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25. From a Bell Partners letter to investors: At loan amounts of $50-60 million, a 20 basis point increase in long-term interest rates increases property

25. From a Bell Partners letter to investors: At loan amounts of $50-60 million, a 20 basis point increase in long-term interest rates increases property annual borrowing cost by $100-200K Real (inflation-adjusted) long-term risk-free rate is the most important driver of cap rates. When the long-term risk-free rate goes up, cap rates must also go up. Do you agree or disagree and why

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