- Developer Beatrice Sibblies: 'African Americans Are The Real Property On Which This Country Was Built' “Ten years ago she helped form an organization called Harlem Park To Park, a social enterprise that works to advance cultural preservation and economic development of small businesses within Central Harlem. Sibblies is now working on a charter school opportunity zone fund targeting the Bronx and Harlem. Sibblies spoke with Bisnow about being a woman of color in real estate and watching her white classmates at Wharton Business School all get job offers while she never did.” (Bisnow)
- REITs Cut Executive Pay Amid COVID-19 “Among publicly traded REITs, 16% have announced compensation cuts, with the top brass seeing the biggest reductions, according to a new report from professional services firm FPL Associates. As of May 31, 27 such REITs had unveiled pay reductions. In addition to reducing executive and board pay, some REITs have also announced furloughs, layoffs, and suspended dividends. Unsurprisingly—given the falloff in travel amid the outbreak—the hotel REIT sector has seen more compensation reductions measures than other sectors. Out of 17 companies, 12 have announced pay cuts.” (GlobeSt.com)
- Density Can Work Post COVID-19, with Good Urban Planning “Concerns about density should not be confused with the problem of overcrowding, however. A city’s development policies can mandate upper limits for the scale of buildings, but market forces too often overwhelm the best laid plans. When low-income families are forced to double up or share accommodations, this makes it impossible for people to keep their distance.” (Policy Options)
- Panel: Black business people in Detroit must 'control our own' neighborhoods “Panelists in a webinar hosted by the Detroit chapter of the National Association of Black Journalists agreed Saturday that black people have too little equity and too little ownership in Detroit, a city that's 80% black.” (The Detroit News)
- Trump Signs New Law Relaxing PPP Rules: What You Need To Know “The biggest complaint around the PPP loan program was that it required businesses to spend 75% of the loan on payroll. For those businesses shut down due to COVID-19, this meant playing the role of unemployment office, paying their workers to stay home and do no work. The PPPFA reduces the amount of the loan needed to be spent on payroll from 75% to 60%, thus increasing the amount of funds available for other expenses from 25% to 40%.” (Forbes)
- Commercial Real Estate “Carved Into” Washington’s COVID-19 Reopening Plans “Specifically, under the orders issued in mid-March during Phase 1, commercial real estate was carved out of being deemed an essential business. Lee & Associates’ Candice Chevaillier, CCIM, notes, ‘The rationale was to allow only real estate activities to continue that were urgent in nature, mostly to allow individual home owners to be able to continue transacting and minimize their hardship.’” (Connect Seattle)
- CRE’s Cautious Road to Recovery “At NAREIT’s REITWeek Virtual Investor Conference, a tale of two asset types emerged: those centered in essential sectors of the economy and those servicing non-essential sectors.” (Commercial Property Executive)
- Will Work for Room “For Kurt Juergens, a musician who used to rely on babysitting gigs to pay his rent, the coronavirus has been a problem…. In mid-March, when his rent was due, he reached out to his landlord with $500 and a proposition: Maybe he could do some construction work for the landlord to make up the shortfall?” (New York Times)
- MARTA, Portman deal at North Avenue may usher in new era of transit oriented development ” The potential deal has two firsts – MARTA’s first public private partnership, which in this case means Portman would pay $13.1 million to rebuild the 1981 station; and MARTA’s first use of a new business model to tap into the value of air rights above a transit station.” (Saporta Report)
- How KeyBank Is Reaching Smaller CMBS Investors “While they may not be working to develop products for the person who wants to put $50 or $100 into a real estate transaction, large capital providers are innovating with the smaller borrowers in mind. In the CMBS sphere, KeyBank has combined risk retention with the servicing, allowing it to reach smaller investors.” (GlobeSt.com)
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