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Fed raises interest rate by three-quarters of a percentage point, the biggest increase since 1994
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Fed Prime Rate: 4.75%
5-Year Swap Rate: 3.51%
10-Year Swap Rate: 3.45%
30-Year Swap Rate: 3.14%
5-Year Treasury: 3.38%
10-Year Treasury: 3.33%
20-Year Treasury: 3.64%
30-Year Treasury: 3.39%
Fed Meeting Update: June
Fed raises interest rate by three-quarters of a percentage point, the biggest increase since 1994 (CNBC)
  • The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994.
  • According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate.
  • Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March.
  • “Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Fed Chairman Jerome Powell said. He added, though, that he expects the July meeting to see an increase of 50 or 75 basis points. He said decisions will be made “meeting by meeting” and the Fed will “continue to communicate our intentions as clearly as we can.”
Recent Transactions
$2,555,000 Refinance of Two Multifamily Complexes in Phoenix, Arizona.
FINANCED
Phoenix Cottages


Lender Type: Credit Union
City: Phoenix, Arizona
Size: 19 Units
Term: 7-year term, 30-year amortization
Michael Tanner and Tony Messiah of PSRS arranged the $2,555,000 refinance of two multifamily complexes in Phoenix, Arizona. The subject properties are both fully modernized, single-story block construction buildings which together comprise a total of 19 units. Financed with credit union execution, PSRS provided its borrower a fixed seven-year term with a 30-year amortization.
$4,200,000 Refinance of a Grocery-Anchored Shopping Center in Hampton, Virginia.
FINANCED
Kecoughtoan Shopping Center


Lender Type: Life Insurance Company
City: Hampton, Virginia
Size: 69,926 SF
Term: 25-year, limited recourse term
Trevor Blood of PSRS arranged the $4.2 million refinance of a grocery-anchored shopping center in Hampton, Virginia. The subject property is a 69,926 SF neighborhood shopping center anchored by Food Lion and Dollar Tree. The center was constructed in 1994 and is situated on 6.94 acres. The site is situated in the densely populated and established Wythe section of Hampton, Virginia. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 25-year, limited recourse loan.
$4,600,000 Refinance of a Grocery-Anchored Shopping Center in Chesapeake, Virginia.
FINANCED
Dominion Marketplace


Lender Type: Life Insurance Company
City: Chesapeake, Virginia
Size: 75,506 SF
Term: 25-year, limited recourse term
Trevor Blood of PSRS arranged the $4.6 million refinance of a grocery-anchored shopping center in Chesapeake, Virginia. The subject property is a 75,506 SF shopping center anchored by Food Lion. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a 25-year, limited recourse loan.
$1,000,000 Refinance of an Industrial Property in Los Angeles, California.
FINANCED
Roswell St Industrial


Lender Type: Bank
City: Los Angeles, CA
Size: 4,500 SF
Term: 10-year term; 25-year amortization
Trevor Blood of PSRS arranged the $1 million refinance of an industrial property in Los Angeles, CA. The subject property is a single-story concrete block industrial warehouse totaling 4,500 SF of net rentable area currently occupied by a craft beer microbrewery and includes a 900 SF retail taproom area with refrigerated storage, two restrooms, one drive-in loading door and warehouse space with 16-foot clear height. Financed with bank execution, PSRS provided its borrower a fixed, non-recourse loan with a 10-year fixed term and 25-year amortization.

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Founded in 1972, PSRS is one of the largest privately-held commercial mortgage banking firms in the western United States.

 
 
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