Commercial and multifamily developments and activities from MBA relevant to your business and our industry.
The $2 trillion CARES Act bill is designed in part to provide liquidity to small businesses—including hard hit hotels—who will turn to the program first to cover costs such as payroll, utilities and interest on debt payments. Commercial real estate borrowers, tenants and their employees are prime candidates to apply for the program and many of MBA’s member banks will be instrumental in getting this $350 billion of relief to small businesses and their employees in communities across the country through their SBA lending programs.
Analysts say the hotel sector is showing further economic effects of the COVID-19 pandemic.
Greystone, New York, provided $75.2 million in construction financing for multifamily and mixed-use properties in Louisiana and Connecticut.
Hunt Real Estate Capital, New York, hired Brian Adams as Director.
Nearly 40 percent of contractors said project owners have halted or canceled construction projects amid deteriorating economic conditions.
Wells Fargo Securities, Charlotte, N.C., said it expects real GDP to contract sharply in the second and third quarters due to the coronavirus pandemic, presenting a “major challenge” to commercial real estate.
Fitch Ratings, New York, reported more than 2,600 commercial real estate borrowers, representing $49.1 billion of mortgage loans, have sought potential debt relief during the first two weeks of the U.S. coronavirus outbreak.
For commercial real estate markets, a key factor in how we work through this period of uncertainty will be how investors value properties and their incomes. Our experiences in the past two recessions may provide some insights.