Brookfield, creditors reach deal on REIT’s $6.4B credit facility

Brookfield Asset Management has renegotiated a $6.4 billion credit facility for its retail-heavy real estate investment trust, Brookfield Property REIT. The deal imposes restrictions on dividends and requires other Brookfield Asset Management–owned entities to lend at least $250 million to the REIT, the Financial Times reported. In exchange, a group of creditors led by Wells Fargo waived a contractual clause that allowed them to demand immediate repayment of loans if Brookfield Property REIT failed to

source https://therealdeal.com/2020/07/30/brookfield-creditors-reach-deal-on-reits-6-4b-credit-facility/

Welcome to a world of the a-la-carte retail lease

In sickness and in health, till short-term, revenue-adjusted leases do us part. One of the U.K.’s biggest retail landlords is moving away from a traditional lease structure across its multibillion-dollar portfolio, opting to give tenants a basket of leasing options with adjustments based on in-store revenue. It’s one of the most significant reevaluations of the relationship between landlord and tenant and is likely to be watched closely by property owners across the pond. Legal &

source https://therealdeal.com/2020/07/30/welcome-to-a-world-of-the-a-la-carte-retail-lease/

Zillow’s employees can work remotely forever

In April, as the nation was in the thick of lockdown, Zillow CEO Rich Barton tweeted that his “personal opinions about WFH have been turned upside down over the past 2 months.” He’s now ready to reflect that thinking in long-term company policy. Effective immediately, the Seattle-based listings giant is allowing 90 percent of its 5,400 employees to work from home indefinitely, at least part-time, the company disclosed in a blog post Wednesday. The move

source https://therealdeal.com/2020/07/30/zillows-employees-can-work-remotely-forever/

Lawmakers introduce bill to keep rent regulation alive

Two state lawmakers have introduced bills aimed at ensuring the pandemic does not unravel rent regulation in New York. The twin bills, introduced Tuesday in the Senate and Assembly, propose removing the vacancy rate from the criteria for rent regulation until years after the worst of the pandemic is over, according to The City. The rationale for rent regulation is that there is a “housing emergency,” meaning a vacancy rate of less than 5 percent.

source https://therealdeal.com/2020/07/30/lawmakers-introduce-bill-to-keep-rent-regulation-alive/

Watch: Carl Weisbrod on making NYC a ‘magnet for talent’ again

For Carl Weisbrod, there’s no where for New York to go but up. “I think we’ll see some fluctuation in the market here but ultimately I am confident that as it always has, the city is going to come back both in terms of its vibrancy and its wealth,” said the HR&A senior adviser, New York City Economic Development Corporation founder and former head of the City Planning Commission on the most recent episode of

source https://therealdeal.com/2020/07/30/watch-carl-weisbrod-on-making-new-york-a-magnet-for-talent/

Silverstein Properties raises $30M on TASE

Silverstein Properties has raised $30 million on the Tel Aviv Stock Exchange, after expanding its Series B bond offering first issued in September. The latest raise generated $30.4 million in demand, with a 3.54 percent interest rate, according to Commercial Observer. When the offering was first issued last year, the institutional bid was vastly oversubscribed, the publication said, citing TASE filings. With the latest raise, the total Series B is now $96 million. The bonds

source https://therealdeal.com/2020/07/30/silverstein-properties-raises-30m-on-tase/

Foes of Inwood rezoning approval to seek appeal

The neighborhood coalition that opposed Inwood’s rezoning is taking another crack at dismantling it. Members of Inwood Legal Action, which is part of the neighborhood coalition Northern Manhattan is Not for Sale, voted Wednesday night to seek an appeal of last week’s appellate court decision reinstating Inwood’s rezoning. Because that ruling was unanimous, the neighborhood group will need permission from the state’s highest court to argue its case there. “The Inwood rezoning will displace Dominican,

source https://therealdeal.com/2020/07/30/foes-of-inwood-rezoning-approval-to-seek-appeal/