The new 5-year facility replaces the previous $465 million construction facility that was put in place in 2019.

A Moody's Analytics REIS report examines rents as the coronavirus pandemic sent unemployment rates soaring, especially in South Florida's hard-hit tourism market.

Investors flock to long-term leases and creditworthy tenants during the economic downturn.

Year over year leasing activity decreased by 20.9% and August 2020 leasing in Manhattan was 63.7% lower than the monthly average in 2019.