SEATTLE, WA – Columbia Pacific Advisors is entering into a long-term ground lease with the Archdiocese of Seattle and St. James Cathedral to build a 237-unit, 24-tale senior housing community in Seattle’s First Hill neighborhood.

The community, on a half block of Archdiocese-owned land at 620 Terry Ave., will offer independent living apartments, helped living units and memory care suites to provide critical services for Seattle’s senior population in one of the city’s most historic, diverse and newly resurgent neighborhoods.

The Archdiocese of Seattle and St. James Cathedral chose to work with Columbia Pacific because of the company’s long history of leadership in the senior housing industry and experience in caring for seniors.

“We’re delighted to enter into this lease with Columbia Pacific Advisors,” said Greg Magnoni, Director of the Office of Communication of the Archdiocese. “The ground lease will provide vital long-term funding for Archdiocesan programs and for the Cathedral’s many social outreach ministries, while preserving church ownership of the property. The character of the project is something that we are proud to be a part of and we are thrilled that it will increase housing for seniors in the First Hill neighborhood.”

The property is bordered by Cherry Street to the north, Terry Avenue to the west and James Street to the south. Columbia Pacific Advisors is expected to start construction on the senior living project next year, and the project is scheduled to open in 2019.

“We are excited to build a senior living community in the heart of Seattle that addresses a significant need for senior care in the Seattle area,” said Todd Seneker, Portfolio Manager for Columbia Pacific Advisors’ real estate investment strategy.

While senior care remains part of Columbia Pacific Advisors’ real estate strategy, the firm has a broad real estate portfolio that spans multiple property types and geographic regions. In just under five years, the firm has built an acquisition and development platform that consists of over 2,500 senior housing units, 1,200 multi-family units and more than 800,000 square feet of commercial space around the U.S.

These projects include the recent sale of the 995 Market Street office building in San Francisco and the sale last fall of The Verve, a multi-family property in Seattle’s Belltown neighborhood. Columbia Pacific is also the developer of the 1001 Broadway project, a 16-tale, mixed-use development that will include 265 residential units and the first Whole Foods Market in Seattle’s First Hill neighborhood.

“Columbia Pacific Advisors is pleased that the Archdiocese of Seattle has provided us the opportunity to develop this vital project,” said Alex Washburn, Managing Partner and co-founder of Columbia Pacific Advisors. “Developing a high-rise senior housing community in First Hill is the kind of complex and dynamic project we are known for, and we are confident in our team’s ability to do.”

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WASHINGTON, DC – Financial market conditions appear to be improving as 2016 progresses, but economic growth is expected to remain flat at 2.0 percent this year. Weakness in net exports and oil-related nonresidential investment as well as the ongoing inventory correction process after unsustainable accumulations during the first half of 2015 should combine to drag on growth, according to Fannie Mae’s Economic & Strategic Research Group’s March 2016 Economic and Housing Outlook.

But, positive indicators, including strengthening domestic consumer and business spending and a healthy labor market, should outweigh those negative factors.

“We see lingering effects of the strong dollar, low oil prices, and soft overseas demand making a drag on economic growth,” said Fannie Mae Chief Economist Doug Duncan. “But, the economy appears to have regained some footing after a slowdown in the fourth quarter of 2015, as stocks bounced back and oil prices have risen amid a strengthening labor market. Current labor market and inflation conditions continue to support our expectation of a fed funds rate hike of 25 basis points each in June and December.”

“A less optimistic outlook for future wage gains, especially among small business employees, coupled with continued strong home price appreciation boosted by lean inventory, is adding to the housing affordability challenge,” said Duncan. “Our latest Home Buy Sentiment Index™ shows that high home prices are a top reason for consumers’ perception that it’s a terrible time to buy a home. But, low mortgage rates should help support moderate housing expansion as we go through the year.”

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NEW YORK, NY – Mortgage rates were up modestly this week, with the benchmark 30-year fixed mortgage rate now 3.93 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.16 discount and origination points.

The larger jumbo 30-year fixed went up by a similar amount, to 3.84 percent, and the average 15-year fixed mortgage climbed to 3.17 percent. Adjustable mortgage rates were mostly higher also, with the 5-year and 10-year ARMs notching higher to 3.43 percent and 3.85 percent, respectively.  

The tame movement in mortgage rates seen in recent weeks was in effect this week also. Mortgage rates are at the highest level since late January, but have been confined to a honestly narrow range, about two-tenths of a percentage point, in that time. Financial markets were devoid of sudden moves in the days leading up to the Federal Open Market Committee meeting. And despite the Fed noting that inflation has “picked up,” they gave no indication of any interest rate hikes in the immediate offing. Any mention of inflation typically sends bond yields higher, including those on mortgage bonds that dictate the rate borrowers are quoted, but investors appear as skeptical as Fed Chair Janet Yellen is that the uptick in inflation will be sustained.

SURVEY RESULTS

30-year fixed: 3.93% — up from 3.87% last week (avg. points: 0.16)

15-year fixed: 3.17% — up from 3.10% last week (avg. points: 0.14)

5/1 ARM: 3.43% — up from 3.33% last week (avg. points: 0.26)

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 panelists expect the increases to continue, while the other half are evenly divided. One quarter forecast a pullback in mortgage rates and the remaining 25 percent predict that mortgage rates will remain more or less unchanged in the coming week.

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