Having a Proper Valuation On Your Portfolio Is a Must
Bloomberg with a timely report on the sweeping changes in CRE.
“Some of the largest real estate investors are walking away from debt on bad property deals, even as they raise billions of dollars for new opportunities borne of the pandemic.
The willingness of Brookfield Property Partners LP, Starwood Capital Group, Colony Capital Inc. and Blackstone Group Inc. to skip payments on commercial mortgage-backed securities backed by hotels and malls illustrates how the economic fallout from the coronavirus has devalued some real estate while also creating new targets for these cash-loaded investors.
Eleven Brookfield malls with $2 billion in CMBS debt are delinquent or seeking payment relief because of Covid-19. The company has already repurchased some of its former debt at reduced prices.
“The lenders are willing to sell us their loans or the mortgages back at a discount,” Brookfield Property Chief Executive Officer Brian Kingston said during an Aug. 6 earnings call. “And so in that case we’ve been able to essentially reacquire the asset at an attractive basis.””
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