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• May

  05-20-13

  Monday's Numbers: May 20, 2013

  ULI senior fellow Stephen Blank's highlights from panel discussions at ULI Spring Meeting, including an increasing flow of foreign capital into the U.S. real estate markets, increasingly competitive Euro-lending business, and the pricing of real estate debt.

• 05-06-13

  Monday's Numbers: May 6, 2013

  Insurance companies seem to be nearing lending capacity, while securitized lenders continue their comeback as more and more companies establish platforms and more and more institutional investors enjoy the relative value of “super senior” commercial mortgage-backed securities.

• April

  04-29-13

  Monday's Numbers: April 29, 2013

  The National Council of Real Estate Investment Fiduciaries released its first-quarter results for the National Property Index. Returns for the quarter ended March 31 equaled 2.57 percent, composed of appreciation equal to 1.18 percent and income equal to 1.39 percent; almost the same as the prior quarter.

• 04-22-13

  Monday's Numbers: April 22, 2013

  Industry forecasts are normally made in January (the beginning) or July (the mid-way point) of the year. But why not get a jump on things and forecast the balance of the year as well as 2014 from the viewpoint of the end of April? ULI senior fellow Stephen Blank shares his views on the economy, real estate industry, and the state of the capital markets.

• 04-15-13

  Monday's Numbers: April 15, 2013

  Priced to perfection can easily turn into “priced to disappoint” as competition encourages investors to accept lower and lower yields as the price of entry. But our concern extends past the point of acquisition, as an investor can live with paying a little too much for a property by accepting a lesser initial return on investment.

• 04-08-13

  Monday's Numbers: April 8, 2013

  This week’s Trepp survey showed spreads unchanged. With an average spread of 164 basis points and ten-year U.S. Treasury bonds coming in 10 basis points, “all in” pricing of 3.5 percent or less for low loan-to-value loans is more than a little attractive from the borrower’s point of view and warranted from the lender’s perspective.

• 04-01-13

  Monday's Numbers: April 1, 2013

  Maybe it was the upcoming holiday weekend. Maybe it was worries about Cyprus’s failing financial health. Maybe it was watching the S&P 500 index reach record levels. Whatever it was, this was the quietest period we’ve seen in a very long time.

• March

  03-25-13

  Monday's Numbers: March 25, 2013

  A recent Wall Street Journal article expressed concerns by the Federal Reserve and other financial regulators about a potential deterioration in financial controls and underwriting quality for loans used to finance management buyouts, mergers and acquisitions, capital investment, and the like.

• 03-18-13

  Monday's Numbers: March 18, 2013

  There could be a new and sizable player in the commercial real estate mortgage business, as more than one sovereign wealth fund (SWF) is rumored to be investigating originating commercial real estate loans for its own book.

• 03-11-13

  Monday's Numbers: March 11, 2013

  Both Fitch and Moody’s Investors Service still give the U.S. their top rating, but both have placed it on a negative outlook, effectively warning that Washington will need to address the nation's long-term debt issues in 2013 or face a downgrade.

• 03-04-13

  Monday's Numbers: March 4, 2013

  Last week surprised both analysts and investors, as it lacked the volatility in the capital markets that many had expected to occur as the sequestration enacted as part of the Budget Control Act of 2011 approached.

• February

  02-25-13

  Monday's Numbers: February 25, 2013

  The Real Estate Roundtables Q1 2013 survey showed a general improvement in respondents' perception of current and future market conditions, tempered by concerns regarding budget concerns, job creation, and the prospect of increasing interest rates.

• 02-19-13

  Monday's Numbers: February 19, 2013

  According to CoreLogic, a real estate data firm, U.S. home prices in December 2012 increased 8.3 percent as compared with a year earlier, the greatest amount since May 2006.

• 02-11-13

  Monday's Numbers: February 11, 2013

  The institutional investor market has been scooping up all the AAA, ten-year, “super senior” CMBS bonds it can as it prowls the debt capital markets in search of yield to fund payments to beneficiaries. One driver is the continuing month-over-month improvement in CMBS delinquencies as reported by Trepp LLC and Fitch.

• 02-05-13

  Prudential Real Estate Investors’ Long-Term Perspective

  J. Allen Smith, CEO of Prudential Real Estate Investors, talks about credit, global markets, and credibility.

• 02-04-13

  Monday's Numbers: February 4, 2013

  The Trepp survey for the most recent period showed spreads coming in a further 10-plus basis points as securitized and conventional lenders continue their war of attrition, compressing lending spreads in response to investors continuing to drive down yields on super-senior tranches of recent CMBS offerings.

• January

  01-28-13

  Monday's Numbers: January 28, 2013

  Super-senior CMBS bonds are currently trading in the range of 72 basis points over ten-year interest rate swaps; half of what they were a year ago. According to ULI Senior Fellow Stephen Blank, spreads have narrowed to the point that securitized lenders are giving conventional, portfolio lenders a run for their money.

• 01-21-13

  Monday's Numbers: January 21, 2013

  Real Estate Research Corporation’s fourth quarter 2012 Real Estate Investment Criteria survey showed investment conditions and capitalization rates mixed quarter-over-quarter with the markets seemingly needing time to catch its collective breath after a frenetic quarter during which equity capital flooded the markets.

• 01-14-13

  Monday's Numbers: January 13, 2013

  According to the FTSE NAREIT Equity REIT Index, equity REITs produced total returns equal to 18.06 percent in 2012, including dividends equal to 3.70 percent. REITs outperformed the S&P 500 Index, the Dow Jones Industrial Average, and the NASDAQ Composite Index making 2012 the fourth year in a row that REITs have outperformed the other indices.

