The North Star Universal, LLC

  The North Star Universal, LLC: Navigating Refinancing Risk in Today’s NYC Commercial Real Estate Market What a week in New York City commercial real estate—and what it means for those with capital and conviction. At The North Star Universal, LLC , we have been monitoring a growing undercurrent: refinancing risk and rising interest rates . The changes in the debt markets, combined with evolving cap-rate expectations, demand a fresh strategy. We believe that refinancings now require more foresight than ever. In this article, we lay out why refinance risk is one of the most salient threats in NYC property investing today—and how investors can respond with practical, risk-adjusted moves that preserve value and cash flow stability. Rising Borrowing Costs + Cap Rate Pressure: The New Reality Recent reports from the December 2025 NYU Schack Institute of Real Estate capital markets panel suggest borrowing costs may climb. Even if short-term rates drop, long-term yields—particularly ...