coronavirus

CVS Health to Hire 50,000 Employees in Response to Coronavirus Outbreak

by Alex Patton March 24, 2020

WOONSOCKET, R.I. — CVS Health plans to immediately hire 50,000 full-time, part-time and temporary employees across the country in response to healthcare needs generated by the coronavirus outbreak. Roles include store associates, home delivery drivers, distribution center employees and customer service professionals. The Rhode Island-based pharmacy and retail giant operates approximately 6,200 stores across 43 states. The company has also temporarily waived charges for home delivery of prescription medications and will award monetary bonuses to pharmacists and other employees that are required to work.

March 24, 2020

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

New York Northeast

New York Retail Center Waives Tenant Rents for Two Weeks

by Alex Patton March 24, 2020

ALBANY, N.Y. — The landlord of Stuyvesant Plaza, a 240,000-square-foot retail center in Albany, has waived retail and restaurant tenant rent payments for a two-week period in response to sales losses during New York’s business shutdown. The policy applies to 60 businesses, including CVS Pharmacy, Starbucks, TGI Friday’s and dozens of other retail and restaurant tenants. The Swyer Cos. owns the property.

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Multifamily Texas

Texas Supreme Court Votes to Suspend Residential Evictions Through April 19

by Taylor Williams March 23, 2020

AUSTIN, TEXAS — The Texas Supreme Court voted late last week to delay residential evictions across the state through April 19 as part of the state’s response to the spread of COVID-19, the disease caused by the coronavirus. The order includes limited exceptions in cases where a renter poses an imminent threat of physical harm to others or engages in criminal activity. In voicing its support of the decision, the Texas Apartment Association, which comprises some 12,000 member companies that own and operate more than 2.2 million rental homes, encouraged landlords and managers to waive late fees and negotiate payment plans to help keep residents in their homes.

March 23, 2020

Company News Retail Texas

Studio Movie Grill Temporarily Closes All Venues

by Taylor Williams March 23, 2020

DALLAS — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.

March 23, 2020

Features Hospitality Industrial Multifamily Office Restaurant Retail

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

New York Northeast

New York Governor Orders Temporary Closure of Nonessential Businesses

by Alex Patton March 23, 2020

NEW YORK CITY — New York Gov. Andrew Cuomo on Friday, March 20, ordered all nonessential business in the state to temporarily close and called for all residents to stay home in order to prevent further spread of COVID-19, the disease caused by the coronavirus. Cuomo also ordered a 90-day moratorium on all residential and commercial evictions. The restrictions went into effect Sunday evening. Essential services including hospitals, grocery stores, pharmacies and public transit systems will remain open. Businesses that do not comply will face civil fines. As of Sunday, The Wall Street Journal tracked approximately 12,400 confirmed cases of the virus in New York and 76 deaths.

March 23, 2020

Illinois Midwest

State of Illinois Under ‘Stay at Home’ Order Until April 7

by Kristin Harlow March 23, 2020

ILLINOIS — In order to maximize COVID-19 containment, on Friday, March 20, Illinois Governor J.B. Pritzker issued a statewide “shelter in place” directive in effect until Tuesday, April 7. Under this order, only “essential” businesses and employees are allowed to leave their homes. First responders, emergency management personnel, law enforcement personnel, healthcare workers and others working to support essential businesses and essential government functions like grocery stores and pharmacies are exempt from the order. In addition, local government units across the state are ordered to halt all evictions and ban gatherings of more than 10 people. On Sunday, the Illinois Department of Public Health announced 296 new cases of coronavirus disease in the state and three deaths. The total number of cases in Illinois has risen to 1,049 cases within 30 counties.

March 23, 2020

Indiana Midwest Retail

Vera Bradley to Temporarily Close All Stores Through April 2

by Kristin Harlow March 23, 2020

FORT WAYNE, IND. — As a result of COVID-19, Vera Bradley Inc. has temporarily closed all of its full-line and factory stores through Thursday, April 2. Store associates will be compensated through that date. The Fort Wayne-based handbag retailer will continue to serve its customers through its website. Vera Bradley also postponed its annual outlet sale, traditionally slated for April in Fort Wayne. The company says it is also “addressing day-to-day operations, including reducing expenses, inventory levels and capital spending.”

March 23, 2020

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