{"id":1004420368,"date":"2020-04-20T18:57:31","date_gmt":"2020-04-21T02:57:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004420368"},"modified":"2020-04-23T11:29:39","modified_gmt":"2020-04-23T19:29:39","slug":"uli-webinar-offers-crisis-tips-to-smaller-owners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uli-webinar-offers-crisis-tips-to-smaller-owners\/","title":{"rendered":"ULI Webinar Offers Guidance to Small-Scale Owners"},"content":{"rendered":"

\u201cTake that first step, pick up the phone and say \u2018look, here in broad strokes is the situation. Here is what I am doing to try to best address the situation. Here are the components of my plan and I want to send them to you,’\u201d<\/em> said Zachary Streit, senior vice president of George Smith Partners on addressing lenders during the Covid-19 Crisis.<\/p>\n

\"\"

Zachary Streit, Senior Vice President, George Smith Partners.  Photo courtesy of George Smith Partners<\/em><\/p><\/div>\n

Communicating proactively with lenders by phone or Zoom was just one of the recommendations offered to local and entrepreneurial real estate owners during a recent Urban Land Institute webinar titled \u201cHow Main Street Shops Can Stay Afloat During COVID-19\u201d and moderated by Howard Kozloff, managing partner of Los Angeles-based Agora Partners and a partner in HATCHspaces LLC.<\/p>\n

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READ ALSO: <\/strong>CPE’s Coronavirus Coverage<\/a><\/p>\n

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Christopher VanArsdale, managing partner of affordable housing developer Heleos in Washington, D.C., echoed that sentiment in regards to how his company is dealing with its lenders\u2014some agency and some not.<\/p>\n

\u201cWe are attempting to overcommunicate, making sure everyone is up to date in real time with what\u2019s happening with the properties, what\u2019s happening with collections, and we\u2019re still not exactly sure where things are going to shake out and how forbearance will eventually look for us on those properties that have agency debt,\u201d<\/em> said VanArsdale.<\/p>\n

Lenders are currently willing to work with borrowers, and Streit suggested that smaller-scale developers have some advantage at this time because of their relationships with regional banks, which have been the most flexible. For securing modifications with conduit loans, on the other hand, he advised hiring a consultant because they have relationships with servicers and are aware of what modifications are currently available.<\/p>\n

D is for Deferment<\/strong><\/p>\n

Early communication is also important when dealing with tenants whose businesses have been shuttered temporarily. Owners should approach tenants as \u201cpartners\u201d<\/em> and explain to them that, while the tenant is facing difficulty, the owner is still responsible for paying the mortgage, utilities, etc., explained Allan Glass, president and CEO, ASG Real Estate Partner and a partner of HATCHspaces LLC in Los Angeles.<\/p>\n

 \u201cWe have been advised and I think it\u2019s in everyone\u2019s best interest to get very comfortable with the word \u2018deferment\u2019 and make sure that any conversation you have particularly with your tenants is centered around that word and not anything like rent forgiveness,\u201d<\/em> said Glass, whose company owns a number of life sciences buildings with many \u201cessential\u201d<\/em> and some non-essential tenants.<\/p>\n

Time to Be Creative<\/strong><\/p>\n

Cathy Sloss Jones, president of Sloss Real Estate of Birmingham, Ala., said her firm’s talks with tenants have led to collaboration. At the company\u2019s Pepper Place entertainment district, Sloss Real Estate has been able to morph a 110-tent Saturday farmer\u2019s market into a drive-through farmer\u2019s market that saw 1,200 cars during the previous weekend. Restaurant tenants who are limited to selling takeout have also been able to work with the market to create a pickup place for their customers.<\/p>\n

\u201cWe just continue to talk to them constantly and try to come up with creative solutions together,\u201d<\/em> said Sloss.<\/p>\n

Rely on Relationships<\/strong><\/p>\n

The coronavirus has hightlighted the importance of teambuilding for smaller owners, Glass noted. “We have been exceptionally reliant on the relationships we’ve built with our janitorial staff, our security staff and our service providers,”<\/em> he said. “It just a matter of being aware of how important all those relatiohsips you are building are and being able to rely on them effectively to manage this across the entire portfolio.  <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

How can entrepreneurial owners and developers manage the challenges presented by the pandemic? Start with a lot of communication.<\/p>\n","protected":false},"author":756,"featured_media":1004420395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,23891,21742,21785],"tags":[],"class_list":["post-1004420368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-national","category-latest","category-property-management"],"acf":[],"yoast_head":"\nULI Webinar Offers Guidance to Small-Scale Owners - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/uli-webinar-offers-crisis-tips-to-smaller-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ULI Webinar Offers Guidance to Small-Scale Owners\" \/>\n<meta property=\"og:description\" content=\"How can entrepreneurial owners and developers manage the challenges presented by the pandemic? 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