The information accessible through Yale Realty & Capital Advisors Website has been compiled from many sources that are not all controlled by Yale Realty & Capital Advisors. While all reasonable care has been taken in the compilation and publication of the contents of this web site, Yale Realty & Capital Advisors makes no representations or warranties, whether express or implied, as to the accuracy or suitability of the information or materials contained in this resource.
Access to and use of the information herein is entirely at the risk of the user. Yale Realty & Capital Advisors shall not be liable, directly or indirectly, to the user or any other third party for any damage resulting from the use of the information contained or implied in Yale Realty & Capital Advisors Website.
Yale Realty & Capital Advisors does not assume legal or other liability for any inaccuracy, mistake, mis-statement or any other error of whatsoever nature contained herein. Yale Realty & Capital Advisors hereby formally disclaims liability in respect of such aforesaid matters.
The information contained within this site is of a condensed and general informational nature only and can change from time to time. It should not, by itself, be relied upon in determining legal rights or other decisions. Visitors to the site are advised to verify, by direct and live contact with Yale Realty & Capital Advisors, any information on which they may wish to rely.
Latest COVID-19 Industry News
- ELS Announces 2.3% Revenue Increase in 2nd Quarter – Woodall’s / July 22, 2020
- Kansas City RV Sales: ‘Never Seen Anything Like This’ – Woodall’s / July 22, 2020
- TACO: Travelers Need to Book Now for Labor Day Wkd. – Woodall’s / July 14, 2020
- Minn.’s Hidden Meadows RV Park Sells for $1.1 Million – Woodall’s / July 13, 2020
- RV Business Booms as People Look to Head Outdoors – Woodall’s / July 13, 2020
- RV Surge: ‘Young People with Families are Buying RVs’ – Woodall’s / June 31, 2020
- PRVCA Cancels ‘America’s Largest RV Show’ in Hershey – Woodall’s / June 29, 2020
- 46M Americans Plan to Go RVing in Next 12 Months – Woodall’s / June 8, 2020
- Scared Americans desperate to travel are buying up ‘Covid Campers’ – Bloomberg / May 26, 2020 – PDF 77KB
- RV Manufacturers Bolstered by Surging Retail Orders – Woodall’s / May 18, 2020
- Suddenly, It’s the Summer of the RV – WSJ / May 16, 2020
- RV sales surge as coronavirus upends summer travel plans
- Where to Look for Financial Help to Save Your Campground During COVID-19
- Oregon RV Dealers see Spike in Business Thanks to Pandemic
- Fla. Owners ‘Fortunate’ So Far As Virus Impacts Tourism
- Northern Mich. RV Park Owners Patiently Wait Out Crisis
- Private Parks In Calif. Note Numbers Increasing Amid Virus
- Coronavirus May Be Driving More To RV This Summer
- States Relax Unemployment Benefit Eligibility for Coronavirus
- Coronavirus: WHAT YOU CAN DO TO PROTECT YOURSELF, YOUR EMPLOYEES AND CAMPERS
- COVID-19: Compliance Considerations for Employers – Webinar FAQ
- Bisnow’s Ongoing Coronavirus Coverage
- ‘There’s No Bailout For Landlords’: What To Expect As Anxious April Begins
- Senate Passes $2 Trillion Stimulus Bill That Includes Relief For Retail, Hotels, Multifamily
- Reed Smith – Insurance recovery for COVID-19
- Curtin Forecasts ‘Long Road’ to RV Industry Recovery
“The California State Parks camping reservation system has also seen a surge — 97,417 reservations made from Feb. 1-March 11, up from 54,825 during the same period last year, spokesman Jorge Moreno said. During the same period, cancellations dipped from 14,248 to 11,992”
CARES Act/Paycheck Protection
– Guides For Park Owners
- U.S. Chamber of Commerce Emergency Loans Guide and checklist – PDF 84KB
- PAYCHECK PROTECTION PROGRAM – NEW SBA PROGRAM IN CARES ACT RESPONSE TO COVID-19
- SBA – Paycheck Protection Program Application Form – PDF 520KB
- The Economic Injury Disaster Loan (EIDL) Program vs The Paycheck Protection Program (PPP)
- Colorado Parks Are Deemed ‘Essential’ In Gov.’s Order
- W. Va. Owner Calls Order To Shutdown Parks A Mistake
- Individual Tax Rebates and Direct Distributions in the CARES Act
- Summary of Unemployment Benefits and Changes in the CARES Act
- New Requirements and Offsetting Payroll Tax Credits for Businesses
“The amount provided under the PPP is intended to cover 8-weeks of payroll expenses and some additional amounts for making payments towards specific debt obligations”
Owner – Tenants Laws and Resources
- State by State Summary of Eviction and Foreclosure Moratoria
- 2020 COVID-19 Rent Deferral Agreement PDF 190KB
- Rent Deferral Suggested Criteria – PDF 16KB
- MHCO Form 13-A: Deferred Payment Agreement COVID-19 – PDF 141KB
- Reed Smith’s Business & Legal COVID-19 Resources
- RLee Late payment notice
- Campground Owner’s Guide to Handling the Coronavirus Pandemic
“Specifically, in response the COVID-19 pandemic, small business owners can also apply for an Economic Injury Disaster Loan advance/grant of up to $10,000. The loan advance/grant will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.”
