Star News

Last week, European investors were hit by the news that rating agency Standard & Poor warned Great Britain that their excessive debt load was jeopardizing its coveted AAA rating. This triggered a drop in U.K. bond prices and in turn sent shock waves across the Atlantic. The announcement sparked global fears of the consequences resulting from the massive debts being incurred by the United States and other leading countries as they try to dig out from the global economic crisis.

Initially investors dumped U.K. bonds and sought refuse in U.S. Treasuries. Within hours however, concerns of a potential onslaught of new U.S. bond sales and the securities of America’s own AAA rating in turn drove down the price of U.S. Treasuries. The 10-year Treasury yield climbed 40 basis points or 12% over the last 3 trading days. We will keep you posted…

Penstar secured a term sheet for the refinance of seven Walgreens’ drugstores located in multiple states throughout the Northwest. The lender is providing seven individual high leverage permanent loans to 97% loan to value; with interest rates fixed at 6.9% and coterminous to the remaining lease terms. The loans are non-recourse with the exception of standard carve outs. To discuss, please contact Steven Hamermesh at (818) 883-9609 or Hamer@PenstarAdvisors.com

Penstar has access to a capital source actively funding permanent loans for commercial properties ranging from $1 million to $8 million located throughout California. Loans are priced as follows: 3-years fixed at 6.05%, 5-years fixed at 6.81%, or 7-years fixed at 7.30%. All loans will be amortized over 30 years. The maximum loan to value for office, industrial, multi-family, and anchored retail properties is 60%. For more information, 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.

“Do we need a title?”

An international journalist learned of a very old man who had been going to the Western Wall to pray twice a day, every day, for a very long time. She traveled to the Wall to observe him in prayer. As he rose to leave, she approached him for a brief exchange.

“Pardon me, sir,” she introduced herself. “I am a journalist for an international news station and we’d like to know, how long have you been coming to the Western Wall to pray?”

“For about 60 years,” the man replied.

“That’s amazing!” she exclaimed. “What do you pray for?”

“I pray for peace between the Christians, Jews and the Muslims.” “I pray for an end to all the wars and hatred. I pray for all our children to grow up safely as responsible adults, and to love their fellow man,” he declared.

“How do you feel after 60 years in prayer?” she asked.

“Like I’m talking to a brick wall!” the elderly man exclaimed.