By Huxley Somerville
Huxley Somerville, a managing director at Fitch Ratings, heads the CMBS ratings group.
With late 2012 and early 2013 mortgage rates on U.S. commercial real estate at historic lows, the upward trend seen in June shouldnt have been a surprise to anyone. Perhaps the timing was a little earlier than expected; and perhaps the magnitude was greater than expected. But up was the only direction mortgage rates were going to move.
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Manhattan’s Midtown South market attracted frenzied demand over the past couple of years, and Will Silverman, a managing director at Studley, believes this year will be no different.
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