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Nine Must Reads for the CRE Industry Today (Sept. 12, 2020)

The prospect of a coronavirus relief package deal is getting worse by the day, reports Politico. San Francisco will allow indoor hair and nail salons, gyms and hotels to open on Monday, according to the San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry.

  1. 150 Big Businesses Warn Mayor of ‘Widespread Anxiety’ Over N.Y.C.’s Future “Leaders of companies like Goldman Sachs and JetBlue implored Mayor Bill de Blasio to take more decisive action to halt the city’s decline.” (The New York Times)
  2. Odds Shrink for a Coronavirus Relief Deal “The prospect of Congress and the White House providing much needed coronavirus relief to millions of Americans is getting worse by the day, despite leaders in both parties saying they’re open to a deal.” (Politico)
  3. SF to Open Indoor Hair and Nail Salons, Gyms and Hotels Next Week “San Francisco will allow indoor hair and nail salons, gyms and hotels to open with limited capacity Monday, nearly six months after coronavirus shelter-in-place orders shuttered them.” (San Francisco Chronicle)
  4. Real Estate Donors Backing Biden over Trump “As the pandemic continues to wreak havoc on real estate, industry donors are siding with Joe Biden over President Donald Trump, records show.” (The Real Deal)
  5. Las Vegas Shooting Victims Closer to Getting $800M Payout “More than 4,400 relatives and victims of the deadliest mass shooting in recent U.S. history could receive a total of $800 million in payouts from MGM Resorts International and its insurers by January, the casino giant and attorneys said Thursday.” (Associated Press)
  6. Inland Empire Welcomes New Amazon Asset “Amazon has opened its latest fulfillment center in California’s Inland Empire—a 640,000-square-foot facility in Beaumont, Calif., that employs more than 1,000 full-time associates who will pick, pack and ship small items including books, electronics, school supplies and home goods.” (Commercial Property Executive)
  7. Manufactured Housing Stays Strong in Tough Times “Hunt Real Estate Capital Senior Managing Director Chad Hagwood talks about financing options for investors and how rental rates will perform over the coming quarters.” (Commercial Property Executive)
  8. After Missing Payments, Starwood Forced To Relinquish $1.6B Mall Portfolio “Starwood Capital Group has surrendered control of seven U.S. shopping centers to a partnership between Pacific Retail Capital Partners and Golden East Investors after it defaulted on debt associated with the properties.” (Bisnow)
  9. Tally-Whoa! Sizing Up the Risks of Construction Lending in the COVID-19 Era “Lenders are betting on success two to three years down the line. The pandemic and an uncertain timeline means you now need a crystal ball.” (Commercial Observer)
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