Borrower/Lender Information and Resources
“The landscape of financing has changed dramatically due to the uncertainty that COVID-19 has brought to all aspects of real estate. Fortunately for MHC’s, Fannie Mae and Freddie Mac have continued funding new loans for acquisitions and refinances, while CMBS has mostly shut down, and banks are mixed on cautiously making new loans or waiting until the situation has improved. Although Q1 of 2020 mainly consisted of a lower rate environment, the last few weeks have experienced turbulent swings on spreads and all-in rates, along with lenders placing floors on the quoted treasuries for pricing interest rates.
As of this week and since the Fed announced their bond-buying stimulus, spreads have come down sharply, and we again see most full leverage Fannie Mae and Freddie Mac loan pricing at 3.25-3.75%, and lower leverage loans around 2.75-3.25%. Along with this, both agencies have announced the requirement of debt-service reserves ranging from 6-18 months, along with adjustments to more conservative underwriting. For existing agency borrowers, mortgage forbearance programs have also been announced, and discussions should be initiated with your servicing contact to execute a forbearance agreement. As we continue through this pandemic situations, we anticipate daily and weekly changes, so we encourage you to reach out to Chris San Jose to discuss your specific situation and receive up-to-date information.” – Chris San Jose – 04/06/2020
Investor News
- IRC Section 1031 Exchanges and Qualified Opportunity Funds: COVID-19 Impact on Real Estate
- Insurance recovery for COVID-19 – PDF 225KB
- Private-Label CMBS Market Begs For Fed Lifeline As Liquidity Crisis Looms
“While some tax deadlines have been extended, uncertainty still exists in real estate deferral provisions such as IRC Sec. 1031 exchanges and qualified opportunity funds.”
COVID-19 and its effects on brokerage and valuations
“As we are saddened by the losses we are hearing and seeing across the country, we realize that “this too shall pass.” There are still many unknowns in this pandemic, but one thing is for sure, Manufactured Housing Communities and RV Resorts are once again proving to be incredibly resilient. With the shared-equity structure unique to our asset class, residents are reluctant to defer payments only to have to catch them up later and jeopardize the equity in their homes. This is a strong reminder of why owners should always ensure the values of their home stock remains strong, so the residents have “skin in the game.” Anecdotally, we estimate that senior properties with primarily fixed-income retirees will be the least affected, while family properties with a working resident base will be the most affected. The most challenged communities will likely be park-owned rental communities. Delinquencies will probably range from mid-single digits to high teens, depending on the type of community.
If we zoom out a little farther, while the country should start to re-open within two billing cycles, the pandemic will leave economic impacts in other industries that last much longer. In a year from now, we will be back to our 99.5% collectable rents, several available financing options, and likely still very low-interest rates. We then expect even more demand, for our finite asset class, because we are a safe harbor for money in even the worst-case scenario. Additionally, both MH and RV properties naturally solve a significant problem that traditional multi-family housing is experiencing, density. With no shared elevators for residents or guests to be concerned about, social distancing can be practiced much easier in a time of need.
Clearly, there will be individual RV resorts that will be more affected than others; however, since we are in the “shoulder season,” after the traditional snowbird season, and before the prime summer get-away season, most RV operators have not suffered huge losses so far. Many of these RV resorts also serve a significant number of “essential workers” or even act as long-term affordable housing.
Yale Realty Advisors is cautiously optimistic, and this is re-enforced by the aggressive offers we are fielding right now from buyers that remain bullish. We have also seen syndicators raise tens of millions in the last few weeks, and billion-dollar capital allocators tell us they are looking to increase their allocations in our asset class.”
– James Cook 04/06/2020