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Real Estate Roundup 9.9.20

Real Estate Roundup:

Retail rent collection survey

  • Major chains paid 83 percent of August rent, a new record, and only 14 percent below the nearly 97 percent that they paid during the same time last year, according to the most recent report by Datex Property Solutions. That’s a slight increase from last month’s 80 percent. Participants in the survey all have a minimum gross monthly rent of $250,000, or lease 10 or more locations. (TRD)

Retail leasing

  • The grab-and-go concept, Pasta By Hudson, has signed a lease for 500 square feet at 180 Seventh Avenue where it will open later this fall. Asking rent was $225 per SF. (CO)

Student Housing

  • In August, a number of major universities said they were moving to remote learning after the first days of classes led to a spike of infections in and around campus. That is bad news for the student housing investment firms. The share of non government-backed mortgage bonds secured by student housing that are delinquent rose to a peak of 13.7% on July 1, according to Trepp LLC. That is up from 9.7% at the beginning of March and the highest figure since at least 2005. (WSJ)

Tech

  • SoftBank Group’s chief compliance officer Chad Fentress has left the company. Fentress has also vacated his position as a member of the board at WeWork. (Bloomberg)

Financing news from the Holiday weekend 

  • Column Financial, a real estate lending arm of Credit Suisse, provided a $224 million loan to Aby Rosen’s RFR for its acquisition of 522 Fifth Avenue. (ACRIS)
  • SKW Funding (Danny Wrublin and Ayush Kapahi) + Bain Capital bought the roughly $70 million loan on RedSky Capital’s Greenpoint development site at 18 India Street. The loan for the site was described to TRD as sub-performing. RedSky put the development site up for sale in April with an asking price of $165 million, but hasn’t sold yet. (TRD)
  • NYC developers face downgrades on Israeli bond market… All Year Management was the latest company to face a ratings drop on the TASE. Extell Development’s bonds were officially downgraded by Midroog by one level, from A3 to Baa1, with a negative outlook. Earlier in June, Midroog also downgraded Moinian Group’s bonds by two grades, from A1 to A3, with a negative outlook. These rating downgrades have led to increased interest rates on the firms’ bonds, which — combined with continued weakness of the dollar versus the shekel — has led to an increase in debt obligations. (TRD)

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