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April 29, 2020

Workforce Housing Exec: 'I Don't See Rental Rates Dropping'

[Webinar] How To Manage Existing Projects During Coronavirus: What To Do With Active Construction Sites, Delayed Supply Chains & Pushed Back Delivery Dates May 5

Economic downturns are also called "corrections" for a reason — they enable peak-level prices to come back down to a reasonable level. Given its scope, one might expect the coronavirus crisis to harshly correct Miami's long-rising prices.

But workforce housing developers in Miami doubt rents will drop, because their own costs remain high and tenant demand remains great. 

Workforce Housing Exec: 'I Don't See Rental Rates Dropping'

The average monthly rent in Miami is $1,702, according to RENTCafé. The crisis may cause land prices to come down somewhat, said Astor Cos. CEO Henry Torres, a value-driven developer who has pioneered certain neighborhoods with projects like Valencia in South Miami, Nordica in The Roads and INTown in Little Havana.…

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Private Equity Investor Looking To Buy Up To $500M In Distressed Loans

Since 2005, Miami Beach-based Safe Harbor Equity has been purchasing distressed, nonperforming loans secured by real estate, usually in the $2M to $20M range, usually from regional and community banks. Last May, the private equity firm announced it was raising a $100M fund to pick up more distressed assets. With that, it began shopping — carefully.

Private Equity Investor Looking To Buy Up To $500M In Distressed Loans

Managing Director Rafael Serrano said he was anticipating a market correction and figured better deals might be around the corner. He said Safe Harbor avoided retail-backed debt entirely, and even began moving away from deals tied to high-end luxury residences.By June, the firm was confident enough to bump its target raise

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Miami Hotelier: Numbers Won't Bounce Back Until '2023 At The Earliest'
Miami Hotelier: Numbers Won't Bounce Back Until '2023 At The Earliest'  

Miami saw record tourism numbers when it hosted the Super Bowl in January, and February was likewise gangbusters for the hospitality industry. Then coronavirus hit.“We lost about 30% of asset values overnight,” said Miami investor and developer Robert Finvarb during a Bisnow webinar Thursday. His Robert Finvarb Cos. owns a…

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Scores Of Restaurants Are Likely To Close For Good, Reshaping The Retail Market

WASHINGTON, D.C. — The restaurant industry is preparing for a long, uphill battle.  

With government relief measures not working for many restaurant businesses and takeout service not providing sustainable revenue, industry leaders expect this crisis will lead to the permanent closure of a large number of the city’s restaurants.  

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My New Normal: FORE Partnership Managing Director Basil Demeroutis On Collecting the Rent, Housing The NHS And Too Much Celery Soup
 

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

Office landlords face few of the immediate pressures that cause sleepless nights for rivals in the retail and leisure sectors. But the June quarter day could prove their escape was only a temporary reprieve.

FORE Partnership Managing Director Basil Demeroutis presides over a £560M office portfolio that stretches from London’s Victoria Embankment to Aberdeen. One FORE building, the 70K SF Windmill Green office building in Manchester, is in the thick of the coronavirus crisis thanks to housing NHS administrative staff running the city’s new Nightingale field hospital (located in the Manchester Central conference centre next door).

Worrying about the June quarter day, preparing for a new office market post-pandemic, and the dangers of too much celery soup are Demeroutis’ new normal.

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