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The deal is an off-market transaction and is entitled for a 213,000-square foot development.

"As the pandemic continues to drag on the real economy until we have a vaccine or drug, real estate occupational markets will start to deteriorate, albeit with a time lag," Thomas Mueller, the portfolio manager for EFV at BlackRock Real Assets, said in the press release.

JLL Capital Markets Senior Director Tarik Bateh, one of the leads on the debt placement team for the loan, says the market "continues to attract core real estate investment capital.'

Job losses ranged from -206,000 in construction of buildings to -222,000 in real estate and rental and leasing.

Southpoint Acquisition, an indirect wholly owned subsidiary of the Starlight U.S. Multi-Family (No. 1) Core Plus Fund, said it has purchased Southpoint unencumbered for a purchase price of $51.5 million.

The sale of the 288-unit Caliber at Flatirons closed despite the crippling shutdown resulting from the coronavirus pandemic.

The global real estate giant said tech startups from its two earlier accelerator classes have already developed virtual tools to help the commercial real estate industry navigate the pandemic's impacts.

The extension comes as the Labor Department reports that 20.5 million people lost their jobs in April, pushing the unemployment rate up to 14.7%.