Thank you for participating in The Ground Floor blog. While the archives will remain at this location, all future posts can be found on our new online magazine, Urban Land.
Beginning Wednesday, October 13, 2010, timely articles and interviews providing you coverage of many of the sessions of the Fall Meeting will be posted on the Fall Meeting section of the online magazine.
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Six leaders in residential real estate development discuss U.S. housing development trends: why smaller unit and lot sizes are becoming more common, which neighborhoods are holding value in the economic downturn, how demographic shifts are likely to influence the buyer and renter markets, how the public sector is working with the private sector to help keep planned developments alive, and how the recession has affected the movement toward incorporating sustainable design. Click here to read the Urban Land magazine article.
Read more land use and development articles in the current issue by clicking here.
ULI has released a new publication that highlights the beneficial impact of conservation development to preserving land and managing anticipated population growth in the coming decades. Conservation Communities: Creating Value with Nature, Open Space, and Agriculture, provides an anti-sprawl solution in many of the outlying “greenfield” areas that are far from urban cores. According to author Edward T. McMahon, conservation development not only delivers an answer to the smart growth movement, but also has benefits for residents. "Conservation development can help communities preserve open space and protect rural character,” says McMahon. “Most important, it can enhance property values, minimize infrastructure costs, and foster the development of graceful, environmentally responsible, and livable communities that appeal to today’s increasingly sophisticated consumer.”
Conservation Communities (ISBN 978-0-87420-132-1) is available at ULI’s online bookstore ($39.95 for members, $49.95 for nonmembers) and everywhere books are sold. To order a copy, visit our online bookstore.
ULI’s education program is a multifaceted endeavor, designed to improve the level of expertise of preprofessional and professional land use and development practitioners as well as assists in the formulation of real estate curricula and materials for professional education; and provides other education programs for the lay public. See a full listing of our September workshops and webinar by clicking here.
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Commercial Mortgage Alert mortgage spreads based upon a weekly survey of 15 active portfolio lenders conducted by Trepp, the analytics firm.
Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value ratios) | ||||||
12/31 | 6/11 | 6/18 | 7/2 | 7/9 | ||
Office | 342 | 235 | 217 | 240 | 222 | |
Retail | 326 | 225 | 213 | 229 | 216 | |
Multifamily | 318 | 209 | 201 | 211 | 204 | |
Industrial | 333 | 223 | 210 | 225 | 212 | |
Average Asking Spread | 330 | 223 | 210 | 226 | 214 | |
10-Year Treasury | 3.83% | 3.20% | 3.10% | 3.05% | 2.92% | |
Source: Trepp. |
Indicated Spreads for Conventional Fixed and Floating-Rate Commercial Mortgages Courtesy of Cushman & Wakefield Sonnenblick Goldman
Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5–10 Year Mortgages* | ||||
1/6/10 | 4/30/10 | 5/26/10 | 6/9/10 | 6/23/10 | |
Multifamily-Non-Agency | +360/300 | +310/180 | +325/200 | +325/200 | +325/190 |
Multifamily–Agency | +220 | +185/160 | +240/195 | +240/190 | +240/190 |
Regional Mall | +450/350 | +340/260 | +360/270 | +360/250 | +360/230 |
Strip/Power Center | +460/350 | +380/270 | +390/260 | +390/260 | +360/240 |
Multi-Tenant Industrial | +435/420 | +310/250 | +340/245 | +340/245 | +330/240 |
CBD Office | +435/330 | +330/200 | +360/250 | +360/250 | +340/240 |
Suburban Office | +465/355 | +350/220 | +370/260 | +370/260 | +360/250 |
Full-Service Hotel | +500/550 | +450/350 | +450/350 | +450/350 | +440/350 |
Limited-Service Hotel | +500/575 | +470/400 | +470/400 | +470/400 | +460/390 |
5-Year Treasury | 2.60% | 2.56% | 2.06% | 2.09% | 2.06% |
10-Year Treasury | 3.85% | 3.73% | 3.23% | 3.29% | 3.12% |
* A slash (/) indicates the rate for 5 years versus 10 years. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3-5 Year Mortgages* | ||||
1/6/10 | 4/30/10 | 5/26/10 | 6/9/10 | 6/23/10 | |
Multifamily–Non-Agency | +300-400 | +275-300 | +275-300 | +275-300 | +275-300 |
Multifamily-Agency | NA | NA | NA | NA | NA |
Regional Mall | +475/600 | +300-350 | +300-350 | +300-350 | +300-350 |
Strip/Power Center | +450/650 | +300-350 | +300-350 | +300-350 | +300-350 |
Multi-Tenant Industrial | +400/500 | +275-350 | +275-350 | +275-350 | +275-350 |
CBD Office | +425 | +275-400 | +275-400 | +275-350 | +275-350 |
Suburban Office | +425 | +325–425 | +325–450 | +325-375 | +300-375 |
Full-Service Hotel | +600 | +400–550 | +400–550 | +400-550 | +400-550 |
Limited-Service Hotel | +750 | +450–600 | +450-600 | +450-600 | +450-600 |
1-Month LIBOR | 0.23% | 0.27% | 0.35% | 0.35% | 0.35% |
3-Month LIBOR | 0.25% | 0.33% | 0.54% | 0.54% | 0.54% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Sign the Times? For as many who say that the capital markets crises is easing or ending or whatever, there is daily evidence that things are not quite that rosy as shoe after shoe continues to drop. This week’s shoes included the following:
We have decided to suspend our “Sign of the Times” snippets in favor of increased postings on ULI’s Capital Markets Update.
