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Real Estate Roundup 8.10.20

Real Estate Roundup:

  • An estimated 27% of adults in the U.S. missed their rent or mortgage payment for July, according to a nationwide survey conducted by the U.S. Census Bureau weekly over the last three months. Among renters alone, just over one-third (34%) said during the waning days of July that they had little to no confidence that they could make their August rent payment, a stark measure of the ongoing economic devastation for households stretched to the brink by coronavirus pandemic. The survey registers the deepest uncertainty across the South, where in some states, more than one-third of renters and homeowners said they missed their last rent or mortgage payment and would struggle to meet their obligations for August. In Texas, for example, 39% of renters said they weren’t certain they could pay their rent. In Oklahoma, doubt has crept up to 43%. (Bloomberg)

National industrial deals

  • El-Ad Group has secured a $434 million debt package from J.P. Morgan Chase to refinance a nearly 6.1-million-square-foot portfolio of industrial and office buildings previously under the umbrella of now-delisted Canadian real estate investment trust Agellan Commercial REIT. The five-year, interest-only CMBS loan package will pay interest at a rate of 4.63 percent. Of the 46 assets, just four are offices. (CO)
  • Walton Street Capital and Wharton Equity Partners has nabbed nearly $60 million in bridge debt from Nuveen Real Estate to cover their acquisition of two neighboring-but-connected New Jersey industrial parks from the Bloom Organization. The properties span a total of 1.2 million square feet, and consist of 32 buildings. which are fully leased to 49 tenants. (CO)

Other news 

  • Single-family rental firm Invitation Homes is looking to take advantage of low mortgage rates and growing preference for more space over tighter urban living. The publicly traded company raised $448 million in a share sale in June and plans to use two-thirds of that to buy more properties. CEO Dallas Tanner said that “housing fundamentals are spectacular in the U.S. right now.” The company has been culling its portfolio over the last few years, but it still has around 80,000 properties. (Bloomberg)
  • Artist Shalom Neuman Wins 8-Year Legal Battle Against Landlord Steven Croman. (CO)

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