Star News

The World Bank recently cut its 2009 global growth forecast, projecting that the world economy will contract by 2.9 percent, and warning that an overall collective drop in the investment of developing countries will lead to increased poverty. Global trade is expected to plunge by 9.7 percent this year, while total gross domestic product for high-income countries is expected to tighten by 4.2 percent, the Bank said. Economic growth in developing countries is projected to slow to 1.2 percent and developing economies will contract by 1.6 percent.

Domestically, the Federal Reserve was in the spotlight this week upon its conclusion of a 2-day meeting on monetary policy. While the Central Bank is expected to hold key funds rates steady at near zero, investors want to know if policy makers intend to purchase more treasuries than initially planned to promote low interest rates. In recent weeks, the Fed has been buying up treasuries and other debt in an effort to keep borrowing rates low, while at the same time the government has been issuing record amounts of debt. We will keep you posted…

Penstar recently obtained a loan quote for the acquistion of a single tenant office and warehouse building outside of Chicago. The 55,000 square foot building is currently leased to a subsidiary of a large European company with a 20 year NNN lease. The lender is offering a 60% loan to value for a 10-year term, fixed at a rate of 7.5% and amortized over 25 years. For more information, please contact Steven Hamermesh at (818) 883-9609 or Hamer@PenstarAdvisors.com

Hot Money
Bank Lends Nationally on Multi-Family and Commercial Properties

Penstar is currently working with a bank actively originating loans on office, industrial, and multi-family properties nationwide. The lender will consider stabilized properties of up to 60% LTV, ranging from $1 million to $12 million, for a 5-year term and a 25-year amortization schedule. To learn more,please contact David Stepanchak at (818) 883-9611 or DStep@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.

“Marriage Qualities”

During a surprise 40th wedding anniversary celebration thrown by family and friends, Tom was asked by his wife to share with their guests his aspects of the benefits of their lifetime union.

His wife inquired, “Tell us Tom, just what is it you have learned from all those wonderful years living with me?”

“Well,” Tom replied, “I've learned that marriage is the best teacher of all. It teaches you loyalty, forbearance, meekness, self-restraint, forgiveness, and a great many other qualities you wouldn't have needed if you'd stayed single!”