March 23, 2020
“We are in unprecedented times as we tackle COVID-19,” says Rushi Shah, CEO of Chicago-based Mag Mile Capital, in a note to the CRE community. “Capital markets are not functioning as they do during normal times. Our capital partners in the credit markets are grappling with the uncharted nature of these rapidly-developing market movements.”
Shah notes that across Mag Mile’s seven origination offices, “our origination team is actively placing existing transactions and originating new transactions.” That doesn’t apply to all property sectors, though, as most new hotel transactions are put on hold right now,” he says.
“Hotels and retail will be challenging asset classes in weeks and months ahead, but our team is also diligently managing to bring ‘actively signed up’ transactions to the closing table,” Shah continues. “There are pockets of capital that remain available for strong deals and good sponsors.”
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