Star News

As members of corporate America struggle with their earnings and balance sheets, most firms are looking to slash overhead in order to survive these economic times. The US suffered from the loss of 2.3 million jobs in 2008. A new survey by the National Association for Business Economics depicts the worst business conditions in the U.S. since such statistics were initially recorded in 1982. A reported 39% of NABE's forecasters predicted job reductions either through attrition or “significant” layoffs over the coming six months, up from 32% in the previous survey conducted last October.

Approximately 45% of those currently surveyed anticipated no change in hiring plans, while roughly 17% thought hiring would increase. Owners and operators of retail, commercial, and industrial properties nationwide will be focused on maintaining occupancies for their investment properties in this unstable economic environment. We will keep you posted…

Penstar recently received a loan quote for a 100% occupied, 2-tenant office building in North Carolina. The first tenant currently has 4 years remaining on their lease and the second tenant has 8 years remaining on their 10-year term. The lender offered a 65% loan to value, fixed at 7%, a 5-year term with 30-year amortization. To discuss, please contact David Stepanchak at (818) 883-9611 or DStep@PenstarAdvisors.com.

Penstar has identified a portfolio lender actively funding permanent acquisition and refinance loans for commercial, industrial, office, retail, mixed use, automotive repair, and multi-family properties located throughout California. The lender will offer a 3-year fixed rate loan at 6.8%, 5-years fixed at 7%, and 7-years fixed at 7.25%. All loans have a 30-year amortization and will be a maximum of 65% loan to value/purchase. Prepayment is a step down calculation for each term loan. Loans can be funded in as little as 45 days commencing on the day of executed application. To discuss, please contact Steven Hamermesh at (818) 883-9609 or Hamer@PenstarAdvisors.com.

Helpful Humor

We at Penstar understand the challenges of the commercial real estate business. The best antidote for those challenging transactions is to take a moment to have a hearty laugh. Helpful humor is our way of infusing laughter into your work week. The anecdotes may not all be real estate themed but we hope you will enjoy them just the same.

“Golf Prayer”

A young man is playing golf with a priest. At a short hole the priest asks, “What are you going to use on this hole, son?”

The young man replies, “An eight iron, Father. How about you?”

The priest says, “I'm going to hit a soft seven and pray.”

The young man takes his shot and puts the ball on the green. The priest tops his 7 iron and dribbles the ball out a few yards from where he was standing.

The young man declares, “I don't know about you Father but in my church when we pray, we keep our head down.”