• 01-07-13

  Monday's Numbers: January 7, 2013

  Against a background of estimates of roughly $60 billion in issuance in 2013, the commercial mortgage-backed securities market will get its first test of the year when a $1.4 billion offering comes to market this week.

• December

  12-17-12

  Adapting to a New Realty: Inside This Year's McCoy Symposium

  ULI senior fellow Stephen Blank says attendeees of last week's annual ULI/McCoy Symposium on Real Estate Finance said 2013 would be a year more to their liking and better than 2012. Participants said their companies were well positioned to benefit from shocks as well as volatility.

• 12-17-12

  Monday's Numbers: December 17, 2012

  According to the most recent Trepp survey, spreads were flat and relatively unchanged during the most recent survey period.

• 12-10-12

  Monday's Numbers: December 10, 2012

  According to the most recent Trepp survey, spreads widened as much as 15 basis points, marking the end—for the moment—of the “incredible shrinking" cost of securitized mortgage debt as compared to rates quoted by commercial banks and insurance companies.

• 12-03-12

  Monday's Numbers: December 3, 2012

  Standard & Poor’s Rating Services reported that CMBS delinquencies declined to their lowest level in 30 months, ending October at 9.66 percent, down from 9.77 percent in September. Importantly, the principal amount of loans liquated, restructured, or modified so that they could return to current status exceeded the amount of delinquencies offerings.

• November

  11-26-12

  Monday's Numbers: November 26, 2012

  According to its most recent Trepp survey, spreads were unchanged. It was a very quiet and short week with few, if any, deals coming to market. Rates and terms quoted by lenders appeared unchanged with the market’s focus on getting transactions papered and closed by year-end.

• 11-19-12

  Monday's Numbers: November 19, 2012

  According to its most recent Trepp survey, spreads bounced around a little, ending the week basically unchanged week-over-week as the markets prepared for the foreshortened Thanksgiving week.

• 11-12-12

  Monday's Numbers: November 12, 2012

  According to its most recent survey, Trepp reported spreads were unchanged week-over-week, likely defining pricing for the balance of the year for the most creditworthy borrowers seeking to mortgage core properties located in gateway markets.

• 11-05-12

  Monday's Numbers: November 5, 2012

  The equity and debt markets re-opened Wednesday, while Friday's jobs numbers were better than the majority of analysts projected, with upward adjustments to prior monthly totals. Treasury yields ended the shortened week about where they started.

• October

  10-29-12

  Monday's Numbers: October 29, 2012

  The Trepp, LLC survey showed commercial mortgage spreads coming in a few basis points during the survey period as lenders continue to compete aggressively for new business.

• 10-22-12

  Monday's Numbers: October 22, 2012

  The Trepp, LLC survey showed commercial mortgage spreads coming unchanged during the survey period. Plus, a few themes from last week's ULI Fall Meeting.

• 10-08-12

  Monday's Numbers: October 8, 2012

  With a number of single- borrower as well as multi-borrower deals in the queue, sales of commercial mortgage-backed securities could reach $45 billion in 2012, a 40 percent increase over the 2011 total. While that is only a fraction of the historical high-water mark in 2007, it represents significant progress in the rehabilitation process and argues for a pickup in buy-sell transaction velocity in 2013.

• 10-01-12

  Monday's Numbers: October 1, 2012

  Drop whatever you are doing and go refinance something; how can it be any better than this?

• September

  09-24-12

  Monday's Numbers: September 24, 2012

  The Trepp, LLC survey showed commercial mortgage spreads coming in a few basis points during the survey period as securitized lenders reduce spreads to borrowers, reflecting the benefit of the recent rally in the most creditworthy CMBS bonds. Institutional lenders continue to utilize floor pricing in the sub-4 percent range, reflecting a more competitive lending environment.

• 09-17-12

  Monday's Numbers: September 17, 2012

  Commercial mortgage spreads widened a few basis points as floor pricing continues in effect with rates in the 4.0 percent to 5.0 percent range, according to the latest Trepp, LLC survey.

• 09-10-12

  Monday's Numbers: September 10, 2012

  The Trepp, LLC survey showed commercial mortgage spreads coming in five to 10 basis points during the survey period. Floor pricing continues in effect with rates in the 4.0 percent to 5.0 percent range.

• August

  08-20-12

  Monday's Numbers: August 20, 2012

  The Trepp, LLC survey showed commercial mortgage spreads widening about 5 basis points during the survey period as the markets head for a time out until after Labor Day. Floor pricing remains in the 4.0 percent to 5.0 percent range.

• 08-13-12

  Monday's Numbers: August 13, 2012

  The Trepp, LLC survey showed commercial mortgage spreads widening as much as four basis points during the survey period. Floor pricing in the 4 percent to 5 percent range continues in effect as the market for newly issued commercial mortgage-backed securities strengthened. Year-to-date volume equals $24.2 billion with the over-under for full year 2012 volume in the mid-$30 billion range.

• 08-06-12

  Monday's Numbers: August 6, 2012

  The Trepp, LLC survey showed commercial mortgage spreads widening six basis points during the survey period and as much as 15 basis points during the past month as capital continue to remain available from both conventional and securitized lenders for properties that can pass lenders’ stringent underwriting metrics. Floor pricing in the 4 percent to 5 percent range continues to be in effect.

• July

  07-30-12

  Monday's Numbers: July 30, 2012

  The Trepp, LLC survey showed commercial mortgage spreads basically unchanged during the past month and unlikely to change barring a systemic collapse in the capital markets, which certainly is possible in our uncertain and volatile economic and political times. In our view, a systemic problem of any magnitude will likely lead to lenders looking for someplace to hide, with liquidity prized and unavailable for borrowers except the most creditworthy ones.

