint venture.

The Charleston peninsula is home to over 20,000 students and current enrollment at the College of Charleston alone approaches 12,000 students. With two assets featuring a variety of amenities and price points, the Company expects to deliver over 600 new beds within one mile of the College of Charleston in time for the fall 2019 semester.

With these two projects, Armada Hoffler Properties will be the largest private developer of student apartments in Charleston. The Company expects to break ground later this year.

“With its high barrier-to-entry and net market deficit of over 5,000 beds, new student housing product in downtown Charleston fits perfectly into our development and investment strategy,” said Louis S. Haddad, President and Chief Executive Officer. “We look forward to meeting the needs of the underserved student population on the peninsula and are excited to once again team with a partner who has the local expertise to quickly entitle prime sites in one of our target markets.”

Armada Hoffler Properties, Inc. is a full service real estate company with extensive experience developing, building, owning and managing high-quality, institutional-grade office, retail and multifamily properties in attractive markets throughout the Mid-Atlantic and Southeastern United States.

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PORTLAND, OR – National Health Investors announced it has bought a 102-unit helped living/memory care facility in Portland, Oregon for $26.2 million and has leased the facility back to Prestige Senior Living.

This facility was added to the existing Prestige master lease that is comprised of 3 skilled nursing facilities and 1 helped living facility and has a remaining term of 12 years. The new investment has an initial cash yield of 7% plus annual fixed escalators.

The acquisition was funded by a draw on NHI’s revolving credit facility.

Eric Mendelsohn, CEO and President of NHI, stated, “We are very pleased to expand our business relationship with Prestige Senior Living, a company that is dedicated to the care of seniors in both helped living and skilled nursing.”

National Health Investors is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, helped and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

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NEW YORK, NY – Mortgage rates increased for a third consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.44 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 climbed to 4.43 percent and the average 15-year fixed mortgage rate stepped up to 3.64 percent. Adjustable mortgage rates also went up, with the 5-year ARM jumping to 3.60 percent and the 7-year ARM to 3.81 percent.

Mortgage rates spiked higher leading into this week’s Federal Reserve meeting, climbing for the third week in a row and the fourth time in the past five, rising to multi-year highs. The benchmark 30-year fixed mortgage rate hit the highest level since April 2014 and it was a similar tale across the range of mortgage products. But with a Fed rate hike now in the books and a recent decline in oil prices below the $50 per barrel threshold, this marks two factors that can take edge off inflation increases. That is comforting to long-term bond investors and potentially excellent news for mortgage rates. Indeed, this was the reaction in the hours immediately following the Fed rate hike, with yields on long-term bonds sliding about one-tenth of a percentage point.

At the current average 30-year fixed mortgage rate of 4.44 percent, the monthly payment for a $200,000 loan is $1006.25.

SURVEY RESULTS

30-year fixed: 4.44% — up from 4.38% last week (avg. points: 0.28)
15-year fixed: 3.64% — up from 3.57% last week (avg. points: 0.24)
5/1 ARM: 3.60% — up from 3.57% 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. The panelists are honestly evenly divided this week, with 36 percent expecting mortgage rates to continue falling and an equal 36 percent forecasting that mortgage rates will remain more or less unchanged over the coming week. The remaining 28 percent of respondents predict mortgage rates will resume their climb during the next seven days.

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