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Coronavirus hits real estate

Coronavirus (Credit: Lee Health)

Coronavirus presents the real estate world with challenges and opportunities:

  • The owner of the New York Sports Clubs chain is considering a bankruptcy filing as gyms across the country remain closed to stop the spread of coronavirus. Town Sports International Holdings has been in talks with advisers and lenders to get ahead of its nearly $200 million loan maturity in November. (Bloomberg)
  • A $35 million CMBS loan for the residential portion of Solly Assa’s Cassa Hotel and Residences at 70 West 45th Street has been marked as 30 days delinquent, Trepp reported. The borrower has already missed two monthly payments. The mortgage, which covers 41 of the unsold residential condo units in the building. (TRD)
  • Rotem Rosen’s MRR Development secured a $1.7 million Paycheck Protection Program loan for the Hotel Indigo Lower East Side at 171 Ludlow Street. MRR also has an insurance policy for the hotel that specifically covers “diseases and epidemics” — a somewhat rare occurrence — and has notified its insurance provider that it intends to file a claim. (TRD)
  • Commercial mortgage investor Ladder Capital sold a package of five loans to Madison Realty Capital last week for somewhere between $150 million and $200 million. (TRD)
  • JPMorgan Chase is “temporarily pausing” its home equity line of credit offering (AKA HELOC applications). The bank will still allow customers to pull equity out of their houses through a cash-out refinance, which draws on the equity on the borrower’s mortgage. (HousingWire)

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