What we see in retail centers

October 7, 2026 · Financing

Strip Center Cap Rates Are Priced Like 2007. Check the Spread.

National strip center cap rates sit less than three points over the 10-year Treasury, the same thin cushion as 2007 and late 2022. The rate-bet test shows what a deal is really betting on, and why small Wisconsin centers often pass it.

September 1, 2026 · Financing

Your Loan Matures a Year Before the Date in the Note

Your refinance is decided about a year before the balloon, by the NOI in place when the appraiser arrives. At today's terms every dollar of NOI is worth about $8.70 of loan, so a $48,000 lease signed early is worth $419,000 at closing.

April 28, 2026 · Asset Management

Your Lender Runs Three Numbers. Two of Them Move.

LTV moves with cap rates. DSCR moves with interest rates. Debt yield moves with nothing but your NOI, which is why it is the number that decides whether a loan written in 2016 refinances cleanly in 2026.