Blogs

Landlords take on short-term debt to spruce up struggling assets

first_imgThe Promenade on the Peninsula in Rolling Hills Estates, California (Google Maps, iStock)Landlords are increasingly taking on short-term debt to fix up their empty stores, hotels and apartment buildings.JPMorgan found that lenders this year had issued $4 billion of collateralized loan obligations — short-term financing popular with developers — through mid-February, a 46 percent increase from the same period last year, the New York Times reported.Commercial mortgage-backed securities, which typically have longer-term financing, declined 8 percent during that time.Read moreCMBS market faces staggering lossesValues of Class A malls down 45 percent from 2016 levels Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink For investors, the financing provides a higher return to reflect the risk they are taking — that shoppers, renters and travelers will resume pre-pandemic activities and the loans will be repaid. For borrowers, the pandemic presents an opportunity to renovate, as social distancing keeps many assets empty.In January, Philadelphia-based private equity firm Stoltz Real Estate Partners raised $45 million in collateralized loan obligations to fix up a mall in Long Beach, California. The property was 20 percent vacant, and its top two tenants, Regal Cinemas and Equinox Fitness, had closed and stopped paying rent. The mall’s owners used $8 million to repurpose some of the property into office space and spruce up the common areas and retail space.Jake Pine, development director at L+M Development, said the financing makes sense for those with vacancies. In a joint venture with other developers that predates the pandemic, L+M is repurposing a former Winchester gun factory in New Haven, Connecticut, with three-year financing.“If you can get a transitional lender that’s willing to take a bit of the risk, stay with you for a two-, three-year period, allow you to kind of come out of Covid, or rebound from Covid, it makes a lot of sense,” Pine told the Times.[NYT] — Georgia Kromreicenter_img Share via Shortlink cmbsfinancingmallsPrivate Equitylast_img read more

The Marcus King Band Announces The Revivalists, Billy Strings, & More For Family Reunion Festival

first_imgThe Marcus King Band is one of the fastest rising acts on the music scene. At the age of 22, Marcus King is already known as a force to be reckoned with, with his list of sit-ins and collaborations serving as a shortlist for some of the biggest names in the music scene. Today, King expands his resume with the announcement of his second-annual music festival, The Marcus King Band Family Reunion, which will take place on October 6th and 7th and Pisgah Brewing Company in Black Mountain, North Carolina.In addition to two sets from The Marcus King Band, The Revivalists, Billy Strings, Devon Allman Project (feat. Duane Betts), Nikki Lane, Carl Broemel (My Morning Jacket), Naughty Professor, Geoff Achison Music, DeRobert & The Half-Truths, The Shady Recruits, and Steelism have all been announced for the 2018 installment. More artists will be announced in the future.For more information on The Marcus King Band Family Reunion, head to the ticketing website here. Furthermore, the Marcus King Band has a huge summer ahead of them, with most of July spent on the road with Tedeschi Trucks Band and the Drive-By Truckers as part of the annual Wheels of Soul tour. For a full list of upcoming dates, head to MKB’s official website.last_img read more

Museum Studies Program appoints new assistant director

first_img Read Full Story Katherine Burton Jones has been appointed assistant director and research adviser for the Harvard Extension School’s Master of Liberal Arts (ALM) program in Museum Studies.Jones has taught courses in the Museum Studies program for the last decade and has served as the program’s research adviser since 2004. Previously, she was the assistant dean for information technology and media services at Harvard Divinity School for nine years. She recently served as the director of development for the Museum of African American History in Boston and Nantucket, and has also served as a fundraising consultant for several local museums.From 1994 to 2000 she was an assistant director at Harvard’s Peabody Museum of Archaeology and Ethnology, where she was instrumental in demonstrating the importance of websites and multimedia to all of the Harvard museums. She was responsible for raising funds for the various public-facing technology projects that were carried out during her time, including the virtual exhibit, “Against the Winds: American Indian Running Traditions.” While at the Peabody she served on the boards of the Museum Computer Network, the New England Museum Association, and the Mildred Morse Allen Center of the Massachusetts Audubon Society.Jones replaces Linda Newberry, who shepherded the Museum Studies Program from a certificate to a master’s degree program, and was responsible for the successful completion of the program by countless students through the years.last_img read more

