- Landlords Face a Tough Task Ahead: Paying Off Mortgages That Come Due Next Year “After enduring a big jump in interest rates, some local landlords are facing a tough task: How to pay off mortgages that come due over the next year?” (Crain’s Chicago Business)
- When EARP Ends, Purgatory May Continue for Landlords “The decision to close ERAP leaves questions for tens of thousands who applied for aid but have yet to hear if they qualify.” (The Real Deal)
- What Will Rental, Property Management Look Like in 2023? “To be sure, it’s been a tumultuous year for the real estate industry – both commercial and residential. One saving grace has been in the rental and property management sector which thrived while residential and commercial cooled amid a backdrop of inflation. So what’s ahead for those in the rental and property management industry? David Bitton, the CMO and co-founder of Miami-based DoorLoop – a property management software firm for the real estate PropTech industry that has raised $30 million – offered up some predictions.” (Mortgage Professional)
- It’s All in the Details: Why Precision Matters in Commercial Real Estate Agreements “Commercial real estate agreements generally set forth the quality of title that a seller is required to convey at closing, which is typically “good, insurable and marketable.” Most agreements contain language allowing buyers to examine the title for a set period of time and specifying whether the seller must cure any defects identified by the buyer. Precise language is important to a seller because failure to convey the quality of title required under the agreement or to cure certain title defects may trigger a default. On the other hand, precise language with respect to title is important for buyers as they will base their diligence efforts on not only the quality of title that the parties negotiate, but also the various periods of time provided in the agreement, in the title provisions, for the ‘inspection period.’” (Law.com)
- Survey: Most Restaurants Plan to Expand in 2023 “Restaurants are bullish regarding growth in 2023 even as they expect continued increases in food and labor costs. Nearly 60% of respondents said they have growth planned in 2023, according to a study by restaurant enterprise management software company Restaurant365. The “R365 State of the Industry Customer Survey” results represent more than 10,000 quick-serve, fast casual, casual dining, and fine dining participating locations across the United States.” (Chain Store Age)
- American House CEO’s Upbeat Take on Senior Housing in the Midwest “Roughly a year after Monarch Alternative Capital and American House Senior Living Communities joined forces to acquire, develop and manage senior housing properties, the joint venture continues to take advantage of high market demand to expand its footprint. American House Senior Living Communities now owns 34 properties in Ohio, Michigan and Illinois, but it also operates assets in Florida, New Hampshire and Tennessee. Most recently, the company opened a 174-unit community in suburban Chicago and a 150-unit property in Bloomfield Township, Mich.” (Multi-Housing News)
- MSD, Apollo Closes $536M Loan for 25 Water Street’s Office-to-Resi Conversion “GFP Real Estate, Metro Loft Management and Rockwood Capital have landed a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, with the plan to turn the Financial District office building into a residential tower, Commercial Observer can first report. MSD Partners and Apollo provided the loan, and the deal closed Thursday morning.” (Commercial Observer)
- Breaking Up a Billionaire’s Property Empire “Billionaire hedge funder John Paulson may have given away $100 million to put his name on New York University’s newest building, but that’s peanuts compared to what he could soon part with. Paulson and his wife, Jenica, are locked in a bitter divorce that will divvy up, among other things, a real estate portfolio worth hundreds of millions of dollars.” (The Real Deal)
- Landmark Mass Timber Project Tops Out in Seattle “Swinerton has topped out on its construction of Heartwood, a 134-unit middle-income affordable housing community located at the intersections of Union and 14th Street in Seattle. The development is the first middle income housing community in the nation to be constructed entirely of mass timber, built following a $250,000 Wood Innovation Grant from the U.S. Forest Service. Construction is expected to finish in the spring of 2023.” (Multi-Housing News)
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