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.

Spreads reported by Trepp LLC widened during the survey period, fully giving up recent gains. Mortgage pricing remains very attractive for borrowers.
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.
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.
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.
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.
During the past month, spreads reported by Trepp LLC remained “range-bound” at an average spread of 207 basis points over 10-year Treasuries.
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.
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.
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.
“CMBS: Modest New Issuance Growth; 2007 Maturities Struggling,” says Standard & Poor’s.
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