ULI’s Capital Markets Update is comprised of six modules: The Economy; Newsworthy News; Public/Private Equity Capital Markets; Public/Private Debt Capital Markets; Responsible Property Investment; and Market Rates, Terms, Conditions, and Statistics.
Comments? Suggestions? Please e-mail us at: blank@uli.org.
DJIA (1): -3.71%
S & P 500 (2): -4.50%
NASDAQ (3): -3.97%
Russell 2000 (4): -3.73%
MSCI U.S. REIT (5): +4.78%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields: (as of July 18, 2010)
3-month: 0.15%
6-month: 0.19%
2-Year: 0.58%
5-Year: 1.67%
10-Year: 2.92%
Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value ratios) | ||||||
5/28 | 6/4 | 6/11 | 6/18 |
6/4 | ||
Office | 235 | 233 | 235 | 217 | 228 |
|
Retail | 225 | 225 | 225 | 213 | 222 |
|
Multifamily | 213 | 213 | 209 | 201 |
209 | |
Industrial | 223 | 223 | 223 | 210 | 220 | |
Average Asking Spread | 224 | 224 | 223 | 210 | 220 | |
10-Year Treasury | 3.83% | 3.20% | 3.22% | 3.10% | 2.98% | |
Source: Trepp. |
Indicated Spreads for Conventional Fixed and Floating-Rate Commercial Mortgages
Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5–10 Year Mortgages* | ||||
1/16/10 | 4/30/10 | 5/26/10 |
6/9/10 |
6/23/10 | |
Multifamily-Non-Agency | +360/300 | +310/180 | +325/200 | +325/200 | +325/190 |
Multifamily–Agency | +220 | +185/160 | +240/195 | +240/190 | +240/190 |
Regional Mall | +450/350 | +340/260 | +360/270 | +360/250 | +360/230 |
Strip/Power Center | +460/350 | +380/270 | +390/260 | +390/260 | +360/240 |
Multi-Tenant Industrial | +435/420 | +310/250 | +340/245 |
+340/245 | +330/240 |
CBD Office | +435/330 | +330/200 | +360/250 | +360/250 | +340/240 |
Suburban Office | +465/355 | +350/220 | +370/260 | +370/260 | +360/250 |
Full-Service Hotel | +500/550 | +450/350 | +450/350 | +450/350 | +440/350 |
Limited-Service Hotel | +500/575 | +470/400 | +470/400 | +470/400 | +460/390 |
5-Year Treasury | 2.60% | 2.56% | 2.06% | 2.09% | 2.06% |
10-Year Treasury | 3.85% | 3.73% | 3.23% | 3.29% | 3.12% |
* A slash (/) indicates the rate for 5 years versus 10 years. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3-5 Year Mortgages* | ||||
1/6/10 | 4/30/10 | 5/26/10 | 6/9/10 | 6/23/10 | |
Multifamily–Non-Agency | +300-400 | +275-300 | +275-300 | +275-300 | +275-300 |
Multifamily-Agency | NA |
NA | NA | NA | NA |
Regional Mall | +475/600 | +300-350 | +300-350 | +300-350 | +300-350 |
Strip/Power Center | +450/650 | +300-350 | +300-350 | +300-350 | +300-350 |
Multi-Tenant Industrial | +400/500 | +275-350 | +275-350 | +275-350 | +275-350 |
CBD Office | +425 | +275-400 | +275-400 | +275-350 | +275-350 |
Suburban Office | +425 | +325–425 | +325–450 | +325-375 | +300-375 |
Full-Service Hotel | +600 | +400–550 | +400–550 | +400-550 | +400-550 |
Limited-Service Hotel | +750 | +450–600 | +450-600 | +450-600 | +450-600 |
1-Month LIBOR | 0.23% | 0.27% | 0.35% | 0.35% | 0.35% |
3-Month LIBOR | 0.25% | 0.33% | 0.54% | 0.54% | 0.54% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Sign the Times? For as many who say that the capital markets crises is easing or ending or whatever, there is daily evidence that things are not quite that rosy as shoe after shoe continues to drop. This week’s shoes included the following:
