Key Take-Aways
• Rent receivables are holding up better than expected.
• Deals still closing that were pre-Covid.
• LIBOR transition to SOFR likely to be delayed.
• Banks are looking at loans, but not ones outside of the box.
• 1st Loan committee meeting held in 2 months – it’s a trickle now, but there are signs of life.
• Government contractors still are active and driving work.
• Planned public works are still in place due to Governors budget.
• Businesses and getting people back to work will be impacted based upon the opening of schools in the fall.
• In the construction world, there are supply chain issues and people issues (getting people to work, limits on social distancing).
• Multi-family remains busy.
• Office landlords are willing to do short term renewals – win win for owners and occupiers.