A crisis brewing in the Eurozone.Employment growth in the US that started out well in January onlyto peter out in the spring. Deadlock in Congress over tax andbudget issues. A rating agency threatens to downgrade US creditunless said tax and budget issues are resolved. Rock-bottominterest rates that make any investment a better prospect thanT-bills. If one didn't know any better, this could easily be latesummer of 2011.
It is, of course, the start of the summer of 2012 and while allof the ingredients are the same as last year, there is hope thatthe pause on Wall Street that occurred in August 2011 won't berepeated. The money, in short, is likely to keep flowing, barringoutright economic turmoil.
Ziad Hammodi, for one, hopes that's the case. The New YorkCity-based deputy Real Estate Practice Group leader at Reed Smithcites a CMBS deal he is currently reviewing. The lender, an activeCMBS player, has inserted a floor to the floating rate, somethingthat Hammodi is seeing more of.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