We have decided to suspend our “Sign of the Times” snippets in favor of increased postings on ULI’s Capital Markets Update which can be accessed via:
ULI’s Capital Markets Update is comprised of six modules: The Economy; Newsworthy News; Public/Private Equity Capital Markets; Public/Private Debt Capital Markets; Responsible Property Investment; and Market Rates, Terms, Conditions, and Statistics.
Comments? Suggestions? Please e-mail us at: blank@uli.org.
DJIA (1): -7.11%
S & P 500 (2): -8.30%
NASDAQ (3): -7.82%
Russell 2000 (4): -5.574%
MSCI U.S. REIT (5): +1.26%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields: (as of June 13, 2010)
3-month: 0.16%
6-month: 0.21%
2-Year: 0.62%
5-Year: 1.82%
10-Year: 2.98%
This post was written for The Ground Floor by Robert Dunphy, Transportation Consultant, Emeritus Fellow, ULI.
The Fairfax County, Virginia, Board of Supervisors has approved a massive plan update for the redevelopment of Tysons Corner, (now known simply as Tysons) the largest and most successful (financially at least) business district outside downtown Washington.
Visualizing this transformation from a "sprawling, auto-dependent office park into vibrant, walkable city," takes quite a leap of faith, as participants in a walking tour last Saturday by the Coalition for Smarter Growth learned. All the pieces are there--great retail, Class A office buildings, excellent restaurants, cinemas, and even a smattering of residential. It is just almost impossible to get from one to another without getting in one’s car--the classic problem of traffic choked, pedestrian hostile "Edge Cities," which would include the Perimeter Area outside Atlanta, Kendall outside Miami, which is going through the same process a few years ahead, and Rockville Pike, just across the Potomac River from Tysons in Montgomery County, Maryland.
Making it work requires a compelling vision for what the place could become, as embodied in the plan, a commitment to implementation, and eventually the willing participation of private developers and land owners. The redevelopment will be staged around the four new Metro stations which will pass through Tysons in four years as part of a rail extension to Dulles.
The plan calls for 75 percent of new development to be located within walking distance of the stations. To succeed, however, the streets and sidewalks serving the new stations must be in place to make transit convenient, along with a supplemental transit system to extend Metro’s reach to areas farther away. In addition, ambitious transportation demand management and parking programs will be needed to keep the traffic in control.
The residential will come, and supporting retail will enhance the experience if they can get it right. The challenge is made greater by the fact that this place is commercially successful, so redevelopment requires a leap of faith also by the private sector that the future promise of higher returns is better than the current certainty of stable returns.
Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value ratios) | ||||||
12/31 | 5/7 | 5/14 | 5/21 |
5/28 | 6/4 | |
Office | 342 | 257 | 247 | 237 | 235 | 2333 |
Retail | 326 | 244 | 244 | 229 | 225 | 225 |
Multifamily | 318 | 230 | 230 | 217 |
213 | 211 |
Industrial | 333 | 243 | 243 | 229 | 223 | 223 |
Average Asking Spread | 330 | 244 | 244 | 228 | 224 | 223 |
10-Year Treasury | 3.83% | 3.43% | 3.43% | 3.29% | 3.20% | 3.22% |
Source: Trepp. |
Indicated Spreads for Conventional Fixed and Floating-Rate Commercial Mortgages
Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5–10 Year Mortgages* | ||||
1/16/10 | 4/16/10 | 4/30/10 | 5/26/10 | 6/9/10 | |
Multifamily-Non-Agency | +360/300 | +320/200 | +310/180 | +325/200 | +325/200 |
Multifamily–Agency | +220 | +185/160 | +185/160 | +240/195 | +240/190 |
Regional Mall | +450/350 | +340/260 | +340/260 | +360/270 | +360/250 |
Strip/Power Center | +460/350 | +400/290 | +380/270 | +390/260 | +390/260 |
Multi-Tenant Industrial | +435/420 | +380/280 | +310/250 | +340/245 | +340/245 |
CBD Office | +435/330 | +340/210 | +330/200 | +360/250 | +360/250 |
Suburban Office | +465/355 | +400/290 | +350/220 | +370/260 | +370/260 |
Full-Service Hotel | +500/550 | +450/400 | +450/350 | +450/350 | +450/350 |
Limited-Service Hotel | +500/575 | +500/440 | +470/400 | +470/400 | +470/400 |
5-Year Treasury | 2.60% | 2.60% | 2.56% | 2.06% | 2.09% |
10-Year Treasury | 3.85% | 3.88% | 3.73% | 3.23% | 3.29% |
* A slash (/) indicates the rate for 5 years versus 10 years. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3-5 Year Mortgages* | ||||
1/6/10 | 4/16/10 | 4/30/10 | 5/26/10 | 6/9/10 | |
Multifamily–Non-Agency | +300-400 | +300-325 | +275-300 | +275-300 | +275-300 |
Multifamily-Agency | NA |
NA | NA | NA | NA |
Regional Mall | +475/600 | +325–375 | +300-350 | +300-350 | +300-350 |
Strip/Power Center | +450/650 | +325–375 | +300-350 | +300-350 | +300-350 |
Multi-Tenant Industrial | +400/500 | +305-375 | +275-350 | +275-350 | +275-350 |
CBD Office | +425 | +300–400 | +275-400 | +275-400 | +275-350 |
Suburban Office | +425 | +325–450 | +325–425 | +325–450 | +325-375 |
Full-Service Hotel | +600 | +400–550 | +400–550 | +400–550 | +400-550 |
Limited-Service Hotel | +750 | +500–700 | +450–600 | +450-600 | +450-600 |
1-Month LIBOR | 0.23% | 0.25% | 0.27% | 0.35% | 0.35% |
3-Month LIBOR | 0.25% | 0.30% | 0.33% | 0.54% | 0.54% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Sign the Times? For as many who say that the capital markets crises is easing or ending or whatever, there is daily evidence that things are not quite that rosy as shoe after shoe continues to drop. This week’s shoes included the following:
We have decided to suspend our “Sign of the Times” snippets in favor of increased postings on ULI’s Capital Markets Update which can be accessed via:
ULI’s Capital Markets Update is comprised of six modules: The Economy; Newsworthy News; Public/Private Equity Capital Markets; Public/Private Debt Capital Markets; Responsible Property Investment; and Market Rates, Terms, Conditions, and Statistics.
Comments? Suggestions? Please e-mail us at: blank@uli.org.
DJIA (1): -2.08%
S & P 500 (2): -2.11%
NASDAQ (3): -1.13%
Russell 2000 (4): -3.78%
MSCI U.S. REIT (5): +11.00%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields: (as of June 13, 2010)
3-month: 0.07%
6-month: 0.15%
2-Year: 0.73%
5-Year: 2.03%
10-Year: 3.23%
Commercial Mortgage Alert mortgage spreads based upon a weekly survey of 15 active portfolio lenders conducted by Trepp, the analytics firm.
Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value ratios) | ||||||
4/16 | 4/23 | 4/30 | 5/7 |
5/14 | 5/21 | |
Office | 263 | 264 | 251 | 257 | 247 | 237 |
Retail | 253 | 153 | 253 | 244 | 244 | 229 |
Multifamily | 240 | 239 | 228 | 230 |
230 | 217 |
Industrial | 253 | 251 | 240 | 243 | 243 | 229 |
Average Asking Spread | 252 | 252 | 240 | 244 | 244 | 228 |
10-Year Treasury | 3.43% | 3.24% | 3.29% | |||
Source: Trepp. |
Indicated Spreads for Conventional Fixed and Floating-Rate Commercial Mortgages
Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5–10 Year Mortgages* | ||||
2/25/10 | 3/18/10 | 3/31/10 | 4/16/10 | 4/30/10 | |
Multifamily-Non-Agency | +288 | +325/250 | +330/230 | +320/200 | +310/180 |
Multifamily–Agency | +210 | +210 | +195 | +185/160 | +185/160 |
Regional Mall | +355 | +410/300 | +390/280 | +340/280 | +340/260 |
Strip/Power Center | +370 | +420/320 | +400/290 | +400/290 | +380/270 |
Multi-Tenant Industrial | +348 | +395/300 | +380/280 | +380/280 | +310/250 |
CBD Office | +350 | +400/300 | +360/220 | +340/210 | +330/200 |
Suburban Office | +355 | +420/310 | +420/310 | +400/290 | +350/220 |
Full-Service Hotel | +450 | +475 | +450/400 | +450/400 | +450/350 |
Limited-Service Hotel | +513 | +500 | +500/440 | +500/440 | +470/400 |
5-Year Treasury | 2.42% | 2.39% | 2.55% | 2.60% | 2.56% |
10-Year Treasury | 3.68% | 3.67% | 3.85% | 3.88% | 3.73% |
* A slash (/) indicates the rate for 5 years versus 10 years. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3-5 Year Mortgages* | ||||
2/25/10 | 3/18/10 | 3/31/10 | 4/16/10 | 4/30/10 | |
Multifamily–Non-Agency | +288 | +300–375 | +300–325 | +300–325 | +275-300 |
Multifamily-Agency | +210 | NA | NA | NA | NA |
Regional Mall | +355 | +325–375 | +325–375 | +325–375 | +300-350 |
Strip/Power Center | +370 | +375–450 | +325–375 | +325–375 | +300-350 |
Multi-Tenant Industrial | +348 | +350–400 | +305–375 | +305–375 | +275-350 |
CBD Office | +350 | +300–400 | +300–400 | +300–400 | +275-400 |
Suburban Office | +355 | +325–450 | +325–450 | +325–450 | +325-425 |
Full-Service Hotel | +450 | +400–550 | +400–500 | +400–550 | +400-550 |
Limited-Service Hotel | +513 | +500–700 | +500–700 | +500–700 | +450-600 |
1-Month LIBOR | 2.42% | 0.24% | 0.25% | 0.25% | 0.27% |
3-Month LIBOR | 3.68% | 0.26% | 0.28% | 0.30% | 0.33% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Sign the Times? For as many who say that the capital markets crises is easing or ending or whatever, there is daily evidence that things are not quite that rosy as shoe after shoe continues to drop. This week’s shoes included the following:
We have decided to suspend our “Sign of the Times” snippets in favor of increased postings on ULI’s Capital Markets Update which can be accessed via:
ULI’s Capital Markets Update is comprised of six modules: The Economy; Newsworthy News; Public/Private Equity Capital Markets; Public/Private Debt Capital Markets; Responsible Property Investment; and Market Rates, Terms, Conditions, and Statistics.
Comments? Suggestions? Please e-mail us at: blank@uli.org.
DJIA (1): -2.79%
S & P 500 (2): -2.30%
NASDAQ (3): -0.53%
Russell 2000 (4): +4.34%
MSCI U.S. REIT (5): +9.80%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields: (as of May 29, 2010)
3-month: 0.16%
6-month: 0.22%
2-Year: 0.77%
5-Year: 2.09%
10-Year: 3.29%
Insider Information from ULI: Connecting the Global Real Estate Community
Protect Federal Facilities, But Don’t Ignore Economic Development and Livability
As Congress acts to protect federal facilities against terrorism, it should avoid over-reactive measures that could affect the quality of life in the greater community, and instead focus on an approach that enhances economic development opportunities and community livability. This was the message delivered in testimony May 20 by ULI Executive Vice President Maureen McAvey.
Read Maureen’s congressional testimony
Read the press release
Learn About the New Financing Marketplace by Registering for ULI’s Real Estate Finance Course June 7-10.
Find out from one of the country’s leading lenders how construction lenders look at new deals today. See how a permanent lender with money sources scattered around the country underwrites a new loan application. Listen to a leading structured financing expert discuss how to obtain that extra financing—be it debt or additional equity—needed to make your deal a success.
For more information and to register
More information on ULI’s Real Estate School 2010
Commercial Mortgage Alert mortgage spreads based upon a weekly survey of 15 active portfolio lenders conducted by Trepp, the analytics firm.
Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value ratios) | ||||||
4/9 | 4/16 | 4/23 | 4/30 | 5/7 | 5/14 | |
Office | 295 | 263 | 264 | 251 | 257 | 247 |
Retail | 291 | 253 | 153 | 253 | 244 | 244 |
Multifamily | 250 | 240 | 239 | 228 | 230 | 230 |
Industrial | 286 | 253 | 251 | 240 | 243 | 243 |
Average Asking Spread | 281 | 252 | 252 | 240 | 244 | 244 |
10-Year Treasury | 3.65% | 3.43% | 3.24% | |||
Source: Trepp. |
Indicated Spreads for Conventional Fixed and Floating-Rate Commercial Mortgages
Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5–10 Year Mortgages* | ||||
2/25/10 | 3/18/10 | 3/31/10 | 4/16/10 | 4/30/10 | |
Multifamily-Non-Agency | +288 | +325/250 | +330/230 | +320/200 | +310/180 |
Multifamily–Agency | +210 | +210 | +195 | +185/160 | +185/160 |
Regional Mall | +355 | +410/300 | +390/280 | +340/280 | +340/260 |
Strip/Power Center | +370 | +420/320 | +400/290 | +400/290 | +380/270 |
Multi-Tenant Industrial | +348 | +395/300 | +380/280 | +380/280 | +310/250 |
CBD Office | +350 | +400/300 | +360/220 | +340/210 | +330/200 |
Suburban Office | +355 | +420/310 | +420/310 | +400/290 | +350/220 |
Full-Service Hotel | +450 | +475 | +450/400 | +450/400 | +450/350 |
Limited-Service Hotel | +513 | +500 | +500/440 | +500/440 | +470/400 |
5-Year Treasury | 2.42% | 2.39% | 2.55% | 2.60% | 2.56% |
10-Year Treasury | 3.68% | 3.67% | 3.85% | 3.88% | 3.73% |
* A slash (/) indicates the rate for 5 years versus 10 years. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3-5 Year Mortgages* | ||||
2/25/10 | 3/18/10 | 3/31/10 | 4/16/10 | 4/30/10 | |
Multifamily–Non-Agency | +288 | +300–375 | +300–325 | +300–325 | +275-300 |
Multifamily-Agency | +210 | NA | NA | NA | NA |
Regional Mall | +355 | +325–375 | +325–375 | +325–375 | +300-350 |
Strip/Power Center | +370 | +375–450 | +325–375 | +325–375 | +300-350 |
Multi-Tenant Industrial | +348 | +350–400 | +305–375 | +305–375 | +275-350 |
CBD Office | +350 | +300–400 | +300–400 | +300–400 | +275-400 |
Suburban Office | +355 | +325–450 | +325–450 | +325–450 | +325-425 |
Full-Service Hotel | +450 | +400–550 | +400–500 | +400–550 | +400-550 |
Limited-Service Hotel | +513 | +500–700 | +500–700 | +500–700 | +450-600 |
1-Month LIBOR | 2.42% | 0.24% | 0.25% | 0.25% | 0.27% |
3-Month LIBOR | 3.68% | 0.26% | 0.28% | 0.30% | 0.33% |
* A dash (-) indicates a range. | |||||
Source: Cushman & Wakefield Sonnenblick Goldman. |
Sign the Times? For as many who say that the capital markets crises is easing or ending or whatever, there is daily evidence that things are not quite that rosy as shoe after shoe continues to drop. This week’s shoes included the following:
We have decided to suspend our “Sign of the Times” snippets in favor of increased postings on ULI’s Capital Markets Update which can be accessed via:
ULI’s Capital Markets Update is comprised of six modules: The Economy; Newsworthy News; Public/Private Equity Capital Markets; Public/Private Debt Capital Markets; Responsible Property Investment; and Market Rates, Terms, Conditions, and Statistics.
Comments? Suggestions? Please e-mail us at: blank@uli.org.
DJIA (1): -2.25%
S & P 500 (2): -2.46%
NASDAQ (3): -1.77%
Russell 2000 (4): +3.82%
MSCI U.S. REIT (5): +7.45%
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
U.S. Treasury Yields: (as of May 22, 2010)
3-month: 0.15%
6-month: 0.21%
2-Year: 0.76%
5-Year: 2.102%
10-Year: 3.24%