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It’s often assumed that when capital is needed (to acquire or refinance) “unusual properties” (‘Gentleman’s Clubs,’ Marijuana Dispensaries…) that Hard Money with double-digit rates, etc is the only route available… Not so. There are institutional investors who will...

Your humble correspondent could use a break. I no sooner get done blogging on the (non) likelihood of a pre-election rate hike, when the universe begins to shriek: ‘September Rate Hike!’ The Dow tumbles 300 points, Boston Fed President Eric Rosengren intones ‘a...

On election night, the impossible became possible, then probable, then fact. Markets whipsawed about, dropping 5% through the night, breaking even by morning, and then started to climb. The Ten Year Treasury is up by about a half-point as are corporate bond rates. If...

…saw the other day where Jon Corzine had vanquished the latest in a parade of suits and complaints against him. You remember Jon: Goldman Sachs CEO, turned New Jersey Senator, turned New Jersey Governor. Fresh out of office, the Governor needed a new gig and took up...

It’s amusing the way politicians veer between feigned outrage at financial services mischief and open fawning for the same mischievous financial institutions. In 1999 when Bill Clinton demanded ‘homeownership for all!’ Wall St. lobbyists schmoozed Democratic and...

Money is a fascinating thing. A man may work from sun ‘til sun… but when that work week is done, it’s done. Save for money. As a ‘store of value,’ money suspends and stores the value of that week’s work indefinitely, in a paycheck which can be left in his...

After a twenty-year absence, I journeyed with my son to New York, a kingdom he’d heard tell of, never touched. Having been away so long, I’d forgotten – The magnitude: Whereas 40 story structures are titans in the west, they are foot soldiers in Manhattan. The...

Wrapping up a single-tenant retail (refinance) transaction, I’m reminded of how important a tenant’s cooperation is in these deals. Obviously, with only one tenant providing the property’s income stream, lenders get a lot more inquisitive as to the tenant's p&ls, etc....