FINfacts™ XXIV – No. 435 | October 17, 2024

MARKET RATES
Prime Rate 8.00
1 Month LIBOR 4.96
3 Month LIBOR 4.85
6 Month LIBOR 4.68
5 Yr SOFR Swap 3.58
10 Yr SOFR Swap 3.63
5 Yr US Treasury 3.91
10 Yr US Treasury 4.10
30 Yr US Treasury 4.30

RECENT TRANSACTIONS
$9,000,000 Bridge Loan for the Acquisition and Repositioning of a 42-Unit, Two-Property Multifamily Portfolio in Southern California

Rate: SOFR + 3.95% 
Leverage: 70% loan-to-cost 
Term: 3-year initial term, with two six-month extension options 
Interest-Only: During the initial term 
Guaranty: Non-recourse 

Advisors

Michael Anderson-Mitterling
Managing Director
Grant Pugatch
Associate
Nicholas Drohan
Associate

Pascale's Portrait
PASCALE'S PERSPECTIVE
Yields Climb on Strong Economic Data, Fed Cut Uncertainty  

The ever “data dependent” Fed is digesting stronger-than-expected retail and employment reports. The data contributes to the “no landing” narrative that has been taking hold over the past few weeks. Today’s weekly jobless claims report came in at 241,000, less than the expected 260,000. Retail sales jumped 0.4% in September after 0.1% last month, and above the expected 0.3%. Fed futures now indicate 42 bps of rate reductions by end of year. That range was about 75-100 bps about 2 weeks ago. Still to come before the November meeting: September PCE (10/31), October employment (11/1), and the 2024 election (11/6). The reports would have to be pretty strong to spur a “pause” at the next meeting. Stay tuned…

By David R. Pascale, Jr., Senior Vice President at George Smith Partners.

More Perspectives ›

If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Matthew Kirisits, at (310) 867-2951 or mkirisits@gspartners.com


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