The key to understanding millennials

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Misconceptions about millennials pervade politics and business, says pollster and author Kristen Soltis Anderson, including the idea that they don’t vote.But understanding this generation is becoming increasingly important for both politicians and businesses, says Anderson, co-founder of Echelon Insights and author of “The Selfie Vote.”“You have to understand millennials from a corporate perspective because they’re changing a lot of society’s institutions,” she says. “They’re also beginning to vote. So we’re now in an era where millennials seem quite eager to make their voices heard.”Anderson, who’ll address the 2018 CUNA Governmental Affairs Conference, examines societal trends and how they affect consumers’ decision-making, from their politics to their purchases. continue reading »last_img read more

Career nears end for Zack Mahoney, junior college walk-on turned late-season contender

first_imgLOUISVILLE, Ky. — Zack Mahoney didn’t make his first start under center until the end of the 11th grade. He was asked to become the backup quarterback that year at Lyons Township (Illinois) High School only because other quarterbacks had quit or gotten injured. Mahoney had what he called an “OK,” high school career in which he started only one season and received zero FBS offers.Yet Mahoney has started nine games over the past three seasons as Syracuse’s backup. With starter Eric Dungey’s propensity to get injured late in the year, Mahoney has gone from high-school backup to Syracuse walk-on to the guy the Orange has entrusted with its offense at the end of the past three seasons.Mahoney, a 6-foot-2 senior, has turned in pedestrian performances throughout his career, mostly against conference teams in unfavorable conditions. Saturday was the latest segment, a 56-10 loss at Louisville (7-4, 4-4 Atlantic Coast). Mahoney earned his ninth start for SU (4-7, 2-5) and finished 5-for-15 with two interceptions and 49 passing yards. In the second quarter, he was replaced by third-string QB Rex Culpepper.Given the circumstances, Syracuse head coach Dino Babers said Mahoney has “been a major contributor,” and “someone people from Syracuse will always remember.” Mahoney didn’t get recruited by Syracuse. He didn’t earn a scholarship right away, yet he came to become one of the more important players in the program over the past three seasons.“It’s been one hell of a ride,” Mahoney said after SU’s loss to the Cardinals, dropping Mahoney’s career record as a starter to 1-8. “Had an OK high school career. Coming here, I had very little expectation, and everything I’ve accomplished, I look back and take it all in.”AdvertisementThis is placeholder textMahoney has had a lot to take in. In high school, he mostly played receiver and defensive back. He received a handful of Division II and FCS offers, as well as Big 10 walk-on spots, but he “was adamant he would get to a Power conference school,” his father, Rick, said.Mahoney felt the best way he could eventually get there was via junior college. He ended up about 15 miles from where he grew up in Chicago suburbs, at the College of DuPage, where he redshirted as a freshman because he was inexperienced and underdeveloped, DuPage head coach Matt Foster said.“But he never ever stopped believing,” Foster said. “He knew he wanted to play big time as a QB. He was very raw first. He wasn’t as ready as we thought he needed to be. He took that whole year to practice on the scout team and came back the next year. He completely transformed our team.”His redshirt freshman year, 2014, Mahoney, a team captain, threw for 1,943 yards and was named a Top 20 National Junior College Athletic Association quarterback. After the season, he met with Foster about his transfer options. Foster put him in touch with several FCS schools, he said. Mahoney declined all of them. His eyes were set on Power 5, the dream he had all of his life.