Wall Street Journal, Sept. 22, 2020–Peter Grant (subscription)Thor Equities, owner of the Palmer House Hilton, is in default on its $333.2 million first mortgage, court papers say.https://www.wsj.com/articles/grand-chicago-hotel-in-foreclosure-making-it-one-of-covid-19s-biggest-victims-11600767000?mod=hp_lead_pos11
Category: Top National News
Brookfield Properties to Cut 20% of Employees in Retail Unit
Bloomberg, Sept. 22, 2020–Natalie WongBrookfield Property Partners LP, a large owner of malls in the U.S., is cutting its workforce as the pandemic batters the retail industry. The job cuts …
Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready.
Wall Street Journal, Sept. 18, 2020–Ryan Dezember (subscription)Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters. (MBA mention)https://www.wsj.com/articles/millions-are-house-rich-but-cash-poor-wall-street-landlords-are-ready-11600421401?
Nearly 11 Million Households Missed Mortgage or Rent Payments at Pandemic’s Outset–Study
Mortgage Professional America, Sept. 18, 2020–Ryan SmithNearly 11 million households fell behind on their mortgage or rent payments during the first three months of the COVID-19 pandemic, according to a …
Wave of Foreclosures Seen Hitting Commercial Real Estate
Houston Chronicle, Sept. 17, 2020 The pandemic has hit commercial properties hard – especially restaurants, retailers and hotels, which are having a hard time making mortgage payments because of reduced …
Mall of America Is Facing a Complicated Debt Situation. But It Might Be Too Big to Fail.
National Real Estate Investor, Sept. 16, 2020–Liz Wolf The mall’s owners entered into an agreement with lenders to avoid foreclosure. Now what? https://www.nreionline.com/retail/mall-america-facing-complicated-debt-situation-it-might-be-too-big-fail?
Apartment Rent Collections Continue to Decline
GlobeSt.com, Sept. 17, 2020–Rayna Katz New data tracked a significant decline in households paying rent, which comes on the heels of other research highlighting distress in the multifamily segment. https://www.globest.com/2020/09/17/apartment-rent-collections-continue-to-decline/?
The Flip Side of Trump’s Eviction Ban: Landlords Face Big Crunch
Politico, Sept. 11, 2020–Katy O’Donnell The White House’s move to ban evictions across the country during the coronavirus crisis is having an unintended side effect: It’s threatening the livelihood of …
Value-Add Strategies That Could Work for Distressed Assets
GlobeSt.com, Sept. 10, 2020–Les ShaverWhile many lenders have soured on the retail and hospitality space, Mark Fogel isn’t among that group. Fogel, the CEO of ACRES Capital and the President …
Marriott to Lay Off 17% of Corporate Staff Next Month
Washington Post, Sept. 10, 2020–Dee-Ann DurbinMarriott International plans to lay off 17% of its corporate workforce next month as the coronavirus continues to take a heavy toll on the hotel …