• 07-23-12

  Monday's Numbers: July 23, 2012

  The Trepp, LLC survey showed spreads basically unchanged during the most recent survey period. Subject to an unpredictable “black swan”-like event (which is certainly possible in today’s uncertain and volatile capital markets), the balance of this year is likely to be range-bound by lenders instituting floor pricing in the 4.0 percent to 4.5 percent range.

• 07-16-12

  Monday's Numbers: July 16, 2012

  The Trepp, LLC survey showed spreads widening as much as nine basis points during the survey period as volatility returned to the marketplace. While wont to make predictions, we see the balance of 2012 range-bound by floor pricing (in the 4.0 percent to 4.5 percent range) by lenders.

• 07-09-12

  Monday's Numbers: July 9, 2012

  The Trepp, LLC survey showed spreads coming in as much as 10 basis points, an incredible amount given the turbulence affecting the credit markets, i.e., LIBORgate; Euro-crises; increased CMBS delinquencies, and widening spreads in CMBS new issues, to name just a few. Maybe it’s the heat as no one seems to be using these spreads to actually price borrower cost, relying solely on floor pricing.

• 07-02-12

  Monday's Numbers: July 2, 2012

  The Trepp, LLC survey showed spreads unchanged during the survey period as the markets continued to languish, waiting for…the Supreme Court, the EU and European Central bank, the Federal Reserve, the heat wave baking the majority of the country to abate…who knows. Meanwhile, lenders continue to quote loans at rates based upon floor pricing which remains very attractive.

• June

  06-25-12

  Monday's Numbers: June 25, 2012

  The Trepp LLC survey showed spreads widening 10 to 15 basis points during the survey period as the markets languish, waiting for clarity. A week ago, it was who would win the Greek election; now that the austerity party has won, the markets are holding their collective breaths waiting to see what will actually happen.

• 06-18-12

  Monday's Numbers: June 18, 2012

  The Trepp LLC survey showed spreads unchanged during the survey period as the market participants held their breath waiting to see how Greece fares following the critical election on June 17. Pricing remains subject to floors from both conventional and securitized lenders with all-in costs said to be 3.5 percent (+/-) for five year funds and 4.0 percent (+/-) for 10-year financing.

• 06-11-12

  Monday's Numbers: June 11, 2012

  The Trepp LLC survey showed spreads widening 10 to 15 basis point solely in reaction to Treasury yields dropping, then regaining a little luster. With the 10-year Treasury trading at 1.64 percent (as of June 9) and spreads averaging 228 basis points, all-in cost remains in the very attractive 4.00 percent range, subject to floor pricing by most lenders.

• 06-04-12

  Monday's Numbers: June 4, 2012

  The Trepp LLC weekly and Cushman & Wakefield Sonnenblick-Goldman monthly surveys show that spreads have widened by 20+ basis points over the past month, partially to accommodate perceived increases in risk and partially to absorb the incredible decline in Treasury yields.

• 05-28-12

  Monday's Numbers: May 28, 2012

  The Trepp LLC survey showed spreads narrowing 3+/- basis points during a quiet week leading up to a three-day weekend. Average spreads of 215 basis points combined with “sub-2” percent 10-year U.S. Treasury bonds remains attractive to say the least.

• 05-21-12

  Monday's Numbers: May 21, 2012

  The Trepp LLC survey showed spreads unchanged during the most recent survey period as the markets spent the week either waiting on the Facebook initial public offering or the imminent default on its obligations by some or all of the southern portion of Europe.

• 05-14-12

  Monday's Numbers: May 14, 2012

  The Trepp LLC survey showed spreads widening as much as 15 basis points for no apparent reason we know of except, possibly, the continuing crises in Europe and concerns that the U.S. will catch their flu. Fortunately, money is plentiful with a majority of the widening of spreads offset by the lower yields on 10-year Treasury bonds.

• 05-07-12

  Monday's Numbers: May 7, 2012

  According to the FTSE NAREIT Equity REIT Index, equity REITs produced total returns equal to 2.87 percent in April. The Trepp LLC survey showed spreads flat to widening by 5 basis points over the survey period as all-in costs remain attractive.

• 04-30-12

  Monday's Numbers: April 30, 2012

  The Trepp LLC survey showed spreads widening over the past two weeks in response to the yield on 10-year Treasury bonds which narrowed by about 15 basis points. Lending spreads continue to move in a narrow range with overall cost attractive at all maturities and from a wide array of capital sources.

• 04-23-12

  Monday's Numbers: April 23, 2012

  According to the most recent survey by Real Estate Research Corporation, average capitalization rates continued to decline as more and more capital is invested in real estate. Lending spreads continue to move in a narrow range with overall cost attractive at all maturities and from a wide array of capital sources.

• 04-16-12

  Monday's Numbers: April 16, 2012

  Over the past month, the Cushman & Wakefield Sonnenblick-Goldman Survey narrowed, with 10-year rates improving as much as 40 basis points for some property sectors.

• 04-09-12

  Monday's Numbers: April 9, 2012

  Spreads reported by Trepp LLC widened during the survey period, fully giving up recent gains. Mortgage pricing remains very attractive for borrowers.

• 04-02-12

  Monday's Numbers: April 2, 2012

  Spreads reported by Trepp LLC continued to narrow, coming in approximately 10 basis points during the survey period; mortgage capital remains both available and affordable, even with many lender’s instituting floor pricing.

• 03-26-12

  Monday's Numbers: March 26, 2012

  Spreads reported by Trepp LLC came in approximately 10 basis points during the survey period with financing available from an array of lenders including commercial banks, securitized lenders, and insurance companies.

