The year 2022 started out peacefully enough. The 10-year U.S. Treasury bond yield was a borrower-friendly 1.6 percent, and most Americans, if asked, could not locate Ukraine on a map. Further, in the minds of many investors, high inflation was generally thought to be transitory.

But, seemingly overnight, the smooth sailing changed. The 10-year Treasury yield doubled within less than three months—a speed not seen before. Commercial real estate transactions, which had enjoyed a banner year in 2021 and the first quarter of 2022, suddenly hit a logjam.

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