“The COVID-19 pandemic has triggered a housing affordability crisis. Today, 1 in 5 renters is behind on rent and just over 10 million homeowners are behind on mortgage payments. People of color face even greater hardship and are more likely to have deferred or missed payments, putting them at greater risk of eviction and foreclosure.”
–White House statement announcing it would extend and expand forbearance/foreclosure relief programs.
The U.S. office sector faces a “murky” future after a tumultuous 2020, said Yardi Matrix, Santa Barbara, Calif.
Marcus & Millichap Capital Corp. announced Erika Banach joined the firm as Vice President, Capital Markets.
“If we focus on retail for a moment, negative structural influences have been pulled forward with tenancy being the primary differentiator in performance. Neighborhood and community centers that have their tenancy weighted toward need-based consumption have performed relatively well compared to other retail subtypes.”
–Sarah Swartzendruber, Managing Director of Mortgage Loan Special Servicing at Aegon Real Assets
NorthMarq, Minneapolis, closed $72 million for two multifamily properties in California and Massachusetts.
Delinquency rates for mortgages backed by commercial and multifamily properties decreased in January, according to the Mortgage Bankers Association’s latest monthly MBA CREF Loan Performance Survey.
PGIM Real Estate hired Stephanie Wiggins as Managing Director and Head of Production for its agency lending platform, responsible for oversight of the firm’s originations for Fannie Mae, Freddie Mac, FHA and affordable multifamily loans.
“The economy and CRE markets cannot fully recover until we get past the pandemic which is only going to occur via widespread vaccination. That should likely occur around mid-year but if vaccination experiences troubles or delays, pushing that timeframe out, CRE will take longer to recover.” –JLL Chief Economist Ryan Severino
Hospitality experts recently discussed their outlooks given challenges in the broader economy and continued soft room demand and business travel.
“Government financial and monetary relief efforts and strong market liquidity have provided better than expected commercial and multifamily loan performance. The anticipated availability of widespread vaccinations and further economic interventions are expected to positively impact the commercial real estate recovery.”
–Stacey M. Berger, Executive Vice President of Midland Loan Services, Overland Park, Kan.
