Commercial Real Estate
Top stories summarized by our editors
3/27/2020

Secondary mortgage markets, including both agency MBS and non-agency MBS, felt pricing pressure and limited liquidity as investors shed risk during the COVID-19 crisis. The Federal Reserve's statements giving strong support to the markets eased conditions in recent days. Nareit economist Calvin Schnure also explores differences in the non-agency market that may lead to lower exposures today than in 2008, including better underwriting to stronger borrowers, firm underlying conditions in the housing market and significant increases in home equity prior to the onset of the current crisis, and a much smaller non-agency market than in 2008.

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Nareit
3/27/2020

There are measures in the $2 trillion-plus economic relief bill that is moving through Congress that will benefit the commercial real estate industry. This article highlights some of the bill's provisions related to taxes and other topics and includes reactions from industry groups.

3/27/2020

Park Hotels & Resorts is suspending operations at almost half of its 60 hotels while also looking to rent out some properties for use by displaced residents, first responders and others. It is also drawing money from a credit facility to expand its cash on hand to $1.3 billion as it seeks "to wait out this difficult period and meet our commercial obligations," according to Chairman and CEO Thomas Baltimore.

3/27/2020

Starwood Real Estate Income Trust has closed on its $614 million acquisition of the leasehold interest in Boston's 60 State Street. The purchase involved $421.5 million in financing from Pacific Life and Metlife, sources say.

3/27/2020

Cottonwood Communities has acquired a Boston-area apartment complex for $103.6 million. A subsidiary of Jefferson Apartment Group sold the nearly 304,000-square-foot complex.

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Bisnow
3/27/2020

The House is working to pass the $2 trillion-plus stimulus already approved in the Senate. The measure was originally expected to pass via voice vote, but Rep. Thomas Massie, R-Ky., has indicated he will insist on a recorded vote.

3/27/2020

The stimulus package could mitigate some of the effects of the widespread economic disruption caused by the coronavirus pandemic, experts say. "Real estate's performance is going to be a function of the underlying tenants," says Nareit's John Worth, who notes that the value of the stimulus bill is about 10% of US GDP.

3/27/2020

Developers are building more mixed-use properties with entertainment options in Arizona to keep up with consumers' changing lifestyles. Toward that end, Opwest Partners has plans to transform the bottom eight floors of One South Church into a hotel, restaurant and meeting space with an outdoor area.

3/27/2020

Washington Prime Group has announced that it will temporarily shutter its enclosed retail properties in light of the coronavirus outbreak. Exterior-facing restaurants with delivery and carryout options will be exempted, along with exterior-facing tenants that offer essential products.

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Washington Prime Group
3/27/2020

Winrock Town Center has seen positive results from a new anchor tenant called New Mexico Orthopaedics. Although the main mall is closed, the orthopedics center is still seeing patients.