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While transaction activity continued in the South, Florida saw a dramatic drop-off.

The loan was provided by a lending group led by Aareal Capital Corp., Citi and Credit Agricole.

The equity capital the fund will provide will be used for working capital to acquire, develop and operate affordable housing and community services.

Real estate investments make more sense for a 10-year time horizon.

Demand for office space is likely to fall with companies embracing remote work in higher numbers.

The number of terminated contract deals as a percentage of closed transactions has risen from 2.1% in April to 2.9% in May—seven times the average percentage of deals falling through between 2015 and 2019.

"As we got into March and April, we saw growth like nobody could have ever predicted or planned for."

This amount is more than double the amount of CMBS loans that went into special servicing for all of last year.