For the most part, landlords had little problem collecting April rents but the situation is changing for renters as the economy staggers under Covid-19.
There are several nearby companies that have won new vaccine contracts as a result of the coronavirus and this should lead to further development and possible expansions of existing facilities, Avison Young's Nick Banks says.
In Chapter 11, the debtor will usually seek permission to use the income generated by the property. But if the license to use rents was terminated prior to bankruptcy, the rental income no longer is considered property of the debtor.
RENTCafe found renters do not intend to postpone their moving plans despite the coronavirus, with 62% saying they are moving as soon as they find an apartment.
There's going to be a pruning of the development pipeline, and a lot of owners either seeking to exit their positions or in need of rescue capital to preserve the positions, Driftwood's Carlos Rodriquez Sr. says.
Despite the fact that national QSR chains are reporting an average dip in sales of about 25% in the coronavirus, their NOIs have not changed significantly.
The sources told the WSJ that Mirae's reason for not closing the deal was in part due to the hotels operating outside the ordinary course of business amid the coronavirus pandemic.