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As rate worries mount, commercial developers abandon variable-rate loans in favor of fixed-rate.

LI Business News

| February 18, 2005 | COPYRIGHT 1989 Long Island Commercial Review, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: David Reich-Hale

Concerned that long-term interest rates may begin to rise after years of record lows, commercial developers are abandoning variable-rate loans in favor of fixed-rate debt that offers peace of mind at only a slightly higher cost.

Variable rates have hovered at 4 percent for more than two years, but fixed terms - now averaging 5 percent to 5.5 percent - are increasingly attractive to developers looking for security over the next 10 to 12 years, the length of most commercial loans.

"Sure, I could be paying less on a variable loan, but I have no idea where I'm headed," said Larry Levine, a principal at Melville Industrial …

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