Four South Florida attorneys discussed the impact of COVID-19 on commercial real estate deals in an article titled “Wuhan, Florida: COVID-19 Slashes Commercial Real Estate Deals in Stricken South Florida,” published by the Daily Business Review. South Florida commercial real estate deals have decreased in sales and dollar value.
“Lenders are being cautious,” stated Miami real estate partner Martha Rabbitt “They are more doing deals for existing clients. Whether they need increases or other transactions, they are sticking with whom they know. Not to say they wouldn’t do a new deal, but it would have to be a tied-in-a-bow type of deal.”
While investment sales are meant to pick up, many believe the transactions won’t be comparable to pre-pandemic levels. “For instance, in the end of this fourth quarter or even the first quarter 2021, I don’t see that there is going to be some large resurgence in commercial real estate deals,” commented Martha.
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About Martha Rabbitt
Martha Rabbitt is a partner in the Fort Lauderdale and Miami offices of Shutts & Bowen LLP, where she is a member of the Real Estate Practice Group. Martha regularly represents lending institutions, sellers and purchasers in a wide range of corporate and finance transactions including: acquisitions; commercial mortgage-backed securities loans and defeasance transactions; refinances of large-scale commercial, hotel, storage and multi-family properties; asset-based lending; boat and airplane loan closings and foreclosure actions.