Tuesday, March 24th, 2020
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Colony Capital CEO Thomas J. Barrack Jr. has penned a column warning that the financial infrastructure underpinning the commercial real estate industry was at high-risk of imploding unless immediate policy action was taken. The CMBS market has all but shut down, he noted, as significant margin calls on repurchase agreements has resulted in a severe liquidity crisis over the entire real estate finance market.
“If these actions continue in the CMBS market and spread to the broader commercial real estate whole loan market, the economic impact, magnified by widespread total industry shutdowns throughout the American economy, could be exponentially worse than the economic effects of the 1987 crash, September 11th attacks and 2008 recession, combined,” he wrote. “The long-term impact on the economy could be catastrophic.”
Barrack did offer several suggestions that could ease the tensions in the market.
- The SEC could put on temporary holiday mark-to-market
Photo: Gopixa/Getty Images
By now you’ve surely heard that store shelves have been emptied of toilet paper and hand sanitizer—and we totally get that that stuff is very necessary in a quarantine. But those aren’t the only things you’ll need to settle in for a few weeks (or more) at home.
So what else do you need? With the number of U.S. states issuing “shelter in place” orders growing, we wanted to put together a definitive quarantine supply guide—before the panic buying gets any worse.
After speaking with several medical and shopping experts, we rounded up the must-have items you’ll need for an extended stay at home—much of which you can buy online (amen!).
While fresh is always best, it
SAN FRANCISCO—Financing to the tune of $991.77 million was arranged for a 17-property portfolio totaling more than 7 million square feet across major US markets. JLL capital markets worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year fixed-rate loan with New York Life Insurance Company.
The portfolio’s five office assets comprise the majority of the portfolio’s value, with the remaining properties consisting of nine industrial and three multi-housing assets. The properties are located across major markets in seven states including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The commercial property portfolio is leased to a diverse mix of creditworthy tenancy from varied industries including financial services, media, software, government, food, law, Internet, e-commerce and healthcare.
JLL executive managing director Kevin MacKenzie, senior managing director Bruce Ganong and managing