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10 Must Reads for the CRE Industry Today (Jan. 4, 2021)

Facing foreclosure, Westfield will turn over the keys to two properties in Tampa, Fla., to its lender, reports the Tampa Bay Times. The Real Deal does a deep dive on what happened with the implosion of crowdfunding firm Prodigy. These are among today’s must reads from around the commercial real estate industry.

  1. Lender to take over two Tampa Bay Westfield malls after loan defaults “As of November, Citrus Park in Tampa owed nearly $128 million to its lenders and Countryside in Clearwater nearly $150 million. Both malls had loans issued by Morgan Stanley Mortgage Capital Holdings. The lender said in the lawsuits it was seeking to take over the malls’ titles and have rent payments turned over.” (Tampa Bay Times)
  2. Behind the biggest real estate crowdfunding implosion “Prodigy is not simply another business shattered by the pandemic, or an investment that just didn’t work out. An investigation by The Real Deal shows that a history of misleading marketing, poor corporate governance and questionable investment strategies made the company vulnerable to implosion long before the coronavirus struck.” (The Real Deal)
  3. CRE Executives Make Their 2021 Predictions For The Industry “Still, real estate is a forward-looking industry, and those who make their bets early and decisively will likely wind up the biggest winners of an economic recovery. With that in mind, Bisnow asked experts and executives from across the industry a series of questions to get a sense of the transitional year to come.” (Bisnow)
  4. The Future of Offices When Workers Have a Choice “Coronavirus will not kill the office. If anything, it figures to be more dynamic than ever. The ability to work remotely will not drive most people away from cities and offices, but it will enable many to live and work in new ways and places — while causing its fair share of disruption.” (The New York Times)
  5. NMHC Eyes Stimulus to Offset Year of Falling Rent Payments “With overall rent collections down in 2020 compared to last year, but new stimulus measures passed earlier this week, groups like the National Multifamily Housing Council are cautiously optimistic about rent payments in the first few months of the new year.” (Multi-Housing News)
  6. Real estate pros aim to diversify the ranks of developers “So, aligning with others in the real estate sector, Leon Walker has co-founded the Chicago Emerging Minority Developer Initiative. It’s a nonprofit supported by a grant from The Chicago Community Trust that will try to build the networks to get more minorities into the development game. Two other African Americans co-lead CEMDI. They are Gwendolyn Hatten Butler, president of Capri Investment Group, and prominent zoning attorney Graham Grady.” (Chicago Sun Times)
  7. CRE's Next Generation: Radco VP Lisa Hurd Is Pushing For More Women In CRE Finance “Lisa Hurd is the daughter of Norman Radow, who started Radco, one of the largest multifamily firms in the Southeast. Taking a cue from her founder father, she co-founded the Real Estate Network Empowering Women, or RENEW, a year later, with the goal of encouraging to get more women into a male-dominated industry of commercial real estate finance.” (Bisnow)
  8. Institutional Investors Increasing U.S. Real Estate Investment “South Korean institutional investors are shifting the focus of their overseas real estate investment towards Amazon from Europe. This is because a constant rent increase is guaranteed in the United States whereas tenants are highly protected in Europe. In addition, this has to do with their increasing preference for logistics and infrastructure investments over hotel and office investments.” (BusinessKorea)
  9. Manhattan’s $1.6B Moynihan Train Hall Finally Debuts “The Skidmore, Owings & Merrill-designed Moynihan Train Hall expands the Penn Station complex through a 255,000-square-foot project in the James A. Farley Post Office Building, a landmarked property across the street from the transit hub. With the new expansion, Penn Station’s total concourse space has increased by 50 percent.” (Commercial Property Executive)
  10. Coming Home “Ten months on, many of the displaced have since returned to the city — though how many is hard to quantify, and some may leave again as case numbers and hospitalizations spike. Since their experiences echo those of a lot of people in this unsettling, up-in-the-air time we find ourselves, it seemed worthwhile to talk to some of them. To find out where they went, what life was like there and what, upon reflection, they learned about their homes, their domestic lives and their feelings toward New York.” (The New York Times)
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