Fed raises key rate by half-point and signals more to come (AP NEWS)
The central bank boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years.
More surprisingly, the policymakers forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023.
That suggests that the Fed is poised to raise its rate by an additional three-quarters of a point and leave it there through next year.
The latest rate hike was announced one day after an encouraging report showed that inflation in the United States slowed in November for a fifth straight month.
The year-over-year increase of 7.1%,
though still high, was sharply below a recent peak of 9.1% in June.
$3,925,000 Acquisition Financing of a Mixed-use Retail/Office Business Center in San Antonio, Texas.
FINANCED Mission Terrace
Lender Type:Life Insurance Company City:San Antonio, Texas Size:34,241 SF Term:10-year, fixed-rate
Grady Seldin of PSRS arranged the $3,925,000 acquisition financing of a mixed-use retail/office business center located in San Antonio, Texas. The subject property is a two-building 34,241 SF office asset with 10 rentable retail units built in 1983 with most of the center leased to medical-related tenants. The property is in high demand as a single-story office/retail product with above market parking ratio in a strong commercial corridor of San Antonio. Financed with one of our correspondent life insurance companies, PSRS hit all milestones per the PSA to provide its borrower with a 10-year, fixed-rate loan at an attractive interest rate locked days before a spike. The insurance company was able to provide increased leverage given the existing relationship with this sponsor.
$16,275,000 Refinance of the Shop Space in a Retail Center in Chula Vista, California.
FINANCED Eastlake Village Center
Lender Type:Life Insurance Company City:Chula Vista, CA Size:43,471 SF
James Mulvihill and Kevin Mulvihill of PSRS arranged the $16,275,000 refinance of the shop space in a retail shopping center located in Chula Vista, CA. The subject property is a 43,471 SF retail shop space within the retail center. Financed with a life insurance company, PSRS provided its client with a PSRS-serviced non-recourse loan and was able to tailor both the interest-only period and prepayment structure to meet the client’s financing requirements. PSRS will service the mortgage as part of their $6.6 billion loan serving portfolio, providing the PSRS advantage of excellent customer service to our borrower clients for the life of the loan.
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