• 03-19-12

  Monday's Numbers: March 19, 2012

  Spreads reported by Trepp LLC came in approximately five basis points during the survey period with financing available from an array of lenders including commercial banks, securitized lenders, and insurance companies.

• 03-12-12

  Monday's Numbers: March 12, 2012

  Spreads reported by Trepp LLC remain “range-bound” at an average spread of 207 basis points over 10-year Treasuries. The Cushman & Wakefield Sonnenblick-Goldman Survey shows rates coming in slightly with lenders seemingly ready to lend at attractive spreads if the right deal comes their way.

• 03-05-12

  Monday's Numbers: March 5, 2012

  During the past month, spreads reported by Trepp LLC remained “range-bound” at an average spread of 207 basis points over 10-year Treasuries.

• 02-27-12

  Monday's Numbers: February 27, 2012

  Roundtable survey shows “tempered” outlook on commercial real estate as industry executives worry about economic and policy risks, maturing CRE debt, and weak CMBS market recovery.

• 02-20-12

  Monday's Numbers: February 20, 2012

  The past week was very quiet; volatile as usual, but very quiet. There was little to report: some deals funded; some properties were turned over to their special services; some deals went under contract; some fell out of contract; and some closed.

• 02-13-12

  Monday's Numbers: February 13, 2012

  While Prudential sees a 20 percent increase in commercial mortgage lending this year, this is not going to exactly move the needle for the average borrower as insurance companies by and large focus their general account’s attention on core properties, gateway cities, and “pristine” borrowers.

• 02-06-12

  Monday's Numbers: February 6, 2012

  “CMBS: Modest New Issuance Growth; 2007 Maturities Struggling,” says Standard & Poor’s.

• 01-30-12

  Monday's Numbers: January 30, 2012

  Based on the Federal Reserve’s pronouncement this week that it would be keeping short-term interest rates at the current historical low through 2014, we should expect rates to remain at today’s levels for the next three years, baring a global financial crises, Stephen Blank, ULI's senior resident fellow, capital markets.

• 01-23-12

  Monday's Numbers: January 23, 2012

  Barclays Capital estimates that as much as 70 percent of the CMBS loans written in 2007 and maturing this year will not be able to be refinanced “easily."

• 01-17-12

  What I Learned at the Commercial Real Estate Finance Council Conference, January 9–11, 2012

  Stephen R. Blank, ULI’s senior fellow, finance, shares what he learned about the current state of commercial mortgage–backed securities at the recent Commercial Real Estate Finance Council Conference.

• 01-16-12

  Monday's Numbers: January 16, 2012

  Waiting for reaction to the downgrade of sovereign debt in Europe.

• 01-09-12

  Monday's Numbers: January 9, 2012

  According to Trepp LLC, commercial mortgage-backed securities delinquency rates increased 7 basis points (0.07%), to 9.58 percent, in December. Trepp predicts delinquencies rates could increase 75 basis points over the next six-to-12 months as the bulk of the five-year mortgages originated in 2007 mature and will require refinancing.

• 01-02-12

  Monday's Numbers: January 2, 2012

  Surprise! Real estate investment trusts 3-peat, outperforming the Dow Jones Industrial Average, the Standard & Poor’s 500 Index, the NASDAQ Composite Index and the Russell 2000.

• 12-26-11

  Monday's Numbers: December 26, 2011

  According to an analysis completed by Trepp LLC, “U.S. banks are going to face increased challenges in 2012, with slow earnings growth, a mild improvement in loan performance and continued bank failures.” Banks, it was noted, are continuing to face a tough regulatory environment, compounded by fewer and fewer opportunities for future earnings growth.

• 12-19-11

  Monday's Numbers: December 19, 2011

  According to Jones Lang LaSalle’s 2012 National Commercial Real Estate Outlook, the U.S. commercial real estate market will see slow growth in 2012 with a projected increase in transaction volume of 15 percent to 20 percent.

• 12-12-11

  Monday's Numbers: December 12, 2011

  Trepp LLC survey showed spreads narrowing a few basis points across all property types in what was a lackluster week in the debt markets. The Cushman & Wakefield Sonnenblick-Goldman Survey for the period ending December 1, 2011, showed spreads for 10-year mortgages unchanged.

• 12-05-11

  Monday's Numbers: December 5, 2011

  The Trepp LLC survey showed spreads widening approximately 10 basis points across all property types in direct reaction to the continuing Euro-crises. While everyone wants to believe everything is under control, it appears few actually believe it to be so.

• 11-28-11

  Monday's Numbers: November 28, 2011

  Highlights of the October 2011 Federal Reserve Senior Loan Office Opinion Survey include, amongst other findings: fewer domestic commercial banks eased lending standards, one-fourth of foreign bank respondents tightened lending standards, and less easing of credit standards in the third quarter of 2011 as compared to past surveys.

• 11-21-11

  Monday's Numbers: November 21, 2011

  The Trepp LLC survey showed spreads narrowing a few basis points during the most recent survey period, evidence that the debt market remains open and raring to go. Like peanuts at the circus: get’em while their hot; can it get beter than this?

• 11-14-11

  Monday's Numbers: November 14, 2011

  The Trepp LLC survey showed spreads widening 15+/- basis points during the most recent survey period, evidence that the debt market remains cautious and easily spooked by current events. Nevertheless, all-numbers are more than a little attractive.

• 11-07-11

  Monday's Numbers: November 7, 2011

  The Trepp LLC survey showed spreads coming in as much as 25 basis during the most recent survey period, evidence that the market, so far, is able to function with the Euro-crises playing out in the background.

• 10-31-11

  Monday's Numbers: October 31, 2011

  The Trepp LLC survey showed spreads coming in as much as 25 basis during the most recent survey period, evidence that the market, so far, is able to function with the Euro-crises playing out in the background.

