Real estate lost a legend this week Sam Zell dies at 81a billionaire investor with a portfolio of large apartment buildings, offices and mobile homes.
Zell is known for picking up distressed assets at rock-bottom prices, earning him the nickname “Grave Dancer.”
“Sam was a legend in every way — a brilliant investor, entrepreneur and business builder,” said Blackstone executive Jonathan Gray, who orchestrated Blackstone’s $39 billion acquisition of Zell’s Equity Office Property Trust in 2007. explain. real deal“I love his uniquely direct style and the example he sets of how to live life to the fullest.”
His death capped a week of bad news.
starwood property trust manipulation Foreclosure of the store at London House on the corner of Michigan Avenue and Wacker Avenue. The company issued $42 million in senior loans on a non-accrual basis last quarter, Chief Financial Officer Rina Paniry said. Earnings Conference Call.
Starwood executives did not name the two-story retail property; a source familiar with the situation confirmed the call referred to the property at the bottom of the 452-room London House Hotel in Chicago.
Meanwhile, in Texas, Dilemma is the name of the game in commercial real estate, making it a no-no proposition for credit councils. Commercial real estate investors want the Lone Star State to stand on its own, independent of the state’s woes.
While the pandemic has wreaked havoc in other inner-city areas, Texas cities have largely maintained top-notch office lease numbers, and their multifamily rents have soared.
The walls haven’t collapsed yet, some cracks have started to appear. In April, Arbor Realty Trust foreclosed $229 million multifamily portfolio in Houston. Some companies have raised nine-figure funding to target struggling commercial real estate in Texas.
With the loan coming due, Zell’s descendants of investors are circling for the next big deal.
In New York, although the office sales market has remained virtually stagnant, SL Green Realty and Vornado Realty Trust Plan Massive Asset Sale This year – a move others have resisted.
But both New York-focused REITs are under pressure to buy back shares and shore up their balance sheets as stock prices plummet and the cost of debt rises.
In Miami, a recent lawsuit filed in Miami-Dade Circuit Court shows Mayor Francis Suarez Allegedly Receives $10,000 a Month in Consulting Fees Fees were paid by Urbin, the co-living and co-working arm of Rishi Kapoor Location Ventures.
Kapoor said there was no malice in the arrangement.
“As a consultant, Mr. Suarez advised Urbin by providing feedback on the planning and the brand’s larger mission of bringing new housing opportunities to the urban market,” Kapoor said. “Not just in Miami-Dade County, but elsewhere.”
Suarez, who did not list Urbin on his financial disclosure last year, was allowed to do outside work, according to the city attorney. He must also disclose and recuse himself if any of Urbin’s business comes to council.
Ethics experts say such arrangements should be publicly disclosed.
“The public has a right to know if their mayor is being morally compromised,” said Robert Jarvis, a professor of ethics law at Nova Southeastern University. “It’s such an important source of income that [he has] Disclose everything. As a civil servant, I don’t think he has any right to privacy, nor does the company. “
