A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

Tenants will have up to 3 years to pay back interest-free advances

Miami /
Jun.June 12, 2020 10:30 AM
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

 

UPDATED, June 12, 5:40 p.m.: Retired Yankees superstar Alex Rodriguez is offering some rent relief for tenants impacted by the pandemic.

Rodriguez’s multifamily real estate investment firm, Monument Capital Management, is participating in Arbor Realty Trust’s rental assistance program, which is providing interest-free advances to tenants who have seen their income fall by more than 30 percent due to coronavirus, said Erin Knight, president of Monument Capital.

The program is available to tenants living in Monument properties financed through Arbor Realty Trust, she said. It can be used for May and June rent, and tenants will have up to three years to pay it back.

Miami-based Monument, which owns or manages funds that own about 5,000 apartments in the U.S., will match the amount Arbor provides Monument tenants, dollar per dollar. Arbor will invest $1 million into the program, which benefits properties owned by other landlords in Texas, Tennessee, Virginia, Georgia, Florida and North Carolina. It gives tenants some breathing space if they’re temporarily out of work, and allows property owners to keep their buildings occupied, Knight said.

The majority of Monument’s properties financed by Arbor, which are about 20 percent of Monument’s portfolio, are in Florida, she said. The program is first being offered at Laguna Place in Kissimmee, Florida, just outside of Orlando. Monument owns the property in a joint venture with FM Capital, led by Aaron Kurlansky.

The majority, 93 percent, of Monument’s tenants paid rent in May. Knight said it was too soon to share a figure for June. The company has waived late fees during the pandemic.

Monument’s portfolio is made up of workforce housing, with an average rent of $1,000 a month. Arbor’s program is designed to help tenants paying less than $2,000 a month, Knight said.


Related Articles

arrow_forward_ios
Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
Investor buys multifamily complex near Miami Shores for $15M
Investor buys multifamily complex near Miami Shores for $15M
Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
Related Group’s condo kings expand their realm
Related Group’s condo kings expand their realm
Cortland CEO Steven DeFrancis and Indigo Station at 67 Southwest 12th Avenue (Cortland, Inigo Station)
Cortland buys Deerfield Beach multifamily complex for $66M
Cortland buys Deerfield Beach multifamily complex for $66M
Lynd CEO A. David Lynd and Lynd Acquisition Group President Constantine Scurtis with Parc Place Apartments at 17600 Northwest Fifth Avenue in Miami Gardens (Parc Place)
Lynd pays $41M for Miami Gardens apartments
Lynd pays $41M for Miami Gardens apartments
Hamilton on the Bay
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Ubiica’s Alejandro Salazar and Rodrigo Gana with 1533 Sunset Drive. (Google Maps)
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Ubiica, Maven buy Coral Gables office building, parking lot for $9M
Koby Assaraf and Dan Deitchman with renderings of the project (Kobi Karp Architecture & Interior Design, iStock)
Newrock, Brickbox score $68M construction loan for Oakland Park multifamily project
Newrock, Brickbox score $68M construction loan for Oakland Park multifamily project
American Land Ventures President Granvil Tracy and Isram Realty founder and chair Shaul Rikman with 630 East Woolbright Road (Google Maps)
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...