Re:Almost 90 percent of NYC bars and restaurants couldn’t pa...
by DyslexicAtheist on Tuesday September 22, 2020 @01:39AM
(#24551227)
thanks that was interesting.
tl;dr: 2 years free rent with the condition that the tenant doesn't ask for a lower price. due to language in the contract the rent can not go beyond a specific (low) value. the loan isn't held by the bank but immediately restructured and sold as a CMBS (https://en.wikipedia.org/wiki/Commercial_mortgage-backed_sec...)
tl;dr: 2 years free rent with the condition that the tenant doesn't ask for a lower price. due to language in the contract the rent can not go beyond a specific (low) value. the loan isn't held by the bank but immediately restructured and sold as a CMBS (https://en.wikipedia.org/wiki/Commercial_mortgage-backed_sec...)
here is the reddit post that he recaps: https://www.reddit.com/r/nyc/comments/innhah/nearly_twothird...