Watch tonight: (Work from) home lending on TRD Talks Live

As April 1 draws near and multifamily owners await rent, residential lenders are gearing up to deal with missed payments. With the economy on a coronavirus-induced rollercoaster, the Federal Reserve cut interest rates dramatically and mortgage rates hit an all-time low. Luxury contract signings have plunged as agents and potential buyers are staying home. Tonight on TRD Talks Live, readers have a chance to learn from experts in the residential lending space. Editor James Kleimann

source https://therealdeal.com/2020/03/30/watch-tonight-work-from-home-lending-on-trd-talks-live/

San Francisco’s Oceanwide Center has a new buyer

China Oceanwide’s deal to sell its flagship San Francisco development for $1 billion has fallen through following coronavirus-related delays. But a new buyer has already emerged. Beijing-based private equity firm Hony Capital has signed a framework agreement to acquire the Oceanwide Center project for up to $1.2 billion, the developer disclosed Sunday on the Shenzhen Stock Exchange. Oceanwide’s prior deal, to sell the project to Beijing-based asset manager SPF Group for just over $1 billion,

source https://therealdeal.com/2020/03/30/san-franciscos-oceanwide-center-has-a-new-buyer/

Macy’s announces furloughs for “majority” of its workers

Macy’s Inc. will be furloughing most of its employees, starting this week, as Covid-19 continues to batter businesses large and small. All of the retailer’s stores have been closed since March 18. Macy’s on Monday said its digital business is still open, but the retailer has “lost the majority of our sales due to the store closures.” It also has suspended its dividend, drawn down its credit line and freezed hiring and spending, among other

source https://therealdeal.com/2020/03/30/macys-announces-furloughs-for-majority-of-its-workers/

Brooklyn’s luxury resi market sees deals plummet

Activity plummeted for the second straight week in Brooklyn’s luxury residential market as the coronavirus continues to wreak havoc on the nation’s economy and real estate. A six-bedroom townhouse at 81 Pierrepont Street in Brooklyn Heights was the priciest residential property to go into contract in the borough last week for $14.5 million. It spans 8,250 square feet and spent 171 days on the market. Overall, Brooklyn saw just three luxury contracts signed last week,

source https://therealdeal.com/2020/03/30/brooklyns-luxury-resi-market-sees-deals-plummet/

US will see $20B in retail loans come due starting this week

April 1 is looming large for businesses and individuals across the country, as it marks the first major due date for expenses like rent, utilities and credit cards since governments imposed severe new restrictions over the coronavirus pandemic. About $20 billion in monthly retail real estate loans are due starting this week, according to the Wall Street Journal, citing data from Marcus & Millichap. Several stores and restaurants have already said they will not pay

source https://therealdeal.com/2020/03/30/us-will-see-20b-in-retail-loans-come-due-starting-this-week/

Redfin sells $110M stake to VC firm

Redfin just got a $110 million shot in the arm from an influential backer, as the discount brokerage looks to ride out economic turmoil caused by coronavirus. The Seattle-based brokerage said Monday that Durable Capital, a venture capital firm led by Henry Ellenbogen, will acquire a stake in the discount firm. The deal includes $70 million worth of common stock at $15.61 per share and $40 million of convertible preferred stock at $1,000 per share,

source https://therealdeal.com/2020/03/30/redfin-sells-110m-stake-to-vc-firm/

WeWork lays off 250 more employees, but Covid-19 isn’t reason

WeWork laid off 250 more people on Thursday, but the decision was not made because of the coronavirus. The beleaguered co-working giant cut the jobs in its development department, according to Bloomberg. WeWork was trying to reduce its expenses dramatically last fall after its botched IPO attempt and stopped leasing as many locations, which reduced the need for remodeling and construction. The employees will receive four months of salary and benefits or six months if

source https://therealdeal.com/2020/03/30/wework-lays-off-250-more-employees-but-covid-19-isnt-reason/