• 10-17-11

  Monday's Numbers: October 17, 2011

  The Trepp LLC survey narrowed a bit during the most recent survey period. Deals appear to be closing on time, on schedule, and at quoted rates. Our sources say commercial real estate mortgages are being quoted in the low 5’s to high 6’s range at maximum loan-to-value ratios of 65 percent.

• 10-17-11

  Monday's Numbers: October 24, 2011

  The Trepp LLC survey showed spreads coming in as much as 15 basis during the most recent survey period, evidence that the market, so far, is able to function with the Euro-crises playing out in the background.

• 10-10-11

  Monday's Numbers: October 10, 2011

  The Trepp LLC survey showed spreads stabilizing to even narrowing a bit during the most recent survey period. Deals appear to be happening as everyone looks over their shoulder waiting for the next shoe to fall somewhere in the global capital markets. So…hurry up and get your deals done while rates are as low.

• 10-03-11

  Monday's Numbers: October 3, 2011

  The Trepp LLC survey showed spreads widening dramatically during the survey period (an average of 15+/- basis points) as concern about non-real estate factors such as the Federal Reserve’s activities, the Euro-financial market crises, and the a perceived increase in Sovereign risk, to name a few, weighed on lenders minds and lending strategies.

• 10-03-11

  Fund Invests $650 million in Emerging Market for Green Retrofits of Aging Buildings

  A consortium formed by Richard Branson announced that it will provide $650 million for commercial real estate energy retrofits and upgrades for properties located in Miami-Dade County, Florida, and Sacramento, California.

• 09-26-11

  Monday's Numbers: September 26, 2011

  The Trepp LLC survey showed spreads continuing at current levels as everyone appears focused on an array of non-real estate factors and events such as the Federal Reserve doing the “Twist”, Euro-financial market confusion, and Sovereign risk, to name a few. Deals are continuing to get done at slightly wider spreads.

• 09-19-11

  Monday's Numbers: September 19, 2011

  According to an analysis by REIT Cafe, multifamily REITs have “thrived,” helped by Echo Boomers among the various age cohorts. The Trepp LLC survey showed spreads continuing at current levels, reflecting a “wait and see” attitude. Deals are getting done at slightly wider spreads as market participants wait out the impact of the Euro-credit crises on U.S, capital markets.

• 09-12-11

  Monday's Numbers: September 12, 2011

  According to Trepp LLC, seven banks failed in August as compared to 13 in July; total failures in 2011 have reached 68, putting the U.S. on track to record 100+/- failures this year.

• 09-06-11

  Monday's Numbers: September 5, 2011

  If you want to understand why rates quoted by conduits have increased during the past few months, look no further than the trading spreads being quoted on the securities created by the pooling of commercial and multifamily mortgage loans of cash flows from the underlying mortgages.

• 08-29-11

  Monday's Numbers: August 29, 2011

  Due to earthquakes, hurricanes, and vacation schedules, the Trepp LLC survey will not be updated until after Labor Day. An informal survey we conducted this week showed most borrowers and lenders waiting for things to “just settle down.”

• 08-22-11

  Monday's Numbers: August 22, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders showed spreads widening 15+/- basis points week-over-week, putting them 35 to 50 basis points wider than at the beginning of the month.

• 08-15-11

  Monday's Numbers: August 15, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders showed spreads widening an average of 20, repeat 20, basis points during the survey period as financing circles the field, waiting for word from the tower that it’s safe to land and for the markets to decide if it’s 1998 or 2007 again.

• 08-08-11

  Monday's Numbers: August 8, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders showed spreads widening an average of 5 basis points during the survey period with financing remains available in the 5 percent +/- range.

• 08-01-11

  Monday's Numbers: August 1, 2011

  The Commercial Mortgage Alert Trepp weekly survey (below) of 15 active portfolio lenders showed spreads coming in at an average of 5 basis points during the survey period. Financing remains available in the 5 percent +/- range.

• 07-27-11

  The Ackman-Ziff Real Estate Group Debt Market Sentiment and Lender Survey

  Lenders continue to be more aggressive, citing pressure to put money out for strong sponsors with quality real estate. (Re)development and construction activity as well as interest in secondary/tertiary markets are increasing.

• 07-26-11

  Ackman-Ziff Joint Venture Equity Market Survey

  The Ackman-Ziff Real Estate Group LLC has graciously provided us with access to its most recent quarterly surveys of terms and conditions in the private equity and debt commercial and multifamily real estate capital markets; the equity survey follows.

• 07-25-11

  Monday's Numbers: July 25, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged during the most recent survey period with financing remaining available in the 5 percent +/- range.

• 07-18-11

  Monday's Numbers: July 18, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged during the most recent survey period with financing available in the 5 percent +/- range.

• 07-11-11

  Monday's Numbers: July 11, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders came in five to six basis points during the survey period, most likely in response to 10-year Treasury bonds widening approximately 30 basis points during the period.

• 07-08-11

  What I Learned at the ULI Real Estate Finance and Investment 2011 Conference: New Directions, New Connections

  Steve Blank, senior fellow, finance, divulges what he learned at the ULI Real Estate Finance and Investment 2011: New Directions, New Connections Conference, held June 22–23, 2011, in New York City.

• 07-05-11

  Monday's Numbers: July 4, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened a bit. Range bound around the 5.00 percent level is not a bad place to be.

• 06-27-11

  Monday's Numbers: June 27, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained relatively unchanged during the most recent survey period. And, all-in costs remain in the 5.00+/- percent range and should be range bound for the foreseeable future, subject to a “Black Swan” event.

