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Multifamily Owners Confused by CARES Act: Apartment landlords sift through $2trillion law to try to stay afloat.

April 13, 2020Media Mention
San Fernando Valley Business Journal

Greenberg Glusker real estate partner, Craig Coan, was interviewed by the San Fernando Valley Business Journal to offer his insights regarding the effect of the CARES Act on apartment landlords.

Excerpts:

Craig Coan, a real estate attorney at L.A.-based law firm Greenberg Glusker, has authored a report with colleague Sarkis Haroutunian examining how landlords might handle this situation. "It's not clear whether they'll impose penalties or not," he told the Business Journal. "You would think they would push this back as well or spread it out over time, which to me would be the best alternatives. Kind of like they've done with the rent deferrals."

Coan has seen a few proactive cases of retail property owners easing tenants' financial burden. The Irvine Co., which owns such Orange County retail malls as Fashion Island and Irvine Spectrum, sent notices to their tenants offering a three-month deferral to pay back over a year with no interest or penalties. "Others have offered partial deferrals on a month-to-month basis," Coan said.

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