Houston's Power Outage Crisis: CRE Reacts ⚡🏙️

Houston Hurricanes: CRE's Call for Change 🌩️🛠️

Bill Rapp, Commercial Mortgage Broker
July 18, 2024•2 min read

Houston Hurricanes: CRE's Call for Change 🌩️🛠️

Houston's real estate market is reeling after Hurricane Beryl left a trail of devastation, spotlighting major infrastructure weaknesses. 🌪️ A week after the storm, a sign for luxury apartments on Westcreek Lane remains toppled, symbolizing the broader chaos.

Despite reduced outages from a peak of 2.26 million, some Houstonians won’t see power until July 19, a staggering 11 days post-hurricane. The commercial real estate sector is feeling the strain, with many questioning the city's preparedness and insurance coverages. 🏢💡

The situation escalated with a group of Houston-Galveston restaurants filing a class action lawsuit against CenterPoint Energy. The hurricane, hitting at the end of a holiday weekend, essentially wiped out two weeks of productivity. "Many clients prioritized family safety over deals," emphasizing the human impact amidst the power outages and extreme heat. 🏡🔥

Despite the chaos, some businesses like Mooring USA ramped up operations to address damage and microbial growth. Mooring reported an overwhelming demand for mold and asbestos testing, underscoring the critical need for swift damage mitigation. 🦠🛠️

Insurance questions abound, with tenants and landlords unsure about claims responsibilities. Mark Rafail of Rafail Insurance Agency clarified that while interior damage usually falls to tenants, exterior damage is the landlord's burden. Yet, business interruption coverage is rare, leaving many without recourse for lost revenue. 💸📑

Reflecting on past hurricanes, Davidson remains cautiously optimistic about long-term business impacts, noting that only a few significant hurricanes have hit Houston in 40 years. However, the frequency of recent storms, coupled with inadequate infrastructure, raises concerns. 🌧️🔄

As Houston braces for a hurricane season predicted to be well above average, the call for infrastructure resilience and accountability grows louder. "There’s no quick fix," summing up the sentiment of many in the commercial real estate sector. 🚧🏢

Stay tuned for more updates as Houston navigates these challenging times. 🌟 #HoustonStrong #PowerOutage #HurricaneBeryl #CommercialRealEstate #Infrastructure #CRE

Should you need an experienced Commercial Real Estate Mortgage Broker, please feel free to contact me at 281-222-0433.

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Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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