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NOTABLE SALE
$18 MILLION DOLLAR DEAL IN BELMONT

MARKET: Belmont
ASSET TYPE: Senior Housing
SALE PRICE: $18,000,000
BUYER: The Blvd Group

The Blvd Group purchased this 164-unit senior housing community in Belmont. They secured a 10.8 million dollar loan from fannie mae.

NEWS
MORTGAGE PURCHASE APPS FALL..AGAIN

NEWS
RITE AID BANKRUPTCY PLANS TO SELL SOCAL STORES

Rite Aid, one of the largest pharmacy chains in the US, has filed for Chapter 11 bankruptcy protection on Oct. 16, 2023, citing the impact of the opioid crisis and the competitive pressure from its rivals.

The company, which operates more than 2,200 stores across 18 states, has announced that it will sell 78 leases and 21 fee-owned properties to A&G Real Estate Partners, a firm that specializes in retail real estate. The properties are located in various markets, including 16 stores in California. The leases have an average remaining term of 10 years and an average size of 13,000 square feet.

Rite Aid also plans to close 154 stores, or about 7 percent of its total locations, as part of its bankruptcy plan. The company said that it will continue to serve its customers and provide prescription services at its remaining stores during the bankruptcy process.

The company has been struggling for years to compete with larger rivals like CVS and Walgreens, which have expanded their offerings and acquired other businesses. Rite Aid reported a net loss of $680 million for the fiscal year ending in February 2023 and had a debt of $8.6 billion as of June 3rd, 2023.

The company has also faced thousands of lawsuits from state and local governments, as well as private plaintiffs, over its role in the opioid epidemic. The company said that it has reached agreements with most of the plaintiffs to resolve the claims.

To help it restructure and emerge from bankruptcy, the company has secured a $3.45 billion financing package from a group of investors, including Silver Point Capital, Brigade Capital Management, and Monarch Alternative Capital. The company hopes to reduce its debt by more than $4 billion and improve its liquidity and profitability.

Rite Aid said that it expects to complete its bankruptcy process by the end of 2023 or early 2024, subject to court approval and other conditions. The company said that it believes that its bankruptcy plan will allow it to survive and thrive in the changing retail landscape.

NEWS
FIRE INSURANCE RATES IN CALIFORNIA TO INCREASE SIGNIFICANTLY

ARTICLE TLDR

• Fire insurance rates in California are expected to increase significantly in the coming months.

• This is due to a number of factors, including the rising cost of rebuilding homes after fires, the increasing frequency and severity of wildfires in California, and the fact that insurance companies are paying out more in claims than they are taking in in premiums.

• Homeowners should be aware of the potential for rate increases and shop around for the best coverage for their needs.

California homeowners should expect to pay significantly more for fire insurance in the coming months, according to a recent article in The Real Deal.

The article cites a number of factors for the increase, including the rising cost of rebuilding homes after fires, the increasing frequency and severity of wildfires in California, and the fact that insurance companies are paying out more in claims than they are taking in in premiums.

Insurance experts quoted in the article say that rates could increase by 20 to 30 percent starting next month. This is a significant increase, but it is important to note that rates can vary depending on a number of factors, such as the location of the home, the age and construction of the home, and the amount of coverage desired.

The California Insurance Commissioner's Office is speeding up the rate approval process for insurance companies in an effort to make more fire insurance options available to homeowners. However, this is also expected to lead to higher rates.

Here are some tips for California homeowners who are facing fire insurance rate increases:

Shop around and compare quotes from multiple insurance companies.

Consider raising your deductible to reduce your premiums.

Look for discounts, such as discounts for bundling your home and auto insurance or for having a fire alarm system.

Make sure you have enough coverage to rebuild your home and replace your belongings in the event of a fire.

If you are unable to afford fire insurance from a private company, you may be eligible for coverage from the California FAIR Plan. The FAIR Plan is a state-run program that provides fire insurance to homeowners in high-risk areas.

Homeowners should also take steps to reduce their wildfire risk, such as clearing brush away from their homes and installing fire-resistant roofing and siding.