Dear CREFC Members, Partners and Friends: 

We are keenly aware of the challenging times our industry, nation, and global community have entered. Please know that we stand by you. First and foremost, our hearts and thoughts go out to the people who have been affected by this unprecedented pandemic and we appreciate the healthcare workers, local communities and governments around the world who are on the front lines working to contain the virus. 

The environment in which we now find ourselves drives home the realization of just how interconnected we all are. The outbreak of the Coronavirus (COVID-19) across the globe highlights that we are all ‘in this together’ and together is how we will get through the current crisis. While the worldwide pandemic may be uncharted territory, we have been through tough times before and if there is anything we know for certain it is that we can weather any storm because our industry has proven time and time again that it has the resiliency necessary when embarking on challenging times like these. 

The health, safety, and welfare of CREFC’s members, as well as the impact of this pandemic on our industry, are top of mind and we are closely following all news, updates, and procedures shared by the World Health Organization (WHO) and The Centers for Disease Control (CDC). An important role of a trade association is to address the developing needs of its members during crises such as this and we feel it’s important to highlight that ours is a resilient industry that has pulled together and overcome countless times to ensure a steady stream of debt liquidity to a vital component of the economy – commercial and multifamily real estate. Recall the positive response of our industry to past challenges including the severe market disruption of the 1998 global financial crisis, the events and impact of September 11th, the Iraq War, and the most recent Great Recession of 2008. 

It remains to be seen what the full extent of COVID-19 pandemic will have on global economies, markets, and the real estate sector at the property level, but CREFC will endeavor to keep you apprised of the most recent developments via our Weekly Newsletter and periodic posts. Our staff is working remotely throughout this time to ensure we are supporting our members at the highest level. We are ready and willing to be able to continuously keep in contact with our members as a resource and support platform. 

We will endeavor to keep you posted on developments related to COVID-19 and the impact on commercial and multifamily real estate lending and debt investment. 

With that goal in mind, please join us for a member-wide conference call on Friday, March 20, 2020 at 10:00 am.  Please watch for an evite with all details later today. The call will be kicked off by Economist Dr. Victor Calanog from Moody’s Analytics – REIS who will be followed by speakers from all aspects of commercial and multifamily real estate finance, including balance-sheet, securitization, and GSE lenders, as well as servicers and investors.

We hope you all stay healthy and safe during the coming weeks. Please join us for the above Conference Call, and – as always – we welcome your questions and feedback. 

With Best Regards, 

Chuck Lee
President and Chair, Board of Governors
Commercial Real Estate Finance Council

Lisa Pendergast
Executive Director
Commercial Real Estate Finance Council

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