The Fed Stayed Put.
The CRE Lending Market Has Not.

The Federal Reserve’s decision last week to hold its benchmark rate steady landed largely as expected by the market. Long-term Treasury yields moved higher following the decision, a signal that bond markets remain concerned about long-term inflation and the credibility of the Fed’s response even as the policy rate itself held. For commercial real estate borrowers, the hold provides a degree of near-term certainty about the cost of floating-rate capital, but the broader lending environment is considerably more nuanced than any single Fed decision can capture. The market is opening up in meaningful ways and the current environment offers more options than the past two years have allowed. The window, however, is not unlimited, and the selectivity that characterizes each lending channel means that execution requires more precision than it did during the easier money years...   ...more

RSK: Just because the Feds held rates steady doesn't mean there are not other means of CRE financing...especially for multi-family.