Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.

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.

Monday’s Numbers

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