Fed to start tapering bond purchases later this month as it begins pulling back on pandemic aid
The Federal Reserve said at the end of the Fed meeting Wednesday it will begin tapering the pace of its asset purchases later in November.
On a monthly basis, the reduction will see $10 billion less in Treasurys and $5 billion less in mortgage-backed securities.
There also was only a slight change to Fed's view on inflation. The post-meeting statement kept the word "transitory" to describe price increases that are running at a 30-year high, though it qualified the term somewhat by saying pressures are "expected to" be temporary.
Chairman Jerome Powell said he expects conditions pushing inflation to last "well into next year".
$3,618,000 Acquisition and Redevelopment Financing of a Medical Office Conversion in Pasadena, California.
FINANCED Pasadena Medical Office
Lender: Bank City: Pasadena, CA Size: 8,491 SF Term: 6-year term with one-year of interest only
David Sarnoff of PSRS arranged the $3,618,000 acquisition and re-development financing of a medical office conversion in Pasadena, California. The subject property is currently a Class C warehouse industrial property with office space and a mezzanine level. Ventana Ventures and CURATO Design Build will be converting the space for its new owners into a medical office building with 15 exam rooms, a large open waiting room, six private offices, and plenty of cubicle space for office support staff. Financed with bank execution, PSRS was able to secure for its borrower a six-year term with one year of interest only during the construction period.
$1,200,000 Refinance of a Single-tenant Industrial/Flex Building in Orange, California.
FINANCED OC Industrial
Lender: Bank City: Orange, CA Size: 8,840 SF Term: 10-year Term; 25-year Amortization
Jonny Soleimani of PSRS arranged the $1.2MM refinance of a single-tenant industrial/flex building in Orange, California. The subject property was built in 1979 of reinforced concrete and encompasses a total of 8,840 SF. Situated on a 0.4-acre lot, there are 10 surface parking spaces, and the site has been occupied by the tenant since 2011. Financed with bank execution, PSRS was able to provide for its borrower a 3.375% rate, 10-year term, and 25-year amortization.
