• Real Estate Investing,  Travel & Lifestyle

    Bernie Sanders calls for rent, mortgage freeze

    Bernie Sanders (Credit: MANDEL NGAN/AFP via Getty Images) Presidential candidate Bernie Sanders is calling for a freeze on rent and mortgage payments as part of the next federal relief package. Sanders urged Congress on Friday to suspend monthly expenses, including rent, mortgage payments, medical debt and consumer debt collection, for four months, as part of a list of priorities he believes legislators should include in the next stimulus bill. The Vermont Senator is calling for these payments to be completely halted during that four-month period, rather than deferred. “We are entering an economic downturn that could be worse than the Great Depression of the 1930s,” Sanders said. “In this unprecedented…

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    Nation’s biggest department stores could run out of funds in a month: Goldman Sachs

    PVH CEO Emanuel Chirico and Macy’s CEO Jeffrey Gennette (Chirico by Lars Ronbog/Getty Images for Copenhagen Fashion Summit; Gennette by Mireya Acierto/WireImage) While experts debate how long the economy will be shut down, some major department stores and apparel retailers have as little as one month’s worth of funds to tough it out. Major department stores like Kohl’s, Nordstrom and Macy’s could run out of capital within a month, according to a liquidity “stress test” published Thursday by Goldman Sachs. Other retailers like PVH (the parent company of Calvin Klein and Tommy Hilfiger), Gap and Victoria’s Secret parent company L Brands fared only a little better under the investment bank’s…

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    Florida governor freezes evictions and foreclosures for 45 days

    Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images) Gov. Ron DeSantis suspended evictions and foreclosures for a period of 45 days in Florida in an emergency order issued late Thursday. DeSantis is providing the relief to single-family homeowners throughout the state, as people struggle to pay their bills during the pandemic. The state’s unemployment system has become overwhelmed with filings from those who have been laid off or fired due to Covid-19. DeSantis also ordered executive agency heads, along with the state’s Department of Management Services, to aid the Department of Economic Opportunity. In Florida, over 9,000 people have tested positive for the virus. It has killed 144 people in…

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    Thousands of CRE borrowers call on banks for debt relief

    (Credit: iStock) The number of commercial real estate borrowers who requested debt relief during the escalation of the coronavirus outbreak in the U.S. has lurched to 2,600, with borrowers against hotel and retail assets among the most asking for help, one ratings agency found. The borrowers represent some $49.1 billion of mortgage loans, according to new findings from Fitch Ratings, which analyzed debt-relief inquiries logged by Wells Fargo, Midland Loan Services, Keybank National Association and Berkadia Commercial Mortgage for the two weeks ending March 29. Those firms represent the largest servicers of commercial mortgage-backed securities and Freddie Mac borrowers. There is no precedent for the number of borrower requests for…

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    Marcus & Millichap acquires Dallas-based debt brokerage

    From left: Marcus & Millichap CEO Hessam Nadji and MCA’s Todd McNeill and Sunny Sajnani Despite widespread economic uncertainty, Marcus & Millichap has acquired a boutique Dallas-based commercial debt brokerage. The firm, Metropolitan Capital Advisors, brokered $650 million in transactions last year, according to a Marcus & Millichap press release. Terms of the deal were not disclosed. MCA will join Marcus & Millichap’s own investment services arm, Marcus & Millichap Capital Corporation. MCA focuses on Texas and the southwest. Marcus & Millichap is based in Calabasas, California, but has 82 offices across the U.S. and is among the top producing commercial brokerages in the country. The firm claims to have…

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    “They don’t deserve rent”: Tenants weigh rent strikes as landlords plan for the worst

    Tenants and landlords are preparing for what to do when tenants do not pay rent this month. (Credit: iStock) April rent checks are due today, but tenants in cities across the U.S. say they won’t pay, either due to economic hardship or to increase leverage for political demands. In California, Illinois, New York and Missouri, organizers are urging tenants to pay for basic necessities before rent, creating tools to support renters who are unable to pay or are planning to strike, and using the coronavirus crisis to give force to demands for rent suspensions and stronger renter protections. Those in multifamily real estate are closely monitoring the situation, waiting to…

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    More major retailers furlough employees, withhold rent

    Urban Outfitters CEO Richard A. Hayne and Ralph Lauren store CEO Patrice Louvet (Credit: Getty Images) The retail bloodbath continued Tuesday as more major chain retailers said they would furlough employees, suspend rent and institute executive-level pay cuts to get through the coronavirus crisis. The parent company of Urban Outfitters, for instance, said in a Securities and Exchange Commission filing that it was furloughing a “substantial number of store, wholesale and home office employees” for two months while continuing to provide benefits. “This is the first time in our 50-year history we have furloughed employees,” CEO Richard Hayne said. “It’s a painful decision that we do reluctantly.” Read more $5B…

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    Home lending in the time of corona: “Underwriting is really difficult right now”

    How do you underwrite a home mortgage when the economy is in flux and everyone is forced to stay indoors? Alan Rosenbaum, CEO and founder of GuardHill Financial Corp.; Ace Watanasuparp, senior vice president and national director of strategic sales at Citizens Bank; and Mark Favaloro, president of the New York Association of Mortgage Brokers joined editor James Kleimann for a TRD Talks Live discussion Monday, where the panelists addressed the challenges — and bright spots — in securing a mortgage for homes in a time when most Americans cannot leave their house. The experts on the panel noted that they have yet to see home valuations drop, but because…

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    Jeff Bezos pulls out of $90M deal for Beverly Crest’s “Enchanted Hill” property

    Jeff Bezos and the Enchanted Hill property (Credit: Arif Hudaverdi Yaman/Anadolu Agency via Getty Images) In this time of crisis and economic turmoil, even the world’s richest man seems to be cutting back on expensive purchases. Amazon CEO Jeff Bezos has pulled out of a deal to buy the late Paul Allen’s 120-acre “Enchanted Hill” property in Beverly Crest, according to the Los Angeles Times. Bezos and the managers of Allen’s estate were reportedly close to a $90 million deal for the semi-developed property last month. News of the supposedly imminent deal came shortly after Bezos paid a record $165 million for David Geffen’s massive Beverly Hills estate. That means…

  • Real Estate Investing,  Travel & Lifestyle

    San Francisco’s Oceanwide Center has a new buyer

    John Zhao and a rendering of Oceanwide Center (Credit: Foster + Partners via Dezeen, and Nora Tam/South China Morning Post via Getty Images) China Oceanwide’s deal to sell its flagship San Francisco development for $1 billion has fallen through following coronavirus-related delays. But a new buyer has already emerged. Beijing-based private equity firm Hony Capital has signed a framework agreement to acquire the Oceanwide Center project for up to $1.2 billion, the developer disclosed Sunday on the Shenzhen Stock Exchange. Oceanwide’s prior deal, to sell the project to Beijing-based asset manager SPF Group for just over $1 billion, was set to close Tuesday following an extension. But “the transaction partner…