The Commercial Real Estate Alpha Site

An extremely well delivered synapsis of Lending today.

Some contact information and summary data

How to reach Kenny Cutler:

Director, JLL Capital Markets

1450 Brickell Avenue Suite 2110 Miami, FL 33131

T +1 305 421 6556 M +1 305 978 6890 Kenny.Cutler@am.jll.com us.jll.com/capitalmarkets

Debt Acronyms Explained:

–SOFR: Secured Overnight Financing Rate – a road measure of the cost of borrowing cash overnight collateralized by Treasury securities.

–DSCR: Debt Service Coverage Ratio: net income divided by annual debt service payments. measurement of a firm’s available cash flow to pay current debt obligations. -Agency debt: debt provided by a U.S. sponsored enterprise

–CMBS: Commercial mortgage backed security

–LTV: ratio of “Loan to Value”

–NOI: Net Operating Income or income minus expenses

–Treasure Rates: current interest rate that investors earn on debt securities issued by the U.S. Treasury

–Debt Funds: an investment pool, such as a mutual fund or exchange-traded fund, in which the core holdings comprise fixed income investments.

–I/O – means interest only

-a 3-1-1 mortgage: a loan that is fixed for the first three years, then the interest rate adjusts once for each of the next two years based on the index stated in the loan agreement.

-a 2-1-1 mortgage: a loan that is fixed for the two three years, then the interest rate adjusts once for each of the next two years based on the index stated in the loan agreement.

–Floating Rate: the rate of interest is subject to revision. –

Exit Cap: the hypothetical capitalization rate investors use to determine the future sale value of an asset.

–Basis points or “bips” – one one hundredth of one percent as it pertains to interest rates

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