- Out-of-Work Apartment Tenants Putting Monthly Rent on Plastic “A growing number of Americans are paying rent by credit card during the coronavirus pandemic, a move that is enabling more tenants to make timely payments but potentially pushing some deeper into debt.” (Wall Street Journal, subscription required)
- The New York Retail Real Estate Market Is Reeling Because of Coronavirus, As Rents Tumble “The coronavirus pandemic is pummeling the retail real estate market in New York City, with rents tumbling and not expected to turn around anytime soon, according to a new report from commercial real estate services firm CBRE.” (CNBC)
- Vulture Funds Prepare to Swoop In and Feast on Troubled Company Debt “The world’s biggest distressed debt funds are gearing up to capitalize on the worst market turmoil in decades as they look to snap up the debt of troubled companies at deep discounts.” (MarketWatch)
- After Anonymous Tip, 17 Bodies Found at Nursing Home Hit by Virus “Coronavirus has swept through the New York region’s nursing homes with devastating and deadly speed, killing thousands of residents at facilities struggling with staff shortages, increasingly sick patients and a lack of personal protective gear.” (The New York Times)
- Retirement, Real Estate & COVID-19: Will Downsizing-To-The-City Reverse Course? “Any number of social trends that were pointing in one direction at the start of 2020 may reverse course by the end of the crisis. Will the urban retirement wave be one of them?” (Forbes)
- Denver’s Commercial Real Estate Market Was Cruising Before Coronavirus “In the middle of a statewide stay-at-home order and a period of unprecedented job loss in Colorado, it’s easy to forget how smooth the economy was sailing along before the shock of the COVID-19 pandemic.” (Denver Post)
- U.S. Commercial Real Estate Braces for Defaults as Pandemic Cuts Cash Flows “The coronavirus pandemic has turned the $4.4 trillion U.S. commercial real estate finance market upside down, even as states start to explore ways to safely reopen parts of the economy after imposing strict lockdowns that cut landlords off from monthly rents.” (MarketWatch)
- April a Telling Month for Commercial Landlords, Tenants “In March, the COVID-19 pandemic forced large chunks of the U.S. economy to a halt. The retail and personal services industry bore the brunt, initially as a result of social distancing and reduced foot traffic, then ultimately by mandated store closings, reducing operating hours and the size of public gatherings.” (Talk Business & Politics)
- Trump’s Opening the Country Council Includes Roster of His Real Estate Allies “President Donald Trump’s hastily assembled economic recovery taskforce, known as the “Opening the Country Council,” includes several of his real estate and construction allies among its 200 members.” (Commercial Observer)
- Blackstone REIT Faces Pricing Pressure Amid Real Estate Freeze “Blackstone Real Estate Investment Trust, the largest non-publicly traded real-estate investment trust, faces its biggest challenge since its inception in 2017 amid a setback in public real-estate stocks, a weakening economy, and two ill-timed investments in Las Vegas.” (Barron’s)
- Small Business Rescue Loan Program Hits $349 Billion Limit and Is Now Out of Money “The Small Business Administration’s rescue loan program hit its $349 billion limit on Thursday and is now out of money as the nation’s top Republicans and Democrats struggle to agree on how to restore its funds.” (CNBC)
- Neiman Marcus Skips Bond Payment, Starts Clock Ticking “Neiman Marcus Group Inc. is the latest retailer to skip a payment owed to bondholders as the coronavirus pandemic keeps stores closed, setting a clock ticking for the company to restructure its debt or file for bankruptcy.” (Wall Street Journal, subscription required)
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