COSTA MESA, CA – CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, and Red Oak Investments, an urban redevelopment company active in Los Angeles and Orange County, held a naming ceremony for Baker Block, their new apartment community in Costa Mesa, Calif.

The ceremony for Baker Block featured speeches by Stephen Mensinger, Mayor of Costa Mesa; Sean Burton, CEO of CityView; Henry Cisneros, Founder and Chairman of CityView and the former Secretary of the U.S. Department of Housing and Urban Development (HUD); and Joe Flanagan, Principal and Co-founder of Red Oak Investments.

Baker Block is located at 125 East Baker St., at the corner of Pullman Street. CityView is making the project along with its development partner, Red Oak Investments. The project sits on a 4.17-acre site previously occupied by an office building. The project is the first of significant scale to be re-zoned for residential use in the area adjacent to the South Bristol Entertainment & Cultural Arts (SoBECA) District, which is commonly known for its low-density office buildings and light manufacturing facilities.

“Costa Mesa and Orange County in general are experiencing strong job growth and constraints in housing supply, which are pushing rental prices to all-time highs,” Mensinger said. “Re-entitling land, such as the site for Baker Block, not only helps our city keep up with housing demand, but boosts our local economy by bringing in new residents who will dine and shop in Costa Mesa.”

Burton said his company is glad to be in Costa Mesa.

“Orange County is an vital market for CityView as it is now entering the redevelopment phase, where obsolete structures are being converted into housing,” said Burton. “These urban infill projects are typically complex, so they are often overlooked by other investors. We are able to overcome these challenges by working with local partners who know the local market better than anyone else. The Red Oak Investments team has been instrumental in bringing Baker Block to fruition, and I thank them for all of their hard work.”

When completed in mid-2017, Baker Block is expected to feature 240 residential apartments and a six-tale above ground parking structure. Plotted amenities include a rooftop deck, a fitness center with yoga room, a conference room, a Wi-Fi lounge, a dog park, a dog wash station, a club room with a kitchen, a bike storage and maintenance area, and multiple outdoor spaces with a resort-style pool, BBQ grills and fire pits.

“Housing affordability is a major concern in Southern California due to the lack of supply,” said Cisneros. “Market-rate developments such as Baker Block help stabilize the market by making additional supply. I’m extremely proud of the Costa Mesa City Council – as well as the CityView and Red Oak teams – for their vision and execution of this project.”

“I want to thank CityView, the entire City Council, and the city’s plotting department for recognizing the need for housing and working with us to re-entitle this land for an essential housing development with top-of-the-line amenities,” said Flanagan. “We look forward to completing this project with the CityView team and together welcoming our first residents.”

Construction for Baker Block is being led by Johnstone Moyer, Inc., one of the top-10 multifamily builders in California. The building was designed by Architects Orange of Orange, Calif.

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NEW YORK, NY – Mortgage rates slipped lower this week, with the benchmark 30-year fixed mortgage rate sliding to 3.75 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.17 discount and origination points.

The larger jumbo 30-year fixed inched up to 3.77 percent, while the average 15-year fixed mortgage pulled back to 2.99 percent. Adjustable mortgage rates were also lower, with the 5-year ARM and 7-year ARM each dropping further to 3.11 percent and 3.33 percent, respectively.    

Mortgage rates went lower for a second consecutive week, a go sustained by a jobs report that fell small of expectations. While the initial estimate of April payrolls growth came in at 160,000, this was shy of the recent trend and the consensus for 200,000 new jobs. This helped bring long-term interest rates down further as it reduces the likelihood of a Federal Reserve interest rate hike in June, and raises concerns about a broader economic slowdown. Any time there are concerns about the economy or the prospect for interest rates remaining lower than expected, investors gravitate toward the safety and security of long-term government bonds that are integral to the pricing of mortgage rates. While some prognosticators have ruled out a June Fed rate hike altogether following the April employment report, the Fed themselves are jawboning the opposite – that a summer rate hike is still possible. The tone of economic data and financial market developments in coming weeks will tell whether the Fed, or the market, is right.

At the current average 30-year fixed mortgage rate of 3.75 percent, the monthly payment for a $200,000 loan is $926.23. 

SURVEY RESULTS

30-year fixed: 3.75% — down from 3.77% last week (avg. points: 0.17)

15-year fixed: 2.99% — down from 3.01% last week (avg. points: 0.14)

5/1 ARM: 3.11% — down from 3.14% last week (avg. points: 0.20)

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. Seventy-three percent of the panelists expect mortgage rates to remain more or less unchanged in the coming week, while 18 percent predict rates will fall.  Just 9 percent forecast mortgage rates will rise in the next seven days.

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