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Eight Must Reads for the CRE Industry (March 8, 2021)

The $1.9 trillion rescue bill that Congress is due to approve this week includes $86 billion to help support multiemployer pension plans, reports the New York Times. California has cleared theme parks and sports venues to reopen at reduced capacity in April, according to Vulture. These are among today’s must reads from around the commercial real estate industry.

  1. Rescue Package Includes $86 Billion Bailout for Failing Pensions “The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money.” (The New York Times)
  2. Disneyland, California Theme Parks, and Sports Stadiums Get the Green Light to Reopen on April 1 “Each reopening must adhere to the state’s color-based COVID-case tier rubric to determine what capacity will be considered safe. For example, if Orange County is in the Red tier for coronavirus cases come April 1, Disneyland could reopen at a 15 percent capacity, and so on.” (Vulture)
  3. 3 Generations Of Female Real Estate Professionals On The Change That’s Happened And What Needs To Come “In honor of International Women’s Day and Women’s History Month, Bisnow listened in on a conversation with six female real estate professionals, from a variety of backgrounds and working in different parts of the industry, whose experience in the sector ranged from three years to almost 30.” (Bisnow)
  4. Kennedy Wilson Reaches $1 Billion Milestone in Real Estate Debt Platform “Currently, Kennedy Wilson’s debt portfolio includes 16 loans primarily secured by multifamily and office properties located throughout California, Washington and Colorado. Kennedy Wilson’s debt team has both originated and purchased first mortgage loans, mezzanine loans and other subordinate debt backed by a group of well-capitalized sponsors.” (Via press release)
  5. Site Next to Javits Center Slated for Development “According to a request for proposals document issued by Empire State Development—a corporate governmental agency of the State of New York—it is anticipated that the property, also known as Site K, will be leased to the designated developer under a 99-year term, with purchase options under consideration. The submission deadline is set for May 6.” (Commercial Property Executive)
  6. Feds: Secaucus portfolio manager charged with wire fraud, aggravated identity theft “Salzano was employed at National Realty Investment Advisors (NRIA), a private real estate management fund with a purported $1.25 billion in assets under management as of 2021. In May 2018, Victim 1 purchased three purported units in NRIA’s real estate investment fund for $150,000, after hearing an advertisement for the fund on the radio, according to the criminal complaint.” (Hudson County View)
  7. Fairmont Hotel in downtown San Jose files for bankruptcy “The Fairmont Hotel, a landmark in downtown San Jose, filed for bankruptcy on Friday and closed its doors — but says it will reopen and resume operations within two to three months. The owners of the iconic, 805-room hotel said they closed the Fairmont while they attempt to find a management partner and extend the existing mortgage debt.” (The Mercury News)
  8. CIBS forms Committee to Advance Women in Real Estate “In establishing the committee, the board cited a benchmark study released by the Commercial Real Estate Women’s (CREW) Network in 2020, which found that women continue to account for only 36.7 percent of the positions in commercial real estate. Though the study did find an increase in women aspiring to C-Suite positions and occupying more brokerage positions than ever before, women still continue to earn less and are not as likely to reach top positions in their companies.” (Real Estate Weekly)
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