WASHINGTON, DC – The NHP Foundation, a national not-for-profit, announced that it has begun an $11.3 million renovation and rehabilitation of the Benning Heights Apartments in Washington D.C.

Additional financing partners for the rehabilitation include Citibank, R4 Capital, DC DHCD, DC HFA, HUD Office of Recapitalization, and Benning Heights Tenant Association, Inc.

Located at 4806 Alabama Ave in the Ft. Dupont Park neighborhood of Washington D.C., Benning Heights is a 16 building apartment complex located a mile away from public transportation as well as many other public and commercial amenities, such as the Washington Nationals Youth Baseball Academy. This complex features 148 one, two, and three bedroom apartments.

The renovation process will include the installation of new lighting, flooring, windows and appliances, and will also feature upgrades to the property’s plumbing, electrical systems and more. The renovation will also include making eight units fully handicap-accessible. A community center and laundry room will also be added to meet the standards for an Enterprise Green Communities certification.

“Benning Heights Apartments are a significant part of the affordable housing landscape in the Ft. Dupont Park neighborhood of Washington D.C.,” said Richard Burns. “The renovation continues our mission to benefit individuals and families in one of D.C.’s up and coming vibrant communities.”

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NEW YORK, NY – Mortgage rates reversed course, unwinding the decreases seen over the previous three weeks and returning to the levels seen in late December that are the highest since September 2014. The benchmark 30-year fixed mortgage rate is now 4.32 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 jumped to 4.31 percent, and the average 15-year fixed mortgage rate climbed to 3.51 percent. Adjustable mortgage rates were up noticeably as well, with the 5-year ARM escalating to 3.51 percent and the 7-year ARM ascending to 3.75 percent.

Bond yields and mortgage rates resumed their climb over the past week following comments from Fed Chair Janet Yellen about the prospect of rising interest rates over the next couple years that also reinforced the glass-half-full optimism that investors have about the new Trump administration. Mortgage rates are closely related to yields on long-term government bonds. The likelihood of reduced regulation, and the possibility of tax cuts and additional fiscal stimulus through infrastructure spending, have buoyed hopes for quicker economic growth and boosted the odds of higher inflation in the coming years. Either, or both, would certainly be consistent with the Federal Reserve continuing to boost interest rates.

At the current average 30-year fixed mortgage rate of 4.32 percent, the monthly payment for a $200,000 loan is $992.09.

SURVEY RESULTS

30-year fixed: 4.32% — up from 4.18% last week (avg. points: 0.28)

15-year fixed: 3.51% — up from 3.41% last week (avg. points: 0.24)

5/1 ARM: 3.51% — up from 3.45% 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. Half of the panelists expect mortgage rates to rise, while 42 percent predict mortgage rates will be in a holding pattern, remaining more or less unchanged over the next week. Just 8 percent of the respondents forecast a decline in mortgage rates in the coming week.

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FOSTER CITY, CA – Foster City seniors now have a new retirement living option that combines the comfort of home with upscale amenities and connectivity to their local community.

Atria at Foster Square, which offers independent living, helped living and memory care options, is now open at 707 Thayer Lane, just off Foster City Blvd., just a couple blocks from the Peninsula Jewish Community Center. At nearly 190,000 square feet in size, the six-tale structure has 155 apartments that occupy the majority of the space, along with common areas and retail and dining options. Atria at Foster Square is part of a larger multi-building development that includes additional housing and retail space, all aimed at area seniors.  

Atria at Foster Square is operated by Atria Senior Living, a leading provider of senior housing throughout California, with 37 communities that serve more than 4,000 residents statewide. The company now operates 19 locations in Northern California alone.

“We’re very proud to add Atria at Foster Square to our portfolio as one of our flagship communities,” said Mike Mejia, Senior Vice President – West Operations for Atria Senior Living. “Residents of Atria at Foster Square will delight in the best senior living has to offer – cutting-edge design, top-of-the-line amenities and innovative programming – all delivered with the quality for which Atria is known as one of California’s premier senior living providers.”

The modern, state-of-the art structure was designed by international plotting and architecture firm Perkins Eastman and built by San Francisco-based Webcor Builders.

Like several other Atria buildings, Atria at Foster Square is seeking LEED Silver certification and incorporates ‘green’ design elements, such as energy-efficient appliances, water-efficient plumbing fixtures, environmentally-friendly building materials and more.

Other features include a fitness center, yoga studio and movie theatre. There are also multiple on-site dining venues, including an upscale restaurant and a cocktail lounge offering a small-bites menu. Sharif Wagdy recently joined Atria at Foster Square as Director of Culinary Services, with decades of restaurant and hospitality management experience that includes nearly 10 years in leadership roles with Four Seasons Hotels and Resorts.

“I was drawn to Atria because of its commitment to excellence and high-quality approach, not only in terms of the food experience, but all aspects,” Wagdy said. “I’ve had the fortune to lead culinary teams across the globe, and I’m thrilled to bring those experiences to Atria at Foster Square.”  

Residents will also have access to Atria’s signature program offerings. Engage Life programming is designed to help residents stay active and socially engaged, and to facilitate continuous learning. For instance, a program that will allow groups of residents to travel to exotic locales will soon be launched using the new Google Expeditions virtual reality technology.

Meanwhile, residents in the community’s Life Guidance memory care neighborhood will benefit from an individualized approach based on each resident’s history and anchored by strong staff-resident relationships. The community also will offer SingFit and Atria’s own Legato, both music programs designed to reduce stress and provide cognitive and physical stimulation. These programs were implemented with the knowledge that the part of the brain housing musical nostalgia is the last to be affected by dementia.

“Over the years, Atria has earned its reputation for making one-of-a-kind environments and experiences for its residents, and Atria at Foster Square will only help take that reputation to new heights,” said Executive Director Allison Miller. “I’m proud of the outstanding team we’ve assembled and can’t wait for our residents, families and visitors to see what all we have to offer.”

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