Rent, real estate and the commercial mortgage market in the age of coronavirus

The Story of Money

Manuela Saragosa

Business, Crypto, Markets, Finance, Banking, Investing, History, News

4.4 • 400 Ratings

🗓️ 26 June 2020

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the US, commercial mortgage backed securities are a $1.2tn market, and an integral part of how banks lend to commercial property owners. But as the pandemic and subsequent lockdowns changed almost every sector of the economy, commercial real estate has changed too. Hotels and retailers have been hit hard by the shutdown, and mortgage and rent payments they have deferred are coming due. The FT’s Joe Rennison explains what this means for the CMBS market. We also hear from two people who are helping lenders and landlords deal with the upheaval.

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Transcript

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0:30.3	The Palmer House Hilton sits on that great State Street in Chicago.
0:35.0	It's an ode to the glitz and glamour of the Gilded Age with Art Deco murals, grand staircases, and candelabra's lighting passageways.
0:44.4	Though Hilton runs the hotel, the building itself is owned by a group called Thor Equities.
0:50.0	It's a real estate investment trust that bought the historic building for $230 million in 2005.
0:56.0	Thor spent more than $100 million on renovations to restore the hotel to its 1920s glory. But since March the hotel's some
1:06.4	1640 rooms which are normally priced around $200 a night, well they've been
1:11.9	empty. Business travelers no longer linger at the lobby bar.
1:16.0	There are no weddings in the ballrooms. And with revenues of the Palmer Hotel severely
1:20.4	hit in April, the building's owner said it couldn't make its mortgage payment.
	...

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