Urban multifamily rental demand is improving as pandemic restrictions are lifted and workers return to offices, but a full recovery could take longer than prior recoveries, reported Fitch Ratings, New York.
Category: News and Trends
Dealmaker: Mesa West Capital Funds $178M For Office Acquisition, Conversion
Mesa West Capital, Los Angeles, provided Longfellow Real Estate Partners, Boston, with $178 million for San Mateo Bay Center, a 235,900-square-foot office campus in San Mateo, Calif.
Net-Lease Investment Approaches Pre-Pandemic Level
Investment in U.S. net-lease properties approached pre-pandemic levels in the first quarter, reported CBRE, Dallas.
FHFA, GSEs Extend COVID-19 Multifamily Forbearance Through Sept. 30
The Federal Housing Finance Agency said Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30, subject to the continued tenant protections FHFA has imposed during the pandemic. This is the third extension of the programs, which were set to expire June 30.
JLL: Offices Will Evolve as They Re-Emerge
JLL, Chicago, said it expects offices to re-emerge as the “beating heart” of re-energized central business districts as the recovery progresses.
Hotel Profits Improve as Recovery Spreads
STR, Hendersonville, Tenn., said hotels saw an encouraging April as more revenue flowed through to the bottom line.
Commercial/Multifamily Briefs from Blackstone, QTS, JLL
Data center real estate investment trust QTS Realty Trust, Overland Park, Kansas, and Blackstone, New York, announced that Blackstone affiliates will acquire all outstanding shares of common stock of QTS Realty Trust for $78 per share in an all-cash transaction valued at nearly $10 billion, including the assumption of debt.
Personnel News From Colliers, Greystone
Colliers appointed Jimmy Board as managing director on the firm’s Capital Markets platform.
CREF Policy Update June 10, 2021
Commercial and multifamily developments and activities from MBA relevant to your business and our industry.
Quote
“Net-lease properties continue to attract interest during this downturn as investors seek long-term dependable cash flows. Interest in the office sector is on the rise, with strong demand for mission-critical assets as COVID-19 guidance changes and employees begin to return to the workplace.”
–Will Pike, Vice Chairman of Net Lease Properties for Capital Markets at CBRE.