Wall Street Journal (04/09/08) P. C10; Frangos, Alex; Hudson, Kris; Wei, Lingling
Despite the ongoing credit crunch, those commercial property owners that have been able to find cooperative lenders are enjoying low rates. The recent series of interest-rate slashes by the Federal Reserve have caused the yield on the benchmark 10-year Treasury to hover near a five-year low. This, in turn, has helped reduce borrowing costs for some investors in everything from office towers to apartment communities. Adelante Capital Management CEO Michael Torres notes that the key beneficiary of the rate cuts are "public companies with strong balance sheets."
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