• 06-21-11

  “What I Heard at the Jones Day Real Estate Symposium”

  At the Jones Day Real Estate Symposium held before the National Association of Real Estate Investment Trusts Annual Institutional Forum, one ULI senior fellow heard promising stuff—and shares it herein.

• 06-21-11

  REITs Continue to Roll

  While May was sort of a neutral month for real estate investment trusts, REITs year-to-date have shown total returns of 14.13 percent, including dividends—and the industry’s prospects look promising.

• 06-20-11

  Monday's Numbers: June 20, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained relatively unchanged during the most recent survey period. And as we seem to say, all-in costs remain in the 5.00+/- percent range and should be range bound for the foreseeable future, subject to a “Black Swan” event.

• 06-14-11

  Time to Buy? Time to Sell? Time to Hold?

  A recent Real Estate Research Corporation survey shows that the investment market seems to lack conviction, with 50 percent of participants for holding, 20 percent for “folding” (or selling), and only 30 percent for investing.

• 06-13-11

  Monday's Numbers: June 13, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders “took a licking” as spreads widened in many sectors of the debt capital markets.

• 06-06-11

  Monday's Numbers: June 6, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained static, with all-in costs remaining in the 5.00+/- percent range.

• 05-31-11

  Monday's Numbers: May 30, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened 5 to 10 basis points during the week, with all-in costs remaining in the 5.00+/- percent range.

• 05-23-11

  What I Learned at the 2011 ULI Real Estate Summit Industry Roundtables

  One key takeaway from the 2011 ULI Real Estate Summit Industry Roundtables is that there is now a line to get money invested in income-producing real estate, says ULI’s senior fellow of finance, Stephen Blank.

• 05-23-11

  Monday's Numbers: May 23, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders came in a little during the week with all-in costs remaining in the 5.00+/- percent range.

• 05-16-11

  Monday's Numbers: May 16, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained literally “frozen in place” over the past few weeks as spreads widened 15+/- basis points, offset by a 15 basis point decline in Treasury yields. All-in cost remains in 5.00 to 5.25 percent range.

• 05-10-11

  Federal Reserve Senior Loan Officer Opinion Survey

  A recent Federal Reserve senior loan officer opinion survey says credit standards and loan terms to C & I borrowers are easing, with commercial banks showing an increasing willingness to extend credit.

• 05-10-11

  CMBS Delinquency Rate Inches Up

  The U.S. commercial mortgage-backed securities (CMBS) delinquency rate increased 23 basis points (0.23 percent) in April to 9.65 percent, the highest rate in history and the largest increase on a monthly basis since December 2010.

• 05-10-11

  REIT Returns Rule in April

  April was a great month for REIT returns—the FTSE/NAREIT Equity REIT Index was up 5.11 percent last month—solidifying REITs’ continuing attractiveness to institutional and individual investors alike.

• 05-10-11

  Banks Continue De-leveraging as Holdings of Commercial Real Estate Loans Declined 7.5 Percent in 2010

  Whatever the principal reason, the nation’s largest banks reduced their holdings of commercial real estate loans in 2010 by approximately $75 billion (7.5%) to approximately $929 billion. Not surprisingly, the entire decline was associated with changes in one loan segment: land and construction loans.

• 05-10-11

  First Quarter of 2011: Global Commercial Mortgage-Backed Securities Issuance Reaches $10.2 Billion

  The commercial mortgage–backed securities market is back—in earnest. With at least seven offerings totaling approximately $9.5 billion in process, U.S. issuance this year could exceed $40 billion.

• 05-09-11

  Monday's Numbers: May 9, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained literally “frozen in place” over the past few weeks. All-in cost remains in 5.00 to 5.25 percent range.

• 05-06-11

  Just When We Thought It Was Safe to Go to the Bank

  If the six banks that federal bank regulators closed on Friday, April 15, 2011, serve as any indication, we could see even more real estate loans going bad and even more banks failing in the future.

• 05-02-11

  Monday's Numbers: May 2, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged over the past two-week period. All-in cost remains in the 5.00% to 5.50% range.

• 04-25-11

  Monday's Numbers: April 25, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened slightly as a result of a widening in spreads for 10-year U.S. Treasury bonds. Average rates closed the reporting period at 5.24%.

• 04-18-11

  Monday's Numbers: April 18, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened slightly as a result of a widening in spreads for 10-year U.S. Treasury bonds. Average rates closed the reporting period at 5.24%.

• 04-11-11

  Monday's Numbers: April 11, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders narrowed over the reporting period with average rates now closer to 5.0%. The Cushman & Wakefield Sonnenblick-Goldman survey ended March literally where it started with spreads in the 250 basis point range (for 5-year loans) and 185 basis point range (for 10-year loans).

• 04-04-11

  Monday's Numbers: April 4, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged with financing available at attractive rates (5.25%+/-).

• 03-28-11

  Monday's Numbers: March 28, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened 5 basis points (0.05%) while Treasuries narrowed. Net, net: financing remains available at attractive rates (5.25%+/-).

• 03-24-11

  The Regulatory “Corn Maze” Continues to Grow

  The long awaited proposed regulations requiring lenders to retain an economic interest in loans they securitize will be announced shortly. When it’s all said and done, expect the lenders to take at least a partial victory lap having shifted the risk of holding some portion of the loans originated to a third party.

• 03-21-11

  Monday's Numbers: March 21, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders continued to narrow week-over-week with financing available at attractive rates (5.25%+/-).

• 03-17-11

  And You Thought We Were Done With Regulation!

