We will be at ICSC@Western Next Week in Palm Springs
We will be at the 2024 ICSC Western Conference in Palm Springs next week on September 23-25th with many of the nation's major players in the retail industry.
If you are attending and would like to discuss any financing needs, stop by our booth at #829.
Fed Meeting Update
First Rate Cut Since Early Pandemic: The Federal Reserve cut its benchmark interest rate by 0.5%, the first reduction since the pandemic began, to address concerns about a slowing labor market.
Response to Softening Jobs and Inflation: The decision comes as both inflation and the jobs outlook weaken, aligning with market expectations for a 50 basis point cut.
Historical Context: Outside of pandemic-related cuts, this is the first half-point cut since the 2008 financial crisis.
Rate Impacts: The cut lowers the federal funds rate to 4.75%-5%, influencing consumer borrowing costs like mortgages, auto loans, and credit cards.
Future Rate Cuts Expected: The Fed’s "dot plot" signals an additional 50 basis points of cuts by year-end, with a further 2 percentage points of reductions expected by 2026.
$1,300,000 Refinance of a Medical Office Property in Glendale, California.
FINANCED Glendale Medical
Property Type: Medical Office
Lender: Credit Union City: Glendale, CA Size: 11,415 SF Term: 30-year amortization, flexible prepay structure
Kevin Mulvihill of PSRS arranged the $1.3 million refinance of a medical office property in Glendale, California. The subject property is a single-tenant, 11,415-square-foot medical office building. PSRS provided its borrower with a very competitive credit union execution for this refinance, which included a 30-year amortization, flexible prepay structure, and no deposit requirement.
$1,500,000 Cash-Out Refinance of a Hertz Property in Santa Monica, California.
FINANCED Hertz Santa Monica
Property Type: Retail
Lender: Life Insurance Company City: Santa Monica, CA Size: 3,116 SF Term: 25-year loan, 25-year amortization
Michael Warner of PSRS arranged the $1.5 million cash-out refinance of a retail property in Santa Monica, California. The subject property is a 3,116-square-foot, single-tenant Hertz car rental retail location. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a 25-year loan term and a 25-year amortization.
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.