“I said there are some options (in FCS) and he told me that’s not what he’s looking for,” Foster said. “My mouth dropped. He said, ‘Coach, I want to play at the highest level.’ That’s when I called his dad and asked him to make sure. I said, ‘I just want to make sure we’ll on the same page.’ And his dad said, ‘That’s what he wants to do, coach.’ He turned down 1-AA scholarships.”Foster was incredulous, but he knew who to call. He graduated from an Illinois high school with Tim Lester, who was Syracuse’s offensive coordinator then. Foster said he told Lester over the phone that Mahoney could play at SU’s level. Lester knew he was going to enter spring practice that January with only three quarterbacks, Foster said. He trusted Foster.On Christmas Eve 2014, Mahoney said, while sitting on his cousin’s couch, he received a call from Syracuse asking him to come for the spring 2015 semester. Days later, he applied to the university. Within three weeks, he had sent over his DuPage transcripts and been accepted to Syracuse, only about two days before he would need to arrive on campus to start football on Jan. 3.“I truly remember having only about 48 hours to get him cleared on the academic side, accepted to the university, to driving out to Syracuse to join a meeting at noon on a Saturday,” his father, Rick, said.Mahoney arrived at Syracuse in January 2015 as a walk-on. He was the fifth-string QB. When starter Terrel Hunt went down with a career-ending injury in the first quarter of the first game that fall, Mahoney was added to SU’s travel roster. His path to the Syracuse pocket accelerated from there. Dungey suffered an injury in Week 3 against Central Michigan. Mahoney’s name was called.The next week, he earned his first career start, against then-No. 8 LSU, keeping the Orange competitive with the Tigers in a 35-25 loss. He started four games that season, including the last three. Against Boston College in the 2015 season finale, Mahoney threw a touchdown pass in SU’s victory to send off then-head coach Scott Shafer. In his 2015 starts against LSU and then-No. 1 Clemson, the Orange lost by only 10 in each game and Mahoney threw for a combined 234 yards and three touchdowns. In August 2016, new head coach Dino Babers awarded him a scholarship. Facebook Twitter Google+ “From walk-on, look where he’s at right now,” said Syracuse senior offensive lineman Jamar McGloster. “Whenever I see him, when I’m having a bad day, I get on with the day. There’s no excuse to keep on having a bad day, because Zack never quit.”Last week in a loss to Wake Forest, Mahoney’s first start since a year ago at Pittsburgh, he threw for 297 yards and three touchdowns — in the first half alone. He threw two interceptions and went only 11-of-25 over the final 30 minutes, but he had reaffirmed that he is capable of holding his own for SU. Entering Saturday in Louisville, Mahoney averaged 412 passing yards per game and threw for eight TDs and ran for two others over his past two starts.Mahoney’s career will end soon. On Saturday, he may have started his last game. Throughout much of his football life, he was overlooked, doubted and unproven, yet he stitched together a career he hopes is an inspiration for junior college players. He grew from walk-on to a temporary starter, and he is the president of Syracuse’s Uplifting Athletes chapter, a nonprofit organization dedicated to spreading awareness about rare diseases.“A lot of coaches said I’d never be able to make it, to try a different level or to maybe not even think about football,” Mahoney said. “When you hear that, it pushes you to go reach out and get the goal. A lot of people probably thought I was crazy saying no to FCS schools. Even those who supported me said, ‘You know, you might never play a snap there.’ And I said, ‘That’s fine. I see a goal that I want and I’m going to go take it.’” Commentscenter_img Published on November 18, 2017 at 10:10 pm Contact Matthew: [email protected] | @MatthewGut21last_img read more

