Starwood Limits Redemptions From $10 Billion Property Fund
By Paul Norman CoStar News Summary: Starwood Capital has restricted redemptions from its $10 billion Starwood Real Estate Income Trust (SREIT) to preserve liquidity amid a surge of investor exit requests. Starting in June, redemptions will be limited to 0.33% of net...
Lee County allocates $41.6M in federal money for affordable housing
Author: David Dorsey, Gulfshore Business Published:May 28, 2024 Summary:Six Lee County apartment complexes will receive about $41.6 million in combined funding for repairs and rehabilitation from Hurricane Ian damage. The money comes from the federal government’s...
House Flippers Find Success Despite Tough Market Conditions
In a challenging market where historically low inventory meets soaring mortgage rates, some independent house flippers are finding success and remain optimistic about the industry’s future. Despite a recent decline in gross profits and the number of single-family home flips, sentiment among flippers suggests a strong sales environment and anticipation of further market improvement, driven by low resale inventory and expectations of a federal funds rate cut. While some regions face weaker markets than others due to factors like competition from homebuilders, smaller real estate investors are adapting and thriving, buoyed by their agility and local market knowledge. Additionally, a shift towards renting flips instead of selling them indicates a potential strategy change among flippers, influenced by factors like rising single-family rent and home prices.
Red Lobster Abruptly Shuts Roughly 100 Restaurants Nationwide
Red Lobster has abruptly closed about 100 of its roughly 700 restaurants and is auctioning off equipment from many of these sites. The closures come amid reports that the chain is considering filing for Chapter 11 bankruptcy protection. TAGeX Brands, a restaurant industry liquidator, announced it is conducting a large-scale auction of equipment from over 50 Red Lobster locations, with the first auctions ending soon. The closures and financial struggles have surprised employees and patrons alike. Factors contributing to Red Lobster’s difficulties include the pandemic, high interest rates, labor costs, and an unsuccessful all-you-can-eat shrimp promotion. The chain has been seeking a buyer to avoid bankruptcy, but its largest investor, Thai Union, has also expressed intentions to sell its stake due to sustained financial losses.
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