The industry is at a breaking point—many have burned through their reserves and cannot continue to bear the financial burden of housing the nation's renters alone, says NAA's Bob Pinnegar.
Many property owners have managed to keep loans current without seeking relief during the pandemic, but that doesn't mean they won't fall into distress.
The redevelopment of Los Angeles' Westside Pavilion once planned to include a retail component, but now the project will now forgo retail in favor of tech and media tenants.
The Small Business Administration played a vital role in keeping small businesses afloat this year, offering traditional SBA 504 and 7a loans, Paycheck Protection Program loans and Economic Injury Disaster loans.
An affiliate of The Axton Group recently closed on the acquisition of the Renaissance Austin Hotel for $70 million representing more than a 50% discount to replacement cost.