Fed declines to hike, but points to rates staying higher for longer (CNBC)
The Federal Reserve held interest rates steady, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year.
Along with the rate projections, the Fed also sharply revised its economic growth expectations for this year, with gross domestic product now expected to rise 2.1% this year.
In addition to holding rates at relatively high levels, the Fed is continuing to reduce its bond holdings, a process that has cut the central bank balance sheet by some $815 billion since June 2022.
$5,250,000 Acquisition Financing of a Retail Property in Martinsville, Virginia.
FINANCED Chattanooga Apartments
Property Type:Multifamily City:Chattanooga, Tenneesee. Size:28 Units Term:5-year fixed loan
Grady Seldin and Thomas Rudinsky of PSRS arranged the $1.6 million refinance of two multifamily properties in Chattanooga, Tennessee. The collateral consists of two garden-style multifamily properties with a combined 28 units. Operated and owned by the borrower, these properties were acquired in 2020/2021 and all units have been renovated with the borrower looking to lock in fixed-rate perm debt. The first property has 16 one-bed, one-bath units located in the Hixson suburb of Chattanooga. The second property is a two-story property with 12 one-bedroom apartments. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a cross-collateralized, 5-year fixed loan with a below-market interest rate.
$6,500,000 Acquisition Financing of an Industrial Property in Belgrade, Montana.
FINANCED FedEx Bozeman
Lender:Life Insurance Company City:Belgrade, Montana Size:192,762 SF Term: 10-year interest-only term
David Smyle and Matthew Winkler of PSRS arranged the $2 million refinance of agricultural land in Watsonville, California. The subject property consists of 22 greenhouses and one residential duplex sitting on 30 acres. Financed with a Farmer Mac program, PSRS provided its borrower with no prepayment penalty, a 30-year loan term, and 30-year amortization with five-year fixed periods where the rate gets re-priced.
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About PSRS Founded in 1972, PSRS is a commercial mortgage banking firm that helps real estate investors of all sizes structure and secure financing solutions that align with their investment goals.
