A report from the Commercial Observer. "The New York Legislature on Monday greenlighted legislation that will allow renters and homeowners to delay eviction and foreclosure proceedings until May if they can demonstrate financial hardship caused by the pandemic. Unsurprisingly, landlords aren’t happy with the measure the Legislature passed on Monday, which does little for them. 'Renters need help, not a stall tactic,' said Jay Martin, executive director of the Community Housing Improvement Program, in a statement. 'Closing the courts for a few months will not relieve the massive debt that tens of thousands of renters face, or provide any financial relief to the hundreds of housing providers.'"

The Real Deal on New York. "The lender behind a troubled condominium building in the South Street Seaport is seeking to foreclose on more than $100 million worth of loans tied to the property and strip the developer of ownership. Bank Leumi USA wants to foreclose on $120 million in loans it issued to developer Fortis Property Group to construct a 60-story luxury residence at 161 Maiden Lane. The residential tower remains unfinished, and the lender argued that because Fortis could not get a temporary certificate of occupancy, it has been unable to sell the remaining apartments."

From KOBI on Oregon. "Mark Nichols, a member of two Oregon rental associations, says the legislation won’t cut it for a number of Rogue Valley rental owners. He says most landlords are just looking to break even. 'They don’t have the luxury of forgiving 20 percent of the rent because they will start to lose money again,' Nichols said."

From Community Impact in Texas. "The local protections in place for renters were not built as long-term fixes, nor was the city built to continue shouldering the burden on its own, city leaders said. As renters continue to accrue debt and landlords continue losing revenue, the lengthy tenure of these short-term answers has made possible solutions more complex. 'It’s not a sustainable place to be doing what we’re doing and people will not survive this,' Austin Mayor Steve Adler told Community Impact Newspaper."

"Christie Altree, who rents out two homes to long-term tenants in Southwest Austin, said the pressure can be more immediate on small-scale landlords. Altree says she does not make a profit and uses the rent to pay the mortgages, property taxes and insurance on the homes. 'If I can’t pay the mortgage I would need to sell the properties to avoid the risk of foreclosure and my tenants would be out of a home anyway,' Altree said."

From Boston.com in Massachusetts. "Last week, we asked Boston.com readers for their predictions on what type of city — and region — will emerge. Some predicted a more drastic hollowing out reminiscent of the mid-20th century. 'More homeless, more empty housing, less culture, nightlife, etc. Boston will be like San Francisco soon enough. The city won’t die, but it will be in hospice.'"

From KTVU in California. "Experts estimate 35,000 South Bay families face challenges paying their rent, and 10,000 who could be left homeless, if the eviction moratorium lapses. This isn’t a one-sided equation. The people to whom rent is owed, landlords, say the pandemic and resulting eviction moratorium has been devastating to them. 'It’s a big financial loss for these people. And they’re getting hurt quite a bit,' said Bill Toomey, owner of Lynx Legal Service."

"He said the vast majority of landlords own one or two properties. They're going months without collecting rent has put them in financial jeopardy. 'They’ve been stuck with this for months. And yeah, they’re afraid they’re going to lose their property,' Toomey said."

From Marketplace. "It has been a difficult year for business. One of the industries hit hardest? Travel. Chip Rogers, president of the American Hotel and Lodging Association, said many hotels are in danger of foreclosure right now. In terms of hotel industry workers, 'we’re looking at a permanent reduction of around 25 percent of the workforce we had starting 2020. With no assistance or no dramatic change in the marketplace, between now and the spring, you could lose another 25 percent.'"

The Orlando Sentinel in Florida. "Two hotels in Kissimmee went up for auction this month, and an Orlando hotel is facing the block early next year, as one expert warns that a 'tsunami' of sales and foreclosures could be on the horizon. 'There’s a lot of pain out there,' said Carlos Rodriguez, CEO of Driftwood Hospitality Management, adding that only cash infusions from the government or lenders would stop the wave."

The Richmond Times Dispatch in Virginia. "The Hilton Richmond Hotel & Spa/Short Pump in Henrico County, one of the Richmond region’s largest hotel properties and meeting space venues, likely will be placed into receivership and eventually into foreclosure. The noteholders of a $46.84 million loan on the hotel have asked that a special receiver be appointed to oversee operations as it prepares to sell the property at a foreclosure auction."

"Shamin Hotels, which owns the Hilton Richmond Hotel & Spa/Short Pump, has agreed to have a receiver take over the property, said CEO Neil Amin. 'We are not taking any steps to stop a foreclosure and, in fact, are consenting to the receivership,' Amin said. 'We are also agreeing to provide the noteholders whatever information they need to ensure a smooth transition, including offering them the ability to utilize our liquor license until they can secure their own.'"

"In the filing, the noteholders said they wanted a special receiver appointed in advance of a foreclosure sale to 'be able to maximize the proceeds of a foreclosure sale by allowing potential bidders at such a sale to understand the condition, use and operation of the property and the current and potential rents and profits that can be derived therefrom. This is even more imperative given there is no equity in the property, which may be worth as little as $26 million in the face of over $46 million in debt to the plaintiff.'"

The Wall Street Journal. "Blumberg Capital Partners is joining the growing number of real-estate investment firms raising capital in anticipation of a wave of distressed commercial properties hitting the market as a result of the pandemic. 'In this market we expect discounts of up to 35%,' predicted Philip Blumberg, chief executive. 'It will be the best buying opportunity since 2010.'"

"Numerous other investment companies also think that historic opportunities await because of the havoc wrought to the commercial property market by the pandemic. Their thinking is that prices will plummet because fear of contagion has kept people away from malls, airports and office buildings. In November, 8.2% of loans that were converted into commercial mortgage-backed securities were 30 days or more delinquent, compared with 2.3% one year earlier, according to Trepp LLC."

"Stress also is showing at banks, by far the largest commercial-real-estate lenders. The risk ratings that banks assign to commercial-property loans have been steadily rising, particularly for loans backed by retail and hotels, representing a deterioration of credit quality, according to a Trepp analysis. 'Thirty percent of lodging loans are now in categories which have risk ratings indicating that banks expect some level of loss,' said Russell Hughes a Trepp vice president."

"Mr. Blumberg pointed out there are signs of distress among office building landlords as well. Tenants are dumping millions of square feet of sublease space on the market in many cities, putting downward pressure on rents, he noted. 'It’s going to be a tough year for landlords this coming year,' Mr. Blumberg said."