While the direct non-bank lender is still entertaining deals, it plans to hold off until the end of the month.

The project went to market in the third quarter during an "extremely" hot environment and the seller was chosen in the fourth quarter.

Developer Terra already sold the first half of the retail segment and pre-leased 98% of the second half.

While there is still deal activity in some sectors, long-term success will, at least partially, depend on the CARES Act money working through the system.