FINfacts™ XXIV – No. 42 | October 19, 2016

MARKET RATES
Prime Rate 3.50
1 Month LIBOR .53
6 Month LIBOR 1.26
5 Yr Swap 1.23
10 Yr Swap 1.57
5 Yr US Treasury 1.23
10 Yr US Treasury 1.74
30 Yr US Treasury 2.51

Speaker's Corner

Managing Director Gary M. Tenzer, was interviewed by Globest.com on the opportunities found in agency lending. Mr. Tenzer expounded on his expertise in multifamily lending and described agencies like Fannie and Freddie as “gangbusters” a reflection of current market conditions and trends. Mr. Tenzer served as moderator on the Agencies of Change panel on the first day of the 2016 RealShare Apartments conference where the discussion ranged from green financing programs with the agencies to pre-stabilization programs, new products and changing bank regulations. Register for the Thursday conference meetings here.


New Market Tax Credits: Investors Await Announcement for $7 Billion Round

By year-end, The Community Development Financial Institutions Fund is expected to announce a combined round of New Market Tax Credits (NMTC) with $7 billion to award. The NMTC program started in 2000, aimed at bringing capital to distressed and low-income communities. These credits may be considered a boost or gap financing that is not repaid. The benefit from the improvements must be maintained for 7 years or face recapture of the tax credits. Eligibility is mainly determined by location and community impact. If approved and allocated, these credits generally account for 20-25% of the capital stack. Additional specifics on New Markets Tax Credit Program is available on-line. Huber Bongolan, Jr.


In The Press

George Smith Partners Principal Jonathan Lee was featured on Globest.com on the successful arrangement of $34 million in non-recourse ground-up construction financing for a San Francisco’s Mid-Market condominium. The article explores the attractiveness of walkability in the city and the importance of development along transit-oriented corridors to meet current market demands. Jonathan Lee described, “The flexibility of this proposed project, coupled with its irreplaceable location in the urban core of San Francisco, made it an attractive project for lenders.” Additional details on this transaction are available as initially published in the August 10th issue of FinFacts.


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