Lakers’ nightmarish season culminates with 122-99 loss to Sacramento

first_img Newsroom GuidelinesNews TipsContact UsReport an Error The Lakers just felt a brutal knockout punch, punctuating the end to a nightmarish 2014-15 season that will not become forgiving in the history books.The Lakers officially became the worst team in the franchise’s otherwise rich 67-year history, a 122-99 loss to the Sacramento Kings on Wednesday at Staples Center concluding a year that seemed as uncomfortable as the lineup they produced in their season finale. The Lakers (21-61) finished with a .256 winning percentage, falling below the 1957-58 Minneapolis team that won only 26.4 percent of its games, with barely recognizable names. Vander Blue, who posted 15 points on only 6-of-23 shooting, joined the team only two days ago after playing with the Lakers’ Development League affiliate. But he started at point guard. Jabari Brown, whose career-high 32 points came on a 9-of-19 clip, signed with the Lakers last month after also starring with the D-Fenders. But he started at shooting guard. It seemed fitting Brown and Blue started with the purple and gold amid sprained left ankles to rookie Jordan Clarkson and swingman Wesley Johnson. It concluded a season in which the Lakers’ players missed an NBA record 339 games due to injuries. That partly explains why Scott downplayed coaching the worst team of Lakers history after once winning three NBA championships as a player during the Showtime Era. “It obviously doesn’t sit with me well,” Scott said. “I don’t like the sound of it. But it makes for a very remarkable story when we turn this around as well.”How do the Lakers turn it around?The first part might start with staying healthy. The Lakers’ 2014-15 season started with veteran guard Steve Nash having a season-ending back injury during training camp. It continued with rookie Julius Randle breaking his right leg in the season opener and Kobe Bryant tearing a rotator cuff in his right shoulder after 35 games. center_img Plenty of players sat on the team bench dressed as if they belonged in a board meeting, including Randle (right leg), Wayne Ellington (right shoulder), Nick Young (left knee), Jeremy Lin (left knee) and Ronnie Price (right elbow). Nash has since announced his retirement. Xavier Henry (left Achilles tendon) and Dwight Buycks (fractured right hand) are no longer under contract. Bryant was presumably in the trainer’s room receiving treatment. “I’m smiling and shaking my head and just going, ‘Wow,’ Scott said. “You can’t do anything but laugh about it.”The Lakers do not consider Clarkson’s injury serious and Scott suggested he could have appeared in a playoff game. But the Lakers erred cautiously because of Clarkson’s limitations with his lateral movement. That left the Lakers with an eight-man rotation featuring three frontcourt players off the bench (Carlos Boozer, Ed Davis, Robert Sacre). The Lakers also lacked any players with past point guard experience. But Scott offered a clear solution on how Blue and Brown would handle that position.“Whoever gets the ball,” Scott said. “Whoever gets it on the rebound or on the outlet, they’re going to be point guard.”To minimize foul trouble, Scott urged Blue and Brown to play cautiously while the Lakers played mostly zone defense. That helped the Lakers avoid duplicating an awkward win last season in Cleveland. Sacre stayed on the floor after collecting six fouls because the Lakers had too many injured players. “As a young guy, we want the minutes. Even though we get tired like the older guys, we relish these opportunities,” Brown said. “Not all rookies are getting to play 30 to 40 minutes.”Yet , that wasn’t enough, leading Scott to question his team’s effort yet again.“My biggest thing after the game going in there with our coaches that you’re only as good as your last game,” Scott said. “That’s what we used to tell ourselves as players. If those guys had that same thought, it wasn’t very good. IT doesn’t leave a very good impression, which is what I’m saying.”So how does the Lakers handle things moving forward?“I don’t know want to tell you,” Scott said. “I really don’t. I’m at the point right now where I will go home and decompress, get my thoughts together and get ready for tomorrow. I don’t want to put a damper on an already not very good night.”Scott said that feeling may not fade away until draft workouts in June, leading to what might mark a long offseason before the rebuilding actually begins. “We’re not proud of that,” Brown said. “It’s tough. But I feel like guys played hard. We weren’t laying down,” Brown said. “We got young pieces, good old vets and Kobe will be back. Byron is a great coach. He knows what hes doing.”But that wasn’t enough for the Lakers to avoid appearing in the record books for all the wrong reasons.“If we had everybody healthy, we’d be a much better basketball team,” Scott said. “Hopefully we got them all out the way this year and we’ll be healthy next year.”last_img read more