  The Basel Committee on Banking Supervision has announced criteria for defining a Systematically Important Financial Institution, a bank “too big to fail,” listing size, inter-connectedness, global reach, complexity and substitutability as the five criteria for heightened regulation.

• 03-14-11

  Monday's Numbers: March 14, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders narrowed slightly week-over-week with financing available at attractive rates (5.25%+/-).

• 03-09-11

  Commercial Mortgage-Backed Securities: UP, UP, and Away!

  According to a recent report from Fitch, the percentage of commercial mortgage-backed securities loan balances that are delinquent at least 60 days or in foreclosure reached 8.76 percent, an increase of 17 basis points (0.17 percent) since January’s rate and 247 basis points (2.47 percent) over a year earlier.

• 03-07-11

  Monday's Numbers: March 7, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders narrowed slightly week-over-week with financing available at attractive rates (5.25%+/-).

• 03-03-11

  Federal Reserve Beige Book Economic Survey - March 2, 2011

  Overall the survey noted that economic activity grew at a modest pace during the survey period with several districts reporting improvement in housing demand and increasing commercial real estate leasing and property sales.

• 03-03-11

  Are Private Equity Real Estate Funds Back?

  They’re back! Maybe not all the way back, but part of the way. Private equity real estate funds raised approximately $45.3 billion in 2010, an increase of $3.6 billion or almost 9 percent over 2009.

• 03-03-11

  Federal Reserve Senior Loan Officer Opinion Survey

  There is encouraging news in the Federal Reserve’s most recent Senior Loan Officers Opinion Survey: A net 10.5 percent of respondents reported relaxing their standards for commercial and industrial loans to large borrowers.

• 03-02-11

  The Times, They Are…Improving

  The National Property Index of the National Council of Real Estate Investment Fiduciaries, after seven consecutive quarters of negative returns, turned positive, signaling improving economic performance (and value) of commercial real estate.

• 02-28-11

  Monday's Numbers: February 28, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged; financing appears available at attractive rates (5.25% - 5.50%).

• 02-22-11

  Monday's Numbers: February 21, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders came in a “few” basis points (0.09%); financing appears available at attractive rates.

• 02-09-11

  Commercial Mortgage-Backed Securities Report

  The 60-day delinquency rate on Fitch-rated cmbs offerings reached 8.59% as of January 31, 2011, as compared to 8.23% a month earlier. Steve Blank says to look for multifamily deals with financial problems followed by hospitality, industrial, then retail, and then office..

• 02-07-11

  Monday's Numbers: February 7, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged as a decrease in spreads was offset by an increase in 10-year Treasury bonds. An all-in cost of 5.25% - 5.30% remains very attractive.

• 02-07-11

  Monday's Numbers: February 14, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained basically unchanged with an all-in cost of 5.50% remaining very attractive.

• 01-31-11

  Monday's Numbers: January 31, 2011

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged; both sides of the market (borrowers and lenders) seem content for now with spreads and rates where they are.

• 01-24-11

  Monday's Numbers: January 24, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders remained unchanged. Wait another two weeks and we’ll see how things shape up after the first round of 2011 deals are committed.

• 01-20-11

  Federal Reserve Board Beige Book Economic Survey

  All 12 Federal Reserve Districts reported some level of improvement in economic activity during the most recent survey period (mid-November to Mid-January) as well as for 2011, including improved hiring plans.

• 01-20-11

  Top 10 Trends from REIT Café

  Each quarter, REIT Cafe's editor notes top trends and themes in the real estate investment trust space. Read a summary of the editor’s strategic trends and company picks for the first quarter of 2011.

• 01-19-11

  4Q (2010) in Review, a.k.a., Something for Everyone

  Regardless of your investment or operating quadrant—public or private real estate equity or debt—or property sector (multifamily, office, industrial, retail, or hospitality), 4Q 2010 turned out to be pretty okay.

• 01-17-11

  Monday's Numbers: January 17, 2010

  While transaction volume is still “meager” when compared to the heady days of 2007, it represents an inflection point; whether it will be defined as the “beginning of the end” or the “end of the beginning” is immaterial.

• 01-12-11

  Notes from the January 9, 2011 issue of “The Punch Line…”, published by Abraham Gulkowitz

  Despite growing evidence of acceleration in the recovery, the latest employment reports offered some sobering reality checks. The ranks of the long‐term unemployed rose by 113,000 in December.

• 01-10-11

  Monday's Numbers: January 10, 2011

  2010 ended on a strong note with all-in 10-year mortgage spreads in 5.25%+/- range which should have proved attractive to all but the most jaded investors.

• 01-03-11

  Monday's Numbers: January 3, 2011

  This week's Monday's Numbers should be subtitled: “Credit Suisse Group Sells $2.8 Billion European Commercial Property Loan Portfolio for $1.2 Billion”

• 12-21-10

  2011 Trends Report Points to Era of Less

  Participants in the survey for Emerging Trends in Real Estate® 2011 are preparing for an “Era of Less,” but they finally feel some relief and respite from weakening property fundamentals.

• 12-21-10

  ULI Real Estate Capital Markets Forum, London

  ULI holds a series of invitation-only, real estate capital markets forums each year. This article is a summary of the key themes and takeaways from the most recent forum, recently held in London.

• 12-20-10

  Monday's Numbers: December 20, 2010

  This week's Monday's Numbers should be subtitled: $13 Billion of CMBS Deals Already in 1Q Pipeline.

• 12-13-10

  Monday's Numbers: December 13, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders came in slightly during the most recent survey period was unchanged. Not much is expected to happen during the next two weeks so we’ll sit on the sidelines and wait for January’s allocation to re-fill lender’s coffers.

