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February 15, 2011: An Electronic Newsletter from CBRE Capital Markets www.cbre.

com/capitalmarkets

Market Briefs Key Rates


 Real Capital Analytics announced commercial property sales improved
markedly throughout 2010, ending the year on the strongest note since 2007 10-Yr
at $134.1 billion. Important to note, however, that investment activity is still Prime 5-Yr T 10-Yr T 1-M LIBOR DJ Avg. Swap
Spread
just a fraction (29%) of deal activity at the market’s peak.
 While London and Tokyo held onto their top spots from 2009, U.S. markets 2/15/11 3.25% 2.35% 3.62% 0.26% 12,268 10 bps
dominated the 2010 global rankings with 12 of the world’s top 30 markets
1/11/11 3.25% 1.96% 3.34% 0.26% 11,637 7 bps
by sales volume. As reported by Real Capital Analytics, New York City metro
totaled $16.3 billion in sales; nearly triple the previous year’s volume. Year Ago 3.25% 1.67% 2.64% 0.47% 10,268 31 bps
 Commercial Real Estate Direct reported lenders last year originated $110
billion of commercial mortgages, a 36% increase over 2009. Freddie Mac Source: Bloomberg, Federal Reserve
funded $15 billion of apartment loans and bond guarantees last year, down
nearly 12% from 2009 with 50% of the volume last year was closed in fourth
quarter. While Fannie Mae originations fell 15%, down to $16.9 billion. Average 10-Year Treasury vs. 30-day LIBOR
 $918.4 million of CMBS loans were liquidated in December 2010, out of a
total of $7.8 billion in all of 2010. This was the second most active month 7%

after July, according to Realpoint.


6%

Interest Rate Projections 5%

Source: Bloomberg
4%
1Q 2Q 3Q 4Q 1Q 2Q
2011 2011 2011 2011 2012 2012
3%

10 Year
3.37% 3.48% 3.61% 3.74% 3.88% 4.04%
(Avg.) 2%

1%
Fed Funds
0.25% 0.26% 0.29% 0.37% 0.61% 0.94%
(Avg.)
0%

Jan-10

Jan-11
1 Month
Jan 03

Jan 04

Jan 05

Jan 06

Jan 07

Jan 08

Oct-09

Oct-10
Apr-10
Apr 03

Oct 03

Apr 04

Oct 04

Apr 05

Oct 05

Apr 06

Oct 06

Apr 07

Oct 07

Apr 08

Oct 08

Jan09

Jul-09

Jul-10
Jul 03

Jul 04

Jul 05

Jul 06

Jul 07

Jul 08

Apr09
LIBOR 0.27% 0.31% 0.40% 0.57% 0.85% 1.19%
(Avg.)
*News Monthly Survey: 1/24/11, Chatham Financial 1-M LIBOR: 2/14/11 10-Yr Treasury 30-Day LIBOR

Recently Closed Deals


Asset Type Loan Amount Financing Type Lender Type Index/ Spread Rate Loan-to-Value Term Amortization
Industrial $4,250,000 Fixed Life Company T + 285 bps 4.35% 70% 5 Years 25 Years
Multifamily $13,750,000 Floating Agency L + 289 bps 3.15% 70% 5 Years 30 Years
Mini-Warehouse $29,125,000 Fixed Wall St./Conduit S + 235 bps 5.77% 55% 10 Years 30 Years
Multifamily $31,900,000 Fixed Life Company T + 225 bps 4.30% 65% 7 Years 30 Years
Office $15,750,000 Fixed Life Company T + 200 bps 4.52% 56% 10 Years 30 Years
Multifamily $45,000,000 Floating Bank L + 350 bps 4.75% 70% 5 Years 30 Years
Multifamily $6,400,000 Fixed Agency T + 269 bps 5.37% 75% 7 Years 30 Years
Office $7,300,000 Fixed Life Company T + 290 bps 5.60% 65% 10 Years 20 Years

About Us
Private Client Group Kansas City
CBRE Capital Markets combines the top investment sales, finance and investment banking businesses into a single,
Doug McFadden, CCIM
complementary global service offering. In 2010, we led the industry with more than $32.1 billion of investment sales and loan 4717 Grand Ave, Suite 500
originations nationally. In 2010, we ranked as #1 Top Brokerage Firm Overall by Real Capital Analytics, and in 2009 as #1 Kansas City, MO 64112
Non-Bank/Direct Mortgage Originator by the Mortgage Bankers Association. Proving again that when it comes to commercial T 816.968.5829
real estate capital markets, CBRE Capital Markets is the market-maker. Doug.mcfadden@cbre.com

2011 CB Richard Ellis, Inc: We believe the information above to be reliable. However, we make no guarantee, warranty or representation about it. Any
opinions or estimates contained in this report represent the judgment of CB Richard Ellis, Inc, at this time, and are subject to change without notice. Rates
and analysis are based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.