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CHICAGO-Senior housing and healthcare facility borrowers thathave remained committed to floating rate debt need to realize thattime is no longer on their side, warns Jeffrey A. Davis, presidentand chairman of locally based Cambridge Realty Capital Co.Cambridge specializes in lending to these real estate sectors.

"We've had 16 Fed fund rate increases in the past 18 months orso," he points out. "Prime has gone from 3% to 8% and Libor from 1%to about 5.5%." Despite these hikes, "long-term rates have not beenaffected until recently, so people have been able to delayrefinancing to fixed rates," he tells GlobeSt.com. "Yet, there's asaying, 'you can't fight the Fed.' Although the signals have beenclear, owners and borrowers have a tendency to delay." He comparessuch delays to ignoring early warnings of a dotcom bubble and evento such everyday procrastinations as putting off a haircut."Ultimately, time runs out," he says.