DAILY READS: Jan. 14, 2020

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Goldman Lends $258M Towards Dune’s National Lodging Buy

“The debt, a two-year deal that has three one-year extension options, is fueling Dune’s purchase of a portfolio that includes 2,086 hotel rooms from Florida to California. Dune will pay interest of 2.43 percent above the one-month Libor, with no principal due until the loan matures. ”
—Commercial Observer

Move Over WeWork And Traditional Office Space, There’s A New Competitor In Town

Essentially, the partnership Swivel forms with local landlords allows tenants access to shorter office leases with private, fully furnished spaces minus the higher rental costs associated with shorter coworking contracts or the inflexible and longer lease terms tied to traditional offices.
—Bisnow Austin 

Massive Plano Development Threatened With Foreclosure

“For more than three years, developers Silos Harvesting Partners and Dreien Opportunity Partners have been working to convert the former J.C. Penney headquarters campus on Legacy Drive into a more than $1 billion mixed-use development.”
—Dallas Morning News

‘Not the Golden State Anymore’: Middle- and Low-Income People Leaving California

In the second quarter of 2019, the San Francisco Bay Area topped Los Angeles, Washington and Chicago when it came to people leaving major U.S. cities. It was second only to New York City. More than 28,190 people departed the Bay Area during those three months, close to double 2017’s rate, according to a regular migration report from real estate brokerage Redfin.
—Daily Bulletin

Proximity to Rail Service to Play a Bigger Role in Industrial Site Selection

Industrial developers and investors are considering the advantages of rail access when choosing locations for new projects, says Tray Anderson, who heads the logistics and industrial services platform in the Americas for real estate services firm Cushman & Wakefield. While rail access doesn’t drive location decisions, it has become a risk mitigation strategy, offering an alternative to trucking if the driver shortage escalates.
—National Real Estate Investor

In ‘Mosh Pit’ of Senior Housing Challenges, Labor Expenses Wreak Havoc

“Indeed, Q3 wage and benefit expenses for another publicly traded operator— Newton, Massachusetts-based Five Star Senior Living (Nasdaq: FVE)—were up 6.9 percent year-over-year on a comparable community basis, Executive Vice President, CFO and Treasurer Jeff Leer said on that company’s earnings call.”
—Senior Housing News