- Bundled Commercial Real Estate Loans Climb to Sales Record “Sales of securities backed by riskier commercial real-estate loans have surged to a record, highlighting investors’ demand for higher-yielding debt and expectations for a recovery in business properties. Commercial real-estate collateralized loan obligations are created by private real-estate investors. In these deals, lenders sell debt and equity to make short-term loans to borrowers that renovate business properties, particularly multifamily housing. Money from interest payments and principal from the pool of bridge loans goes to bondholders, while any residual cash goes to equity holders.” (The Wall Street Journal)
- An Infrastructure Deal Is Finally Close and It Could Have Huge CRE Impacts “The passage of the bill could cause construction spending to jump 5% next year, according to one study.” (Bisnow)
- Apartments Rents Increase as Young Workers Head Back to Cities “Apartment rents are rising fast, boosted by young professionals returning to cities and an expensive housing market that keeps many of them renting. Stock prices of publicly traded apartment companies have jumped in stride. The FTSE Nareit Equity Apartments index, which tracks these landlords, is up 42% since January, trouncing the S&P 500’s 17% gain during the same period. Median rent has risen more than 10% over the past year, according to homesearch website Apartment List, reflecting how soaring housing prices are forcing many would-be home buyers out of the for-sale market.” (The Wall Street Journal)
- New York City Is Expected to Require Proof of Vaccination for Indoor Dining and Fitness “Mayor Bill de Blasio plans to announce Tuesday morning that New York City will require proof of vaccination for people participating in indoor activities, including at restaurants, gyms and performances, his latest attempt to spur more vaccinations, according to a city official. The policy is similar to mandates issued in France and Italy last month and is believed to be the first of its kind in the United States. The program will start later this month, and after a transition period enforcement will begin in mid-September.” (The New York Times)
- Real Estate Giant Related Cos. to Require All Employees to be Vaccinated “The Manhattan-based firm — whose marquee properties include Midtown Manhattan’s Hudson Yards — told its 4,000 employees Monday that if they have not already been vaccinated they will be required to get at least one jab by Aug. 31 — or be fired. Some 1,000 employees who work in the company’s corporate offices across the country — including at its headquarters at Hudson Yards, as well as in Chicago, Los Angeles, San Francisco and other major cities — were required as of June 1 to be vaccinated.” (Fox Business)
- Microsoft Will Require Vaccinations for U.S. Workers, Vendors and Office Visitors “Microsoft said Tuesday it will require employees to be vaccinated against the coronavirus in order to enter its U.S. offices, starting in September. The software company will also seek proof of vaccination for vendors and guests visiting the campus. The move comes a week after U.S. government agencies and other technology companies said they will require vaccinations for workers, as the delta variant of the virus becomes more common in the country.” (CNBC)
- Why Property Technology Startups Still Like SPACs “What were commonly known as ‘blank check companies,’ which raise money from investors who don’t know what company the SPAC will choose to merge with and take public, became a quick and socially distanced safe play during the pandemic when the normal, in-person IPO roadshows became too perilous and slow for startups.” (Commercial Observer)
- Simon Property Ups Full-Year Guidance as Shopping Centers Reopen “David Simon, CEO of the world's largest mall owner, asserted that consumers like shopping in brick-and-mortar stores.” (The Real Deal)
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