M&T Realty Capital Corp., Baltimore, closed a $51.2 million Freddie Mac Optigo conventional loan for The Elms at Arcola, a 248-unit Sterling, Va. apartment property.
Group Newslink: MBA Commercial/Multifamily NewsLink May 21
Commercial and Multifamily Loans Were Off to Strong Start in 2020 Until Coronavirus ‘Derailed’ Market
GlobeSt.com, May 19, 2020–Jane WesterMBA’s Jamie Woodwell says that investors and lenders are now focusing more on their existing portfolios than new opportunities.https://www.globest.com/2020/05/19/commercial-and-multifamily-loans-were-off-to-strong-start-in-2020-until-coronavirus-derailed-market/
Bankers Expect Recession to Last into 2021
American Banker, May 18, 2020–Jon Prior (subscription)Even as states begin to lift stay-at-home orders in hopes of jump-starting their sagging economies, many banking executives are bracing for a prolonged slowdown …
Global CRE Activity Drops
Commercial real estate transaction volume is slowing worldwide, reported Real Capital Analytics, New York.
How Can CRE Survive the Impending Recession?
GlobeSt.com, May 18, 2020–Lisa BrownThere are clear, actionable changes property owners and facility managers can implement today to save money tomorrow, recouping some of the lost costs from COVID, said …
House Passes $3 Trillion COVID-19 Relief Package; MBA Letter Details Industry Priorities
The House on Friday passed a massive $3 trillion pandemic relief bill on Friday that includes several key housing provisions advocated by the Mortgage Bankers Association.
J.C. Penney Store Closings Coming; Retailer Trying to Avoid Liquidation in Chapter 11 Bankruptcy
USA Today, May 16, 2020–Nathan Bomey, Kely TykoThe department store chain filed for bankruptcy Friday and is asking a federal judge to authorize the rejection of 20 leases in the …
Fed Chair Issues Dire Warning on Economy
The Hill, May 16, 2020–Sylvan LaneFederal Reserve Chairman Jerome Powell shook markets and alarmed lawmakers this week with a dire warning: The U.S. could suffer through years of sluggish growth …
Retail Sales Plunged 16.4% in April As Coronavirus Pandemic Drives Record Decline
Washington Post, May 15, 2020–Rachel Siegel, Abha BhattaraiRetail sales plunged 16.4 percent in April, by far the biggest drop on record and another reflection of how severely the coronavirus pandemic …
Morningstar Fined $3.5 Million for Violating Conflict of Interest Rules on ABS Ratings
HousingWire, May 15, 2020–Ben LaneThe Securities and Exchange Commission announced Friday that it is ordering Morningstar Credit Ratings to pay a $3.5 million fine for violating conflict of interest rules …