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Real Estate Roundup 4.1.20

(Credit: Getty Images)

Real Estate Roundup:

  • Closing in the time of coronavirus is onerous but not impossible. (TRD)
  • Real-estate agents are rushing to help home buyers and sellers close pending house sales, as the pandemic poses unprecedented obstacles to a high-touch process traditionally done in person. (WSJ)
  • Ginnie Mae, a U.S. agency that guarantees more than $2 trillion of mortgage-backed securities, said it is working to help mortgage companies facing a severe cash crunch when borrowers fall behind in their payments because of measures to contain the novel coronavirus pandemic. Under the plan, Ginnie would use a program normally reserved for natural disasters to help the mortgage companies, known as servicers, which collect payments from borrowers on behalf of investors. (WSJ)
  • Big Apple hotels will be rented en masse by the city and turned into hospitals to ease the burden on health care facilities overwhelmed by coronavirus. Mayor de Blasio said said that the city, state and feds are working on renting rooms — “in some cases, leasing entire hotels” — to provide non-intensive care for COVID patients and others. (NYDN)

Construction update

In guidance issued by the Department of Buildings on Monday, the agency stated that in addition to utilities, health care facilities, homeless shelters and affordable housing, “other essential construction as approved by the Department” would be exempt from the state’s “New York on Pause” order. 

  • Worth Noting: Multifamily projects in the city where at least 30 percent of the units are income-restricted are exempt, as are projects that are part of the city’s inclusionary housing programs. (TRD)

Deal news 

  • Silverstein Properties and UBS Realty Investors just wrapped a $510 million refinance for their 2-million-square-foot office and retail property at 120 Broadway. Wells Fargo led the financing, $410 million of which is fixed rate and $100 million is floating rate. Bank of New York and U.S. Bank were also participants in the refinance. The deal closed on March 13th. (CO)

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