• 12-06-10

  Monday's Numbers: December 6, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders was unchanged. There seems to be an all-in cost of 5.0% “glass ceiling” in place. For the survey period, average all-in cost equaled 4.80 percent.

• 11-22-10

  Monday's Numbers: November 22, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders narrowed slightly in response to widening in the yield of 10-year Treasury bonds.

• 11-15-10

  Monday's Numbers: November 15, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders narrowed significantly (17 basis points on average) with multifamily spreads breaking the 200 basis point barrier between sanity and complete madness. During the period, 10-year Treasury bond yields were flat, with average all-in cost equal to 4.66 percent.

• 11-09-10

  Notes from the October 20, 2010 issue of “The Punch Line…”, published by Abraham Gulkowitz

  In the wake of the global financial crises, a renewed plunge in property prices in Japan has fueled expectations of a new era of distressed asset fire sales, an opportunity specialist funds have been hungrily eyeing.

• 11-08-10

  Ackman-Ziff's Fourth Quarter Equity Survey

  See what investor appetites and sentiments, investor total return targets, investor underwriting approaches, and availability of equity capital are today.

• 11-08-10

  Monday's Numbers: November 8, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders was mixed with some widening and some narrowing between October 22nd and October 29th. During the period, 10-year Treasury bond yields came in 5 basis points.

• 11-01-10

  Ackman-Ziff's Fourth Quarter Lender Survey

  See what lender appetites, lender underwriting approaches, and availability of debt capital are today.

• 11-01-10

  Monday's Numbers: November 1, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders was mixed with some widening and some narrowing between October 15th and October 22nd. During the period, 10-year Treasury bond yields widened 5 basis points.

• 10-25-10

  Monday's Numbers: October 25, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened between October 8th and October 15th. During the period, 10-year Treasury bond yields remained flat.

• 10-18-10

  Factoid: Dodd-Frank Act Ignites Necessary Job Creation…At the Regulators

  New laws and regulations to be promulgated as a result of Dodd-Frank will likely create many jobs.

• 10-18-10

  Monday's Numbers: October 18, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened between October 1st and October 8th. During the period, 10-year Treasury bond yields declined 17 basis points.

• 10-11-10

  Monday's Numbers: October 11, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders widened between September 24th. During the period, 10-year Treasury bond yields declined 12 basis points.

• 10-04-10

  Monday's Numbers: October 4, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders was unchanged. During the period, 10-year Treasury bond yields declined 9 basis points.

• 09-27-10

  Lender Appetites, Lender Underwriting Approaches, and Availability of Equity Capital

  See what lender appetites, lender underwriting approaches, and availability of equity capital are today.

• 09-27-10

  Monday's Numbers: September 27, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders trended higher with average spreads up 8 basis points. During the period, 10-year Treasury bond yields declined 14 basis points.

• 09-22-10

  FACTOID: Where Are Housing Property Prices Still Holding Up?

  According to an analysis in Bloomberg Businessweek, home prices in Asian cities, together with some Scandinavian countries, significantly increased during the first quarter 2010.

• 09-22-10

  Basel III Rules: A Regulatory Guideline for Monitoring the Financial Health of Banks

  The core of the Basel III regulations is the requirement that banks maintain equity (or “Tier I Capital”) equal to 6.0 percent of total assets. Banks must also maintain a capital conservation buffer equal to 2.5 percent.

• 09-22-10

  Federal Reserve: Wait and See Strategy

  While the Federal Open Market Committee took no direct action at today’s meeting, it clearly telegraphed its willingness to continue quantitative easing by restarting large purchases of U. S. Treasury Bonds.

• 09-22-10

  Notes from the September 15, 2010 issue of “The Punch Line…”, published by Abraham Gulkowitz

  There is a subtle reassessment underway whereby consumers and companies consider a downgraded outlook for the rest of the year and into 2011.

• 09-20-10

  Monday's Numbers: September 20, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders continued to trend lower with average spreads down 5 basis points. During the period, 10-year Treasury bond yields increased 4 basis points.

• 09-13-10

  Federal Reserve Beige Book Economic Survey: Mid-June to Mid-July

  The Federal Reserve’s Beige Book Economic Survey confirmed what many already suspected: the pace of economic recovery is slowing and it is becoming more likely that the current recovery will be “jobless”, which is bad news, especially for the real estate economy.

• 09-13-10

  Commercial Mortgage-Backed Securities Delinquencies Reach 8.48 Percent

  Fitch Ratings prediction from earlier in the year that commercial mortgage-backed securities (CMBS) delinquencies would reach 12 percent by year-end is unfortunately looking “spot on” as delinquencies reached 8.48 percent.

• 09-13-10

  Monday's Numbers: September 13, 2010

  The Commercial Mortgage Alert Trepp weekly survey of 15 active portfolio lenders continued to trend lower with average spreads down 5 basis points. During the period, 10-year Treasury bond yields increased 9 basis points.

• 09-03-10

  Federal Reserve Releases Senior Loan Officer Opinion Survey

  With the Federal Reserve's recently released results of its Senior Loan Officer Opinion survey for the third quarter 2010 comes both good news and bad news.

• 09-03-10

  Lender Survey Reflects Shift in Lender Appetites

  The lender survey for the third quarter 2010 reflects shifts in lender appetites, lender underwriting approaches, and availability of debt capital.

• 09-02-10

  REITs Rule...at Least for Now

  REITs are outdistancing the competition, providing returns in the low double digits while the balance of the equity markets are showing losses in the mid-to-low single digits.

• 09-02-10

  Capital Markets Update: Economy

  Notes from the August 23, 2010 issue of “The Punch Line…”, published by Abraham Gulkowitz. What will the economy that emerges from this recession look like?